From CPEC to Sri Lanka's Bri-projects to investments in Bangladesh, we look at China's debt-trap diplomacy in the Indian subcontinent. Can South Asian nations slow down their debt dependence on china? Watch this report.

China's economic dominance waning? | Inside South Asia

India, France and Japan will announce a new platform for creditors to coordinate restructuring of Sri Lanka's debt. The announcement of the new platform initiated by Japan, France and the G20 chair, India, is expected to be made later today.

Sri Lanka: IMF approves $2.9bn bailout; India, Japan & France to launch platform to coordinate debt

A year after long queues for fuel, the Sri Lankan government will now allow foreign oil companies to sell fuel at a lower rate than the prices from state-owned oil farms.

Three foreign firms to enter Sri Lanka's fuel market

<p>A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.</p>

<p>The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country.</p>

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<p dir="ltr" lang="en">1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia &amp; RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka.</p>
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1640317066451492864?ref_src=twsrc%5Etfw">March 27, 2023</a></blockquote>
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<p>These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations.</p>

<p>The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest.</p>

<p>The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948.</p>

<p>Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations."</p>

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<p dir="ltr" lang="en">1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations.</p>
— Kanchana Wijesekera (@kanchana_wij) <a href="https://twitter.com/kanchana_wij/status/1541646012032454656?ref_src=twsrc%5Etfw">June 28, 2022</a></blockquote>
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<p>However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation.</p>

<p><b>The 2022 Sri Lanka economic crisis</b></p>

<p>Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis.</p>

<p>The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022.</p>

<p>A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent.&nbsp;</p>

<p>In March, the IMF approved a $3 billion package for the crisis-hit island nation.</p>

<p><b>World Bank's position on Sri Lanka's recovery</b></p>

<p>While the IMF has released its package, its sister organisation World Bank's&nbsp;outlook on the Sri Lankan economy looks bleak.</p>

<p>"The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read.</p>

<p>The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy.</p>

<p>However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."</p>


A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at.

A year after crisis-hit Sri Lankans stood in long queues outside fuel stations, foreign oil companies will be able to sell fuel in the island nation at a lower rate than what the state-owned oil firm sells at. The Sri Lankan cabinet on March 27 decided to grant licenses to foreign oil companies to sell oil in the domestic retail market. Three companies -- China's Sinopec, United Petroleum of Australia, and RM Parks of the United States in a collaboration with Shell -- will soon start operating in the country. 1) Cabinet approval grated to award licenses to Sinopec, United Petroleum, Australia & RM Parks of USA in a collaboration with Shell Plc to enter the Fuel Retail market in Sri Lanka. — Kanchana Wijesekera (@kanchana_wij) March 27, 2023 × These companies will be allowed to import, store and distribute petroleum products for 20 years. They will be allowed to operate 150 fuel stations that are currently run by the state-owned Ceylon Petroleum Corporation. Moreover, they will establish 50 fuel stations at new locations. The entry of Chinese, American and Australian oil firms in Sri Lanka is significant as the island nation only has two major oil companies. Ceylon Petroleum Corporation, which is owned by the government, controls 80 percent of the fuel supply, while the Sri Lankan subsidiary of the Indian Oil Corporation -- Lanka IOC -- controls the rest. The latest decision comes at least nine months after the government decided to open Sri Lanka's oil retail market to "companies from Oil producing nations" to resolve acute shortages of fuel during its worst economic crisis since gaining Independence in 1948. Sri Lankan energy minister Kanchana Wijesekera had tweeted: "They will be selected on the ability to Import Fuel and operate without Forex requirements from the Central Bank of Sri Lanka and banks for the first few months of operations." 1) Cabinet Approval was granted to open up the Fuel Import and Retail sales market to Companies from Oil producing Nations. They will be selected on the ability to Import Fuel and operate without Forex requirements from the CBSL and Banks for the first few months of operations. — Kanchana Wijesekera (@kanchana_wij) June 28, 2022 × However, the Sri Lankan government won't find it easy to implement its reforms in the fuel industry. Workers Unions have been opposing the plan to allow grant licenses to the three foreign firms and partially privatise the Ceylon Petroleum Corporation. The 2022 Sri Lanka economic crisis Last year, amid the coronavirus pandemic and the Ukraine war, Sri Lanka faced an economic crisis. The island nation defaulted on its debt for the first time since Independence. With foreign exchange reserves at a critical level, the nation of 22 million was unable to pay for imports of essential items like fuel, food and medicines. According to the World Bank, Sri Lanka's economy contracted by 7.8 percent in 2022. A year later, Sri Lanka is in the midst of an International Monetary Fund-backed recovery, under which the government recently slashed fuel prices by 8 to 26 percent. In March, the IMF approved a $3 billion package for the crisis-hit island nation. World Bank's position on Sri Lanka's recovery While the IMF has released its package, its sister organisation World Bank's outlook on the Sri Lankan economy looks bleak. "The fluid political situation and heightened fiscal, external, and financial sector imbalances pose significant uncertainty for the outlook," the World Bank's latest Sri Lanka development update read. The international institution added that a slow debt restructuring process, a sharper global slowdown, and a prolonged recovery from the scarring effects of the current crisis are key risks to the Sri Lankan economy. However, Faris Hadad-Zervos, World Bank's Country Director for Maldives, Nepal and Sri Lanka, sees a brighter side too: "The crisis provides a unique opportunity to implement deep and permanent structural reforms that may be difficult in normal circumstances. Sri Lanka can use this opportunity to build a strong and resilient economy."

A year after crisis, Sri Lanka allows 3 foreign oil companies to sell fuel

The island nation of Sri Lanka has finally made the decision to create a legal framework to combat corruption. A new anti-corruption bill was notified early this week that is in line with its commitment to the IMF as part of the bailout deal. The bill aims to prevent and eradicate bribery and corruption as well as to improve government transparency, increase State accountability, and increase public confidence in the democratic system.

