The Sri Lankan President said that the country can achieve economic growth again towards the end of the year things are going to change he said, while the government hopes to extradite the country from its economic crisis by 2026.

WION Dispatch: Sri Lanka's President Ranil Wickremesinghe says, 'Economy will bounce back'

Sri Lanka President Ranil Wickermesinghe said on Sunday (February 5) that he is repairing debt-ridden South Asian nation's economy by tackling 'root cause' and not just by administering 'painkillers'. He asserted that systemic change and national unity along with economic reforms were needed to bring prosperity back to the country.

President Wickremesinghe made these comments through a series of tweets a day after Sri Lanka celebrated its 75th Independence Day.

Last year, Sri Lanka was in the grips of an unprecedented financial crisis. The foreign exchange reserves were at alarmingly low level. This had led to political turmoil in the country. The result was the ouster of powerful Rajapaksa family from top positions of the government.&nbsp;

“I’m not treating the superficial condition with painkillers. I am treating the root cause of the malaise. Many of the decisions I have been compelled to take are unpopular, but because of these, no citizen will die in queues or starve,” Wickremesinghe tweeted.

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I'm not treating the superficial condition with painkillers. I am treating the root cause of the malaise. Many of the decisions I have been compelled to take are unpopular, but because of these, no citizen will die in queues or starve.
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From April to July last year, chaos reigned supreme in Sri Lanka, with miles-long queues forming at fuel stations and irate residents coming out in thousands blocking roads.

The Sri Lankan government in May last year declared a debt default on over USD 51 billion in the foreign loans -- a first in the country's history.

“Despite obstacles, I will continue with the reforms. If we work in a united and planned manner, we can be a developed country by 2048. True freedom can be achieved and our collective responsibility is to build a new country where our children can compete with the rest of the world,” he tweeted.

“While we celebrate the 75th anniversary of our independence &amp; honour those who worked hard for the country's freedom, let us focus on regaining the freedom we have lost today,” he said in another tweet.

Wickremesinghe lamented that politicians borrowed for consumption and not for investment, which was the reason for the collapse of Sri Lanka’s economy. He did not name anyone.

(With inputs from agencies)

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Sri Lanka President Ranil Wickermesinghe said on Sunday (February 5) that he is repairing debt-ridden South Asian nation's economy by tackling 'root cause' and not just by administering 'painkillers'.

Sri Lanka President Ranil Wickermesinghe said on Sunday (February 5) that he is repairing debt-ridden South Asian nation's economy by tackling 'root cause' and not just by administering 'painkillers'. He asserted that systemic change and national unity along with economic reforms were needed to bring prosperity back to the country. President Wickremesinghe made these comments through a series of tweets a day after Sri Lanka celebrated its 75th Independence Day. Last year, Sri Lanka was in the grips of an unprecedented financial crisis. The foreign exchange reserves were at alarmingly low level. This had led to political turmoil in the country. The result was the ouster of powerful Rajapaksa family from top positions of the government. “I’m not treating the superficial condition with painkillers. I am treating the root cause of the malaise. Many of the decisions I have been compelled to take are unpopular, but because of these, no citizen will die in queues or starve,” Wickremesinghe tweeted. I'm not treating the superficial condition with painkillers. I am treating the root cause of the malaise. Many of the decisions I have been compelled to take are unpopular, but because of these, no citizen will die in queues or starve. — Ranil Wickremesinghe (@RW_UNP) February 5, 2023 × From April to July last year, chaos reigned supreme in Sri Lanka, with miles-long queues forming at fuel stations and irate residents coming out in thousands blocking roads. The Sri Lankan government in May last year declared a debt default on over USD 51 billion in the foreign loans -- a first in the country's history. “Despite obstacles, I will continue with the reforms. If we work in a united and planned manner, we can be a developed country by 2048. True freedom can be achieved and our collective responsibility is to build a new country where our children can compete with the rest of the world,” he tweeted. “While we celebrate the 75th anniversary of our independence & honour those who worked hard for the country's freedom, let us focus on regaining the freedom we have lost today,” he said in another tweet. Wickremesinghe lamented that politicians borrowed for consumption and not for investment, which was the reason for the collapse of Sri Lanka’s economy. He did not name anyone. (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 ×

Not rebooting economy through 'painkillers', says Sri Lanka president

Sri Lanka's High Commissioner to India Milinda Moragoda has lauded New Delhi's support to his country which came without "condition" and the package was "extremely flexible". Remember, India last year gave financial support of USD 4 billion as the country underwent through a major economic crisis. Speaking to our diplomatic correspondent Sidhant Sibal, High Commissioner Moragoda said, "India helped us to stabilise the economy, India reached out to the IMF and some of the bilateral partners like Japan."

Sri Lankan High Commissioner Milinda Moragoda says 'India, Japan working together in Lanka'

Sri Lanka marks 75 years of Independence with the Samba military parade, the country has spent much of its history with a war with itself. Troubled times included decades-long separatist rebellion and two communist insurgencies.

