Sri Lanka’s main opposition leader Sajith Premadasa on Tuesday withdrew his candidature for President of the island nation and said he is supporting rival candidate Dullas Alahapperuma.

Sri Lanka: Leader of opposition Premadasa withdraws Presidential candidacy

<p>Former British finance minister Rishi Sunak won the most support in the third round of voting to find a replacement for Johnson. Sunak got 115 votes on the third ballot of Conservative lawmakers on Monday. In another,&nbsp;Erdogan told reporters on Monday before a three-way summit with Russia and Iran; "I want to reiterate once again that we will freeze the process if these countries do not take the necessary steps to fulfil our conditions. We particularly note that Sweden does not have a good image on this issue."</p>

<p><strong>Click on headlines to read more:</strong></p>

<p><a href="https://www.wionews.com/world/uk-politics-government-wins-confidence-vote-rishi-sunak-widens-lead-in-race-to-become-pm-498670">UK politics: Government wins confidence vote; Rishi Sunak widens lead in race to become PM</a></p>
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<p>The United Kingdom government won the vote of confidence with 349 in support on Monday (July 18). During the debate, Boris Johnson cited the coronavirus vaccine rollout and support of Ukraine to defend his government's record. Meanwhile, 248 MPs voted that they don't have confidence in the government.&nbsp;</p>

<p>In the aftermath of a slew of scandals, Johnson resigned as UK prime minister. However, the main opposition Labour party wants Johnson out of office immediately.&nbsp;</p>

<p><a href="https://www.wionews.com/world/turkiyes-erdogan-says-will-freeze-finland-and-swedens-nato-bids-if-commitments-not-kept-498684">Turkiye's Erdogan says will freeze Finland and Sweden's NATO bids if commitments not kept</a></p>
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<p>President Tayyip Erdogan stated on Monday that Turkiye&nbsp;might halt Finland's and Sweden's NATO membership applications if the Nordic nations break their counterterrorism commitments from last month. He also stated that he thought Sweden was "not showing a good image" at the moment. In response to Russia's invasion of Ukraine, Finland and Sweden asked to join the defence alliance. Turkiye, however, objected, claiming that the Nordic nations supported organisations it considers terrorists.</p>

<p><a href="https://www.wionews.com/world/years-of-neglect-leaves-sexual-health-clinics-ill-prepared-for-monkeypox-498674">Years of neglect leaves sexual health clinics ill-prepared for monkeypox</a></p>
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<p>Sexual health clinics on the frontline of the monkeypox response are already financially stretched, leaving the United States and UK ill-equipped to tackle the first major global health test since the COVID-19 pandemic.</p>

<p>Infectious disease experts say sexual health clinics - which offer confidential walk-in diagnosis and treatment – are best placed to identify and treat cases of monkeypox, which is largely affecting men who have sex with men.</p>

<p><strong>Food inflation in Sri Lanka reaches record high, 22% of Lankans need food aid</strong></p>

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<p><strong>Putin to embark on first foreign trip to Iran: War in Ukraine, 2015 nuclear deal on agenda</strong></p>

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Former British finance minister Rishi Sunak won the most support in the third round of voting to find a replacement for Johnson. Sunak got 115 votes on the third ballot of Conservative lawmakers on Monday.

Former British finance minister Rishi Sunak won the most support in the third round of voting to find a replacement for Johnson. Sunak got 115 votes on the third ballot of Conservative lawmakers on Monday. In another, Erdogan told reporters on Monday before a three-way summit with Russia and Iran; "I want to reiterate once again that we will freeze the process if these countries do not take the necessary steps to fulfil our conditions. We particularly note that Sweden does not have a good image on this issue." Click on headlines to read more: UK politics: Government wins confidence vote; Rishi Sunak widens lead in race to become PM The United Kingdom government won the vote of confidence with 349 in support on Monday (July 18). During the debate, Boris Johnson cited the coronavirus vaccine rollout and support of Ukraine to defend his government's record. Meanwhile, 248 MPs voted that they don't have confidence in the government. In the aftermath of a slew of scandals, Johnson resigned as UK prime minister. However, the main opposition Labour party wants Johnson out of office immediately. Turkiye's Erdogan says will freeze Finland and Sweden's NATO bids if commitments not kept President Tayyip Erdogan stated on Monday that Turkiye might halt Finland's and Sweden's NATO membership applications if the Nordic nations break their counterterrorism commitments from last month. He also stated that he thought Sweden was "not showing a good image" at the moment. In response to Russia's invasion of Ukraine, Finland and Sweden asked to join the defence alliance. Turkiye, however, objected, claiming that the Nordic nations supported organisations it considers terrorists. Years of neglect leaves sexual health clinics ill-prepared for monkeypox Sexual health clinics on the frontline of the monkeypox response are already financially stretched, leaving the United States and UK ill-equipped to tackle the first major global health test since the COVID-19 pandemic. Infectious disease experts say sexual health clinics - which offer confidential walk-in diagnosis and treatment – are best placed to identify and treat cases of monkeypox, which is largely affecting men who have sex with men. Food inflation in Sri Lanka reaches record high, 22% of Lankans need food aid × Putin to embark on first foreign trip to Iran: War in Ukraine, 2015 nuclear deal on agenda ×

Morning news brief: Rishi leads UK PM race, Erdogan's statement on NATO, and more

Sri Lanka is in the grip of a massive political and economic crisis which has triggered food inflation in the country. According to the world food programme, nearly 5 million people need food aid.