Sri Lanka looks to prevent bribery and eradicate corruption

<p>Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation.</p>

<p>A gazette was published on Thursday on the order of Justice Minister Wijeyadasa Rajapakshe, listing some of the objectives of the proposed act.</p>

<p>These rules, according to the act, are meant to prevent and eradicate bribery and corruption in order to meet the just requirements of the general welfare of a democratic society; enhance transparency in governance; strengthen integrity of governance and increase accountability.</p>

<p>The provisions of the act, once passed, would pave way for the formation of an independent commission which will be mandated to conduct preliminary inquiries and investigations into, and to prosecute against, bribery, corruption, offences relating to declaration of assets and liabilities and associated offences.</p>

<p>If the draft bill is enacted, it will enable the authorities to introduce an effective system for the declaration of assets and liabilities in order to prevent illicit enrichment by public officials, promote inter-agency cooperation and international collaboration in preventing bribery and corruption.</p>

<p>It will also give effect to obligations under the United Nations Convention against corruption and any other International Convention relating to the prevention of corruption to which Sri Lanka is a party and recognise international standards and best practices in order to establish a culture of integrity in Sri Lanka.</p>

<p>Before approving the loan, the IMF had urged Sri Lanka to reduce corruption by improving fiscal transparency and public financial management and introducing a stronger anti-corruption legal framework.</p>

<p>On April 2, President Ranil Wickremesinghe said that the Sri Lankan government will enact key points of its agreement with the IMF into law upon parliamentary approval, one of which would be new anti-corruption legislation which would likely be enacted in May.&nbsp;</p>

<p><em>(With inputs from agencies)</em><br />
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Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation.

Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation. A gazette was published on Thursday on the order of Justice Minister Wijeyadasa Rajapakshe, listing some of the objectives of the proposed act. These rules, according to the act, are meant to prevent and eradicate bribery and corruption in order to meet the just requirements of the general welfare of a democratic society; enhance transparency in governance; strengthen integrity of governance and increase accountability. The provisions of the act, once passed, would pave way for the formation of an independent commission which will be mandated to conduct preliminary inquiries and investigations into, and to prosecute against, bribery, corruption, offences relating to declaration of assets and liabilities and associated offences. If the draft bill is enacted, it will enable the authorities to introduce an effective system for the declaration of assets and liabilities in order to prevent illicit enrichment by public officials, promote inter-agency cooperation and international collaboration in preventing bribery and corruption. It will also give effect to obligations under the United Nations Convention against corruption and any other International Convention relating to the prevention of corruption to which Sri Lanka is a party and recognise international standards and best practices in order to establish a culture of integrity in Sri Lanka. Before approving the loan, the IMF had urged Sri Lanka to reduce corruption by improving fiscal transparency and public financial management and introducing a stronger anti-corruption legal framework. On April 2, President Ranil Wickremesinghe said that the Sri Lankan government will enact key points of its agreement with the IMF into law upon parliamentary approval, one of which would be new anti-corruption legislation which would likely be enacted in May. (With inputs from agencies) WATCH WION LIVE HERE

Sri Lanka gazettes new anti-corruption bill to comply with IMF's 2.9 billion loan deal

<p>Sri Lanka claimed a dramatic Super Over win in the opening match of their three-game Twenty20 series against New Zealand on Sunday to earn their first victory on tour.</p>

<p>The match went to a tie-break decider after both teams chalked up 196 runs in a high-scoring thriller at Auckland's Eden Park.</p>

<p>New Zealand only made 8-2 off a tight Super Over bowled by spinner Maheesh Theekshana before Charith Asalanka smashed a six off the second ball of Sri Lanka's response, then sealed victory with a four.</p>

<p>"That was a really nervous game and at the end, it's our day," said Asalanka.</p>

<p>"I tried to hit boundaries because I back myself.</p>

<p>"Momentum is most important for a team like us, a young team, and we're hoping to do well," he said ahead of the second T20 game in Dunedin on Wednesday before the three-game series concludes in Queenstown next Saturday.</p>

<p><strong>Also Read:&nbsp;</strong><a href="https://www.wionews.com/sports/whatever-happened-that-night-will-never-happen-again-says-virat-kohli-on-his-iconic-mcg-knock-vs-pakistan-578246">‘Whatever happened that night will never happen again,’ says Virat Kohli on his iconic MCG knock vs Pakistan</a></p>

<p>The nail-biter in Auckland handed Sri Lanka their first win on a month-long tour of New Zealand after losing both the Test and one-day international series by the same 2-0 scoreline.</p>

<p>Black Caps tailender Ish Sodhi had earlier set up the Super Over finish when he tied the scores by calmly hoisting the last ball of their 50 overs for six off Sri Lanka captain Dasun Shanaka.</p>

<p>It completed a run chase that always looked unlikely for the home side but came alive when Rachin Ravindra scored 26 off 13 balls to follow key knocks from Daryl Mitchell (66 off 44) and Mark Chapman (33 off 23).</p>

<p>It left New Zealand needing 13 to win off the final over, a task that became harder to achieve when Adam Milne fell to the first delivery bowled by Shanaka.</p>

<p>"To climb our way back in our innings was outstanding and I thought for 'Ish' to hit that six was quite dramatic but it wasn't meant to be," said New Zealand captain Tom Latham.</p>

<p>"Super Overs can go either way, but we fell on the wrong side today."</p>

<p>Theekshana was a key performer for Sri Lanka with the ball, conceding 1-22 off four miserly overs, while fellow spinner Wanindu Hasaranga took 2-30 as New Zealand struggled for enough momentum through the early overs.</p>

<p>Left-hander Asalanka top-scored in Sri Lanka's 196-5, striking six sixes in a rapid 67 off 41 balls.</p>

<p>He put on 103 for the fourth wicket with Kusal Perera, who returned from a long-term shoulder injury in style.</p>

<p>The experienced Perera scored a controlled 53 not out off 45 balls in what was his first match for Sri Lanka in any format since the 2021 T20 World Cup, having spent nearly 18 months out.</p>

<p>Kusal Mendis started the run-fest by blasting 25 off just nine deliveries, having lost opening partner Pathum Nissanka to the first ball of the match bowled by Milne.</p>

<p>New Zealand struggled for timing in the Super Over, losing the wickets of Jimmy Neesham and Mark Chapman, who struck a lone boundary.</p>

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Sri Lanka claimed a dramatic Super Over win in the opening match of their three-game Twenty20 series against New Zealand on Sunday to earn their first victory on tour.

