Sri Lanka is witnessing its worst financial crisis since its Independence way back in 1948. In the latest, the Sri Lanka is offering golden visas to foreigners.

Sri Lanka offers golden visas to foreigners amid the ongoing Economic crisis

Cracks within the newly formed Lankan cabinet? Sri Lankan Minister resigns two days after appointment amid the ongoing economic and political crisis.

Sri Lankan Minister resigns two days after appointment amid the ongoing crisis

Sri Lanka resentment against the economic austerity is escalating. The common man is on the streets across the south Asian country voicing anger against the government's mishandling of the economy. One of the protest sites has become the center of agitation after Sri Lankan police fired live ammunition killing one person which is also drawing foreign concerns.

Protester killing in Sri Lanka amid the ongoing economic crisis sparks foreign concern

Anti-government protesters were targeted in Sri Lanka. At least one person was killed when cops opened fire on a group of protesters. Molly Gambhir tells you more.

Gravitas: Sri Lankan police opens fire on protesters

Former Sri Lankan Finance Minister spoke to WION on the current political & economic crisis that has gripped Sri Lanka.

Former Sri Lankan Finance Minister speaks to WION on the current political & economic crisis

As protests intensifies in the island nation amid the worsening economic situation and a worsening political crisis, Sri Lanka's embattled Prime Minister Mahinda Rajapaksa on Tuesday proposed that '19th amendment is a necessity.'

Parliament reconvenes in Sri Lanka: Sri Lanka President acknowledges mistakes amid crisis

Equity benchmark indices, which resumed trading after a long holiday, faced heavy drubbing on Monday, with the Sensex plunging over 1,186 points in early trade.

The key index was dragged down by heavyweights Infosys and HDFC Bank amid weak trend in Asian markets.

Stock markets were closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as on Friday on account of Good Friday.

Also read |&nbsp;<a href="https://www.wionews.com/world/amidst-row-surrounding-uk-fm-rishi-sunak-wife-akshata-indias-infosys-exits-russia-470800">Amidst row surrounding UK FM Rishi Sunak &amp; wife Akshata, India’s Infosys exits Russia</a>

The Sensex was trading 1,186.18 points lower at 57,152.75 in early trade. The Nifty tumbled 314.95 points to 17,160.70.

From the 30-share pack, Infosys, Tech Mahindra, TCS, HDFC, HDFC Bank, Wipro and HCL Technologies were among the major laggards in early trade.

In contrast, NTPC, Tata Steel, M&amp;M, Maruti and Power Grid were among the gainers.

Shares of Infosys tanked 8.95 per cent to Rs 1,592.05 on the BSE despite the country's second-largest software services firm last week reporting a 12 per cent year-on-year increase in consolidated net profit for the March quarter at Rs 5,686 crore.

Watch |&nbsp;India inflation soars to 17-month high

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-inflation-soars-to-17-month-high-470674/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

HDFC Bank declined 3.35 per cent to Rs 1,415.75 even as the largest domestic private sector lender Bank on Saturday posted a 22.8 per cent jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022.

In Asia, markets were trading lower, with Seoul, Shanghai and Tokyo quoting in the red in mid-session deals.

Stocks in the US had ended lower on Thursday.

International oil benchmark Brent crude gained 1.01 per cent to USD 112.83 per barrel.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-inflation-surges-in-march-lemon-prices-skyrocket-470675">India's inflation surges in March; lemon prices skyrocket</a>

On Wednesday, the Sensex declined 237.44 points or 0.41 per cent to settle at 58,338.93. The NSE Nifty dipped 54.65 points or 0.31 per cent to finish at 17,475.65.

Foreign institutional investors continued to offload shares worth Rs 2,061.04 crore on Wednesday, according to exchange data.

Equity benchmark indices, which resumed trading after a long holiday, faced heavy drubbing on Monday, with the Sensex plunging over 1,186 points in early trade. The key index was dragged down by heavyweights Infosys and HDFC Bank amid weak trend in Asian markets.