Food inflation in Sri Lanka reaches record high, 22% of Lankans need food aid

Sri Lanka's acting President Ranil Wickrenesinghe declared an emergency to tackle widespread protests against his government. How does the emergency empower the government? Will it backfire? Palki Sharma tells you.

Gravitas: Sri Lanka declares emergency to contain protests

Victory for the people: Sri Lanka’s protests marks 100 days, waiting for the new leader

The countdown for electing a new president in Sri Lanka has now begun and it's going to be a three-way fight as three candidates were nominated today to replace the former Lankan president Gotabaya Rajapaksa. The Sri Lankan parliament will vote for a new leader of the country tomorrow.

Sri Lanka to elect new President, 3 candidates file nomination for Presidential race

Sri Lanka’s acting President Ranil Wickremesinghe has declared a fresh state of emergency, as the interim government seeks to quell unrest ahead of a vote in parliament later this week to elect a new leader.

Sri Lanka: Acting president Wickremesinghe declares fresh state of emergency

There is a massive food crisis across Sri Lanka. The situation has turned five out of six households to resort to consuming less or even skipping meals entirely.

Reports: 22% of Sri Lankans need food aid | Five out of six families skip meals

<p><strong>Sri Lanka emergency:</strong> Ranil Wickremesinghe, Sri Lanka's acting President has declared a state of emergency. A government notice released late on Sunday (July 17) bears the declaration. The decision has come amid the&nbsp;economic crisis. Sri Lanka is going through an unprecedented economic crisis that has seen acute shortage of medicines, fuel and even food. The country has seen weeks of massive protests during which official residences of the former president Gotabaya Rajapaksa and even Wickremesinghe ransacked. Rajapaksa has fled the country and has resigned while Wickremesinghe is the new president.</p>

<p>Sunday, July 17 marked 100th day of protests in Sri Lanka.</p>

<p>Former president Gotabaya Rajapaksa's mismanagement is largely being blamed for Sri Lanka's current predicament. Sri Lanka's 22 million population has been forced to face shortage of food, medicines and fuel since late last year.</p>

<p><strong>Watch | Sri Lanka's economic crisis continues to worsen; protest movement reaches 100 days</strong></p>

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<p>Protests to oust Rajapaksa were mainly organised through Facebook, Twitter and Tik Tok posts. They drew large number of people from across Sri Lanka and across ethnic divides.</p>

<p>Minority Tamils and Muslims joined majority Sinhalese to demand ouster of Rajapaksa.</p>

<p>It began as a two-day protest on April 9. Tens of thousands of people set up camp in front of Rajapaksa's office.</p>

<p>Under Sri Lanka's constitution, Prime Minister Ranil Wickremesinghe was automatically installed as acting president following Rajapaksa's resignation.</p>

<p><strong>Also Read | <a href="https://www.wionews.com/south-asia/sri-lanka-the-rise-and-fall-of-the-rajapaksas-496696">Sri Lanka: The rise and fall of the Rajapaksas</a></strong></p>

<p>He is now the leading candidate to succeed him permanently in a parliamentary vote next week.</p>

<p>But the veteran politician is despised by the protesters as an ally of the Rajapaksa clan -- four brothers who have dominated the island's politics for years.</p>

<p><em>(With inputs from agencies)</em></p>

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Sri Lanka emergency: Ranil Wickremesinghe, Sri Lanka's acting President has declared a state of emergency. A government notice released late on Sunday (July 17) bears the declaration.

Sri Lanka emergency: Ranil Wickremesinghe, Sri Lanka's acting President has declared a state of emergency. A government notice released late on Sunday (July 17) bears the declaration. The decision has come amid the economic crisis. Sri Lanka is going through an unprecedented economic crisis that has seen acute shortage of medicines, fuel and even food. The country has seen weeks of massive protests during which official residences of the former president Gotabaya Rajapaksa and even Wickremesinghe ransacked. Rajapaksa has fled the country and has resigned while Wickremesinghe is the new president. Sunday, July 17 marked 100th day of protests in Sri Lanka. Former president Gotabaya Rajapaksa's mismanagement is largely being blamed for Sri Lanka's current predicament. Sri Lanka's 22 million population has been forced to face shortage of food, medicines and fuel since late last year. Watch | Sri Lanka's economic crisis continues to worsen; protest movement reaches 100 days × Protests to oust Rajapaksa were mainly organised through Facebook, Twitter and Tik Tok posts. They drew large number of people from across Sri Lanka and across ethnic divides. Minority Tamils and Muslims joined majority Sinhalese to demand ouster of Rajapaksa. It began as a two-day protest on April 9. Tens of thousands of people set up camp in front of Rajapaksa's office. Under Sri Lanka's constitution, Prime Minister Ranil Wickremesinghe was automatically installed as acting president following Rajapaksa's resignation. Also Read | Sri Lanka: The rise and fall of the Rajapaksas He is now the leading candidate to succeed him permanently in a parliamentary vote next week. But the veteran politician is despised by the protesters as an ally of the Rajapaksa clan -- four brothers who have dominated the island's politics for years. (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 President Ranil Wickremesinghe declares state of emergency