Sri Lanka claimed a dramatic Super Over win in the opening match of their three-game Twenty20 series against New Zealand on Sunday to earn their first victory on tour. The match went to a tie-break decider after both teams chalked up 196 runs in a high-scoring thriller at Auckland's Eden Park. New Zealand only made 8-2 off a tight Super Over bowled by spinner Maheesh Theekshana before Charith Asalanka smashed a six off the second ball of Sri Lanka's response, then sealed victory with a four. "That was a really nervous game and at the end, it's our day," said Asalanka. "I tried to hit boundaries because I back myself. "Momentum is most important for a team like us, a young team, and we're hoping to do well," he said ahead of the second T20 game in Dunedin on Wednesday before the three-game series concludes in Queenstown next Saturday. Also Read: ‘Whatever happened that night will never happen again,’ says Virat Kohli on his iconic MCG knock vs Pakistan The nail-biter in Auckland handed Sri Lanka their first win on a month-long tour of New Zealand after losing both the Test and one-day international series by the same 2-0 scoreline. Black Caps tailender Ish Sodhi had earlier set up the Super Over finish when he tied the scores by calmly hoisting the last ball of their 50 overs for six off Sri Lanka captain Dasun Shanaka. It completed a run chase that always looked unlikely for the home side but came alive when Rachin Ravindra scored 26 off 13 balls to follow key knocks from Daryl Mitchell (66 off 44) and Mark Chapman (33 off 23). It left New Zealand needing 13 to win off the final over, a task that became harder to achieve when Adam Milne fell to the first delivery bowled by Shanaka. "To climb our way back in our innings was outstanding and I thought for 'Ish' to hit that six was quite dramatic but it wasn't meant to be," said New Zealand captain Tom Latham. "Super Overs can go either way, but we fell on the wrong side today." Theekshana was a key performer for Sri Lanka with the ball, conceding 1-22 off four miserly overs, while fellow spinner Wanindu Hasaranga took 2-30 as New Zealand struggled for enough momentum through the early overs. Left-hander Asalanka top-scored in Sri Lanka's 196-5, striking six sixes in a rapid 67 off 41 balls. He put on 103 for the fourth wicket with Kusal Perera, who returned from a long-term shoulder injury in style. The experienced Perera scored a controlled 53 not out off 45 balls in what was his first match for Sri Lanka in any format since the 2021 T20 World Cup, having spent nearly 18 months out. Kusal Mendis started the run-fest by blasting 25 off just nine deliveries, having lost opening partner Pathum Nissanka to the first ball of the match bowled by Milne. New Zealand struggled for timing in the Super Over, losing the wickets of Jimmy Neesham and Mark Chapman, who struck a lone boundary. 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. 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.

1st T20I: Sri Lanka stave off New Zealand in super over to win thriller in Auckland

China courts influence in Sri Lanka via Buddhist clergy. Faxian donation drive is being used to reach out to Buddhist monks. Will this soft diplomacy work?

Inside South Asia: China pushes the Buddhism link in Sri Lanka | Rations distributed at temples

+From the judiciary to politics to the military, Pakistan's most important institutions are shaken by squabbles & mudslinging. +China courts influence in Sri Lanka via Buddhist clergy Will this soft diplomacy work? +And an almost mid-air collision in Nepal raises goosebumps. The Himalayan tourism hub has a record of air safety norms flouted + Afghan girls go online to study

Inside South Asia: Pakistan's judicial mess | China's diplomacy in Sri Lanka

It's bit of a big relief for Sri Lanka as oil prices in the country has now been reduced with the new price revision plan and this move has come after the government was able to avail an IMF bailout of about $2.98 billion.

Sri Lanka slashes fuel price amid economic crisis; prices reduced after IMF bailout | WION Dispatch

Taliban continues to prohibit Afghan girls from going to secondary school Who is financing the India-Bangladesh friendship pipeline? Get Set 'Snow'- we take you inside India's first snow dog race And the festivity of Ramadan Begins

Sri Lanka: IMF approves $3-billion bailout, can the country come out of its deep economic mess?

Signs of revival and hope for the Sri Lanka economy as the International Monetary Fund clears $2.9 billion aid for the straggling economy. But can this 17th round of IMF aid bring about the end to economic troubles faced by Sri Lanka's people? The country continues to struggle between imposing intense austerity measures to revive the economy on one hand... and daily struggles faced by the common man on the other.

IMF clears $2.9 billion aid for Sri Lanka | Inside South Asia

<p>Sri Lanka President Ranil Wickremesinghe told parliament on Wednesday (March 22) that the country has received USD 330 million as the first tranche of International Monetary Fund (IMF) bailout. He said that the bailout programme will lead to better "fiscal discipline" and "improved governance".</p>

<p>On&nbsp;Tuesday, the IMF approved USD 3 billion bailout programme for Sri Lanka which is still not out of an unprecedented economic crisis. IMF's move was hailed by Sri Lanka as a "historic milestone".</p>

<p>The IMF's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (about USD 3 billion).</p>

<p>Special Drawing Rights (SDR) are supplementary foreign exchange reserve assets defined and maintained by the IMF.</p>

<p>The EFF-supported programme aims to restore Sri Lanka's macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential, the IMF said.</p>

<p>This programme will allow Sri Lanka to access financing of up to USD 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organisations, a statement said.</p>

<p>Sri Lanka in April last year declared its first-ever debt default in its history as the worst economic crisis since independence from Britain in 1948 triggered by forex shortages sparked public protests.</p>

<p>Months-long street protests led to the ouster of the then-president Gotabaya Rajapaksa in mid-July.<br />
Rajapaksa had started the IMF negotiations after refusing to tap the global lender for support.</p>

<p><em>(With inputs from agencies)</em></p>

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Sri Lanka President Ranil Wickremesinghe told parliament on Wednesday (March 22) that the country has received USD 330 million as the first tranche of International Monetary Fund (IMF) bailout.

