The cost of living crisis caused by high rate of inflation and low wage growth has pushed millions of people towards poverty. Sharp jump in the price of fossil fuels is said to be one of the main reasons behind inflation.

World Business Watch | Are fossil fuels causing cost-of-living crisis?

The former Governor of the Central Bank of Sri Lanka has been accused of the economic crisis in the country. However, he has rejected all of these allegations and has said that he actually tried to save the country from bankruptcy. WION correspondent Dasuni Athauda spoke to the former Governor on his term and the decisions which he took that resulted in the worst economic chaos Sri Lanka witnessed since 1948.

Exclusive: Former Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal speaks to WION

Lebanon’s 89-year-old President Michel Aoun&nbsp;left the presidential palace on Sunday, marking an end to his tumultuous term that had&nbsp;seen economic meltdown and a deadly Beirut port blast.

His exit paves the way for a constitutional crisis with no one next lined up to take over the presidency and no formal Cabinet leading the government.

There have been four unsuccessful attempts to elect his successor, either casting mostly blank ballots or failing to show up to the session meaning it ends with no quorum. Currently, Lebanon is being run by a caretaker cabinet.

Before demitting his office, Aoun signed a US-brokered deal delineating Lebanon's southern maritime border with Israel in his final week at the palace.

Aoun, a Christian and a divisive figure, secured his presidency in 2016 after getting support from Lebanese Shia group Hezbollah and rival Maronite Christian politician Samir Geagea in a deal that brought then-leading Sunni politician Saad al-Hariri back as prime minister.

Aoun’s ascension to the top post was welcomed by many Christians at the time who viewed him as their defender in Lebanon's sectarian system, but his reign was marred by corruption and scandals.

In his six-year term, Lebanon saw its forces fighting off Islamist militants on the Syrian border in 2017 with Hezbollah’s help, a new electoral law passed in 2018 and top energy companies begin exploratory drilling in offshore blocks in 2020.

But one of the most testing moments in his presidency came when the Beirut port blast occurred in 2020, killing&nbsp;over 200 people.

The 89-year-old later said that he was aware of the chemical stored in the port and claimed to have asked authorities to take care of it, but his response was widely criticised by people who said that he should have done more.

In an interview to Reuters on Saturday, Aoun said that his presidential powers were not enough to address the economic crisis.

"He was by far the worst president in Lebanon's history" Michel Meouchi, a lawyer told Reuters. "I prefer a void in the presidency to him."

(With inputs from agencies)

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Lebanon’s 89-year-old President Michel Aoun left the presidential palace on Sunday, marking an end to his tumultuous term that had seen economic meltdown and a deadly Beirut port blast.

Lebanon’s 89-year-old President Michel Aoun left the presidential palace on Sunday, marking an end to his tumultuous term that had seen economic meltdown and a deadly Beirut port blast. His exit paves the way for a constitutional crisis with no one next lined up to take over the presidency and no formal Cabinet leading the government. There have been four unsuccessful attempts to elect his successor, either casting mostly blank ballots or failing to show up to the session meaning it ends with no quorum. Currently, Lebanon is being run by a caretaker cabinet. Before demitting his office, Aoun signed a US-brokered deal delineating Lebanon's southern maritime border with Israel in his final week at the palace. Aoun, a Christian and a divisive figure, secured his presidency in 2016 after getting support from Lebanese Shia group Hezbollah and rival Maronite Christian politician Samir Geagea in a deal that brought then-leading Sunni politician Saad al-Hariri back as prime minister. Aoun’s ascension to the top post was welcomed by many Christians at the time who viewed him as their defender in Lebanon's sectarian system, but his reign was marred by corruption and scandals. In his six-year term, Lebanon saw its forces fighting off Islamist militants on the Syrian border in 2017 with Hezbollah’s help, a new electoral law passed in 2018 and top energy companies begin exploratory drilling in offshore blocks in 2020. But one of the most testing moments in his presidency came when the Beirut port blast occurred in 2020, killing over 200 people. The 89-year-old later said that he was aware of the chemical stored in the port and claimed to have asked authorities to take care of it, but his response was widely criticised by people who said that he should have done more. In an interview to Reuters on Saturday, Aoun said that his presidential powers were not enough to address the economic crisis. "He was by far the worst president in Lebanon's history" Michel Meouchi, a lawyer told Reuters. "I prefer a void in the presidency to him." (With inputs from agencies) WATCH WION LIVE HERE:

President Michel Aoun demits office, amidst political and economic crises in Lebanon

According to authorities in Sudan, at least 230 people have been killed and over 200 people have been injured amid the ongoing land dispute in the country’s Blue Nile province. The region that borders Ethiopia and South Sudan is witnessing an escalation in violence that began earlier this year.&nbsp;

The Sudanese health minister, Gamal Nasser al-Sayed, in an interview said that more than 30,000 people from eight villages had to flee after their homes were torched and they were attacked.&nbsp;

According to reports, tensions between the community of people originating from West Africa, the Hausa people and the ethnic group living along the border between the two countries, called the Berta community escalated last week in the town of Wad el-Mahi which shares a border with Ethiopia.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/sudan-ethnic-clashes-killed-nearly-27-people-despite-peace-agreement-signed-in-2020-486007">Sudan clashes killed nearly 27 people, despite peace agreement signed in 2020</a>

According to the UN and World Bank, agriculture and livestock make up nearly 30% of the country’s GDP and are responsible for more than 40% of employment in Sudan, which makes the issue of land access&nbsp;an important one.&nbsp;These attacks have reportedly been one of the deadliest episodes of ethnic violence the country has witnessed in recent years.&nbsp;

At least 149 people had been killed by early October since the tension first erupted in mid-July between the two groups.&nbsp;The director general of the Health Ministry in Blue Nile, Fath Arrahman Bakheit said that they counted at least 220 dead as of Saturday, last week. The death toll could be higher, he added.&nbsp;

The land disputes between the Blue Nile and West Kordofan states have been going on for more than a decade and left unresolved by the country’s central government. According to reports, over the weekend the Sudanese government also sent troops to de-escalate the situation between the rival communities.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/15-killed-in-sudans-blue-nile-ethnic-clashes-medics-527035">15 killed in ethnic clashes in Sudan's troubled southern Blue Nile state: Medics</a>

This also comes amid the ongoing political unrest and economic crisis in Sudan which also saw an escalation following a military coup led by the country’s army chief last year, the officials indicated. Reports suggest that the two groups have accused each other of backing and arming rival communities.&nbsp;

The UN Office for the Coordination of Humanitarian Affairs citing eyewitness accounts has reported burning houses and killings with axes and sticks, this violence has also led the people to flee to neighbouring provinces. They also said overall at least 211,000 people have been displaced just this year due to tribal violence and other attacks in Sudan.&nbsp;

(With inputs from agencies) 
&nbsp;

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According to authorities in Sudan, at least 230 people have been killed and over 200 people have been injured amid the ongoing land dispute in the country’s Blue Nile province.

According to authorities in Sudan, at least 230 people have been killed and over 200 people have been injured amid the ongoing land dispute in the country’s Blue Nile province. The region that borders Ethiopia and South Sudan is witnessing an escalation in violence that began earlier this year. The Sudanese health minister, Gamal Nasser al-Sayed, in an interview said that more than 30,000 people from eight villages had to flee after their homes were torched and they were attacked. According to reports, tensions between the community of people originating from West Africa, the Hausa people and the ethnic group living along the border between the two countries, called the Berta community escalated last week in the town of Wad el-Mahi which shares a border with Ethiopia. ALSO READ: Sudan clashes killed nearly 27 people, despite peace agreement signed in 2020 According to the UN and World Bank, agriculture and livestock make up nearly 30% of the country’s GDP and are responsible for more than 40% of employment in Sudan, which makes the issue of land access an important one. These attacks have reportedly been one of the deadliest episodes of ethnic violence the country has witnessed in recent years. At least 149 people had been killed by early October since the tension first erupted in mid-July between the two groups. The director general of the Health Ministry in Blue Nile, Fath Arrahman Bakheit said that they counted at least 220 dead as of Saturday, last week. The death toll could be higher, he added. The land disputes between the Blue Nile and West Kordofan states have been going on for more than a decade and left unresolved by the country’s central government. According to reports, over the weekend the Sudanese government also sent troops to de-escalate the situation between the rival communities. ALSO READ: 15 killed in ethnic clashes in Sudan's troubled southern Blue Nile state: Medics This also comes amid the ongoing political unrest and economic crisis in Sudan which also saw an escalation following a military coup led by the country’s army chief last year, the officials indicated. Reports suggest that the two groups have accused each other of backing and arming rival communities. The UN Office for the Coordination of Humanitarian Affairs citing eyewitness accounts has reported burning houses and killings with axes and sticks, this violence has also led the people to flee to neighbouring provinces. They also said overall at least 211,000 people have been displaced just this year due to tribal violence and other attacks in Sudan. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