Sri Lanka 75th Independence Day milestone; spent much of its history at war with itself | WION

Sri Lanka's High Commissioner to India Milinda Moragoda has lauded New Delhi's support to his country which came without "condition" and the package was "extremely flexible". India last year gave financial support of USD 4 billion as the country underwent a major economic crisis. Speaking to our diplomatic correspondent Sidhant Sibal, High Commissioner Moragoda said, "India helped us to stabilise the economy and the country "reached out to the IMF and some of the bilateral partners like Japan."

Essentially, India was Sri Lanka's first creditor nation to support its debt restructuring which will soon pave the way for an IMF bailout. The country requires the support of all its major creditors, including China to get IMF support. On China extending its support for debt restructuring, he said, "China has given a letter but it is at the moment not sufficient to meet the requirements of what the IMF is expecting. So this discussion is still ongoing."

Also Read | <a href="https://www.wionews.com/world/china-bans-jack-dorsey-backed-twitter-alternative-damus-heres-why-558776">China bans Jack Dorsey-backed Twitter alternative Damus, here's why</a>

The high commissioner pointed to high-level visits between the two sides, including by Sri Lankan Petroleum to India and the annual defence dialogue later this month. On the visit of the Chinese spy ship Yuan Wang 5, the envoy explained that "the lesson we have learnt is that we have to ensure that there is constant communication, unambiguous and frank communication"

This was the first TV interview of the high commissioner where he also spoke on Indian conglomerate Adani Group's investment in the western container terminal, cultural connect and implementation of the 13th amendment."&nbsp;

When asked about Sri Lanka's current economic situation, envoy Moragoda pointed out that the reasons are multifaceted including Covid pandemic, the Ukraine war and a situation where Colombo was not able to pay its debt.&nbsp;

Also Read | <a href="https://www.wionews.com/world/iraqi-father-strangles-youtuber-daughter-to-death-after-she-decided-to-leave-country-558742">Iraqi father strangles YouTuber daughter to death for deciding to leave country</a>

"We had over-borrowed, and we had not worked out enough ways to pay back. India stepped in very quickly," he said adding that it was "extremely flexible" because had the country gone to any other institution like IMF at that time they would have wanted it to go through a whole process. "India instead, basically backed through different instruments," the envoy said praising aid received from India.&nbsp;

He also appreciated India for reaching out to the international community including Indian Finance Minister Nirmala Sitharaman urging IMF in Washington to help the island nation hit by the economic crisis.&nbsp;

On sprucing up the flow of tourists from India, the High Commissioner told WION that Sri Lanka's tourism ministry is actually working on it as India is the main market. "We are also looking at increasing connectivity and have been speaking in the leaders in the aviation sector here, to see what will it take for more Indian airlines to fly to Sri Lanka, what are the obstacles," he said.&nbsp;

High Commissioner also spoke on the defence partnership between the two nations. "On maritime surveillance and Dornier, we already have one and discussions about a second because that was part of the arrangement we agreed on."&nbsp;

Replying to a question about any concerns over Adani projects, High Commissioner said, "As of now, not. That is a very good project, and the Adani group is very strong in that particular sector. It is interesting, the statistic is 80% of trade, business done by Colombo port is transhipment business, and 70% goes to India. Colombo port's main business is with India. 35% of that 70% is already going to Adani ports, Adani-controlled ports. From a Business point of view, it is a perfect fit. So, therefore, we are not concerned about it."

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Sri Lanka's High Commissioner to India Milinda Moragoda has lauded New Delhi's support to his country which came without "condition" and the package was "extremely flexible".

Sri Lanka's High Commissioner to India Milinda Moragoda has lauded New Delhi's support to his country which came without "condition" and the package was "extremely flexible". India last year gave financial support of USD 4 billion as the country underwent a major economic crisis. Speaking to our diplomatic correspondent Sidhant Sibal, High Commissioner Moragoda said, "India helped us to stabilise the economy and the country "reached out to the IMF and some of the bilateral partners like Japan." Essentially, India was Sri Lanka's first creditor nation to support its debt restructuring which will soon pave the way for an IMF bailout. The country requires the support of all its major creditors, including China to get IMF support. On China extending its support for debt restructuring, he said, "China has given a letter but it is at the moment not sufficient to meet the requirements of what the IMF is expecting. So this discussion is still ongoing." Also Read | China bans Jack Dorsey-backed Twitter alternative Damus, here's why The high commissioner pointed to high-level visits between the two sides, including by Sri Lankan Petroleum to India and the annual defence dialogue later this month. On the visit of the Chinese spy ship Yuan Wang 5, the envoy explained that "the lesson we have learnt is that we have to ensure that there is constant communication, unambiguous and frank communication" This was the first TV interview of the high commissioner where he also spoke on Indian conglomerate Adani Group's investment in the western container terminal, cultural connect and implementation of the 13th amendment." When asked about Sri Lanka's current economic situation, envoy Moragoda pointed out that the reasons are multifaceted including Covid pandemic, the Ukraine war and a situation where Colombo was not able to pay its debt. Also Read | Iraqi father strangles YouTuber daughter to death for deciding to leave country "We had over-borrowed, and we had not worked out enough ways to pay back. India stepped in very quickly," he said adding that it was "extremely flexible" because had the country gone to any other institution like IMF at that time they would have wanted it to go through a whole process. "India instead, basically backed through different instruments," the envoy said praising aid received from India. He also appreciated India for reaching out to the international community including Indian Finance Minister Nirmala Sitharaman urging IMF in Washington to help the island nation hit by the economic crisis. On sprucing up the flow of tourists from India, the High Commissioner told WION that Sri Lanka's tourism ministry is actually working on it as India is the main market. "We are also looking at increasing connectivity and have been speaking in the leaders in the aviation sector here, to see what will it take for more Indian airlines to fly to Sri Lanka, what are the obstacles," he said. High Commissioner also spoke on the defence partnership between the two nations. "On maritime surveillance and Dornier, we already have one and discussions about a second because that was part of the arrangement we agreed on." Replying to a question about any concerns over Adani projects, High Commissioner said, "As of now, not. That is a very good project, and the Adani group is very strong in that particular sector. It is interesting, the statistic is 80% of trade, business done by Colombo port is transhipment business, and 70% goes to India. Colombo port's main business is with India. 35% of that 70% is already going to Adani ports, Adani-controlled ports. From a Business point of view, it is a perfect fit. So, therefore, we are not concerned about it." 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.