Sri Lanka President Ranil Wickremesinghe told parliament on Wednesday (March 22) that the country has received USD 330 million as the first tranche of International Monetary Fund (IMF) bailout. He said that the bailout programme will lead to better "fiscal discipline" and "improved governance". On Tuesday, the IMF approved USD 3 billion bailout programme for Sri Lanka which is still not out of an unprecedented economic crisis. IMF's move was hailed by Sri Lanka as a "historic milestone". The IMF's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (about USD 3 billion). Special Drawing Rights (SDR) are supplementary foreign exchange reserve assets defined and maintained by the IMF. The EFF-supported programme aims to restore Sri Lanka's macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential, the IMF said. This programme will allow Sri Lanka to access financing of up to USD 7 billion from the IMF, International Financial Institutions (IFIs) and multilateral organisations, a statement said. Sri Lanka in April last year declared its first-ever debt default in its history as the worst economic crisis since independence from Britain in 1948 triggered by forex shortages sparked public protests. Months-long street protests led to the ouster of the then-president Gotabaya Rajapaksa in mid-July. Rajapaksa had started the IMF negotiations after refusing to tap the global lender for support. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Sri Lanka gets USD 330 million from IMF, the first tranche of bailout

Sri Lanka has secured a $3billion bailout from the International Monetary Fund (IMF) as it faces its worst economic crisis since independence. The deal has been nearly a year in the making and a lifeline for the country that has billions of dollars in loans.

IMF approves $3 billion bailout for bankrupt Sri Lanka

Colombo's Singhalese sports club ground hosted the 144th the Royal-Thomian or the Battle of the Blues last week. Royal College, Colombo won the title and the awards presentation was graced by Sri Lankas President Ranil Wickremesinghe.

Colombo's Singhalese sports club ground hosted 144th Battle of the Blues last week

<p>Sri Lankan President Ranil Wickremesinghe said on Monday (March 20) that the International Monetary Fund (IMF) has approved a bailout request worth USD 2.9 billion. This has raised hopes of easing the crisis in the island nation. The IMF board has also confirmed that the loan has been approved. However, the IMF, on Tuesday said that&nbsp;rescue was conditional on tackling the deep-rooted culture of corruption and&nbsp;government mismanagement.&nbsp;&nbsp;</p>

<p>"I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda," President Ranil Wickremesinghe said in a statement.&nbsp;</p>

<p>Meanwhile, Peter Breuer, the IMF mission chief in Sri Lanka has assured that the&nbsp;government has agreed to enact tougher anti-corruption laws in the upcoming months.<br />
<br />
"We emphasise the importance of anti-corruption and governance reforms as a central pillar of the programme.&nbsp;They are indispensable to ensure the hard-won gains from the reforms benefit the Sri Lankan people", said&nbsp;Breuer.</p>

<p>In April 2022, Sri Lanka defaulted on its foreign debt and plunged into its worst economic downturn since independence because of a shortage of foreign currency.</p>

<p>The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest.</p>

<p>Widespread protests over economic mismanagement, acute shortages of food, fuel and medicines, and runaway inflation forced president Gotabaya Rajapaksa to flee the country and resign in July.</p>

<p>Rajapaksa was replaced by Wickremesinghe as president who has implemented tough spending cuts and tax hikes in an attempt to secure the IMF assistance.</p>

<p>There was a long delay to the IMF approving the package because it took time to secure financial assurances from China, Sri Lanka's largest bilateral lender.</p>

<p>Beijing had said this year it was offering a two-year moratorium on its loans to Sri Lanka, but the concession fell short of IMF expectations for the sustainability of the island's debt.</p>

<p><em>(With inputs from agencies)</em></p>

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<p>&nbsp;</p>


Sri Lankan President Ranil Wickremesinghe said on Monday (March 20) that the International Monetary Fund (IMF) has approved a bailout request worth USD 2.9 billion.

Sri Lankan President Ranil Wickremesinghe said on Monday (March 20) that the International Monetary Fund (IMF) has approved a bailout request worth USD 2.9 billion. This has raised hopes of easing the crisis in the island nation. The IMF board has also confirmed that the loan has been approved. However, the IMF, on Tuesday said that rescue was conditional on tackling the deep-rooted culture of corruption and government mismanagement. "I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda," President Ranil Wickremesinghe said in a statement. Meanwhile, Peter Breuer, the IMF mission chief in Sri Lanka has assured that the government has agreed to enact tougher anti-corruption laws in the upcoming months. "We emphasise the importance of anti-corruption and governance reforms as a central pillar of the programme. They are indispensable to ensure the hard-won gains from the reforms benefit the Sri Lankan people", said Breuer. In April 2022, Sri Lanka defaulted on its foreign debt and plunged into its worst economic downturn since independence because of a shortage of foreign currency. The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest. Widespread protests over economic mismanagement, acute shortages of food, fuel and medicines, and runaway inflation forced president Gotabaya Rajapaksa to flee the country and resign in July. Rajapaksa was replaced by Wickremesinghe as president who has implemented tough spending cuts and tax hikes in an attempt to secure the IMF assistance. There was a long delay to the IMF approving the package because it took time to secure financial assurances from China, Sri Lanka's largest bilateral lender. Beijing had said this year it was offering a two-year moratorium on its loans to Sri Lanka, but the concession fell short of IMF expectations for the sustainability of the island's debt. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Sri Lanka gets USD 2.9 billion conditional bailout from IMF

The Chinese embassy in Sri Lanka says that they will be providing 15,000 ration boxes. This is part of the phase three of the Faxian Charity Project and comes ahead of Ramadan - the Sinhala and Tamil New Year festivities.

Chinese embassy in Sri Lanka steps up rations for underprivileged families

<p>India's External Affairs Minister (EAM), Dr S Jaishankar, has reaffirmed India's support to Sri Lanka amid the economic crisis the country faces, stating "blood is thicker than water". India was the first country to give its approval for debt restructuring which paves way for an IMF bailout for the country.</p>

<p>"I can only say, it is very natural for India to step forward at this point," said EAM Jaishankar in the context of the economic challenges the country faces, explaining, that "blood is thicker than water. For us, it was natural at the moment of difficulty that we should see what we can do within our resources, within our capabilities, within our efforts, to stand by Sri Lanka in this very difficult time." The External Affairs Minister expressed his confidence in Sri Lanka's ability to overcome its current economic challenges with the help of its real friends, including India.</p>

<p>"I have always believed and said so both in Colombo and other places, that you will come through this challenge, but it is important to have your real friends standing by you at this time," he said. He was speaking at an exhibition on Sri Lankan architect Geoffrey Bawa, marking the 75th anniversary of Indo-Lanka diplomatic relations. The exhibition, "Geoffrey Bawa: It is Essential to be There," featured over 120 documents from the Bawa archives, including a section on unbuilt work and Bawa’s own photographs from his travels.</p>