Equity benchmark indices, which resumed trading after a long holiday, faced heavy drubbing on Monday, with the Sensex plunging over 1,186 points in early trade. The key index was dragged down by heavyweights Infosys and HDFC Bank amid weak trend in Asian markets. Stock markets were closed on Thursday for Mahavir Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as on Friday on account of Good Friday. Also read | Amidst row surrounding UK FM Rishi Sunak & wife Akshata, India’s Infosys exits Russia The Sensex was trading 1,186.18 points lower at 57,152.75 in early trade. The Nifty tumbled 314.95 points to 17,160.70. From the 30-share pack, Infosys, Tech Mahindra, TCS, HDFC, HDFC Bank, Wipro and HCL Technologies were among the major laggards in early trade. In contrast, NTPC, Tata Steel, M&M, Maruti and Power Grid were among the gainers. Shares of Infosys tanked 8.95 per cent to Rs 1,592.05 on the BSE despite the country's second-largest software services firm last week reporting a 12 per cent year-on-year increase in consolidated net profit for the March quarter at Rs 5,686 crore. Watch | India inflation soars to 17-month high HDFC Bank declined 3.35 per cent to Rs 1,415.75 even as the largest domestic private sector lender Bank on Saturday posted a 22.8 per cent jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022. In Asia, markets were trading lower, with Seoul, Shanghai and Tokyo quoting in the red in mid-session deals. Stocks in the US had ended lower on Thursday. International oil benchmark Brent crude gained 1.01 per cent to USD 112.83 per barrel. Also read | India's inflation surges in March; lemon prices skyrocket On Wednesday, the Sensex declined 237.44 points or 0.41 per cent to settle at 58,338.93. The NSE Nifty dipped 54.65 points or 0.31 per cent to finish at 17,475.65. Foreign institutional investors continued to offload shares worth Rs 2,061.04 crore on Wednesday, according to exchange data.

Sensex plunges 1,186 points in early trade; Nifty tests 17,160 level

Taking a look at China's GDP data and here suggesting a worsening economy as sweeping covid-19 curbs and Russia-Ukraine war take toll on economic activity. China's growth has slowed in March a bit however GDP estimates were better than expectations.

China's GDP expands 4.8% in Q1, beats all forecast

The parliament of the debt ridden south Asian nation Sri Lanka is all set to reconvene tomorrow but for now President Gotabaya has appointed 17 new cabinet ministers which comes amid widespread anti-govt protests .

Sri Lankan President appoints new cabinet, Parliament to reconvene tomorrow

China's economic growth accelerated in the first quarter of the year to 4.8 per cent, official data showed Monday, but the government warned of "significant challenges" ahead while massive Covid-19 lockdowns started to bite.

The world's second-biggest&nbsp;economy&nbsp;had lost steam in the latter half of last year with a property slump and regulatory crackdowns, pulling down growth.

But it exceeded expectations in the first three months of 2022, growing 4.8 per cent on-year, the National Bureau of Statistics (NBS) said, with Lunar New Year spending and factory production cajoling growth.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-first-covid-19-deaths-reported-in-shanghai-since-start-of-lockdown-471757">China: First COVID-19 deaths reported in Shanghai since start of lockdown</a>

The weeks ahead, however, appear treacherous for the&nbsp;economy&nbsp;with Beijing's unrelenting zero-Covid approach to outbreaks clogging supply chains and locking down tens of millions of people -- including in the economic dynamos of Shanghai and Shenzhen as well as the northeastern grain basket of Jilin.

Virus restrictions in March have already gouged at retail sales, as consumers shied away from shopping, and drove up unemployment.

"With the domestic and international environment becoming increasingly complicated and uncertain, economic development is facing significant difficulties and challenges," NBS spokesman Fu Linghui said on Monday.

The pandemic rebound -- as well as the sanctions binding Russia's&nbsp;economy&nbsp;-- ups the ante on officials to deliver Beijing's full-year growth target of around 5.5 per cent.

The target comes in a pivotal political year for President Xi Jinping who is eyeing another term in power at the Party Congress to be held this autumn.

Watch |&nbsp;China's zero-covid policy impacts economy, analysts predict lowest GDP in decades

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/chinas-zero-covid-policy-impacts-economy-analysts-predict-lowest-gdp-in-decades-471638/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The current virus outbreak is the worst since the peak of the first wave which emerged in Wuhan in late 2019, and the&nbsp;economy&nbsp;is beginning to weaken.&nbsp;

Industrial production growth eased to 5.0 per cent in March, NBS data showed, down from the January-February period.

Meanwhile, retail sales sank 3.5 per cent and the urban unemployment rate ticked up to a 22-month high of 5.8 per cent last month.

"March activity data suggests that&nbsp;China's&nbsp;economy&nbsp;slowed, especially in household consumption," Tommy Wu, lead&nbsp;China&nbsp;economist at Oxford Economics, said in a note.

Worse to come

China's government is trying to balance "minimising disruption against controlling the latest wave of Covid infections", Wu said, but he warned of a drag on economic activity into May or beyond.

Last week, carmakers including XPeng and Volkswagen warned of severe disruptions to supply chains and possibly even a halt on production completely if the lockdown on Shanghai's 25 million inhabitants persisted.

Already, goods are piling up at the world's busiest container port in Shanghai, prompting shipping giant Maersk to say it will stop taking new bookings for refrigerated containers into the city.

Also read |&nbsp;<a href="https://www.wionews.com/world/japan-scrambled-jets-over-1000-times-amid-chinese-russian-air-activity-471349">Japan scrambled jets over 1,000 times amid Chinese, Russian air activity</a>

"Further impacts&nbsp;from lockdowns are imminent," said Iris Pang, chief economist for Greater&nbsp;China&nbsp;at ING.