<p>After months of seething resentment over the nation’s economic collapse and expulsion of Gotabaya Rajapaksa after thousands of protesters stormed Rajapaksa’s and other officials’ residences. Although, most of the protesters who had been celebrating the resignation have left the buildings. The police are currently monitoring the facilities that were ransacked. A week later, the constitutional procedure to choose new leaders is being taken care of by the former prime minister and current acting president Ranil Wickremesinghe. However, political observers claim that the removal of the Rajapaksas, who oversaw the finance ministry and is responsible for the nation’s financial and economic collapse, is far from appeasing the people, Reuters reported.</p>

<p>On Friday (July 15), Wickremesinghe who protesters wanted to be removed, was chosen as the ruling party’s presidential candidate. His selection led to further unrest on whether he should be elected or not. Another candidate for the presidency is Sajith Premadasa and Dullas Alahapperuma, a senior member of the ruling party.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-acting-president-ranil-wickremesinghe-declares-state-of-emergency-498307">Sri Lanka: Acting President Ranil Wickremesinghe declares state of emergency</a></strong></p>

<p>However, while the emerald island nation’s foreign exchange reserves have almost completely vanished and the inflation topped 54.6 per cent last month, days-long petrol lines. The South Asian Island first received its three fuel cargoes on July 16, and the next consignment of diesel was likewise anticipated on Saturday, and more gasoline was anticipated for July 19.&nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/srilankadollarchallenge-sri-lankans-abroad-try-to-save-countrys-economy-via-viral-internet-trend-498161">#SriLankaDollarChallenge: Sri Lankans abroad try to save country's economy via viral internet trend</a></strong></p>

<p>The country’s central bank governor in conversation with The Wall Street Journal that the president will take office in a crisis-ridden nation that is likely to experience an economic contradiction of more than 6 per cent this year as the unrest will affect the negotiations over the financial assistance with the IMF.&nbsp;</p>

<p>The country will have its presidential election on July 20.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


After months of seething resentment over the nation’s economic collapse and expulsion of Gotabaya Rajapaksa after thousands of protesters stormed Rajapaksa’s and other officials’ residences.

After months of seething resentment over the nation’s economic collapse and expulsion of Gotabaya Rajapaksa after thousands of protesters stormed Rajapaksa’s and other officials’ residences. Although, most of the protesters who had been celebrating the resignation have left the buildings. The police are currently monitoring the facilities that were ransacked. A week later, the constitutional procedure to choose new leaders is being taken care of by the former prime minister and current acting president Ranil Wickremesinghe. However, political observers claim that the removal of the Rajapaksas, who oversaw the finance ministry and is responsible for the nation’s financial and economic collapse, is far from appeasing the people, Reuters reported. On Friday (July 15), Wickremesinghe who protesters wanted to be removed, was chosen as the ruling party’s presidential candidate. His selection led to further unrest on whether he should be elected or not. Another candidate for the presidency is Sajith Premadasa and Dullas Alahapperuma, a senior member of the ruling party. Also read | Sri Lanka: Acting President Ranil Wickremesinghe declares state of emergency However, while the emerald island nation’s foreign exchange reserves have almost completely vanished and the inflation topped 54.6 per cent last month, days-long petrol lines. The South Asian Island first received its three fuel cargoes on July 16, and the next consignment of diesel was likewise anticipated on Saturday, and more gasoline was anticipated for July 19. Also read | #SriLankaDollarChallenge: Sri Lankans abroad try to save country's economy via viral internet trend The country’s central bank governor in conversation with The Wall Street Journal that the president will take office in a crisis-ridden nation that is likely to experience an economic contradiction of more than 6 per cent this year as the unrest will affect the negotiations over the financial assistance with the IMF. The country will have its presidential election on July 20. (With inputs from agencies)

Sri Lanka in crisis: Some relief for protesters after the resignation, now waiting for the new president

<p>Requesting the assistance of the British government and their intelligence services, Sri Lankan acting President Ranil Wickremesinghe has said the absence of a proper Easter Sunday investigation has meant that this issue still remains unresolved.</p>

<p>During Easter celebrations on April 21, 2019 simultaneous suicide bombings on three churches killed 42 foreigners from 14 countries.</p>

<p>Piling pressure on the government already embroiled in a deep economic crisis, Sri Lankans protesting for days near the president’s office criticised a lack of progress in finding those responsible for killing over 260 people in Islamic State-inspired bombings on Easter Sunday three years ago.</p>

