Thousands of protesters in Sri Lanka's commercial capital Colombo stormed the president's official residence and his secretariat on Saturday.

Anger over ongoing economic crisis: Thousands take over Lankan President's house

Thousands of protesters in Sri Lanka's commercial capital Colombo stormed the president's official residence. On another side, PM Ranil Wickremesinghe is holding a cabinet meeting.

Chaos grips crisis-hit Sri Lanka: PM Ranil Wickremesinghe chairs cabinet meet

In Sri Lanka, angry protesters entered the President's official residence. Leaders of political parties in parliament met after the storming of the president’s residence and decided to request PM Ranil Wickremesinghe to step down.

Sri Lanka: Rajapaksa to respect any decision taken at party leaders' meeting

In Sri Lanka, angry protesters entered the President's official residence. On another side, Sri Lanka's Prime Minister Ranil Wickremesinghe summoned an urgent cabinet meet. Now, question is arising that where is Gotabaya Rajapaksa?

Sri Lankan President flees, Angry protesters take over President's house

As per the sources, Sri Lankan President fled from his residence. Sri Lanka's Prime Minister Ranil Wickremesinghe summoned an urgent cabinet meet to discuss a "swift resolution".

Protesters enter Presidential palace, Lankan PM summons urgent cabinet meet

The anti-government stir has turned violent for the second consecutive day in Sri Lanka amid the ongoing economic crisis. Police used tear gas on demonstrators.

Anti-government stir turns violent for the second consecutive day in Sri Lanka amid economic crisis

The anti-government stir has turned violent for the second consecutive day in Sri Lanka amid the ongoing economic crisis. According to defence sources, Sri Lankan President fled from his residence.

Defence sources: Sri Lankan President flees from his residence amid violent protests

The main exception to the globalisation of democracy is the continued lack of even a single democratic regime in the Arab world. In the Arab world, democracy and the extensive list of rights that are believed to be inalienable to the human condition have largely been seen as exotic ideas, ones to be admired from a distance and desired by the hundreds of millions of Arabs who live under political repression, unrepresentative government, and a lack of fundamental freedoms of expression.

A new survey has suggested that Arabs in the Middle East and North Africa are losing faith in democracy's potential to bring about economic stability.The Arab Barometer network surveyed around 23,000 people in nine nations and the Palestinian territories for BBC News Arabic.

The majority of people concurred with the statement that democracies have weak economies.

The results were released a little over ten years after the so-called Arab Spring protests, which demanded political reform.

Only one of those nations, Tunisia, was still a democracy less than two years after the protests, but if a draught constitution unveiled last week is ratified, the nation may return to dictatorship.

Since the last survey in 2018/19, the region's views on democracy have changed, according to Michael Robbins, director of Arab Barometer, a research network based at Princeton University that collaborated with universities and polling organisations in the Middle East and North Africa to conduct the survey between late 2021 and spring 2022.

More than half of respondents generally concur with the statement that a democratic system results in a weak economy across the majority of the nations polled.

More than half of respondents in every nation questioned also state that they either agree or strongly agree that the success of their government's programmes is more important to them than the nature of their political system. 
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The main exception to the globalisation of democracy is the continued lack of even a single democratic regime in the Arab world. In the Arab world, democracy and the extensive list of rights that are believed to be inalienable to the human condition have largely been seen as exotic ideas, ones to be admired from a distance and desired by the hundreds of millions of Arabs who live under political repression, unrepresentative government, and a lack of fundamental freedoms of expression.

The main exception to the globalisation of democracy is the continued lack of even a single democratic regime in the Arab world. In the Arab world, democracy and the extensive list of rights that are believed to be inalienable to the human condition have largely been seen as exotic ideas, ones to be admired from a distance and desired by the hundreds of millions of Arabs who live under political repression, unrepresentative government, and a lack of fundamental freedoms of expression. A new survey has suggested that Arabs in the Middle East and North Africa are losing faith in democracy's potential to bring about economic stability.The Arab Barometer network surveyed around 23,000 people in nine nations and the Palestinian territories for BBC News Arabic. The majority of people concurred with the statement that democracies have weak economies. The results were released a little over ten years after the so-called Arab Spring protests, which demanded political reform. Only one of those nations, Tunisia, was still a democracy less than two years after the protests, but if a draught constitution unveiled last week is ratified, the nation may return to dictatorship. Since the last survey in 2018/19, the region's views on democracy have changed, according to Michael Robbins, director of Arab Barometer, a research network based at Princeton University that collaborated with universities and polling organisations in the Middle East and North Africa to conduct the survey between late 2021 and spring 2022. More than half of respondents generally concur with the statement that a democratic system results in a weak economy across the majority of the nations polled. More than half of respondents in every nation questioned also state that they either agree or strongly agree that the success of their government's programmes is more important to them than the nature of their political system. 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.

'Democracy weakens the economy', feel Arabs: Survey

As the Sri Lankan economy further dips into crisis with shortages of everything from medicines to gas, people are returning to cooking with firewood. Sri Lanka used to be a middle-income country, with GDP per head comparable to the Philippines and living standards the envy of neighbouring India. But with economic mismanagement and the crucial tourism industry hammered by Covid, the nation has run out of dollars needed to pay for most imports. And the pain will likely continue for some time, with Prime Minister Ranil Wickremesinghe in parliament on Tuesday saying, "We will have to face difficulties in 2023 as well. This is the truth. This is the reality."