Exclusive: India supported us without conditions, says Sri Lankan High Commissioner Milinda Moragoda

India supported us without conditions, says Sri Lankan High Commissioner Milinda Moragoda

Sri Lanka needs to correct&nbsp;its "errors and failures" and review its strengths and gains as a nation, President Ranil Wickremesinghe said on Saturday, as the country marked its 75th anniversary of independence. Sri Lanka's 75th Independence Day celebrations come at a critical time when the island nation located at India's South is reeling under an unprecedented economic crisis.&nbsp;The celebrations took place&nbsp;despite criticism from Opposition groups who claimed the events were costing Sri Lankan exchequer Rupees 200 million amid nation's&nbsp;worst economic crisis.

The main Independence Day event in Colombo was attended by many foreign dignitaries, including India’s Minister of State for External Affairs V. Muraleedharan.

Wickremesinghe presided over the ceremony which featured a military parade with a 21-gun salute.

In his message, Wickremesinghe said: "Our 75th anniversary of independence from colonial rule is being observed during an extremely critical and challenging time in the country."

"However it presents an opportunity for us not only to review our strengths and gains as a nation but also to rectify our errors and failures," he said.

<h2>Sri Lankan economic crisis</h2>

During mid-2022, Sri Lanka faced the worst economic crisis since independence which led to months-long public protests leading to a political crisis.

People demanded the resignation of the then president Gotabaya Rajapaksa, an event that made way for Ranil Wickremsinghe to claim the seat of power in Colombo.

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/imran-khan-and-rajapaksa-2022-was-a-year-of-political-ousters-in-south-asia-541811">Imran Khan and Rajapaksa: 2022 was a year of political ousters in South Asia</a>

Last year in April, Sri Lanka declared its first-ever debt default in its history.

Saturday’s Independence Day event was boycotted by all Opposition groups who claimed it had no public mandate and was a burden on a public already hurt by the crisis. They pointed to scarcities of food and medicine leaving people in poverty.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-plus-explained-sri-lankan-economic-crisis-471445">Gravitas Plus | Explained: Sri Lankan economic crisis</a>

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The city of Colombo was placed under a tight security net with armed troops being seen on the streets.

A sit-in protest organised by a group of protesters from last year’s months-long protest was dispersed by the police using tear gas at midnight. At least four protesters were arrested. The police had obtained a court order preventing public protests anywhere near the Galle Face promenade where the main celebratory event happened. Some 29 people had been named in the court order to stay away from the main location of celebrations.

To mark Independence Day, 208 officers and 7,790 other ranks of the Sri Lanka Army have been promoted while presidential pardon&nbsp;was&nbsp;given to 622 convicts.

(With inputs from agencies)

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Sri Lanka needs to correct its "errors and failures" and review its strengths and gains as a nation, President Ranil Wickremesinghe said on Saturday, as the country marked its 75th anniversary of independence.