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<p>Calling for justice for the victims of the attacks, hundreds of people lit candles and displayed banners and placards during a silent protest in the capital Colombo on Sunday.</p>

<p>Blaming friction between the country’s former president and former prime minister, Wickremesinghe said they failed to act on the intelligence warnings.</p>

<p>After Gotabaya Rajapaksa fleed to Singapore following over 100 days of protest due an economic crisis, Wickremesinghe automatically became acting president.</p>

<p>Questioning former president Gotabaya Rajapaksa's government, Archbishop of Colombo Cardinal Malcolm Ranjith said the true conspirators in the attacks could still be at large.</p>

<p>Just a year before the pandemic dealt a heavy blow to the Sri Lankan economy, the attacks shattered the country’s tourism industry.</p>

<p><em>(With inputs from agencies)</em></p>

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Requesting the assistance of the British government and their intelligence services, Sri Lankan acting President Ranil Wickremesinghe has said the absence of a proper Easter Sunday investigation has meant that this issue still remains unresolved.

Requesting the assistance of the British government and their intelligence services, Sri Lankan acting President Ranil Wickremesinghe has said the absence of a proper Easter Sunday investigation has meant that this issue still remains unresolved. During Easter celebrations on April 21, 2019 simultaneous suicide bombings on three churches killed 42 foreigners from 14 countries. Piling pressure on the government already embroiled in a deep economic crisis, Sri Lankans protesting for days near the president’s office criticised a lack of progress in finding those responsible for killing over 260 people in Islamic State-inspired bombings on Easter Sunday three years ago. × Calling for justice for the victims of the attacks, hundreds of people lit candles and displayed banners and placards during a silent protest in the capital Colombo on Sunday. Blaming friction between the country’s former president and former prime minister, Wickremesinghe said they failed to act on the intelligence warnings. After Gotabaya Rajapaksa fleed to Singapore following over 100 days of protest due an economic crisis, Wickremesinghe automatically became acting president. Questioning former president Gotabaya Rajapaksa's government, Archbishop of Colombo Cardinal Malcolm Ranjith said the true conspirators in the attacks could still be at large. Just a year before the pandemic dealt a heavy blow to the Sri Lankan economy, the attacks shattered the country’s tourism industry. (With inputs from agencies) Watch WION's live TV here: ×

Sri Lankan acting President Ranil Wickremesinghe seeks UK help in Easter attacks probe

<p>Amid diplomatic talks with Russia to supply fuel, Sri Lanka's state-owned Ceylon Petroleum Corporation (CPC) and the Lanka Indian Oil Corporation (LIOC) have reduced the retail price.</p>

<p>Local media reported that while the price of a litre of Octane 92 petrol will be reduced by Rs 20, Octane 95 petrol will sell for Rs 540 per litre.</p>

<p>Following a reduction of Rs 10, the price for super diesel will be Rs 510 a litre and normal diesel will be Rs 440.</p>

<p>Highlighting that both the CPC and the LIOC will take part in the scheme, the Ministry of Power and Energy also introduced a new digital system to systematise the distribution of fuel from July 21.</p>

<p><strong>Also see |&nbsp;<a href="https://www.wionews.com/photos/sri-lankas-political-crisis-what-happens-next-497952">Sri Lanka's political crisis: What happens next?</a></strong></p>

<p>It comes after Sri Lanka's Power and Energy Minister Kanchana Wijesekera said that his government is in discussion with Russia for the purchase of fuel.</p>

<p>Sri Lanka, which has been facing a crippling fuel shortage since February, is currently experiencing its worst economic crisis in decades.</p>

<p>After the country ran out of foreign exchange to finance even the most vital imports, Sri Lanka was unable to import fuel.</p>

<p>Ahead of a parliamentary vote to pick a new head of state, Sri Lanka's acting president renewed the country's state of emergency on Monday.</p>

<p>Sri Lanka, which is in talks with the IMF for a possible bailout, defaulted on its $51 billion foreign debt in mid-April.</p>

<p><em>(With inputs from agencies)</em></p>

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Amid diplomatic talks with Russia to supply fuel, Sri Lanka's state-owned Ceylon Petroleum Corporation (CPC) and the Lanka Indian Oil Corporation (LIOC) have reduced the retail price.

Amid diplomatic talks with Russia to supply fuel, Sri Lanka's state-owned Ceylon Petroleum Corporation (CPC) and the Lanka Indian Oil Corporation (LIOC) have reduced the retail price. Local media reported that while the price of a litre of Octane 92 petrol will be reduced by Rs 20, Octane 95 petrol will sell for Rs 540 per litre. Following a reduction of Rs 10, the price for super diesel will be Rs 510 a litre and normal diesel will be Rs 440. Highlighting that both the CPC and the LIOC will take part in the scheme, the Ministry of Power and Energy also introduced a new digital system to systematise the distribution of fuel from July 21. Also see | Sri Lanka's political crisis: What happens next? It comes after Sri Lanka's Power and Energy Minister Kanchana Wijesekera said that his government is in discussion with Russia for the purchase of fuel. Sri Lanka, which has been facing a crippling fuel shortage since February, is currently experiencing its worst economic crisis in decades. After the country ran out of foreign exchange to finance even the most vital imports, Sri Lanka was unable to import fuel. Ahead of a parliamentary vote to pick a new head of state, Sri Lanka's acting president renewed the country's state of emergency on Monday. Sri Lanka, which is in talks with the IMF for a possible bailout, defaulted on its $51 billion foreign debt in mid-April. (With inputs from agencies) Watch WION's live TV here: ×