The switch began at the beginning of the year when more than 1,000 kitchens exploded across the country, killing at least seven people and injuring hundreds more. The reason was suppliers looking to cut costs and increase the proportion of propane, which raised the pressure to dangerous levels. But now, along with much else in the country of 22 million people, gas is either unavailable or too expensive for most, as reported by AFP.

Some tried to shift to kerosene oil cookers, but the government did not have dollars to import them along with petrol and diesel, which are also in short supply. And those who bought electric cookers were in for a rude shock when the government imposed lengthy power blackouts as it ran out of dollars to import fuel for generators.

Also Read:&nbsp;<a href="https://www.wionews.com/opinions-blogs/udaipur-terror-attack-how-my-hometown-turned-into-a-curfew-zone-494414">Udaipur terror attack: How my hometown turned into a curfew zone &nbsp;</a>

Niluka Hapuarachchi, 41, was miraculously unharmed when her gas range exploded soon after cooking Sunday lunch in August. "Fortunately, no one was there at the time. There were pieces of glass all over the floor. The glass-top stove had exploded. I will never use gas for cooking. It is not safe. We are now on firewood," she said, despite moves to address the propane problem.

Roadside eatery owner M.G. Karunawathi, 67, also switched to wood and said it was a choice between closing her business or putting up with smoke and soot. "We suffer (smoke inhalation) when cooking with firewood, but we have no choice," Karunawathi told AFP. "It is also difficult to find firewood and it is also becoming very expensive."

(with inputs from agencies)

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As the Sri Lankan economy further dips into crisis with shortages of everything from medicines to gas, people are returning to cooking with firewood. Sri Lanka used to be a middle-income country, with GDP per head comparable to the Philippines and living standards the envy of neighbouring India.

As the Sri Lankan economy further dips into crisis with shortages of everything from medicines to gas, people are returning to cooking with firewood. Sri Lanka used to be a middle-income country, with GDP per head comparable to the Philippines and living standards the envy of neighbouring India. But with economic mismanagement and the crucial tourism industry hammered by Covid, the nation has run out of dollars needed to pay for most imports. And the pain will likely continue for some time, with Prime Minister Ranil Wickremesinghe in parliament on Tuesday saying, "We will have to face difficulties in 2023 as well. This is the truth. This is the reality." The switch began at the beginning of the year when more than 1,000 kitchens exploded across the country, killing at least seven people and injuring hundreds more. The reason was suppliers looking to cut costs and increase the proportion of propane, which raised the pressure to dangerous levels. But now, along with much else in the country of 22 million people, gas is either unavailable or too expensive for most, as reported by AFP. Some tried to shift to kerosene oil cookers, but the government did not have dollars to import them along with petrol and diesel, which are also in short supply. And those who bought electric cookers were in for a rude shock when the government imposed lengthy power blackouts as it ran out of dollars to import fuel for generators. Also Read: Udaipur terror attack: How my hometown turned into a curfew zone Niluka Hapuarachchi, 41, was miraculously unharmed when her gas range exploded soon after cooking Sunday lunch in August. "Fortunately, no one was there at the time. There were pieces of glass all over the floor. The glass-top stove had exploded. I will never use gas for cooking. It is not safe. We are now on firewood," she said, despite moves to address the propane problem. Roadside eatery owner M.G. Karunawathi, 67, also switched to wood and said it was a choice between closing her business or putting up with smoke and soot. "We suffer (smoke inhalation) when cooking with firewood, but we have no choice," Karunawathi told AFP. "It is also difficult to find firewood and it is also becoming very expensive." (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.

Once prosperous, Sri Lankans will now cook with firewood, as economic mismanagement hits hard

Sri Lanka continues to reel under unprecedented economic crisis. While Lanka's fuel reserves are left with petrol worth less than one day of consumption, the island nation struggles to raise $587 Mn to pay for fuel shipments.

WION Fineprint | Sri Lanka's fuel reserves shrink further, $587 Mn needed to pay for fuel shipments

Recently, Sri Lankan president Gotabaya Rajapaksa met Japanese ambassador Hideaki Mizukoshi amid economic crisis in the country. He said that Japan is ready to support Sri Lanka for its economic programme with the IMF.

Sri Lankan president Gotabaya Rajapaksa meets Japanese ambassador amid economic crisis

Oil prices were little changed on Thursday as markets weighed a rise in US gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness.

Oil prices stable as market weigh fuel stocks amid supply concerns

The U.S. economy contracted in the first quarter amid a record trade deficit. Gross domestic product (GDP) fell at a 1.6% annualised rate last quarter.

US economy contracts in first quarter, GDP fell at 1.6%

The economic situation in Sri Lanka is worsening day by day. After India, Now the United States has come forward to aid the island nation by announcing financial aid.

US delegates on a 3-day visit to Sri Lanka: The US announces financial aid to Colombo

Sri Lanka is struggling to secure fresh fuel supplies, as the crisis-hit country of 22 million people is down to just 15,000 tons of petrol and diesel to keep essential services running in the coming days.