<p>Jaishankar went on to explain the cultural ties between India and Sri Lanka, including grants to promote Buddhist ties, heritage restoration of temples, and exchanges between the two countries. "Culture is one expression of our people-to-people exchanges," he said. The External Affairs Minister also spoke about how Indian and Sri Lankan societies have been "linked for millennia in a variety of ways, including language, faith, and customs."&nbsp;</p>

<p>He emphasized the importance of exhibitions like the one on Geoffrey Bawa, which promote a contemporary understanding of each other's societies and appreciation of iconic figures. "Even though we are two societies linked for a millennium in a variety of ways, such exhibitions promote a more contemporary understanding of each other's societies, and appreciation of iconic figures in our country is something that is particularly important," said Jaishankar.</p>

<p>Jaishankar also mentioned that Sri Lanka is an integral part of India's "neighbourhood first policy" and its "SAGAR policy." The former refers to India's focus on strengthening ties with its immediate neighbours, while the latter stands for Security And Growth for All in the Region. He highlighted that Sri Lanka is an important element of this policy due to its shared heritage and history with India.</p>

<p>"We are advancing, including flights between Chennai and Jaffna which have resumed, we are looking at more seamless travel between other forms between South India and Sri Lanka. For us, Sri Lanka is an essential partner in the region, and we will continue to stand by you in these difficult times", EAM Jaishankar said.</p>

<p>Sri Lankan High Commissioner Milinda Moragoda thanked the Indian external affairs minister for being present at the inauguration of the exhibition. He said, "it bears testimony to the strong civilization bond that unites our 2 countries. You are a true friend of India. We will not forget the unwavering support and assistance you have provided and continue to provide during some of the most challenging times we have faced in our post-independence history"</p>

<p>Geoffrey Bawa designed Sri Lanka's parliament and left his mark on several countries, including India. His work in India includes the Madurai Boys' Town and Club, Hotel Connemara Remodelling in Chennai, and the Hotel in Pondicherry. He also designed the Candoline Hotel in Goa, the Meena Muttiah Hospital in Chennai, the Sarabhai House in Ahmedabad, and the Poddar House in Bangalore. Bawa's architectural legacy in India is significant, and his work continues to inspire architects and designers around the world.</p>

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India's External Affairs Minister (EAM), Dr S Jaishankar, has reaffirmed India's support to Sri Lanka amid the economic crisis the country faces, stating "blood is thicker than water".

India's External Affairs Minister (EAM), Dr S Jaishankar, has reaffirmed India's support to Sri Lanka amid the economic crisis the country faces, stating "blood is thicker than water". India was the first country to give its approval for debt restructuring which paves way for an IMF bailout for the country. "I can only say, it is very natural for India to step forward at this point," said EAM Jaishankar in the context of the economic challenges the country faces, explaining, that "blood is thicker than water. For us, it was natural at the moment of difficulty that we should see what we can do within our resources, within our capabilities, within our efforts, to stand by Sri Lanka in this very difficult time." The External Affairs Minister expressed his confidence in Sri Lanka's ability to overcome its current economic challenges with the help of its real friends, including India. "I have always believed and said so both in Colombo and other places, that you will come through this challenge, but it is important to have your real friends standing by you at this time," he said. He was speaking at an exhibition on Sri Lankan architect Geoffrey Bawa, marking the 75th anniversary of Indo-Lanka diplomatic relations. The exhibition, "Geoffrey Bawa: It is Essential to be There," featured over 120 documents from the Bawa archives, including a section on unbuilt work and Bawa’s own photographs from his travels. Jaishankar went on to explain the cultural ties between India and Sri Lanka, including grants to promote Buddhist ties, heritage restoration of temples, and exchanges between the two countries. "Culture is one expression of our people-to-people exchanges," he said. The External Affairs Minister also spoke about how Indian and Sri Lankan societies have been "linked for millennia in a variety of ways, including language, faith, and customs." He emphasized the importance of exhibitions like the one on Geoffrey Bawa, which promote a contemporary understanding of each other's societies and appreciation of iconic figures. "Even though we are two societies linked for a millennium in a variety of ways, such exhibitions promote a more contemporary understanding of each other's societies, and appreciation of iconic figures in our country is something that is particularly important," said Jaishankar. Jaishankar also mentioned that Sri Lanka is an integral part of India's "neighbourhood first policy" and its "SAGAR policy." The former refers to India's focus on strengthening ties with its immediate neighbours, while the latter stands for Security And Growth for All in the Region. He highlighted that Sri Lanka is an important element of this policy due to its shared heritage and history with India. "We are advancing, including flights between Chennai and Jaffna which have resumed, we are looking at more seamless travel between other forms between South India and Sri Lanka. For us, Sri Lanka is an essential partner in the region, and we will continue to stand by you in these difficult times", EAM Jaishankar said. Sri Lankan High Commissioner Milinda Moragoda thanked the Indian external affairs minister for being present at the inauguration of the exhibition. He said, "it bears testimony to the strong civilization bond that unites our 2 countries. You are a true friend of India. We will not forget the unwavering support and assistance you have provided and continue to provide during some of the most challenging times we have faced in our post-independence history" Geoffrey Bawa designed Sri Lanka's parliament and left his mark on several countries, including India. His work in India includes the Madurai Boys' Town and Club, Hotel Connemara Remodelling in Chennai, and the Hotel in Pondicherry. He also designed the Candoline Hotel in Goa, the Meena Muttiah Hospital in Chennai, the Sarabhai House in Ahmedabad, and the Poddar House in Bangalore. Bawa's architectural legacy in India is significant, and his work continues to inspire architects and designers around the world. 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.

'Blood is thicker than water,' says EAM Jaishankar as he emphasises India's support to Sri Lanka

Sri Lanka’s Election Commission recently told the country’s Supreme Court that it does not have the funds to conduct the local body polls. Watch the video to know more.