Sri Lanka political crisis: Colombo reduces fuel prices amid talks with Russia

Political and economic turmoil continue in Sri Lanka. In the latest, acting President Ranil Wickremesinghe has declared a state of emergency in the country, this comes as Sri Lanka is now set to pick a new President.

Sri Lanka: President Ranil Wickremesinghe announces emergency to quell public unrest, maintain order

Political and economic wars continue in Sri Lanka. In the latest, acting President Ranil Wickremesinghe has declared a state of emergency in the country, this comes as Sri Lanka is now set to pick a new President.

Sri Lanka's acting President Ranil Wickremesinghe declares state of emergency

Sri Lanka is in a mess. The President has resigned, the state machinery has crumbled, the political order has collapsed. Where is the country headed? How can the crisis be solved? What lessons should the world take? Palki Sharma Upadhyay explains on Gravitas Plus.

Gravitas Plus: Can Sri Lanka fix

Sri Lanka is reeling under its worst economic crisis since independence. The crisis continues to worsen even after President stepped down. Now, SLPP has announced support for Wickremesinghe.

Sri Lanka's economic crisis continues to worsen; protest movement reaches 100 days

<p>After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president. Sri Lanka used to be a middle-income economy, continuously improving on social indicators, but economic mismanagement by the government led it to collapse.&nbsp;<br />
&nbsp;<br />
Everything started with the tourism industry, which was severely impacted first by bombings carried out by Islamic extremists targeting hotels and churches in 2019, and then by the coronavirus outbreak the following year. Tourism revenues contributed to 5.6 per cent of the Sri Lankan GDP in 2018 but fell to just 0.8 per cent in 2020. India, as a country is also dependent on tourism, as this sector contributed 9.3 per cent to the country's GDP in 2019. The Indian tourism industry also needs to cope with the setbacks created due to the coronavirus pandemic, or the revenue source could be lost.<br />
&nbsp;<br />
The Government of Sri Lanka under Rajapaksa reduced VAT to 8 per cent, reduced corporate tax from 28 per cent&nbsp;to 24 per cent, and abolished the Pay As You Earn (PAYE) tax and the 2 per cent “nation-building tax” which financed infrastructure development. All of these led to a 33.5 per cent decline in registered taxpayers. India is also in the process of reforming its tax structure, with the introduction of the Goods and Services Tax (GST), reduction in corporate tax rate and exemption of individual taxpayers with taxable income up to Rs&nbsp;500,000 &nbsp;by providing a 100 per cent tax rebate. These reforms need to be implemented with caution.<br />
&nbsp;<br />
In its 2014 State of the Economy Report, the Institute of Policy Studies of Sri Lanka called attention to hot money, unsettling borrowing habits, ephemeral and shallow quick fixes, and a monopoly of foreign direct investment flow into the hotel industry. When compared to 2005, Sri Lanka's foreign debt more than doubled, rising to $56.3 billion by 2020. The country's foreign debt increased from roughly 42 per cent&nbsp;of GDP in 2019 to 119 per cent&nbsp;of GDP in 2021. The nation needed to pay $4 billion in debt by the end of 2022, but as of April 2022, government foreign currency reserves were only $2.3 billion.&nbsp;<br />
&nbsp;<br />
According to the Reserve Bank of India's data, at the end of March 2022, India’s external debt was placed at $ 620.7 billion, recording an increase of $ 47.1 billion over its level in end-March 2021. As per a recent RBI report, five Indian states have been flagged as highly debt-ridden states. India should manage its debt-to-GDP ratio to avoid defaulting.&nbsp;</p>
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<p>The government of Sri Lanka printed more and more money in order to deal with debt liabilities, but that led to the depreciation of the Sri Lankan rupee, leading to falling forex reserves. India should restructure debt, but at the same time also boost exports to deal with any untoward impact on forex reserves.<br />
&nbsp;<br />
In April 2021, Rajapaksa announced that the country will only allow organic farming, banning chemical pesticides and fertilisers, negatively impacting the production of tea and rice. Sri Lanka used to be the second largest tea exporter in the world, but bad agriculture policies led to the downfall of the industry. In November 2021, the government abandoned the organic farming plan, but the damage was already done. This led Sri Lanka to import rice worth $450 million in 2021.<br />
&nbsp;<br />
A big lesson to learn for India from this situation is to be self-sufficient in food production. As per the data released by the Ministry of Consumer Affairs, around 1550 tonnes of food grain have been wasted during the Covid-19 pandemic in the Food Corporation of India’s godowns, due to a lack of a proper mechanism to store the food grains, and this should be avoided at all costs, especially at a time when food resources have become scarce all over the world, with the situation exacerbated by the Russia-Ukraine war. The ongoing war also contributed to the collapse of the Sri Lankan economy, as Russia is the second biggest market for Sri Lankan tea exports, and also a major source of tourism.<br />
&nbsp;<br />
All these factors contributed to the fall of Sri Lanka, resulting in electricity and fuel shortages, and a rise in inflation. This placed the country at a standstill, with health services being impacted, mid-term examinations being postponed due to a shortage of paper, and also affecting the trade and diplomatic relations with other nations.<br />
&nbsp;<br />
India, as a country is also dealing with a set of unique economic problems that need to be dealt with carefully in order to avoid a future crisis. Firstly, India has a reserve oil storage of 74 days, but this needs to be increased keeping in mind the ongoing fuel crisis around the world created due to the Russia-Ukraine war. Secondly, India seems to be on the brink of a power crisis with the ongoing coal shortage at a time when the country is dependent on fossil fuels for more than 60 per cent of electricity generation. Third, the Indian rupee has depreciated 5.9 per cent in 2022, which will further result in decreasing forex reserves, which have already plunged to the lowest ever value in the past 15 months. Fourth, Indian inflation soared to 7.79 per cent in April 2022, which should be avoided at all costs, as seen in Sri Lanka, where angry protestors raided government institutions to express outrage over increasing prices. Lastly, industrial production should be increased in tune with the government’s plan to produce goods worth $1 trillion by 2025, and at the same time exports should be increased to earn sufficient forex reserves to deal with debt liabilities and the ever-increasing cost of imports due to unstable global atmosphere around fuel and food.<br />
&nbsp;</p>