Sri Lanka struggles to get fresh oil supplies, left with only 2-day of oil stocks

Will there be a repeat of the Israel-Lebanon war? Hezbollah terror group has built 15 new posts along the border sparking new tensions between Israel and Lebanon.

Sri Lanka hikes fuel prices, third price revision in 2 months

Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&amp;P Global, an American publicly traded corporation, &nbsp;reflecting a fall in demand growth.&nbsp;

Manufacturing output contracted for the first time in two years and the expansion in service sector activity came down considerably, easing most notably for consumer-facing services.

The survey by S&amp;P Global revealed that companies also scaled back their business expectations for output over the coming year to the lowest since October 2020.&nbsp;

“Economic growth is showing signs of faltering as the tailwind of pent-up demand from the pandemic is already fading, having been offset by the cost-of-living shock and slumping business and consumer confidence,” S&amp;P Global economist Chris Williamson said in a statement, as reported by Bloomberg.

Both the stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains linked to the Ukraine war and ongoing pandemic disruptions.

Also Read:&nbsp;<a href="https://www.wionews.com/world/mass-graves-being-prepared-for-earthquake-victims-in-afghanistan-491083">Mass graves being prepared for earthquake victims in Afghanistan</a>

The survey of purchasing managers continued to show elevated price pressures, including a “worrying increase in costs growth in the service sector.” The cooling of demand, however, pointed to a calming of goods prices, “bringing a tentative hint of a peaking of inflation in the near future,” Williamson said.

The euro retreated against the dollar on Thursday as economic data pointed to increased prospects of a recession in Europe. Global stock markets wobbled after another battering this week, while oil prices slid further.

Government bond yields also fell in another indication that investors are more worried about the prospect of a recession, removing some of the financial stings on governments from rising interest rates.

(with inputs from agencies) 
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Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&P Global, an American publicly traded corporation, reflecting a fall in demand growth.

Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&P Global, an American publicly traded corporation, reflecting a fall in demand growth. Manufacturing output contracted for the first time in two years and the expansion in service sector activity came down considerably, easing most notably for consumer-facing services. The survey by S&P Global revealed that companies also scaled back their business expectations for output over the coming year to the lowest since October 2020. “Economic growth is showing signs of faltering as the tailwind of pent-up demand from the pandemic is already fading, having been offset by the cost-of-living shock and slumping business and consumer confidence,” S&P Global economist Chris Williamson said in a statement, as reported by Bloomberg. Both the stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains linked to the Ukraine war and ongoing pandemic disruptions. Also Read: Mass graves being prepared for earthquake victims in Afghanistan The survey of purchasing managers continued to show elevated price pressures, including a “worrying increase in costs growth in the service sector.” The cooling of demand, however, pointed to a calming of goods prices, “bringing a tentative hint of a peaking of inflation in the near future,” Williamson said. The euro retreated against the dollar on Thursday as economic data pointed to increased prospects of a recession in Europe. Global stock markets wobbled after another battering this week, while oil prices slid further. Government bond yields also fell in another indication that investors are more worried about the prospect of a recession, removing some of the financial stings on governments from rising interest rates. (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.

Eurozone economy at a 16-month low in June due to Ukraine war and pandemic disruptions: Report

An Indian delegation has visited Sri Lanka amid the ongoing economic crisis in a bid to assess the deteriorating situation. India will now provide further assistance to Sri Lanka.

India to provide further assistance to Sri Lanka amid the ongoing economic crisis

The second ship-borne consignment of essential supplies worth more than Rs 650 million&nbsp;sent from Tamil Nadu to Sri Lanka, was received at the island nation on Friday noon. While the Government of India has been at the forefront of helping Sri Lanka by providing financial aid, fuel, the Tamil Nadu Government had also promised to provide support to Sri Lanka, at a time when the island nation is reeling under its worst economic crisis. While the first ship from Chennai was flagged off by the Tamil Nadu Chief Minister on 18th May, the second ship set sail from the Tuticorin port in Southern Tamil Nadu, on 22nd June.&nbsp;

The first consignment from Tamil Nadu was valued at around Rs 400 million&nbsp;and comprised of&nbsp;9,500 tons rice, 200 tons milk powder, 30 tons medicines. On Wednesday, nearly 14,712 tons rice, 250 tons milk powder and besides Rs. 119 billion&nbsp;worth of life-saving drugs were shipped.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-economy-has-completely-collapsed-says-pm-ranil-wickremesinghe-490845">Sri Lanka’s economy has completely collapsed, says PM Ranil Wickremesinghe</a>