As Shanghai struggles to rein in an outbreak that has seen tens of thousands of daily cases, Pang said other cities may attempt to replicate Shenzhen's success in reopening swiftly by resorting to strict measures with just a few Covid patients.

The southern tech powerhouse went into full lockdown for almost a week in March, but has since eased restrictions.

Julian Evans-Pritchard of Capital Economics cautioned that "the worst is still to come".

Fu of the NBS warned of high commodity prices on Monday with the Russia-Ukraine conflict leading to a decline in the availability of commodities such as corn and wheat.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-begins-sending-its-most-advanced-fighter-plane-to-patrol-disputed-seas-471337">China begins sending its most advanced fighter plane to patrol disputed seas</a>

Although&nbsp;China's central bank has announced a reserve ratio cut, lowering the amount of cash banks must hold in a push to support small businesses, experts say officials were taking a restrained approach to stimulus.

But economists expect officials will eventually publish a growth figure consistent with official targets, as part of doubts that the numbers may be massaged for political reasons.

China's economic growth accelerated in the first quarter of the year to 4.8 per cent, official data showed Monday, but the government warned of "significant challenges" ahead while massive Covid-19 lockdowns started to bite.

China's economic growth accelerated in the first quarter of the year to 4.8 per cent, official data showed Monday, but the government warned of "significant challenges" ahead while massive Covid-19 lockdowns started to bite. The world's second-biggest economy had lost steam in the latter half of last year with a property slump and regulatory crackdowns, pulling down growth. But it exceeded expectations in the first three months of 2022, growing 4.8 per cent on-year, the National Bureau of Statistics (NBS) said, with Lunar New Year spending and factory production cajoling growth. Also read | China: First COVID-19 deaths reported in Shanghai since start of lockdown The weeks ahead, however, appear treacherous for the economy with Beijing's unrelenting zero-Covid approach to outbreaks clogging supply chains and locking down tens of millions of people -- including in the economic dynamos of Shanghai and Shenzhen as well as the northeastern grain basket of Jilin. Virus restrictions in March have already gouged at retail sales, as consumers shied away from shopping, and drove up unemployment. "With the domestic and international environment becoming increasingly complicated and uncertain, economic development is facing significant difficulties and challenges," NBS spokesman Fu Linghui said on Monday. The pandemic rebound -- as well as the sanctions binding Russia's economy -- ups the ante on officials to deliver Beijing's full-year growth target of around 5.5 per cent. The target comes in a pivotal political year for President Xi Jinping who is eyeing another term in power at the Party Congress to be held this autumn. Watch | China's zero-covid policy impacts economy, analysts predict lowest GDP in decades The current virus outbreak is the worst since the peak of the first wave which emerged in Wuhan in late 2019, and the economy is beginning to weaken. Industrial production growth eased to 5.0 per cent in March, NBS data showed, down from the January-February period. Meanwhile, retail sales sank 3.5 per cent and the urban unemployment rate ticked up to a 22-month high of 5.8 per cent last month. "March activity data suggests that China's economy slowed, especially in household consumption," Tommy Wu, lead China economist at Oxford Economics, said in a note. Worse to come China's government is trying to balance "minimising disruption against controlling the latest wave of Covid infections", Wu said, but he warned of a drag on economic activity into May or beyond. Last week, carmakers including XPeng and Volkswagen warned of severe disruptions to supply chains and possibly even a halt on production completely if the lockdown on Shanghai's 25 million inhabitants persisted. Already, goods are piling up at the world's busiest container port in Shanghai, prompting shipping giant Maersk to say it will stop taking new bookings for refrigerated containers into the city. Also read | Japan scrambled jets over 1,000 times amid Chinese, Russian air activity "Further impacts from lockdowns are imminent," said Iris Pang, chief economist for Greater China at ING. As Shanghai struggles to rein in an outbreak that has seen tens of thousands of daily cases, Pang said other cities may attempt to replicate Shenzhen's success in reopening swiftly by resorting to strict measures with just a few Covid patients. The southern tech powerhouse went into full lockdown for almost a week in March, but has since eased restrictions. Julian Evans-Pritchard of Capital Economics cautioned that "the worst is still to come". Fu of the NBS warned of high commodity prices on Monday with the Russia-Ukraine conflict leading to a decline in the availability of commodities such as corn and wheat. Also read | China begins sending its most advanced fighter plane to patrol disputed seas Although China's central bank has announced a reserve ratio cut, lowering the amount of cash banks must hold in a push to support small businesses, experts say officials were taking a restrained approach to stimulus. But economists expect officials will eventually publish a growth figure consistent with official targets, as part of doubts that the numbers may be massaged for political reasons.