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After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president.

After months of opposition to his administration over the worst economic crisis in the country's history, Sri Lankan President Gotabaya Rajapaksa has resigned. Sri Lanka's parliament convened on Saturday to start the process of electing a new president. Sri Lanka used to be a middle-income economy, continuously improving on social indicators, but economic mismanagement by the government led it to collapse. Everything started with the tourism industry, which was severely impacted first by bombings carried out by Islamic extremists targeting hotels and churches in 2019, and then by the coronavirus outbreak the following year. Tourism revenues contributed to 5.6 per cent of the Sri Lankan GDP in 2018 but fell to just 0.8 per cent in 2020. India, as a country is also dependent on tourism, as this sector contributed 9.3 per cent to the country's GDP in 2019. The Indian tourism industry also needs to cope with the setbacks created due to the coronavirus pandemic, or the revenue source could be lost. The Government of Sri Lanka under Rajapaksa reduced VAT to 8 per cent, reduced corporate tax from 28 per cent to 24 per cent, and abolished the Pay As You Earn (PAYE) tax and the 2 per cent “nation-building tax” which financed infrastructure development. All of these led to a 33.5 per cent decline in registered taxpayers. India is also in the process of reforming its tax structure, with the introduction of the Goods and Services Tax (GST), reduction in corporate tax rate and exemption of individual taxpayers with taxable income up to Rs 500,000 by providing a 100 per cent tax rebate. These reforms need to be implemented with caution. In its 2014 State of the Economy Report, the Institute of Policy Studies of Sri Lanka called attention to hot money, unsettling borrowing habits, ephemeral and shallow quick fixes, and a monopoly of foreign direct investment flow into the hotel industry. When compared to 2005, Sri Lanka's foreign debt more than doubled, rising to $56.3 billion by 2020. The country's foreign debt increased from roughly 42 per cent of GDP in 2019 to 119 per cent of GDP in 2021. The nation needed to pay $4 billion in debt by the end of 2022, but as of April 2022, government foreign currency reserves were only $2.3 billion. According to the Reserve Bank of India's data, at the end of March 2022, India’s external debt was placed at $ 620.7 billion, recording an increase of $ 47.1 billion over its level in end-March 2021. As per a recent RBI report, five Indian states have been flagged as highly debt-ridden states. India should manage its debt-to-GDP ratio to avoid defaulting. The government of Sri Lanka printed more and more money in order to deal with debt liabilities, but that led to the depreciation of the Sri Lankan rupee, leading to falling forex reserves. India should restructure debt, but at the same time also boost exports to deal with any untoward impact on forex reserves. In April 2021, Rajapaksa announced that the country will only allow organic farming, banning chemical pesticides and fertilisers, negatively impacting the production of tea and rice. Sri Lanka used to be the second largest tea exporter in the world, but bad agriculture policies led to the downfall of the industry. In November 2021, the government abandoned the organic farming plan, but the damage was already done. This led Sri Lanka to import rice worth $450 million in 2021. A big lesson to learn for India from this situation is to be self-sufficient in food production. As per the data released by the Ministry of Consumer Affairs, around 1550 tonnes of food grain have been wasted during the Covid-19 pandemic in the Food Corporation of India’s godowns, due to a lack of a proper mechanism to store the food grains, and this should be avoided at all costs, especially at a time when food resources have become scarce all over the world, with the situation exacerbated by the Russia-Ukraine war. The ongoing war also contributed to the collapse of the Sri Lankan economy, as Russia is the second biggest market for Sri Lankan tea exports, and also a major source of tourism. All these factors contributed to the fall of Sri Lanka, resulting in electricity and fuel shortages, and a rise in inflation. This placed the country at a standstill, with health services being impacted, mid-term examinations being postponed due to a shortage of paper, and also affecting the trade and diplomatic relations with other nations. India, as a country is also dealing with a set of unique economic problems that need to be dealt with carefully in order to avoid a future crisis. Firstly, India has a reserve oil storage of 74 days, but this needs to be increased keeping in mind the ongoing fuel crisis around the world created due to the Russia-Ukraine war. Secondly, India seems to be on the brink of a power crisis with the ongoing coal shortage at a time when the country is dependent on fossil fuels for more than 60 per cent of electricity generation. Third, the Indian rupee has depreciated 5.9 per cent in 2022, which will further result in decreasing forex reserves, which have already plunged to the lowest ever value in the past 15 months. Fourth, Indian inflation soared to 7.79 per cent in April 2022, which should be avoided at all costs, as seen in Sri Lanka, where angry protestors raided government institutions to express outrage over increasing prices. Lastly, industrial production should be increased in tune with the government’s plan to produce goods worth $1 trillion by 2025, and at the same time exports should be increased to earn sufficient forex reserves to deal with debt liabilities and the ever-increasing cost of imports due to unstable global atmosphere around fuel and food. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sri Lankan crisis: Economy lessons India can learn