Sri Lanka economic crisis hurts local polls

<p>India entered the World Test Championship (WTC) final on Monday, March 13 after New Zealand beat Sri Lanka by two wickets on the last ball of the Christchurch Test match. New Zealand skipper Kane Williamson dived to secure the winning run and Twitter erupted in joy as soon as the third umpire signaled he was in. Indian fans' happiness knew no limits after the thrilling Test and the tweets by them in appreciation of New Zealand and Kane Williamson showed it. Here are some of them:</p>

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<p dir="ltr" lang="en">Test Cricket is Alive,Z needed 1 off last they made it,Nz won and took India to WTC final.What a game <a href="https://t.co/KYnVSteNe3">pic.twitter.com/KYnVSteNe3</a></p>
— Huzaifa khan (@HuzaifaKhan021) <a href="https://twitter.com/HuzaifaKhan021/status/1635171557806067712?ref_src=twsrc%5Etfw">March 13, 2023</a></blockquote>
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<p dir="ltr" lang="en">Thank you, Kane Williamson 🙌😍<a href="https://twitter.com/hashtag/India?src=hash&amp;ref_src=twsrc%5Etfw">#India</a> <a href="https://twitter.com/hashtag/INDvsAUS?src=hash&amp;ref_src=twsrc%5Etfw">#INDvsAUS</a> <a href="https://twitter.com/hashtag/NZvsSL?src=hash&amp;ref_src=twsrc%5Etfw">#NZvsSL</a> <a href="https://twitter.com/hashtag/Cricket?src=hash&amp;ref_src=twsrc%5Etfw">#Cricket</a> <a href="https://twitter.com/hashtag/Tests?src=hash&amp;ref_src=twsrc%5Etfw">#Tests</a> <a href="https://twitter.com/hashtag/WTCFinal?src=hash&amp;ref_src=twsrc%5Etfw">#WTCFinal</a> <a href="https://twitter.com/hashtag/KaneWilliamson?src=hash&amp;ref_src=twsrc%5Etfw">#KaneWilliamson</a> <a href="https://t.co/HwcRAdwpRB">pic.twitter.com/HwcRAdwpRB</a></p>
— Wisden India (@WisdenIndia) <a href="https://twitter.com/WisdenIndia/status/1635169925156442112?ref_src=twsrc%5Etfw">March 13, 2023</a></blockquote>
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<p dir="ltr" lang="en">Kane Williamson, jisne hume last WTC final haraya tha... This time helped us to reach WTC Final.<br />
<br />
So india will play against Australia in June only play won't win🤣<a href="https://twitter.com/hashtag/INDvsAUS?src=hash&amp;ref_src=twsrc%5Etfw">#INDvsAUS</a> <a href="https://twitter.com/hashtag/NZvsSL?src=hash&amp;ref_src=twsrc%5Etfw">#NZvsSL</a> <a href="https://twitter.com/hashtag/wtcfinal?src=hash&amp;ref_src=twsrc%5Etfw">#wtcfinal</a> <a href="https://t.co/VZheOgamHb">pic.twitter.com/VZheOgamHb</a></p>
— harsh हर्ष (@mrHJ27) <a href="https://twitter.com/mrHJ27/status/1635170405962096641?ref_src=twsrc%5Etfw">March 13, 2023</a></blockquote>
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<p dir="ltr" lang="en">And India into the WTC Final..Thank you Williamson...<br />
🇮🇳🇮🇳🤩🤩 <a href="https://t.co/YzKILh73ep">pic.twitter.com/YzKILh73ep</a></p>
— Himansu™ जेठा (@Jetha_Live) <a href="https://twitter.com/Jetha_Live/status/1635172765539123200?ref_src=twsrc%5Etfw">March 13, 2023</a></blockquote>
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<p dir="ltr" lang="en">Streets won't forget Kane Williamson and co. helped us to qualify for WTC final. <a href="https://t.co/mXRA23fbLN">pic.twitter.com/mXRA23fbLN</a></p>
— R A T N I S H (@LoyalSachinFan) <a href="https://twitter.com/LoyalSachinFan/status/1635162281935007744?ref_src=twsrc%5Etfw">March 13, 2023</a></blockquote>
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<p>New Zealand started Day 5 of the Test at 28/1, needing 257 runs to win. Sri Lanka although, struck early as Tom Latham and Henry Nicholls were sent back quickly and New Zealand were three down for 90. Skipper Kane Williamson and Daryl Mitchell then joined forces at the crease and added 142 runs for the fourth wicket before Mitchell was bowled for 81.</p>

<p><strong>Also Read:</strong>&nbsp;<a href="https://www.wionews.com/sports/india-vs-australia-4th-test-sunil-gavaskar-dances-on-oscar-winning-naatu-naatu-song-watch-571525">India vs Australia, 4th Test: Sunil Gavaskar DANCES on Oscar winning 'Naatu Naatu' song - WATCH</a></p>

<p>Tom Blundell was next to go cheaply as Sri Lanka threatened to take hold of the match. It was Michael Bracewell who then stood with Kane Williamson as the duo brought target down to 19 runs. Kane Williamson, who scored a brilliant century, kept the Kiwis going as they achieved the target on the last ball of the match.</p>

<p>India and Australia, on the other hand, decided to shake hands to draw the fourth Test in Ahmedabad after Tea on Day 5 with Australia leading by 84 runs and eight wickets intact. India, however, took the Border-Gavaskar series 2-1 and booked a place in the WTC final, thanks to New Zealand.</p>

<p>For Sri Lanka to make it to the WTC final against Australia, who had secured their place much earlier, they needed to beat New Zealand not only in this Test match but the next one as well and take the two-match series 2-0. They fought till the end but alas, Kane Williamson, 121, stood tall between them and a victory.&nbsp;</p>


India entered the World Test Championship (WTC) final on Monday, March 13 after New Zealand beat Sri Lanka by two wickets on the last ball of the Christchurch Test match.