Sri Lanka needs to correct its "errors and failures" and review its strengths and gains as a nation, President Ranil Wickremesinghe said on Saturday, as the country marked its 75th anniversary of independence. Sri Lanka's 75th Independence Day celebrations come at a critical time when the island nation located at India's South is reeling under an unprecedented economic crisis. The celebrations took place despite criticism from Opposition groups who claimed the events were costing Sri Lankan exchequer Rupees 200 million amid nation's worst economic crisis. The main Independence Day event in Colombo was attended by many foreign dignitaries, including India’s Minister of State for External Affairs V. Muraleedharan. Wickremesinghe presided over the ceremony which featured a military parade with a 21-gun salute. In his message, Wickremesinghe said: "Our 75th anniversary of independence from colonial rule is being observed during an extremely critical and challenging time in the country." "However it presents an opportunity for us not only to review our strengths and gains as a nation but also to rectify our errors and failures," he said. Sri Lankan economic crisis During mid-2022, Sri Lanka faced the worst economic crisis since independence which led to months-long public protests leading to a political crisis. People demanded the resignation of the then president Gotabaya Rajapaksa, an event that made way for Ranil Wickremsinghe to claim the seat of power in Colombo. ALSO READ | Imran Khan and Rajapaksa: 2022 was a year of political ousters in South Asia Last year in April, Sri Lanka declared its first-ever debt default in its history. Saturday’s Independence Day event was boycotted by all Opposition groups who claimed it had no public mandate and was a burden on a public already hurt by the crisis. They pointed to scarcities of food and medicine leaving people in poverty. ALSO WATCH | Gravitas Plus | Explained: Sri Lankan economic crisis × The city of Colombo was placed under a tight security net with armed troops being seen on the streets. A sit-in protest organised by a group of protesters from last year’s months-long protest was dispersed by the police using tear gas at midnight. At least four protesters were arrested. The police had obtained a court order preventing public protests anywhere near the Galle Face promenade where the main celebratory event happened. Some 29 people had been named in the court order to stay away from the main location of celebrations. To mark Independence Day, 208 officers and 7,790 other ranks of the Sri Lanka Army have been promoted while presidential pardon was given to 622 convicts. (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.

On 75th Independence Day, Sri Lanka president calls for correcting country’s ‘errors and failures’

The government of China on Friday confirmed that a two-year moratorium is being offered to Sri Lanka on loan repayments as the island nation battles to restructure $51 billion in foreign debt amid the financial crisis.&nbsp;The loan was provided by China to Sri Lanka under the multibillion-dollar Belt and Road Initiative programme of Beijing aimed at increasing trade through the construction of ports and other infrastructure across Africa and Asia.&nbsp;

A $2.9 billion emergency loan was offered by the International Monetary Fund which also asked Colombo's other creditors to cut debts but this was resisted by Beijing which feared that its other borrowers too would demand similar reliefs.&nbsp;

ALSO READ | <a href="https://www.wionews.com/videos/former-sri-lanka-president-maithripala-sirisena-to-contest-elections-again-558004">Bankrupt Sri Lanka to drastically slash military by half amid looming economic crisis</a>

Foreign ministry spokesperson Mao Ning said that Beijing presented a plan to “provide an extension on debt service due in 2022 and 2023”.&nbsp; 
 
“During that period, Sri Lanka would not have to pay the principal and interest due on bank loans,” he added.&nbsp;

China is the third-biggest creditor of Sri Lanka after Japan and the Asian Development Bank.&nbsp;The loans provided by China have been used by Sri Lanka for building an airport as well as other projects&nbsp;that lacked funds.

Last month, India announced that it gave assurance to IMF to facilitate a bailout plan. Sri Lanka was given $4.4 billion by India as emergency credit.

WATCH | Former Sri Lanka President Maithripala Sirisena to contest elections again

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In April last year, Sri Lanka's foreign currency was depleted which led to power cuts, food shortages and a breakout of massive protests that led to the ouster of the then president and prime minister.

Debt repayment to Japan, China and other foreign lenders was also suspended.

The government of Sri Lanka is currently cutting spending and has already announced the reduction of its 200,000-member military by almost half by 2030.&nbsp;

(With inputs from agencies)

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The government of China on Friday confirmed that a two-year moratorium is being offered to Sri Lanka on loan repayments as the island nation battles to restructure $51 billion in foreign debt amid the financial crisis.

The government of China on Friday confirmed that a two-year moratorium is being offered to Sri Lanka on loan repayments as the island nation battles to restructure $51 billion in foreign debt amid the financial crisis. The loan was provided by China to Sri Lanka under the multibillion-dollar Belt and Road Initiative programme of Beijing aimed at increasing trade through the construction of ports and other infrastructure across Africa and Asia. A $2.9 billion emergency loan was offered by the International Monetary Fund which also asked Colombo's other creditors to cut debts but this was resisted by Beijing which feared that its other borrowers too would demand similar reliefs. ALSO READ | Bankrupt Sri Lanka to drastically slash military by half amid looming economic crisis Foreign ministry spokesperson Mao Ning said that Beijing presented a plan to “provide an extension on debt service due in 2022 and 2023”. “During that period, Sri Lanka would not have to pay the principal and interest due on bank loans,” he added. China is the third-biggest creditor of Sri Lanka after Japan and the Asian Development Bank. The loans provided by China have been used by Sri Lanka for building an airport as well as other projects that lacked funds. Last month, India announced that it gave assurance to IMF to facilitate a bailout plan. Sri Lanka was given $4.4 billion by India as emergency credit. WATCH | Former Sri Lanka President Maithripala Sirisena to contest elections again In April last year, Sri Lanka's foreign currency was depleted which led to power cuts, food shortages and a breakout of massive protests that led to the ouster of the then president and prime minister. Debt repayment to Japan, China and other foreign lenders was also suspended. The government of Sri Lanka is currently cutting spending and has already announced the reduction of its 200,000-member military by almost half by 2030. (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

China confirms offer of two-year moratorium on loan repayments to Sri Lanka

Sri Lanka has been going through tough times, the economic crisis coupled with rising inflation and a never ending political drama. Amid these issues, Sri Lanka is going to celebrate its 75th Independence Day and the country will focus on reformers' programs for the next 25 years amid the growing financial troubles.