<p>The Asia Cup is "likely" to be moved out of Sri Lanka in the wake of political unrest in the island nation, SLC secretary Mohan de Silva said on Sunday, adding that the tournament could be played in the UAE. Sri Lanka, which has been battling an economic crisis, has witnessed widespread protests against the government for weeks.</p>

<p>However, the situation worsened with president Gotabaya Rajapaksa fleeing the country on a military jet. "The Asia Cup is very likely that it will be held in the UAE," Sri Lanka Cricket secretary de Silva told PTI when asked about a possible change in the venue of the T20 tournament.</p>

<p>The dates for the six-team tournament are expected to remain the same as scheduled earlier from August 26 to September 11. A qualifier will also take place before the main event with Hong Kong, Singapore, Kuwait and UAE battling out for the one qualification spot.</p>

<p><strong>Also Read:&nbsp;</strong><a href="https://www.wionews.com/sports/pakistan-captain-babar-azam-breaks-virat-kohlis-record-to-achieve-elusive-feat-498185">Pakistan captain Babar Azam breaks Virat Kohli's record to achieve elusive feat</a></p>

<p>Afghanistan, Sri Lanka, Pakistan, India and Bangladesh will be the five full-member teams. With Australia tour of Sri Lanka going off smoothly and Pakistan currently playing Test cricket in Sri Lanka, there were hopes that the SLC might be able to host the continental event.</p>

<p>The tournament serves as good preparation for the Asian teams ahead of the T20 World Cup in Australia in October-November. An official announcement from the Asian Cricket Council (ACC) on the change in tournament venue is expected soon. The ACC is headed by BCCI secretary Jay Shah.</p>

<p><strong>Also Read:&nbsp;</strong><a href="https://www.wionews.com/sports/one-champion-to-another-harbhajan-lauds-babar-azam-virat-kohli-over-heartfelt-twitter-exchange-498165">'One champion to another': Harbhajan lauds Babar Azam, Virat Kohli over heartfelt Twitter exchange</a></p>

<p>Pakistan Cricket Board on Saturday said that it wanted Asia Cup to be played in Sri Lanka.</p>

<p>"Our first preference is to support Sri Lanka and play the Asia Cup there. If this tournament does not take place in Sri Lanka, it will be a huge cricketing and financial loss for them. Australia's recent tour of Sri Lanka went off without any problems," said PCB chief executive Faisal Hasnain in a statement.</p>

<p>"Similarly, there have been no issues with the ongoing Pakistan tour of Sri Lanka as we are constantly in touch with Sri Lanka Cricket (SLC) and our embassy in the country.</p>

<p>Our discussions with the ACC representatives have suggested that the tournament is on track at the moment as they are monitoring the situation very carefully and we will support their decision."</p>


The Asia Cup is "likely" to be moved out of Sri Lanka in the wake of political unrest in the island nation, SLC secretary Mohan de Silva said on Sunday, adding that the tournament could be played in the UAE.