At least 230 people have been killed amid tribal clashes in Sudan

Britain's former Finance Minister Rishi Sunak is all set to take the top job of the country. The first Indian origin premier of the UK has a rocky road ahead as he inherits an economy that is possibly headed for recession.

Rishi Sunak's tenure amidst UK's economic crisis, will he tackle soaring energy bills, inflation?

China has locked down parts of its Central Metropolis, this has confined some of the city's 13 million people to their homes for at least a week, this has once again bought China's zero-Covid policy back into focus and because of which China's economic growth still remains slow.

China: Challenges for Xi Jinping as economic growth remains slow

Residence in Argentina is struggling to survive. Inflation is set to hit hundred percent this year and it is the residence that is bearing the brunt.

Argentina Economic Crisis: Residents search through garbage piles for food and clothes

China's inflation rate has picked up pace in the month of September with consumer prices rising at their fastest rate in over two years. The rise in consumer inflation comes on the back of the spiking pork prices as the extreme weather has hit the farmers in the country.

China inflation rate climbs at quickest pace in two years

Sri Lanka's Supreme Court has allowed proceedings of a case filed by a rights group against the Rajapaksa clan, alleging that the members of the powerful family were directly responsible for the country's foreign debt and the worst economic crisis.

Sri Lanka top court permits proceedings against Rajapaksas

Sri Lanka's economic crisis has upended the lives of tea pickers in the northern part of the island. While inflation has risen to 90%, their wages remain unchanged.

South Asia Diary | Lankan tea pickers face generational poverty

China's economy is slowing down, the official growth figures from July to September are expected soon and if the world's second largest economy contracts, it increases the chances of a global recession.

China's economic policy in trouble?: Zero-Covid policy holds danger for the country

Meta CEO Mark Zuckerberg has outlined plans to reduce headcount for the first time. Recently, multiple tech companies have laid off several employees. Priyanka Sharma tells you how the global economic crisis is hitting the tech sector.

Gravitas: Global economic crisis hits the tech sector

Sri Lanka's war-ravaged Tamils are being pushed to the brink by the country's economic crisis. Mariam Wardak brings you the story of two war survivors in the northern part of the island who are struggling to make ends meet.

South Asia Diary | Lankan Tamils pushed to the brink by economic crisis

The clouds of recession are becoming darker for the global economy now. According to the latest forecast of the OECD, the global economic rate is slowing at more than the expected rate.

OECD: UK growth expected to be flat in 2023, deteriorating outlook for major economies

Sri Lanka, known for its tourism, has gone from bad to worse at this time. This is the toughest period for Sri Lanka since independence. From petrol and diesel to milk and other food items, every essential commodity has become so expensive that people are unable to buy it. The situation has become such that an emergency has been imposed in the country and President Gotabaya Rajapaksa has fled the country. But for what reasons did Sri Lanka turn towards this economic crisis? Here it is.

1. The Government's Mismanagement&nbsp;

For a long time, the Sri Lankan government took large sums of money in the form of loans from abroad for public services, leaving the country in debt. The government ignored expenditure over income, which led to a budget deficit.