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From the people of <a href="https://twitter.com/hashtag/India?src=hash&amp;ref_src=twsrc%5Etfw">#India</a> to the people of <a href="https://twitter.com/hashtag/SriLanka?src=hash&amp;ref_src=twsrc%5Etfw">#SriLanka</a>!!! High Commissioner,Hon'ble Ministers <a href="https://twitter.com/Keheliya_R?ref_src=twsrc%5Etfw">@Keheliya_R</a>, Nalin Fernando, MPs, various dignitaries and officials welcomed a large humanitarian consignment worth more than SLR 3 billion from <a href="https://twitter.com/hashtag/Tuticorn?src=hash&amp;ref_src=twsrc%5Etfw">#Tuticorn</a> today. (1/2) <a href="https://t.co/pMOF8kJppx">pic.twitter.com/pMOF8kJppx</a>
— India in Sri Lanka (@IndiainSL) <a href="https://twitter.com/IndiainSL/status/1540221918401294336?ref_src=twsrc%5Etfw">June 24, 2022</a></blockquote>
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In April this year, nearly a month after the economic crisis began adversely impacting Sri Lanka, the Tamil Nadu state Assembly had passed a resolution urging the Indian government to permit aid from Tamil Nadu to the island nation. The Indian Government had agreed to permit the same, via the Indian High Commission in Colombo and India's Ministry of External Affairs.

Watch |&nbsp;Gravitas Global Headlines: Sri Lanka fuel crisis; Fighting intensifies in Luhansk

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As the Indian state that is nearest to Sri Lanka and also as one that shares deep cultural and linguistic ties with the Tamils in the island nation, leaders in Tamil Nadu have always voiced out for the welfare of Lankan Tamils. In recent times, nearly 90 Lankan Tamils, including women, children and elderly fled their home country and reached Indian shores. They have been doing so by taking risky and illegal overnight boat rides across the Palk Strait, a strip of ocean that connects the Northen region of Sri Lanka with Tamil Nadu, in India. As per standard protocol, the individuals are questioned by the authorities, following which they are taken to the Mandapam refugee camp in the region.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/crisis-hit-sri-lanka-plans-donor-conference-interim-budget-in-august-490696">Crisis-hit Sri Lanka plans donor conference, interim budget in August</a>

Those who have been fleeing to India are members of the Lankan Tamil community, who hail from the northern region of the island nation. As daily wage earners with families to feed, these individuals are worst-hit by the economic crisis as their wages remain stagnant and prices of essentials continue to skyrocket. Under these circumstances, they abandon or sell their modest belongings to make enough cash for an illegal boat ride across the Palk Strait. they undertake the arduous journey in the hope of living as refugees at a camp in Tamil Nadu.&nbsp;

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The second ship-borne consignment of essential supplies worth more than Rs 650 million sent from Tamil Nadu to Sri Lanka, was received at the island nation on Friday noon.

The second ship-borne consignment of essential supplies worth more than Rs 650 million sent from Tamil Nadu to Sri Lanka, was received at the island nation on Friday noon. While the Government of India has been at the forefront of helping Sri Lanka by providing financial aid, fuel, the Tamil Nadu Government had also promised to provide support to Sri Lanka, at a time when the island nation is reeling under its worst economic crisis. While the first ship from Chennai was flagged off by the Tamil Nadu Chief Minister on 18th May, the second ship set sail from the Tuticorin port in Southern Tamil Nadu, on 22nd June. The first consignment from Tamil Nadu was valued at around Rs 400 million and comprised of 9,500 tons rice, 200 tons milk powder, 30 tons medicines. On Wednesday, nearly 14,712 tons rice, 250 tons milk powder and besides Rs. 119 billion worth of life-saving drugs were shipped. Also read | Sri Lanka’s economy has completely collapsed, says PM Ranil Wickremesinghe From the people of #India to the people of #SriLanka!!! High Commissioner,Hon'ble Ministers @Keheliya_R, Nalin Fernando, MPs, various dignitaries and officials welcomed a large humanitarian consignment worth more than SLR 3 billion from #Tuticorn today. (1/2) pic.twitter.com/pMOF8kJppx — India in Sri Lanka (@IndiainSL) June 24, 2022 × In April this year, nearly a month after the economic crisis began adversely impacting Sri Lanka, the Tamil Nadu state Assembly had passed a resolution urging the Indian government to permit aid from Tamil Nadu to the island nation. The Indian Government had agreed to permit the same, via the Indian High Commission in Colombo and India's Ministry of External Affairs. Watch | Gravitas Global Headlines: Sri Lanka fuel crisis; Fighting intensifies in Luhansk As the Indian state that is nearest to Sri Lanka and also as one that shares deep cultural and linguistic ties with the Tamils in the island nation, leaders in Tamil Nadu have always voiced out for the welfare of Lankan Tamils. In recent times, nearly 90 Lankan Tamils, including women, children and elderly fled their home country and reached Indian shores. They have been doing so by taking risky and illegal overnight boat rides across the Palk Strait, a strip of ocean that connects the Northen region of Sri Lanka with Tamil Nadu, in India. As per standard protocol, the individuals are questioned by the authorities, following which they are taken to the Mandapam refugee camp in the region. Also read | Crisis-hit Sri Lanka plans donor conference, interim budget in August Those who have been fleeing to India are members of the Lankan Tamil community, who hail from the northern region of the island nation. As daily wage earners with families to feed, these individuals are worst-hit by the economic crisis as their wages remain stagnant and prices of essentials continue to skyrocket. Under these circumstances, they abandon or sell their modest belongings to make enough cash for an illegal boat ride across the Palk Strait. they undertake the arduous journey in the hope of living as refugees at a camp in Tamil Nadu. 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.