WION Dispatch: Sri Lanka celebrates 75th Independence Day, India to join Colombo's celebrations

Sri Lanka's deposed President Gotabaya Rajapaksa made a rare public appearance as he attended the celebrations of India's Republic Day at India House in Colombo. At the event, Rajapaksa&nbsp;was seen mingling and chatting with other guests and even posing for photographs.&nbsp;

The Republic Day celebrations at India House were also attended by Rajapaksa's brother and former Prime Minister Mahinda Rajapaksa as well as incumbent Prime Minister Dinesh Gunawardena.&nbsp;

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Various diplomats, businessmen and journalists were also invited to the celebrations. Since last year, when Gotabaya was forced to step down after massive protests, the deposed president has been staying away from the limelight.&nbsp;

ALSO READ | <a href="https://www.wionews.com/business-economy/no-end-in-sight-for-sri-lankas-crisis-as-unemployment-rate-climbs-govt-cuts-budget-spending-553487">No end in sight for Sri Lanka's crisis as unemployment rate climbs, govt cuts&nbsp;budget spending&nbsp;</a>

Sri Lanka prorogues Parliament till February 8

Meanwhile, the Sri Lankan Parliament was prorogued on Friday by the government till February 8, when a special address will be made by President Ranil Wickremesinghe on the implementation of the 13th Amendment to the Constitution, which is backed by the Indian government, as well as other issues related to Tamil community.

The Parliament's current session has been ended by President Wickremesinghe so that a new parliamentary session can be re-opened on February 8.&nbsp;

Wickremesinghe’s office stated that the current session has been ended by the issuance of a special gazette by the president.

“Accordingly, President Ranil Wickremesinghe is scheduled to ceremonially inaugurate the 4th session of the 9th Parliament at 10 am on February 8,” the release stated.&nbsp;

Wickremesinghe earlier also announced his willingness to implement the 13th Amendment to the Constitution, which will provide political autonomy to the country's minority Tamils.

WATCH | Sri Lanka battles its worst economic crisis in 70 years

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The president said that he will make a special parliamentary address on February 8, which will incorporate the implementation of 13A and other issues which concern&nbsp;the Tamils like the release of lands which have been held by authorities for military purposes.

The policy statement will deal with “new policies, new laws and acts proposed to be implemented for the betterment of the country, irrespective of party, colour or caste discrimination”, stated the release.&nbsp;

(With inputs from agencies)

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Sri Lanka's deposed President Gotabaya Rajapaksa made a rare public appearance as he attended the celebrations of India's Republic Day at India House in Colombo.

Sri Lanka's deposed President Gotabaya Rajapaksa made a rare public appearance as he attended the celebrations of India's Republic Day at India House in Colombo. At the event, Rajapaksa was seen mingling and chatting with other guests and even posing for photographs. The Republic Day celebrations at India House were also attended by Rajapaksa's brother and former Prime Minister Mahinda Rajapaksa as well as incumbent Prime Minister Dinesh Gunawardena. Deposed Former President Gotabaya Rajapaksa makes rare public appearance, attends Indian Republic Day celebrations pic.twitter.com/s1ebT2K1ZX — NewsWire 🇱🇰 (@NewsWireLK) January 27, 2023 × Various diplomats, businessmen and journalists were also invited to the celebrations. Since last year, when Gotabaya was forced to step down after massive protests, the deposed president has been staying away from the limelight. ALSO READ | No end in sight for Sri Lanka's crisis as unemployment rate climbs, govt cuts budget spending Sri Lanka prorogues Parliament till February 8 Meanwhile, the Sri Lankan Parliament was prorogued on Friday by the government till February 8, when a special address will be made by President Ranil Wickremesinghe on the implementation of the 13th Amendment to the Constitution, which is backed by the Indian government, as well as other issues related to Tamil community. The Parliament's current session has been ended by President Wickremesinghe so that a new parliamentary session can be re-opened on February 8. Wickremesinghe’s office stated that the current session has been ended by the issuance of a special gazette by the president. “Accordingly, President Ranil Wickremesinghe is scheduled to ceremonially inaugurate the 4th session of the 9th Parliament at 10 am on February 8,” the release stated. Wickremesinghe earlier also announced his willingness to implement the 13th Amendment to the Constitution, which will provide political autonomy to the country's minority Tamils. WATCH | Sri Lanka battles its worst economic crisis in 70 years The president said that he will make a special parliamentary address on February 8, which will incorporate the implementation of 13A and other issues which concern the Tamils like the release of lands which have been held by authorities for military purposes. The policy statement will deal with “new policies, new laws and acts proposed to be implemented for the betterment of the country, irrespective of party, colour or caste discrimination”, stated the release. (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

In rare public appearance, Gotabaya attends Republic Day celebrations at India House in Sri Lanka

The International Monetary Fund (IMF) has welcomed India's extending its support for Sri Lanka's debt restructuring that will pave the way for a bailout amid the economic crisis the country is facing. New Delhi extended the support last week when the Indian financing ministry wrote a letter to the IMF on the issue and a formal announcement came with External Affairs Minister Dr S Jaishankar's visit to the country.