China economy accelerates in Q1 but virus stalks outlook

After Sri Lanka, Nepal seems to be staring at an economic crisis. The country has put a curb on the imports of non-essential goods, including cars, cosmetics, and gold, after its foreign currency reserves dropped.

Nepal cuts down imports of luxury goods

The World Bank has slashed Pakistan's economic growth rate forecast for the current fiscal year to 4.3 per cent, down by almost one per cent against last year.

World Bank slashes Pakistan's growth forecast to 4.3%

Consumer Price Inflation has risen to 6.9 in the month of March, it has made it the third consecutive month. The data has been breached by RBI upper margin of six percent there the government has mandated central bank to maintain retail inflation at four percent with a margin of two percent on either side for five-year period.

India inflation soars to 17-month high

A measure of Australian consumer sentiment slipped for a fifth straight month in April as rising inflation and the risk of higher interest rates weighed on family finances and spending intentions.

Australia consumer sentiment slips due to rising inflation

After Pakistan and Sri Lanka, the Himalayan Kingdom of Nepal is also facing financial problems. The country is facing a forex exchange crisis, it has already suspended Central Bank Governor as the bank had earlier announced a ban on import of vehicles and other luxury items.

Nepal bans import of luxury items, suspends Central Bank governor

After Sri Lanka, Nepal seems to be staring into an impending economic crisis. the country has put a curb on the imports of non-essential goods, including cars, cosmetics, and gold, after its foreign currency reserves dropped.

Nepal bans imports of luxury items amid dwindling forex reserves

The Russia-Ukraine war has had worldwide repercussions worldwide but the most affected economy has been Ukraine's own. The World Bank has issued a dire forecast for Ukraine predicting that its economy may collapse by 45.1 percent this year if the conflict continues

World Bank issues dire forecast for Ukraine's economy

Amid the ongoing economic crisis in the Island nation, Sri Lankan President is facing the biggest street protest in Colombo.

Calls for Gotabaya's exit grows louder in Sri Lanka, biggest protest in Colombo against the crisis

Sri&nbsp;Lanka's central bank doubled its key&nbsp;interest&nbsp;rates&nbsp;on Friday, raising each by an unprecedented 700 basis points to tame&nbsp; inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicines are in short supply.

Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/crisis-hit-sri-lanka-hikes-rates-by-record-as-protests-spiral-469411">Crisis-hit: Sri Lanka hikes rates by record as protests spiral</a>

The Central Bank of&nbsp;Sri&nbsp;Lanka's (CBSL) monetary board raised its standing lending facility to 14.50 per cent and its standing deposit facility to 13.50 per cent.

The build-up of aggregate demand, domestic supply disruptions, the plunge of the local currency and high prices of commodities globally could keep up the pressure on&nbsp;inflation, CBSL said in its monetary policy decision statement.

"The rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible," governor P. Nandalal Weerasinghe said at a post-policy decision briefing.

Independent Central bank

Weerasinghe said that he wanted to run the central bank independently without any external influence and that he had been given the authority to do so by the president and has been asked to expedite measures to get the country out of the current crisis.

"I want to be very clear that my message is not one of blind positivity. Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the breaks to this vehicle before it crashes," he added.

Inflation&nbsp;hit 18.7 per cent&nbsp;in March.

Watch |&nbsp;Sri Lanka Crisis Decoded | WION Wideangle

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-crisis-decoded-wion-wideangle-469527/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

An analyst had expected hikes of up to 400 basis points.

"With the monetary policy tightening now finally clear, the stage is set to take the next vital steps with regards to IMF and debt restructuring and clearly communicate this to the international stage," said Thilina Panduwawala, head of economic research at Frontier Research.

Finance Minister Ali Sabry said earlier that the country must urgently restructure its debt and seek external financial help, while the main opposition threatened a no-confidence motion in the government and business leaders warned exports could plummet.

"We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry told parliament.

J.P. Morgan analysts estimate that&nbsp;Sri&nbsp;Lanka's gross debt servicing costs will amount to $7 billion this year, with a $1 billion repayment due in July.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-parliament-passes-bill-to-impose-tax-on-rich-to-garner-quick-revenue-469305">Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue</a>

"We have to go for a debt moratorium," said Sabry, who offered to quit a day after he was appointed on Monday but later confirmed that he was still finance minister.

"We have to suspend debt repayment for some time and get bilateral and multilateral support to manage our balance of payments."

No-Confidence motion?

President Gotabaya Rajapaksa is running his administration with only a handful of ministers after his entire cabinet resigned this week, while the opposition and some coalition partners rejected calls for a unity government to deal with the country's worst crisis in decades.

At least 41 lawmakers have quit the ruling coalition to become independents, though the government says it still has a majority in parliament.