India: Second consignment of essential supplies from Tamil Nadu reaches crisis-hit Sri Lanka

Sri Lanka continues to reel under unprecedented economic crisis. Amid the turmoil, Indian delegation is going to visit Sri Lanka today and are expected to meet Lankan president Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe.

Indian delegates to meet Sri Lankan PM & President to assess crisis

Sri Lanka continues to reel under the unprecedented economic crisis. Amid the turmoil, the Indian delegation has arrived in Colombo. During the 3 hours of visit, the Indian delegate will hold talks for additional support from India.

Indian delegation led by CEA Nageswaran in Sri Lanka to hold talks on additional aid

Sri Lanka continues to reel under unprecedented economic crisis. Amid the turmoil, Indian delegation arrived in Sri Lanka and expected to hold bilateral discussions with Sri Lankan authorities.

Indian officials to hold talks on additional aid in Sri Lanka

Sri Lankan Prime Minister Ranil Wickremesinghe said that the debt-laden country has “completely collapsed” and warned of “a possible fall to rock bottom” after months of shortages of fuel, electricity and other essential commodities and failure to service its debts.

“Our economy has completely collapsed,” the prime minister told the parliament on Wednesday.

He said that the government was seeking help from its global partners and the International Monetary Fund (IMF) to stabilize the economy.

Wickremesinghe further warned the island nation of 22 million that it was "facing a far more serious situation" beyond the shortages.

Wickremesinghe also admitted that Sri Lanka is unable to purchase imported fuel due to the heavy debt owed by its petroleum corporation.

The Ceylon Petroleum Corporation is $700m in debt, he told lawmakers. “As a result, no country or organisation in the world is willing to provide fuel to us. They are even reluctant to provide fuel for cash.”

In the wake of shortages of fuel and essential commodities, the government had a four-day work week for three months to save fuel and grow their own fruits and vegetables. The inflation rate for food is 57 per cent, according to the official data.

The Sri Lankan economy is facing one of its worst crises since its independence in 1948. The crisis is a result of a combination of factors such as heavy debts, lost tourism revenue due to the pandemic, as well as surging costs for commodities.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/crisis-hit-sri-lanka-plans-donor-conference-interim-budget-in-august-490696" hreflang="en">Crisis-hit Sri Lanka plans donor conference, interim budget in August</a>

As a result, the country is heading towards bankruptcy, with hardly any money to import gasoline, milk, cooking gas, medicines and toilet paper.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/crisis-hit-sri-lanka-reduces-age-limit-to-21-for-women-to-work-overseas-490205" hreflang="en">Crisis-hit Sri Lanka reduces age limit of women allowed to work overseas to 21</a>

Sri Lanka has already suspended repayment of $7 billion in foreign debt due this year, pending the outcome of negotiations with the International Monetary Fund on a rescue package. It must pay $5bn on average annually until 2026.

(With inputs from agencies)

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Sri Lankan Prime Minister Ranil Wickremesinghe said that the debt-laden country has “completely collapsed” and warned of “a possible fall to rock bottom” after months of shortages of fuel, electricity and other essential commodities and failure to service its debts.

Sri Lankan Prime Minister Ranil Wickremesinghe said that the debt-laden country has “completely collapsed” and warned of “a possible fall to rock bottom” after months of shortages of fuel, electricity and other essential commodities and failure to service its debts. “Our economy has completely collapsed,” the prime minister told the parliament on Wednesday. He said that the government was seeking help from its global partners and the International Monetary Fund (IMF) to stabilize the economy. Wickremesinghe further warned the island nation of 22 million that it was "facing a far more serious situation" beyond the shortages. Wickremesinghe also admitted that Sri Lanka is unable to purchase imported fuel due to the heavy debt owed by its petroleum corporation. The Ceylon Petroleum Corporation is $700m in debt, he told lawmakers. “As a result, no country or organisation in the world is willing to provide fuel to us. They are even reluctant to provide fuel for cash.” In the wake of shortages of fuel and essential commodities, the government had a four-day work week for three months to save fuel and grow their own fruits and vegetables. The inflation rate for food is 57 per cent, according to the official data. The Sri Lankan economy is facing one of its worst crises since its independence in 1948. The crisis is a result of a combination of factors such as heavy debts, lost tourism revenue due to the pandemic, as well as surging costs for commodities. Also read | Crisis-hit Sri Lanka plans donor conference, interim budget in August As a result, the country is heading towards bankruptcy, with hardly any money to import gasoline, milk, cooking gas, medicines and toilet paper. Also read | Crisis-hit Sri Lanka reduces age limit of women allowed to work overseas to 21 Sri Lanka has already suspended repayment of $7 billion in foreign debt due this year, pending the outcome of negotiations with the International Monetary Fund on a rescue package. It must pay $5bn on average annually until 2026. (With inputs from agencies) WATCH WION LIVE HERE

Sri Lanka’s economy has completely collapsed, says PM Ranil Wickremesinghe

It's been more than two months and the situation is not getting any better in Sri Lanka. The shortages persist and the reserves are running out, Sri Lanka has been forced to turn to the IMF once again.