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An IMF spokesperson in response to a WION question confirmed that "India has indicated to the IMF management that it is committed to delivering financing/debt relief consistent with restoring the sustainability of Sri Lanka’s public debt under the prospective IMF-supported program", adding, "we welcome the commitment it has provided".

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-confronts-china-with-evidence-of-state-owned-companies-aiding-russia-in-ukraine-war-555363">US confronts China with evidence of state-owned companies aiding Russia in Ukraine war</a>

Sri Lanka is in the process of negotiating a bailout package from the IMF, but before that it needs approval from its top 3 creditors--India, China and Japan. India has been the first country to extend support to the country on the debt restructuring, which has been widely welcomed by the Sri Lankan government which hopes to get similar support from other creditors.

The spokesperson pointed that Sri Lanka is "engaged with other official bilateral creditors to obtain similar assurances" and as "soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, a Fund-supported program for Sri Lanka can be presented to the IMF’s Executive Board for approval that would unlock much needed financing.”

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Sri Lanka is in talks with to get a bailout of $2.9 billion from the international financial institution. Last week in Colombo, standing alongside Sri Lankan President Ranil Wickremasinghe and Foreign minister Ali Sabry, EAM said, 'We felt strongly that Sri Lanka’s creditors must take proactive steps to facilitate its recovery. India decided not to wait on others but to do what we believe is right. We extended financing assurances to the IMF to clear the way for Sri Lanka to move forward'.

Amid the economic crisis the country has been facing, India last year extended a financial support of USD 4 billion. Other than that, large consignments of humanitarian supplies, which included rice, milk powder, medicines were also sent to the country by New Delhi as part of its "neighbourhood first" policy.

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The International Monetary Fund (IMF) has welcomed India's extending its support for Sri Lanka's debt restructuring that will pave the way for a bailout amid the economic crisis the country is facing.

The International Monetary Fund (IMF) has welcomed India's extending its support for Sri Lanka's debt restructuring that will pave the way for a bailout amid the economic crisis the country is facing. New Delhi extended the support last week when the Indian financing ministry wrote a letter to the IMF on the issue and a formal announcement came with External Affairs Minister Dr S Jaishankar's visit to the country. Also Read | Who is Sara Al Sayed, Saudi Arabia's new deputy foreign minister for public diplomacy? An IMF spokesperson in response to a WION question confirmed that "India has indicated to the IMF management that it is committed to delivering financing/debt relief consistent with restoring the sustainability of Sri Lanka’s public debt under the prospective IMF-supported program", adding, "we welcome the commitment it has provided". Also Read | US confronts China with evidence of state-owned companies aiding Russia in Ukraine war Sri Lanka is in the process of negotiating a bailout package from the IMF, but before that it needs approval from its top 3 creditors--India, China and Japan. India has been the first country to extend support to the country on the debt restructuring, which has been widely welcomed by the Sri Lankan government which hopes to get similar support from other creditors. The spokesperson pointed that Sri Lanka is "engaged with other official bilateral creditors to obtain similar assurances" and as "soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, a Fund-supported program for Sri Lanka can be presented to the IMF’s Executive Board for approval that would unlock much needed financing.” Watch | South Africa defends planned military drills with Russia and China Sri Lanka is in talks with to get a bailout of $2.9 billion from the international financial institution. Last week in Colombo, standing alongside Sri Lankan President Ranil Wickremasinghe and Foreign minister Ali Sabry, EAM said, 'We felt strongly that Sri Lanka’s creditors must take proactive steps to facilitate its recovery. India decided not to wait on others but to do what we believe is right. We extended financing assurances to the IMF to clear the way for Sri Lanka to move forward'. Amid the economic crisis the country has been facing, India last year extended a financial support of USD 4 billion. Other than that, large consignments of humanitarian supplies, which included rice, milk powder, medicines were also sent to the country by New Delhi as part of its "neighbourhood first" policy. 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.

IMF welcomes India's support for Sri Lanka's debt restructuring

Sri Lanka will hold the local council polls on March 9, the country’s election commission announced on Saturday, ending speculation that the election may be postponed again due to the prevailing economic crisis in the country.&nbsp;The local election was earlier postponed by six months as the country was gripped by unprecedented economic turmoil which triggered a political crisis and led to the ouster of former President Gotabaya Rajapaksa.

The officials of the election commission announced that the local polls for the 340 councils in the island nation will take place on March 9.