"The government needs to address the financial crisis and work to improve governance, or we will move a no-confidence motion," Sajith Premadasa, leader of the Samagi Jana Balawegaya opposition group, said in parliament.

Sabry, a former justice minister, said political stability was necessary as the country prepared to start talks with the International Monetary Fund (IMF) this month. Weerasinghe said he will be holding a virtual meeting with the IMF on April 11.

Earlier on Friday, nearly two dozen associations, representing industries that collectively employ a fifth of the country's 22 million people, together urged the government to quickly seek financial help from the IMF, the World Bank and the Asian Development Bank (ADB).

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/exclusive-former-minister-calls-sri-lankas-current-situation-chaos-says-govt-trying-to-hold-on-to-power-469337">Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION</a>

Masakorala said that both merchandise and service exports could drop 20-30 per cent this year due to a dollar shortage, higher freight costs and power cuts.

Sri&nbsp;Lanka's foreign exchange reserves have plunged some 70% in the past two years, hitting $1.93 billion at the end of March.

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis. The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicines are in short supply. Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew. Also read | Crisis-hit: Sri Lanka hikes rates by record as protests spiral The Central Bank of Sri Lanka's (CBSL) monetary board raised its standing lending facility to 14.50 per cent and its standing deposit facility to 13.50 per cent. The build-up of aggregate demand, domestic supply disruptions, the plunge of the local currency and high prices of commodities globally could keep up the pressure on inflation, CBSL said in its monetary policy decision statement. "The rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible," governor P. Nandalal Weerasinghe said at a post-policy decision briefing. Independent Central bank Weerasinghe said that he wanted to run the central bank independently without any external influence and that he had been given the authority to do so by the president and has been asked to expedite measures to get the country out of the current crisis. "I want to be very clear that my message is not one of blind positivity. Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the breaks to this vehicle before it crashes," he added. Inflation hit 18.7 per cent in March. Watch | Sri Lanka Crisis Decoded | WION Wideangle An analyst had expected hikes of up to 400 basis points. "With the monetary policy tightening now finally clear, the stage is set to take the next vital steps with regards to IMF and debt restructuring and clearly communicate this to the international stage," said Thilina Panduwawala, head of economic research at Frontier Research. Finance Minister Ali Sabry said earlier that the country must urgently restructure its debt and seek external financial help, while the main opposition threatened a no-confidence motion in the government and business leaders warned exports could plummet. "We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry told parliament. J.P. Morgan analysts estimate that Sri Lanka's gross debt servicing costs will amount to $7 billion this year, with a $1 billion repayment due in July. Also read | Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue "We have to go for a debt moratorium," said Sabry, who offered to quit a day after he was appointed on Monday but later confirmed that he was still finance minister. "We have to suspend debt repayment for some time and get bilateral and multilateral support to manage our balance of payments." No-Confidence motion? President Gotabaya Rajapaksa is running his administration with only a handful of ministers after his entire cabinet resigned this week, while the opposition and some coalition partners rejected calls for a unity government to deal with the country's worst crisis in decades. At least 41 lawmakers have quit the ruling coalition to become independents, though the government says it still has a majority in parliament. "The government needs to address the financial crisis and work to improve governance, or we will move a no-confidence motion," Sajith Premadasa, leader of the Samagi Jana Balawegaya opposition group, said in parliament. Sabry, a former justice minister, said political stability was necessary as the country prepared to start talks with the International Monetary Fund (IMF) this month. Weerasinghe said he will be holding a virtual meeting with the IMF on April 11. Earlier on Friday, nearly two dozen associations, representing industries that collectively employ a fifth of the country's 22 million people, together urged the government to quickly seek financial help from the IMF, the World Bank and the Asian Development Bank (ADB). Also read | Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION Masakorala said that both merchandise and service exports could drop 20-30 per cent this year due to a dollar shortage, higher freight costs and power cuts. Sri Lanka's foreign exchange reserves have plunged some 70% in the past two years, hitting $1.93 billion at the end of March.

Sri Lanka doubles interest rates to tame inflation; stabilise economy

Sri Lankan President faces biggest street protest in Colombo amid economic crisis

Japan being the world's third-largest economy has shown improvement from the second-biggest deficit. However, it is still vulnerable to soaring fuel prices.

Japan's current account balance: Improvement from second-biggest deficit

A whistle reverberates through a&nbsp;sugar&nbsp;factory in central Cuba to signal the resumption of milling at midday after an hours-long halt when the raw cane ran out.

It is cane harvest time in Cuba -- once the world's top&nbsp;sugar&nbsp;exporter but now reliant on imports.&nbsp;

A critical shortage of harvesters and trucks to deliver the cane to factories has hamstrung production even as the government scrambles to revive the once-vibrant industry.