No end to turmoil in Sri Lanka: Shortages persist, protests continue

For decades, there have been extensive sanctions against North Korea. Weapons, raw materials, machines, vehicles, luxury goods, chemicals&nbsp;and textiles. Almost no country in the world trades with this totalitarian regime. In the few countries with which North Korea trades, the nation rather buys than sells, putting itself more into debt internationally. The economy has been stagnating for years, with millions of people living in abject poverty. On the contrary, the supreme ruler of the country, Kim Jong Un, has magnificent monuments built, maintains a gigantic military&nbsp;and finances an expensive nuclear programme. The country's income is not enough for that—so where does all the money come from?

Insurance fraud, cyber-attacks, counterfeit money&nbsp;and modern slavery, North Korea will stop at nothing. North Korea's currency, the won, is not traded at international markets. To buy one or the other tank, you need dollars, yuan, or euros. But how can you earn a lot of money quickly and anonymously. For a long time, it was assumed that there was a separate authority in Pyongyang only for this purpose. The mysterious Room 39. Various leaks and several North Korean refugees today independently confirmed the existence of the bureau. Room 39 is supposed to raise foreign money for the regime, no matter how. At the end of the eighties, the activities of Room 39 were made public for the first time.

While the economy of North Korea is on life support, let's take a look at some infamous life support tactics harnessed by their government over decades.

Supernotes

The USD notes look insanely real, but they are not. There were so many of these notes in circulation—they were so well forged that they were called "supernotes." According to a former North Korean diplomat, they come from North Korea. The North Korean government bought some money printing machines back then, the same model that prints real dollar notes, and the printed supernotes were then given to diplomats. Until today, they were the regime's errand boys with special status, as they deposited the supernotes abroad, for example, in banks and had real dollars paid out. The real notes were then delivered back to Beijing by the case. There are probably still several million of these supernotes in circulation. Whether the money printing machines still print notes today is unclear.

Insurance fraud

In 2005 and 2006, numerous claims were received by international insurers. A helicopter crashed in Pyongyang, two trains were involved in an accident, and a ferry sank. The best part is that all of these were insured abroad. The insurance monopoly, Korea National Insurance Corporation, has received at least 58 million USD from various global insurers for helicopter crashes alone. There is much to suggest, however, that the accidents were only staged, as was reported by The Washington Post in 2009.

Weapons and T-shirts

If your t-shirt says "Made in China," there is a high probability that it was produced in North Korea. Chinese textile companies are increasingly outsourcing their production to cheap factories in North Korea, where the employees often work under inhumane conditions. Nevertheless, in your shirt, you will only find a mention of China while North Korea's export continues. Along with textiles, oil and coal are also assumed to be exported to many neighbouring countries. According to a United Nations report, North Korea also supplies weapons, mostly via international waters, especially to Africa and the Middle East. To remain undetected, the identities of the respective ships are forged, and the radio systems are manipulated. For example, Syria was supplied with at least 40 shiploads between 2012 and 2017, most likely destined for Assad's chemical weapons program. In the Syrian civil war, these chemical weapons killed many innocent people.

Modern Slavery

According to the Global Slavery Index, 2.6 million North Koreans are currently in modern-day slavery. The country most likely engages a part of its population as forced labourers, especially in China, Russia, and Southeast Asia. Some are said to have been used on European construction sites until recently.

The families are left behind to serve as hostages, and for many forced labourers, this is the only reason not to flee to freedom. The United Nations estimates that the North Korean government still receives billions of dollars in income from forced labour alone.

Cyber Attacks

North Korea is infamous for cyber-attacks globally. Not a single North Korean has access to the Internet, yet the country has a Cyber Army in which about 1800 people are supposed to be deployed. An auxiliary office is even said to have been established for this purpose—Bureau 121. In 2016, Bangladesh's central bank was hacked—several million dollars were stolen, and the FBI is convinced that North Korea was involved.

The 2017 WannaCry ransomware infected over 200,000 Windows computers in over 100 countries with the cryptoworm. The ransomware encrypted all the data on these computers and demanded a ransom of 300 USD in Bitcoin to recover the data, or else the data would remain encrypted forever. The attack group did 100 million USD worth of damage, and the American, British, and Australian governments are certain that North Korea was behind the attack.

Black markets

Many of North Korea's illegal activities have not been exclusively controlled by the government since 2000. In the nineties, there was a severe famine in which hundreds of thousands of North Koreans died. At that time, the regime failed to protect its people, and, as a consequence, numerous black markets have developed, and the government could only partially control these. The operators of these black markets often work closely with the corrupt government, and the government always turns a blind eye if a part of the money flows towards the state. On the black markets, not only food, clothes, and everyday objects are traded, but also drugs and foreign currencies.

A large part of this unofficial trade takes place in China. The border in the north is very long and much less guarded than the border with South Korea. Chinese authorities seized 60 million USD worth of drugs from North Korea in 2011. Hundreds of kilogrammes of narcotics produced in the neighbouring country are repeatedly found in China.

It's not all over.