India entered the World Test Championship (WTC) final on Monday, March 13 after New Zealand beat Sri Lanka by two wickets on the last ball of the Christchurch Test match. New Zealand skipper Kane Williamson dived to secure the winning run and Twitter erupted in joy as soon as the third umpire signaled he was in. Indian fans' happiness knew no limits after the thrilling Test and the tweets by them in appreciation of New Zealand and Kane Williamson showed it. Here are some of them: Test Cricket is Alive,Z needed 1 off last they made it,Nz won and took India to WTC final.What a game pic.twitter.com/KYnVSteNe3 — Huzaifa khan (@HuzaifaKhan021) March 13, 2023 × Thank you, Kane Williamson 🙌😍#India #INDvsAUS #NZvsSL #Cricket #Tests #WTCFinal #KaneWilliamson pic.twitter.com/HwcRAdwpRB — Wisden India (@WisdenIndia) March 13, 2023 × Kane Williamson, jisne hume last WTC final haraya tha... This time helped us to reach WTC Final. So india will play against Australia in June only play won't win🤣#INDvsAUS #NZvsSL #wtcfinal pic.twitter.com/VZheOgamHb — harsh हर्ष (@mrHJ27) March 13, 2023 × And India into the WTC Final..Thank you Williamson... 🇮🇳🇮🇳🤩🤩 pic.twitter.com/YzKILh73ep — Himansu™ जेठा (@Jetha_Live) March 13, 2023 × Streets won't forget Kane Williamson and co. helped us to qualify for WTC final. pic.twitter.com/mXRA23fbLN — R A T N I S H (@LoyalSachinFan) March 13, 2023 × New Zealand started Day 5 of the Test at 28/1, needing 257 runs to win. Sri Lanka although, struck early as Tom Latham and Henry Nicholls were sent back quickly and New Zealand were three down for 90. Skipper Kane Williamson and Daryl Mitchell then joined forces at the crease and added 142 runs for the fourth wicket before Mitchell was bowled for 81. Also Read: India vs Australia, 4th Test: Sunil Gavaskar DANCES on Oscar winning 'Naatu Naatu' song - WATCH Tom Blundell was next to go cheaply as Sri Lanka threatened to take hold of the match. It was Michael Bracewell who then stood with Kane Williamson as the duo brought target down to 19 runs. Kane Williamson, who scored a brilliant century, kept the Kiwis going as they achieved the target on the last ball of the match. India and Australia, on the other hand, decided to shake hands to draw the fourth Test in Ahmedabad after Tea on Day 5 with Australia leading by 84 runs and eight wickets intact. India, however, took the Border-Gavaskar series 2-1 and booked a place in the WTC final, thanks to New Zealand. For Sri Lanka to make it to the WTC final against Australia, who had secured their place much earlier, they needed to beat New Zealand not only in this Test match but the next one as well and take the two-match series 2-0. They fought till the end but alas, Kane Williamson, 121, stood tall between them and a victory.

WTC 2023: Twitterati go GAGA as New Zealand beat Sri Lanka on last ball by 2 wickets, taking India into final

<p>China on Wednesday said that it is willing to "play a positive role" in helping Sri Lanka tackle bankruptcy and emerge through its debt crisis after the former agreed to restructure its loans.</p>

<p>Sri Lanka's unprecedented economic crisis led to 22 million people facing acute shortages of fuel, food and medicine as well as runaway inflation and extended blackouts.</p>

<p>"China is ready to work with relevant countries and international financial institutions to play a positive role in helping Sri Lanka cope with its current difficulties, ease its debt burden and achieve sustainable development," said foreign ministry spokesperson Mao Ning at a regular briefing.</p>

<p><strong>ALSO READ |</strong> <a href="https://www.wionews.com/south-asia/sri-lanka-president-says-china-agrees-to-restructure-loans-569913">Sri Lanka president Ranil Wickremesinghe says China has agreed to restructure its loan</a></p>

<p>"The Export-Import Bank of China, as the official bilateral creditor, issued a financial assurance letter to Sri Lanka on March 6," she added when quizzed about the statement given by President Ranil Wickremesinghe on Tuesday regarding Beijing's agreement to help.</p>

<p>Mao added that China "supports relevant financial institutions in actively discussing debt disposal plans with the Sri Lankan side".</p>

<p>The government of Wickremesinghe has been working to restore the ruined finances of Sri Lanka and trying to secure a desperately needed rescue package from International Monetary Fund (IMF).</p>

<p>However, the IMF bailout was held by continuous debt negotiations with China, which is the largest bilateral creditor of Sri Lanka.</p>

<p><strong>WATCH | Sri Lanka expects IMF nod for $2.9 billion package after China support</strong></p>

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<p>Beijing confirmed that it would assist Sri Lanka in clearing its final obstacle and securing a long-awaited International Monetary Fund bailout.</p>

<p>"Sri Lanka has now received financing assurances from all major bilateral creditors," IMF's Asia and Pacific Department's director Krishna Srinivasan said on Tuesday.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

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China on Wednesday said that it is willing to "play a positive role" in helping Sri Lanka tackle bankruptcy and emerge through its debt crisis after the former agreed to restructure its loans.

China on Wednesday said that it is willing to "play a positive role" in helping Sri Lanka tackle bankruptcy and emerge through its debt crisis after the former agreed to restructure its loans. Sri Lanka's unprecedented economic crisis led to 22 million people facing acute shortages of fuel, food and medicine as well as runaway inflation and extended blackouts. "China is ready to work with relevant countries and international financial institutions to play a positive role in helping Sri Lanka cope with its current difficulties, ease its debt burden and achieve sustainable development," said foreign ministry spokesperson Mao Ning at a regular briefing. ALSO READ | Sri Lanka president Ranil Wickremesinghe says China has agreed to restructure its loan "The Export-Import Bank of China, as the official bilateral creditor, issued a financial assurance letter to Sri Lanka on March 6," she added when quizzed about the statement given by President Ranil Wickremesinghe on Tuesday regarding Beijing's agreement to help. Mao added that China "supports relevant financial institutions in actively discussing debt disposal plans with the Sri Lankan side". The government of Wickremesinghe has been working to restore the ruined finances of Sri Lanka and trying to secure a desperately needed rescue package from International Monetary Fund (IMF). However, the IMF bailout was held by continuous debt negotiations with China, which is the largest bilateral creditor of Sri Lanka. WATCH | Sri Lanka expects IMF nod for $2.9 billion package after China support Beijing confirmed that it would assist Sri Lanka in clearing its final obstacle and securing a long-awaited International Monetary Fund bailout. "Sri Lanka has now received financing assurances from all major bilateral creditors," IMF's Asia and Pacific Department's director Krishna Srinivasan said on Tuesday. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Will play 'positive role' in helping Sri Lanka fight bankruptcy, says China

<p>Sri Lanka's President Ranil Wickremesinghe said on Tuesday that China has agreed to restructure its loans to the bankrupt island nation, clearing the last obstacle to an&nbsp; International Monetary Fund bailout.</p>

<p>China's state-owned Exim Bank "sent a letter to the IMF" on Monday night expressing Beijing's willingness to "restructure" credit to Sri Lanka, Wickremesinghe told parliament.</p>