Also read |&nbsp;<a href="https://www.wionews.com/photos/pandemic-sanctions-and-long-lines-for-fuel-cuba-battles-concerns-over-supply-and-rationing-464712">Pandemic, sanctions, and long lines for fuel; Cuba battles concerns over supply and rationing</a>

Cuba's 2020-21 harvest yielded 800,000 tons of the sweet stuff, according to official figures.

This was just 10 percent of peak production some three decades ago and the worst outcome in 130 years for an industry that was once Cuba's economic motor and a huge source of national pride.

"This is a war without&nbsp;end," Lazaro Manuel Torres, boss of the Antonio Sanchez mill in Cuba's central Cienfuegos province, told AFP.

"From&nbsp;the moment you wake up, you run into a mountain" of problems, said Torres, watching with obvious relief as a column of white smoke billowed&nbsp;from&nbsp;the chimney after the restart.&nbsp;

Just 56 mills left

Until 1989, Cuba was the world's biggest&nbsp;sugar&nbsp;exporter.

The United States was its major client until 1960 -- two years before Washington imposed crippling sanctions on the communist island nation.

The Soviet Union, a political ally, then became an important buyer and was given preferential rates.&nbsp;

Sugar&nbsp;was at the heart of Cuba's plans for a prosperous future, with Fidel Castro leading a drive in the 1970s -- complete with propaganda photos of him wielding a machete in the&nbsp;sugar&nbsp;plantations -- to push the country's output to 10 million tons per year.&nbsp;

Watch |&nbsp;Cuban city sees thousands of red, yellow &amp; black crabs

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/cuban-city-sees-thousands-of-red-yellow-black-crabs-465409/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The goal was never achieved.&nbsp;

The fall of the communist bloc in 1991 marked the beginning of the&nbsp;end&nbsp;for Cuba's&nbsp;sugar&nbsp;industry -- exacerbated by sanctions, a steep drop in prices and a lack of investment that saw 100 mills disappear.

Just 56 are left today.

Cuba now needs to import&nbsp;sugar&nbsp;to meet local demand and its export commitments.

"We have been in decline since 2017," Noel Casanas, vice director of state-owned&nbsp;sugar&nbsp;producer AZCUBA, told AFP.

"If the situation continues, it is true that (the industry) will disappear."

Sugar&nbsp;is still an important income generator for 50 of Cuba's 169 municipalities, or some 1.2 million of the country's 11.2 million inhabitants, he said.

Practically a corpse

In December, the government approved dozens of measures in a bid to resuscitate&nbsp;sugar.

It doubled the price paid to cane producers, authorized the free hiring and firing of labor, and gave factories more decision-making autonomy in a country where just about everything is state-run.

Also read |<a href="https://www.wionews.com/world/1962-cuban-missile-crisis-when-world-was-on-brink-of-nuclear-war-like-it-is-now-over-ukraine-455806">&nbsp;1962 Cuban missile crisis: When world was on brink of nuclear war, like it is now over Ukraine</a>

"I don't think these measures can revive an industry that is already practically a corpse," said economist Emilio Morales of the Miami-based Havana Consulting Group.&nbsp;&nbsp;

Casanas conceded production faces "limitations of all kinds" -- critically a lack of foreign investment due to the strengthening of US sanctions since the presidency of Donald Trump.

Since the cane harvest opened in December, Antonio Sanchez has not managed to exceed 65 percent of milling capacity, set at 20,000 tons for this year's harvest.

The problem has not been a lack of fuel or raw product, this time, but a shortage of harvesters and delivery trucks.

There are not enough spare parts, even tires, for vehicles in Cuba and producers such as Torres cannot afford to buy the limited components that are available.

"If you don't have harvesters, if you do not have trucks, you cannot mill," he lamented.&nbsp;

Sugar&nbsp;producers in Cuba are also hard hit by a lack of fertilizers and pesticides.

For now, the government's measures have managed to slow an exodus of&nbsp;sugar&nbsp;workers, industry bosses told AFP.

"We cannot complain, we are doing quite well -- up to 700 pesos (about $29) a day," said farmer Livan Hernandez.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/photos/february-16th-in-history-fidel-castro-becomes-premier-of-cuba-patent-for-nylon-and-more-280959">February 16 in History: Castro becomes Premier of Cuba, Kyoto Protocol is put into action, and more!</a>

The average monthly&nbsp;Cuban&nbsp;salary is about $162.

Casanas said what is needed is foreign investment and expanding the industry into highly lucrative&nbsp;sugar&nbsp;derivatives such as bioethanol.

Sugar&nbsp;"is no longer the locomotive (of the&nbsp;Cuban&nbsp;economy) nor will it be," he said.

But "it continues to be a strategic sector... that must be developed."

A whistle reverberates through a sugar factory in central Cuba to signal the resumption of milling at midday after an hours-long halt when the raw cane ran out. It is cane harvest time in Cuba -- once the world's top sugar exporter but now reliant on imports.