Amid this tremendous economic crisis, Kim Jong Un believes that expanding his nuclear and missile arsenals will convince the United States to engage in "arms control talks." This will mean accepting North Korea as a nuclear power and Pyongyang receiving sanctions relief to revive its economy from life support, but the economy will still be governed by the supreme ruler of North Korea!

(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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For decades, there have been extensive sanctions against North Korea. Weapons, raw materials, machines, vehicles, luxury goods, chemicals and textiles. Almost no country in the world trades with this totalitarian regime.

For decades, there have been extensive sanctions against North Korea. Weapons, raw materials, machines, vehicles, luxury goods, chemicals and textiles. Almost no country in the world trades with this totalitarian regime. In the few countries with which North Korea trades, the nation rather buys than sells, putting itself more into debt internationally. The economy has been stagnating for years, with millions of people living in abject poverty. On the contrary, the supreme ruler of the country, Kim Jong Un, has magnificent monuments built, maintains a gigantic military and finances an expensive nuclear programme. The country's income is not enough for that—so where does all the money come from? Insurance fraud, cyber-attacks, counterfeit money and modern slavery, North Korea will stop at nothing. North Korea's currency, the won, is not traded at international markets. To buy one or the other tank, you need dollars, yuan, or euros. But how can you earn a lot of money quickly and anonymously. For a long time, it was assumed that there was a separate authority in Pyongyang only for this purpose. The mysterious Room 39. Various leaks and several North Korean refugees today independently confirmed the existence of the bureau. Room 39 is supposed to raise foreign money for the regime, no matter how. At the end of the eighties, the activities of Room 39 were made public for the first time. While the economy of North Korea is on life support, let's take a look at some infamous life support tactics harnessed by their government over decades. Supernotes The USD notes look insanely real, but they are not. There were so many of these notes in circulation—they were so well forged that they were called "supernotes." According to a former North Korean diplomat, they come from North Korea. The North Korean government bought some money printing machines back then, the same model that prints real dollar notes, and the printed supernotes were then given to diplomats. Until today, they were the regime's errand boys with special status, as they deposited the supernotes abroad, for example, in banks and had real dollars paid out. The real notes were then delivered back to Beijing by the case. There are probably still several million of these supernotes in circulation. Whether the money printing machines still print notes today is unclear. Insurance fraud In 2005 and 2006, numerous claims were received by international insurers. A helicopter crashed in Pyongyang, two trains were involved in an accident, and a ferry sank. The best part is that all of these were insured abroad. The insurance monopoly, Korea National Insurance Corporation, has received at least 58 million USD from various global insurers for helicopter crashes alone. There is much to suggest, however, that the accidents were only staged, as was reported by The Washington Post in 2009. Weapons and T-shirts If your t-shirt says "Made in China," there is a high probability that it was produced in North Korea. Chinese textile companies are increasingly outsourcing their production to cheap factories in North Korea, where the employees often work under inhumane conditions. Nevertheless, in your shirt, you will only find a mention of China while North Korea's export continues. Along with textiles, oil and coal are also assumed to be exported to many neighbouring countries. According to a United Nations report, North Korea also supplies weapons, mostly via international waters, especially to Africa and the Middle East. To remain undetected, the identities of the respective ships are forged, and the radio systems are manipulated. For example, Syria was supplied with at least 40 shiploads between 2012 and 2017, most likely destined for Assad's chemical weapons program. In the Syrian civil war, these chemical weapons killed many innocent people. Modern Slavery According to the Global Slavery Index, 2.6 million North Koreans are currently in modern-day slavery. The country most likely engages a part of its population as forced labourers, especially in China, Russia, and Southeast Asia. Some are said to have been used on European construction sites until recently. The families are left behind to serve as hostages, and for many forced labourers, this is the only reason not to flee to freedom. The United Nations estimates that the North Korean government still receives billions of dollars in income from forced labour alone. Cyber Attacks North Korea is infamous for cyber-attacks globally. Not a single North Korean has access to the Internet, yet the country has a Cyber Army in which about 1800 people are supposed to be deployed. An auxiliary office is even said to have been established for this purpose—Bureau 121. In 2016, Bangladesh's central bank was hacked—several million dollars were stolen, and the FBI is convinced that North Korea was involved. The 2017 WannaCry ransomware infected over 200,000 Windows computers in over 100 countries with the cryptoworm. The ransomware encrypted all the data on these computers and demanded a ransom of 300 USD in Bitcoin to recover the data, or else the data would remain encrypted forever. The attack group did 100 million USD worth of damage, and the American, British, and Australian governments are certain that North Korea was behind the attack. Black markets Many of North Korea's illegal activities have not been exclusively controlled by the government since 2000. In the nineties, there was a severe famine in which hundreds of thousands of North Koreans died. At that time, the regime failed to protect its people, and, as a consequence, numerous black markets have developed, and the government could only partially control these. The operators of these black markets often work closely with the corrupt government, and the government always turns a blind eye if a part of the money flows towards the state. On the black markets, not only food, clothes, and everyday objects are traded, but also drugs and foreign currencies. A large part of this unofficial trade takes place in China. The border in the north is very long and much less guarded than the border with South Korea. Chinese authorities seized 60 million USD worth of drugs from North Korea in 2011. Hundreds of kilogrammes of narcotics produced in the neighbouring country are repeatedly found in China. It's not all over. Amid this tremendous economic crisis, Kim Jong Un believes that expanding his nuclear and missile arsenals will convince the United States to engage in "arms control talks." This will mean accepting North Korea as a nuclear power and Pyongyang receiving sanctions relief to revive its economy from life support, but the economy will still be governed by the supreme ruler of North Korea! (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.