<p>The Lankan president added that he now expects&nbsp;the first tranche of the IMF package to be released within a month.</p>

<p>"No sooner the letter from the Exim Bank of China went to the IMF, I signed Sri Lanka's Letter of Intent to go with the IMF programme," he said.</p>

<p>Sri Lanka defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages in&nbsp;the South Asian nation.</p>

<p>Just over $14 billion of that is bilateral debt owed to foreign governments, of which China holds 52 per cent.</p>

<p>Wickremesinghe's government has been working to secure a $2.9 billion rescue package from the IMF to restore Sri Lanka's ruined public finances.</p>

<p>His administration has imposed sharp tax hikes, ended subsidies on petrol and electricity, and made plans to sell off loss-making state enterprises to satisfy the terms of the bailout.</p>

<p><em>(With inputs from agencies)</em></p>

<p>&nbsp;</p>

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Sri Lanka's President Ranil Wickremesinghe said on Tuesday that China has agreed to restructure its loans to the bankrupt island nation, clearing the last obstacle to an International Monetary Fund bailout.

Sri Lanka's President Ranil Wickremesinghe said on Tuesday that China has agreed to restructure its loans to the bankrupt island nation, clearing the last obstacle to an International Monetary Fund bailout. China's state-owned Exim Bank "sent a letter to the IMF" on Monday night expressing Beijing's willingness to "restructure" credit to Sri Lanka, Wickremesinghe told parliament. The Lankan president added that he now expects the first tranche of the IMF package to be released within a month. "No sooner the letter from the Exim Bank of China went to the IMF, I signed Sri Lanka's Letter of Intent to go with the IMF programme," he said. Sri Lanka defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages in the South Asian nation. Just over $14 billion of that is bilateral debt owed to foreign governments, of which China holds 52 per cent. Wickremesinghe's government has been working to secure a $2.9 billion rescue package from the IMF to restore Sri Lanka's ruined public finances. His administration has imposed sharp tax hikes, ended subsidies on petrol and electricity, and made plans to sell off loss-making state enterprises to satisfy the terms of the bailout. (With inputs from agencies) WATCH WION LIVE HERE

Sri Lanka president Ranil Wickremesinghe says China has agreed to restructure its loan

<p>Sri Lanka will conduct the local elections on April 25 instead of the previously scheduled date of March 9, the cash-strapped country's top election body announced. The development came after Sri Lanka's Supreme Court directed the&nbsp;Sri Lankan Election Commission to conduct the elections at the earliest.</p>

<h2><strong>Sri Lanka elections: Why date&nbsp;for local body polls was&nbsp;postponed?</strong></h2>

<p>The Sri Lankan political parties, other than President Ranil Wickremesinghe's United National Party, have pointed out that country's treasury has not released the budgetary allocation for conducting the elections for 340 local councils in the interim budget passed earlier this year.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankans-protest-against-president-wickeremesinghes-ban-on-strikes-567347">Sri Lankans protest against President Wickeremesinghe's ban on strikes</a></strong></p>

<p>Chief opposition Samagi Jana Balawegaya (SJB) party's lawmakers filed a fundamental rights petition in the Supreme Court and called for a writ against state officials who, they alleged, were denying funds necessary to conduct the elections. They claimed that Rs 10 billion was allocated for conducting the local election in the 2023 budget, and demanded it to be released.</p>

<p><strong>ALSO WATCH |&nbsp;Sri Lanka mull&nbsp;using Indian rupee for economic transactions</strong></p>

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<p>The SJB alleged that President Wickremesinghe was bearing pressure as the minister of finance to block the money required for the poll as Wickremesinghe feared losing the poll.</p>

<p>The election to appoint new administrations to 340 local councils for a four-year term has been postponed since March last year due to the ongoing economic crisis.</p>

<p>The election was the subject of several court cases with parties filing for and against holding it.</p>

<h2><strong>Sri Lanka elections: The challenge amid economic crisis</strong></h2>

<p>The government had claimed that due to ongoing economic crisis,&nbsp;there were no funds to print the necessary ballot papers. This prompted the main opposition to seek court intervention to prevail upon the government for the release of necessary funds.</p>

<p>Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking political turmoil in the country which led to the ouster of the all-powerful Rajapaksa family from power.</p>

<p><em>(With inputs from agencies)</em><br />
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Sri Lanka will conduct the local elections on April 25 instead of the previously scheduled date of March 9, the cash-strapped country's top election body announced.

Sri Lanka will conduct the local elections on April 25 instead of the previously scheduled date of March 9, the cash-strapped country's top election body announced. The development came after Sri Lanka's Supreme Court directed the Sri Lankan Election Commission to conduct the elections at the earliest. Sri Lanka elections: Why date for local body polls was postponed? The Sri Lankan political parties, other than President Ranil Wickremesinghe's United National Party, have pointed out that country's treasury has not released the budgetary allocation for conducting the elections for 340 local councils in the interim budget passed earlier this year. ALSO READ | Sri Lankans protest against President Wickeremesinghe's ban on strikes Chief opposition Samagi Jana Balawegaya (SJB) party's lawmakers filed a fundamental rights petition in the Supreme Court and called for a writ against state officials who, they alleged, were denying funds necessary to conduct the elections. They claimed that Rs 10 billion was allocated for conducting the local election in the 2023 budget, and demanded it to be released. ALSO WATCH | Sri Lanka mull using Indian rupee for economic transactions × The SJB alleged that President Wickremesinghe was bearing pressure as the minister of finance to block the money required for the poll as Wickremesinghe feared losing the poll. The election to appoint new administrations to 340 local councils for a four-year term has been postponed since March last year due to the ongoing economic crisis. The election was the subject of several court cases with parties filing for and against holding it. Sri Lanka elections: The challenge amid economic crisis The government had claimed that due to ongoing economic crisis, there were no funds to print the necessary ballot papers. This prompted the main opposition to seek court intervention to prevail upon the government for the release of necessary funds. Sri Lanka was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking political turmoil in the country which led to the ouster of the all-powerful Rajapaksa family from power. (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.

Sri Lanka: Local elections date announced after massive protests, apex court’s intervention

Sri Lanka expects approval from the International Monetary Fund to start the disbursal of $2.9 billion in the third or fourth week of this month, President Ranil Wickremesinghe says.

Sri Lanka expects IMF nod for $2.9 billion package after China support

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