ALSO READ | <a href="https://www.wionews.com/business-economy/no-end-in-sight-for-sri-lankas-crisis-as-unemployment-rate-climbs-govt-cuts-budget-spending-553487">No end in sight for Sri Lanka's crisis as unemployment rate climbs, govt cuts&nbsp;budget spending&nbsp;</a>

The opposition parties have been pressing for the local election, saying it will give people a chance to show displeasure over the government’s handling of the economic crisis.

The government, however, delayed the local polls and said the time is not suitable to hold the election given the ongoing economic crisis in the country.

The election process will reportedly cost Rs 10 billion which would put additional pressure on the already lean state finances.

The ruling Sri Lanka Podujana Peramuna (SLPP) controls a majority of councils after having won the last election held in 2018.

However, the party is in disarray since July when its leader and former President Rajapaksa was ousted in a popular uprising. It has suffered defections with members forming other electoral alliances.

After Rajapaksa’s ouster, Sri Lanka’s Parliament elected then-acting oresident and six-time former Prime Minister Ranil Wickremesinghe as the new head of the State. He had the backing of the SLPP, the largest bloc in the 225-member parliament.

The main opposition Samagi Jana Balawegaya (SJB) is confident that they would win a majority of councils given the ruling party’s seeming unpopularity.

WATCH | Gravitas Global Headlines: Sri Lanka economic crisis | Eurozone inflation

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A petition has been filed in the Supreme Court against the conduct of the election in the backdrop of the economic crisis.

The Sri Lankan police said on Friday they have initiated an investigation into threats received by two members of the election commission, warning them to resign.

Sri Lanka is going through its worst economic crisis since its independence in 1948, triggered by a severe paucity of foreign exchange reserves.

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Sri Lanka will hold the local council polls on March 9, the country’s election commission announced on Saturday, ending speculation that the election may be postponed again due to the prevailing economic crisis in the country.

Sri Lanka will hold the local council polls on March 9, the country’s election commission announced on Saturday, ending speculation that the election may be postponed again due to the prevailing economic crisis in the country. The local election was earlier postponed by six months as the country was gripped by unprecedented economic turmoil which triggered a political crisis and led to the ouster of former President Gotabaya Rajapaksa. The officials of the election commission announced that the local polls for the 340 councils in the island nation will take place on March 9. ALSO READ | No end in sight for Sri Lanka's crisis as unemployment rate climbs, govt cuts budget spending The opposition parties have been pressing for the local election, saying it will give people a chance to show displeasure over the government’s handling of the economic crisis. The government, however, delayed the local polls and said the time is not suitable to hold the election given the ongoing economic crisis in the country. The election process will reportedly cost Rs 10 billion which would put additional pressure on the already lean state finances. The ruling Sri Lanka Podujana Peramuna (SLPP) controls a majority of councils after having won the last election held in 2018. However, the party is in disarray since July when its leader and former President Rajapaksa was ousted in a popular uprising. It has suffered defections with members forming other electoral alliances. After Rajapaksa’s ouster, Sri Lanka’s Parliament elected then-acting oresident and six-time former Prime Minister Ranil Wickremesinghe as the new head of the State. He had the backing of the SLPP, the largest bloc in the 225-member parliament. The main opposition Samagi Jana Balawegaya (SJB) is confident that they would win a majority of councils given the ruling party’s seeming unpopularity. WATCH | Gravitas Global Headlines: Sri Lanka economic crisis | Eurozone inflation A petition has been filed in the Supreme Court against the conduct of the election in the backdrop of the economic crisis. The Sri Lankan police said on Friday they have initiated an investigation into threats received by two members of the election commission, warning them to resign. Sri Lanka is going through its worst economic crisis since its independence in 1948, triggered by a severe paucity of foreign exchange reserves. 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 to finally conduct its local council elections on March 9

India's Foreign Minister S Jaishankar is on a two-day visit to Sri Lanka, this is his third such visit to the island nation since 2021 and the Indian Foreign Minister has met his counterpart Ali Sabry on Thursday. Listen in to what they said.

S Jaishankar in Sri Lanka: Colombo thanks Delhi for 'enormous support'

"My primary concern of coming to Columbo at this time is to express India's solidarity with Sri Lanka during this difficult moment. Last year, India extended $4 billion in terms of credits and rollovers to help Sri Lanka get through an economic crisis," says S Jaishankar in Colombo.

As Sri Lanka battles financial crisis, India comes to rescue

Indian Foreign Minister S Jaishankar's address in Colombo focuses on China, debt restructuring plan

The Indian Foreign Minister S Jaishankar is on a two-day visit to Sri Lanka in his third visit to the island nation since 2021. The Foreign Minister has met with the Sri Lankan counterpart Ali Sabry on Thursday. The visit's motive is to back Sri Lanka for a $2.9 billion international monetary fund loan.

Indian Foreign Minister S Jaishankar on Sri Lanka visit, meets counterpart Ali Sabry

Indian External Affairs Minister S Jaishankar on Thursday discussed cooperation in infrastructure, connectivity, energy, industry and health with his Sri Lankan counterpart Ali Sabry. Jaishankar also conveyed India's commitment to increase investment flows to hasten the debt-ridden island nation's economic recovery.