2. Tourism&nbsp;

Tourism is also a very big factor in Sri Lanka's condition. Since the Easter bombings at various churches in Colombo killed 253 people in April 2019, tourists have been hesitant to visit the place. This affected its foreign exchange reserves. In such a situation, the tourism industry was destroyed, which is a part of the 10 per cent GDP of the country. Tourism also came to a standstill due to COVID-19.

3. China's Interference&nbsp;

The proximity of China has weighed heavily on the island nation. China's strategy is such that in countries where it has increased its investments, political and economic instability have increased rapidly. Pakistan is an example of that. Its economic condition is also not sound.&nbsp;

4. Prohibition of Fertilizer Imports

To make Sri Lanka a 100% organic farming country, the government has completely banned all fertiliser imports since 2021. This severely affected the food production in the country. Rising food prices, currency depreciation, and to control the rapidly depleting foreign exchange reserves, the Sri Lankan President declared an economic emergency. This decision had an impact on the economy.&nbsp;

5. Foreign reserve scarcity

Economic mismanagement in Sri Lanka has depleted 70 per cent of Sri Lanka’s foreign reserves with only $2.31 billion left with debt repayment of over $4 billion. Sri Lanka's high dependence on imports of essential commodities such as sugar, pulses, and cereals adds fuel to the economic slowdown as the island nation lacks foreign reserves to pay its import bills.&nbsp;

Apart from that, Sri Lanka's FDI also declined. According to government data, FDI stood at $548 million in 2020, which decreased by $793 million and $1.6 billion in 2019 and 2018, respectively.

Recently, riots have been happening everywhere in Sri Lanka. There is anger among the people, and Sri Lankans are awaiting President Gotabaya Rajapaksa's resignation. 
 
(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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Sri Lanka, known for its tourism, has gone from bad to worse at this time. This is the toughest period for Sri Lanka since independence. From petrol and diesel to milk and other food items, every essential commodity has become so expensive that people are unable to buy it.

Sri Lanka, known for its tourism, has gone from bad to worse at this time. This is the toughest period for Sri Lanka since independence. From petrol and diesel to milk and other food items, every essential commodity has become so expensive that people are unable to buy it. The situation has become such that an emergency has been imposed in the country and President Gotabaya Rajapaksa has fled the country. But for what reasons did Sri Lanka turn towards this economic crisis? Here it is. 1. The Government's Mismanagement For a long time, the Sri Lankan government took large sums of money in the form of loans from abroad for public services, leaving the country in debt. The government ignored expenditure over income, which led to a budget deficit. 2. Tourism Tourism is also a very big factor in Sri Lanka's condition. Since the Easter bombings at various churches in Colombo killed 253 people in April 2019, tourists have been hesitant to visit the place. This affected its foreign exchange reserves. In such a situation, the tourism industry was destroyed, which is a part of the 10 per cent GDP of the country. Tourism also came to a standstill due to COVID-19. 3. China's Interference The proximity of China has weighed heavily on the island nation. China's strategy is such that in countries where it has increased its investments, political and economic instability have increased rapidly. Pakistan is an example of that. Its economic condition is also not sound. 4. Prohibition of Fertilizer Imports To make Sri Lanka a 100% organic farming country, the government has completely banned all fertiliser imports since 2021. This severely affected the food production in the country. Rising food prices, currency depreciation, and to control the rapidly depleting foreign exchange reserves, the Sri Lankan President declared an economic emergency. This decision had an impact on the economy. 5. Foreign reserve scarcity Economic mismanagement in Sri Lanka has depleted 70 per cent of Sri Lanka’s foreign reserves with only $2.31 billion left with debt repayment of over $4 billion. Sri Lanka's high dependence on imports of essential commodities such as sugar, pulses, and cereals adds fuel to the economic slowdown as the island nation lacks foreign reserves to pay its import bills. Apart from that, Sri Lanka's FDI also declined. According to government data, FDI stood at $548 million in 2020, which decreased by $793 million and $1.6 billion in 2019 and 2018, respectively. Recently, riots have been happening everywhere in Sri Lanka. There is anger among the people, and Sri Lankans are awaiting President Gotabaya Rajapaksa's resignation. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Why Sri Lanka bent toward economic crisis? Know these five reasons

The economic crisis in Sri Lanka has pushed its health care system to the brink. Residents are struggling to get basic medication and checkups with soaring inflation in the country.