The dark economy of North Korea

Economic crisis-hit Sri Lanka on Tuesday (June 21) has reduced the minimum age for women to work overseas to 21 years as it needs funds for the bankrupt economy. The national capital of the country, Colombo, placed a restriction on the age of women working abroad after an incident that happened in Saudi Arabia when a 17-year-old Sri Lankan nanny was beheaded for the murder of a child in her care. Following&nbsp;the anger over this execution, the minimum age for women to work abroad was set to 23 for other countries and 25 for Saudi Arabia, reported by AFP.&nbsp;

The South Asian country of 22 million people, nearly 1.6 million individuals work overseas, primarily in Middle East.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/united-nations-provide-2000-food-vouchers-for-pregnant-sri-lankan-women-as-a-part-of-food-aid-relief-488821">Amid economic crisis, United Nations provides food vouchers to pregnant women in Sri Lanka</a>

Bandula Gunawardana, an official spokesman said, “The cabinet of ministers approved the decision to lower the minimum age to 21 years for all countries given the need to increase foreign employment opportunities.”

Watch |&nbsp;Fuel shortage continues to plague Sri Lankans amid the ongoing economic crisis

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Remittances from Sri Lankans working overseas have been a major source for foreign currency, bringing an estimated amount of $7 billion per year. However, the figures dropped to $5.4 billion in the year 2021 during the Covid pandemic and expected to go down to $3.5 billion this year due to the economic downturn.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-schools-govt-offices-to-shut-as-transport-grinds-to-halt-489321">Sri Lanka schools, govt offices to shut as transport grinds to halt</a>

The Sri Lankan government has limited imports of essentials, such as fuel, food, medicines since the country’s foreign currency reserves are low.

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(With inputs from agencies)&nbsp;

Economic crisis-hit Sri Lanka on Tuesday (June 21) has reduced the minimum age for women to work overseas to 21 years as it needs funds for the bankrupt economy.

Economic crisis-hit Sri Lanka on Tuesday (June 21) has reduced the minimum age for women to work overseas to 21 years as it needs funds for the bankrupt economy. The national capital of the country, Colombo, placed a restriction on the age of women working abroad after an incident that happened in Saudi Arabia when a 17-year-old Sri Lankan nanny was beheaded for the murder of a child in her care. Following the anger over this execution, the minimum age for women to work abroad was set to 23 for other countries and 25 for Saudi Arabia, reported by AFP. The South Asian country of 22 million people, nearly 1.6 million individuals work overseas, primarily in Middle East. Also read | Amid economic crisis, United Nations provides food vouchers to pregnant women in Sri Lanka Bandula Gunawardana, an official spokesman said, “The cabinet of ministers approved the decision to lower the minimum age to 21 years for all countries given the need to increase foreign employment opportunities.” Watch | Fuel shortage continues to plague Sri Lankans amid the ongoing economic crisis Remittances from Sri Lankans working overseas have been a major source for foreign currency, bringing an estimated amount of $7 billion per year. However, the figures dropped to $5.4 billion in the year 2021 during the Covid pandemic and expected to go down to $3.5 billion this year due to the economic downturn. Also read | Sri Lanka schools, govt offices to shut as transport grinds to halt The Sri Lankan government has limited imports of essentials, such as fuel, food, medicines since the country’s foreign currency reserves are low. 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. (With inputs from agencies)

Crisis-hit Sri Lanka reduces age limit of women allowed to work overseas to 21

Sri Lanka is battling its worst economic crisis since independence. There is a surge in violence in Sri Lanka due to fuel shortages. Now, an IMF team has arrived in Colombo for talks on the bailout package.

Fuel shortage continues to plague Sri Lankans amid the ongoing economic crisis

The island nation of Sri Lanka is battling its worst economic crisis since independence. Amid the crisis, Sri Lankans seek passports for a better life as they try to flee the crisis.

The economic crisis forces Sri Lankans to flee as they seek passport to a better life

Expecting a global recession, investors are worried around the world. Now, the cryptocurrency market is tumbling, with major cryptocurrencies such as Bitcoin slumping below $20,000. For more perspective, we're joined by Rémi Bourgeot, Economist and Technology expert at the French Institute for International and Strategic Affairs.

Cryptocurrency continues to crumble, Bitcoin slumps below $20,000

Sri Lanka is battling its worst economic crisis since independence. There is a surge in violence in Sri Lanka due to fuel shortage. The island nation has deployed army to guard fuel stations.

Sri Lanka: Surge in violence as fuel shortage intensifies

Sri Lanka is reeling under a severe economic and fuel crisis. Now, the Sri Lankan govt-issued a new circular ordering to close offices and schools for two weeks.

Sri Lankan govt issues new circular: Govt to close offices, schools for two weeks amid economic crisis

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