A whistle reverberates through a sugar factory in central Cuba to signal the resumption of milling at midday after an hours-long halt when the raw cane ran out. It is cane harvest time in Cuba -- once the world's top sugar exporter but now reliant on imports. A critical shortage of harvesters and trucks to deliver the cane to factories has hamstrung production even as the government scrambles to revive the once-vibrant industry. Also read | Pandemic, sanctions, and long lines for fuel; Cuba battles concerns over supply and rationing Cuba's 2020-21 harvest yielded 800,000 tons of the sweet stuff, according to official figures. This was just 10 percent of peak production some three decades ago and the worst outcome in 130 years for an industry that was once Cuba's economic motor and a huge source of national pride. "This is a war without end," Lazaro Manuel Torres, boss of the Antonio Sanchez mill in Cuba's central Cienfuegos province, told AFP. "From the moment you wake up, you run into a mountain" of problems, said Torres, watching with obvious relief as a column of white smoke billowed from the chimney after the restart. Just 56 mills left Until 1989, Cuba was the world's biggest sugar exporter. The United States was its major client until 1960 -- two years before Washington imposed crippling sanctions on the communist island nation. The Soviet Union, a political ally, then became an important buyer and was given preferential rates. Sugar was at the heart of Cuba's plans for a prosperous future, with Fidel Castro leading a drive in the 1970s -- complete with propaganda photos of him wielding a machete in the sugar plantations -- to push the country's output to 10 million tons per year. Watch | Cuban city sees thousands of red, yellow & black crabs The goal was never achieved. The fall of the communist bloc in 1991 marked the beginning of the end for Cuba's sugar industry -- exacerbated by sanctions, a steep drop in prices and a lack of investment that saw 100 mills disappear. Just 56 are left today. Cuba now needs to import sugar to meet local demand and its export commitments. "We have been in decline since 2017," Noel Casanas, vice director of state-owned sugar producer AZCUBA, told AFP. "If the situation continues, it is true that (the industry) will disappear." Sugar is still an important income generator for 50 of Cuba's 169 municipalities, or some 1.2 million of the country's 11.2 million inhabitants, he said. Practically a corpse In December, the government approved dozens of measures in a bid to resuscitate sugar. It doubled the price paid to cane producers, authorized the free hiring and firing of labor, and gave factories more decision-making autonomy in a country where just about everything is state-run. Also read | 1962 Cuban missile crisis: When world was on brink of nuclear war, like it is now over Ukraine "I don't think these measures can revive an industry that is already practically a corpse," said economist Emilio Morales of the Miami-based Havana Consulting Group. Casanas conceded production faces "limitations of all kinds" -- critically a lack of foreign investment due to the strengthening of US sanctions since the presidency of Donald Trump. Since the cane harvest opened in December, Antonio Sanchez has not managed to exceed 65 percent of milling capacity, set at 20,000 tons for this year's harvest. The problem has not been a lack of fuel or raw product, this time, but a shortage of harvesters and delivery trucks. There are not enough spare parts, even tires, for vehicles in Cuba and producers such as Torres cannot afford to buy the limited components that are available. "If you don't have harvesters, if you do not have trucks, you cannot mill," he lamented. Sugar producers in Cuba are also hard hit by a lack of fertilizers and pesticides. For now, the government's measures have managed to slow an exodus of sugar workers, industry bosses told AFP. "We cannot complain, we are doing quite well -- up to 700 pesos (about $29) a day," said farmer Livan Hernandez. Also read | February 16 in History: Castro becomes Premier of Cuba, Kyoto Protocol is put into action, and more! The average monthly Cuban salary is about $162. Casanas said what is needed is foreign investment and expanding the industry into highly lucrative sugar derivatives such as bioethanol. Sugar "is no longer the locomotive (of the Cuban economy) nor will it be," he said. But "it continues to be a strategic sector... that must be developed."

The struggle to save Cuban sugar from a bitter end

President Rajapaksa has refused to step down amid the ongoing economic crisis in Sri Lanka. The opposition has now threatened the government with a no-confidence vote.

Sri Lanka economic crisis: Opposition threatens no-confidence vote against the government

Venezuela's inflation slowed down further to reach 1.4% in March, its lowest level in almost a decade, according to figures reported on Wednesday by the Central Bank.

Venezuela's inflation slows down to 1.4%, lowest in almost a decade

Global government debt is set to now rise 9.5 this year to a record 71.6 trillion dollar. It has been driven so far by the US, Japan and Chinese governments across the world, they have ramped up borrowing owing to the covid-19 pandemic.

Global government debt set to soar to record $71.6 trillion this year

A&nbsp;Sri&nbsp;Lankan court&nbsp;on&nbsp;Thursday placed a&nbsp;travel&nbsp;ban&nbsp;on&nbsp;the country's recently resigned&nbsp;central&nbsp;bank&nbsp;chief&nbsp;following allegations he is responsible for the island's crippling economic crisis.