WION Dispatch: Indian EAM Jaishankar meets Sri Lankan counterpart Ali Sabry

'India didn't wait for others, did what was right,' says S Jaishankar in Colombo

China's mission in Sri Lanka has hit out at the United States as the embassy Washington's envoy to Colombo Julie J. Chung calling her "a hypocrite" for her recent comments.

Sri Lanka economic crisis: China-US Envoy trade barbs at one another

Indian External Affairs Minister S Jaishankar embarks on a two-day visit to Sri Lanka to further expand bilateral engagement with the neighbour country. Watch this report to know further.

WION Dispatch: Indian EAM Jaishankar embarks on a two-day visit to Sri Lanka

The Chinese Embassy in Sri Lanka slammed the US Ambassador to Sri Lanka, Julie Chung, calling her a hypocrite for the comments she had made in a recent interview.

WION Dispatch: Chinese embassy in Sri Lanka hits out at US' envoy to Colombo

As Sri Lanka battles its worst economic crisis in 70 years, the joblessness rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 percent by the end of September last year, during which the economy contracted by 12 percent.

World Business Watch: Sri Lanka's unemployment rate climbs, raises concern for policymakers

Tamils were protesting across Jaffna as Sri Lankan President Ranil Wickremesinghe visits the peninsula for Thai Pongal. The protesters were demanding the release of student leader. Watch further to know more.

Sri Lankans protest in Jaffna, demanding release of student leader

&nbsp;As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns.&nbsp;The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent.&nbsp;

The jobless rate was 4.6 per cent in the prior quarter ending June.&nbsp;

The central bank's monthly business surveys, which are more forward-looking indicators, revealed a consistent cut in jobs, in both the manufacturing and services sectors, as a result of hiring freezes, layoffs, and retirements.&nbsp;

In what will complicate matters further for policymakers, data showed labour participation in Sri Lanka continues to sink.&nbsp;The exodus of people from the country escaping the miserable living conditions have added to the issues facing businesses in recruiting top talent.&nbsp;

Sri Lanka lost well over 300,000 of its workforce in 2022 to overseas employment, the worst for any year on record.&nbsp;The island nation has also cut its recurrent budget spending by 6 per cent in 2023 to manage its finances.&nbsp;

<h2>Sri Lanka battles its worst economic crisis in 70 years</h2>

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&nbsp;The cabinet also approved a plan to delay the salaries of government employees to manage its already-stretched and highly-indebted public finances.&nbsp;&nbsp;A cut in public spending is a requirement for an IMF bailout, which Lankan President Ranil Wickremesinghe said was the only way out for the crisis-stricken country.&nbsp;

It comes at a time when the most vulnerable in Sri Lanka fear they won't be able to make it through the food security crisis caused by the country's rising cost of living.&nbsp;

The government has been struggling&nbsp;to manage the country's worst economic crisis since independence in 1948 and balance it with the conditions for an IMF bailout, which the island nation desperately needs.&nbsp;

One of the conditions for the IMF bailout is that Sri Lanka convinces India and China to reduce the debt it owes.&nbsp;A latest report from Reuters news agency, quoting sources, showed India has written to the IMF backing Sri Lanka's debt restructuring plan.&nbsp;

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As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent.

As Sri Lanka battles its worst economic crisis in 70 years, the jobless rate climbed, stoking massive social and political concerns. The latest official data showed the island nation's unemployment rate rose to 5 per cent by the end of September last year, during which the economy contracted by 12 per cent. The jobless rate was 4.6 per cent in the prior quarter ending June. The central bank's monthly business surveys, which are more forward-looking indicators, revealed a consistent cut in jobs, in both the manufacturing and services sectors, as a result of hiring freezes, layoffs, and retirements. In what will complicate matters further for policymakers, data showed labour participation in Sri Lanka continues to sink. The exodus of people from the country escaping the miserable living conditions have added to the issues facing businesses in recruiting top talent. Sri Lanka lost well over 300,000 of its workforce in 2022 to overseas employment, the worst for any year on record. The island nation has also cut its recurrent budget spending by 6 per cent in 2023 to manage its finances. Sri Lanka battles its worst economic crisis in 70 years The cabinet also approved a plan to delay the salaries of government employees to manage its already-stretched and highly-indebted public finances. A cut in public spending is a requirement for an IMF bailout, which Lankan President Ranil Wickremesinghe said was the only way out for the crisis-stricken country. It comes at a time when the most vulnerable in Sri Lanka fear they won't be able to make it through the food security crisis caused by the country's rising cost of living. The government has been struggling to manage the country's worst economic crisis since independence in 1948 and balance it with the conditions for an IMF bailout, which the island nation desperately needs. One of the conditions for the IMF bailout is that Sri Lanka convinces India and China to reduce the debt it owes. A latest report from Reuters news agency, quoting sources, showed India has written to the IMF backing Sri Lanka's debt restructuring plan. WATCH WION LIVE HERE:

No end in sight for Sri Lanka's crisis as unemployment rate climbs, govt cuts budget spending 

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