Sri Lanka: Economic crisis pushes health system to the brink, struggles with medicine shortages

Bank heists in Lebanon are becoming a trend – but these armed “robbers” are not stealing anyone else’s money. They just want access to their own savings. Priyanka Sharma tells you why Lebanon's “robbers” have now become heroes as Ghadi Francis reports live from Beirut.

WION Fineprint | Bank heists become a growing trend in Lebanon| WION reports from Beirut

As Lebanese pound hits record low against dollar, tensions seem to rise. Protests broke out in the capital city of Beirut. Watch this video to understand what's behind Lebanon's economic crisis? Why people are being forced to rob banks for their money?

What's behind Lebanon's economic crisis? Why people are being forced to rob banks for their money?

Banks in Lebanon have said they will close for three days next week, after depositors stormed several branches on Friday, holding employees hostage and forcibly demanding to withdraw their savings.

Lebanese banks to close next week; violent raids by depositors surge in Lebanon

After China's economy was hit badly because of multiple Covid lockdowns, the country is trying to find ways to boost growth. The banks in China have cut their deposit rates, as a way to boost growth, This move happened for the first time since 2015.

China finds ways to boost growth after economy hits badly by Covid lockdowns

Pakistan Prime Minister Shehbaz Sharif lamented and spoke about the nation's bleak reality once again. While addressing a convention, the Pakistan premiere once again called his country a beggar state painting a a rather dismal picture of Pakistan's troubling economy.

Pakistan Prime Minister Shehbaz Sharif admits country's grim reality

Sri Lanka is also witnessing an economic crisis. Top officials are in talks with the International Monetary Fund over a fresh $2.9 billion program. The two parties are trying to set out an ambitious primary surplus target of 2.3 percent of GDP by 2025 that will mean having to increase state revenue significantly.

Sri Lanka: Colombo continues talks with the IMF, fresh $2.9 bn programme in talks

China's real estate sector is eyeing an unprecedented crisis. It may witness the biggest real estate crash the world has ever seen.

What's behind China's real estate crisis? Will it impact economy of your country?

The UN called for Sri Lanka to immediately reverse its light towards militarisation, it also said that the country should prosecute those responsible for leading the island nation into its current unprecedented economic crisis.

UN asks Sri Lanka to 'reverse the drift towards militarisation'

Britain's new Conservative leader Liz Truss Monday vowed "bold" action to fix the country's worst economic crisis in decades, as she was confirmed as Prime Minister Boris Johnson's successor after a gruelling party contest. Molly Gambhir tells you more.

WION Fineprint | Truss named UK leader as embattled Tories urged to unite

Sri Lankan defense official has said that Gotabaya Rajapaksa will return to the country on Saturday. Security arrangements are being made for the return of the President. Rajapaksa fled Columbo on the 9th of July after sustained protests against his economic mismanagement of the country.

WION Dispatch: Former Sri Lanka President Gotabaya Rajapaksa to return home

Sri Lanka Defence official: Rajapaksa trying to return, security detail being arranged

There seems to be some respite for Sri Lanka which is battling is worst hit economic crisis in history. The International Monetary Fund has announced a preliminary bailout package worth $2.9 billion for the struggling island nation.

WION Dispatch | Sri Lanka: IMF agrees to bailout, preliminary agreement to restructure economy

Sri Lanka: IMF agrees to $2.9 billion bailout, preliminary agreement to restructure economy

As the crippling cost of living crisis continues to bite the pockets of Bangladeshi citizens, protest rage unabated across the country. Bangladesh is being caught in a quagmire of economic crisis and sought a bailout from the IMF.

Protests against rising fuel prices in Bangladesh continues

Sri Lanka is soon going to strike a loan deal with the International Monetary Fund. According to the media reports, Sri Lanka has reached a preliminary agreement on an emergency loan with the IMF and a formal announcement is likely to be made on Thursday.

Sri Lanka locks preliminary loan deal with IMF: Reports

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