The magistrate in Colombo ordered Ajith Cabraal, who quit&nbsp;on&nbsp;Monday, to appear in court&nbsp;on&nbsp;April 18 to answer a complaint against him.

The court asked immigration authorities not to allow him to leave the island after a rights activist filed a petition against him.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/india-our-big-brother-grateful-to-pm-modi-sri-lankas-sanath-jayasuriya-amid-economic-crisis-469085">India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis</a>

Cabraal, who was handpicked to lead the&nbsp;bank&nbsp;by President Gotabaya Rajapaksa, was responsible for&nbsp;Sri&nbsp;Lanka's acute foreign exchange shortage and other financial woes, activist Keerthi Tennakoon argued.

Tennakoon told the court the&nbsp;former&nbsp;bank&nbsp;chief&nbsp;was also responsible for insider trading when he led the institution between 2006 and 2015. He was appointed to a new term in September last year.

Cabraal quit&nbsp;on&nbsp;Monday a day after the cabinet resigned en masse except Prime Minister Mahinda Rajapaksa, the president's brother. A replacement has yet to be appointed.

Watch |&nbsp;Sri Lankan Lawmaker issues grim warning says food, gas &amp; electricity shortages will get worse

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lankan-lawmaker-issues-grim-warning-says-food-gas-electricity-shortages-will-get-worse-469006/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Senior government figures have accused the banker of misleading President Rajapaksa and preventing Colombo from seeking a bailout from the International Monetary Fund at an earlier date.

Last month the government said it will finally go to the IMF for help but talks are yet to begin.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-appoints-advisory-committee-of-economic-and-fiscal-experts-to-tackle-debt-crisis-469042">Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis</a>

Cabraal previously insisted he had a homegrown solution to boost foreign reserves, but the government has now run out of dollars to pay even for essential supplies.

The&nbsp;former&nbsp;bank&nbsp;chief&nbsp;was not immediately available for comment&nbsp;on&nbsp;Thursday.

A Sri Lankan court on Thursday placed a travel ban on the country's recently resigned central bank chief following allegations he is responsible for the island's crippling economic crisis.

A Sri Lankan court on Thursday placed a travel ban on the country's recently resigned central bank chief following allegations he is responsible for the island's crippling economic crisis. The magistrate in Colombo ordered Ajith Cabraal, who quit on Monday, to appear in court on April 18 to answer a complaint against him. The court asked immigration authorities not to allow him to leave the island after a rights activist filed a petition against him. Also read | India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis Cabraal, who was handpicked to lead the bank by President Gotabaya Rajapaksa, was responsible for Sri Lanka's acute foreign exchange shortage and other financial woes, activist Keerthi Tennakoon argued. Tennakoon told the court the former bank chief was also responsible for insider trading when he led the institution between 2006 and 2015. He was appointed to a new term in September last year. Cabraal quit on Monday a day after the cabinet resigned en masse except Prime Minister Mahinda Rajapaksa, the president's brother. A replacement has yet to be appointed. Watch | Sri Lankan Lawmaker issues grim warning says food, gas & electricity shortages will get worse Senior government figures have accused the banker of misleading President Rajapaksa and preventing Colombo from seeking a bailout from the International Monetary Fund at an earlier date. Last month the government said it will finally go to the IMF for help but talks are yet to begin. Also read | Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis Cabraal previously insisted he had a homegrown solution to boost foreign reserves, but the government has now run out of dollars to pay even for essential supplies. The former bank chief was not immediately available for comment on Thursday.

Sri Lanka slaps travel ban on former central bank chief

Sri Lanka's economic crisis explodes, Rajapaksa Government in disarray as crisis deepens. Streets of the island nation go dark as food & fuel run out. Protestors call on the President to resign.

Sri Lanka's economic crisis explodes: Protests continue over power cuts, food shortage

Sri Lanka President Gotabaya Rajapaksa invited the opposition to join a Unity Government and formed a temporary cabinet after 26 ministers quit.

Sri Lanka: 4 new cabinet ministers sworn-in amid the ongoing unrest over the economic crisis

The Rajapaksa family's grip on power is being tested. Angry protesters are blaming them for the economic crisis. In response, the Rajapaksas have invited the opposition to join an interim government. Palki Sharma Upadhyay tells you why the plan may not work.

Gravitas: Will the Rajapaksa dynasty crumble?

The ongoing economic crisis in the island nation of Sri Lanka has turned into a health crisis as well. WION speaks to the Indian envoy to Sri Lanka on more on this.

Sri Lanka declares emergency health crisis: WION speaks to Indian envoy to Sri Lanka

Sri Lanka: New cabinet ministers sworn in after 26 ministers quit over the economic crisis

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