The Asia Cup is "likely" to be moved out of Sri Lanka in the wake of political unrest in the island nation, SLC secretary Mohan de Silva said on Sunday, adding that the tournament could be played in the UAE. Sri Lanka, which has been battling an economic crisis, has witnessed widespread protests against the government for weeks. However, the situation worsened with president Gotabaya Rajapaksa fleeing the country on a military jet. "The Asia Cup is very likely that it will be held in the UAE," Sri Lanka Cricket secretary de Silva told PTI when asked about a possible change in the venue of the T20 tournament. The dates for the six-team tournament are expected to remain the same as scheduled earlier from August 26 to September 11. A qualifier will also take place before the main event with Hong Kong, Singapore, Kuwait and UAE battling out for the one qualification spot. Also Read: Pakistan captain Babar Azam breaks Virat Kohli's record to achieve elusive feat Afghanistan, Sri Lanka, Pakistan, India and Bangladesh will be the five full-member teams. With Australia tour of Sri Lanka going off smoothly and Pakistan currently playing Test cricket in Sri Lanka, there were hopes that the SLC might be able to host the continental event. The tournament serves as good preparation for the Asian teams ahead of the T20 World Cup in Australia in October-November. An official announcement from the Asian Cricket Council (ACC) on the change in tournament venue is expected soon. The ACC is headed by BCCI secretary Jay Shah. Also Read: 'One champion to another': Harbhajan lauds Babar Azam, Virat Kohli over heartfelt Twitter exchange Pakistan Cricket Board on Saturday said that it wanted Asia Cup to be played in Sri Lanka. "Our first preference is to support Sri Lanka and play the Asia Cup there. If this tournament does not take place in Sri Lanka, it will be a huge cricketing and financial loss for them. Australia's recent tour of Sri Lanka went off without any problems," said PCB chief executive Faisal Hasnain in a statement. "Similarly, there have been no issues with the ongoing Pakistan tour of Sri Lanka as we are constantly in touch with Sri Lanka Cricket (SLC) and our embassy in the country. Our discussions with the ACC representatives have suggested that the tournament is on track at the moment as they are monitoring the situation very carefully and we will support their decision."

Asia Cup 2022 likely to be shifted from Sri Lanka to UAE, says SLC secretary Mohan de Silva

<p>Under Gotabaya Rajapaksa and his brothers' tenure, Sri Lankans endured chronic gasoline and diesel shortages as well as skyrocketing costs for staples like bread and vegetables for months. Now, as the country's citizens are waiting for lawmakers to choose a new president on July 20, its diaspora has taken it upon themselves to do something for their homeland. To assist Sri Lanka in overcoming its present economic challenges and foreign exchange crisis, a new challenge called as the #SriLankaDollarChallenge has been launched on social media.&nbsp;Under this challenge, Sri Lankans settled abroad are sending Dollars back to their home country. The remittances seek to help Sri Lanka's struggling economy.&nbsp;</p>

<p><strong>Watch |&nbsp;Sri Lanka's economic crisis continues to worsen; SLPP announces support to Wickremesinghe</strong></p>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lankas-economic-crisis-continues-to-worsen-slpp-announces-support-to-wickremesinghe-498157/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<p>According to a 2019 study by Weber State University's Nazneen Ahmad and others, remittances do significantly boost economic production.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/former-sri-lankan-president-gotabaya-rajapaksa-defends-himself-497894" hreflang="en">Former Sri Lankan President Gotabaya Rajapaksa defends himself</a></strong></p>

<p>The Mint reports that based on data from 80 poor countries from the World Development Indicators 2019 database for the years 1974 to 2014, they demonstrate that, on average, a 1 per cent increase in remittances improves real GDP by roughly 0.07 per cent over time.</p>

<p>As per some claims floating on Twitter, in the last couple of days, Sri Lankans settled overseas have sent close to $30,000 to their country. Tweets/posts online urge the diaspora to contribute by sending "money to family, friends or relatives thru official channels. If everyone could send money thru official channels, we could resolve the balance of payment crisis within few months."</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/south-asia/former-sri-lankan-president-gotabaya-rajapaksa-defends-himself-497894" hreflang="en">Former Sri Lankan President Gotabaya Rajapaksa defends himself</a></strong></p>

<p>According to a report by India Today citing local media, the Central Bank of Sri Lanka has recommended that all expats utilise only lawful official banking channels to remit dollars.</p>

<p>Earlier in April, Central bank governor Nandalal Weerasinghe had requested Sri Lankans abroad to “support the country at this crucial juncture by donating much needed foreign exchange”.</p>

<p>Here are some tweets supporting the #SriLankaDollarChallenge:</p>

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<p dir="ltr" lang="en">We united, we protested and we chased him away. Now again it’s our own turn to reconstruct the homeland. Every small step counts. Do whatever you can. Say no to black market! 🇱🇰💪🏼<br />
<br />
“United we stand, Divided we fall.”<a href="https://twitter.com/hashtag/srilankadollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#srilankadollarchallenge</a> <a href="https://twitter.com/hashtag/oecsldollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#oecsldollarchallenge</a> <a href="https://t.co/Pe0ZV3T4tJ">pic.twitter.com/Pe0ZV3T4tJ</a></p>
— Mohammed Shafnas (@Shafnas95me) <a href="https://twitter.com/Shafnas95me/status/1547898415769481217?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p dir="ltr" lang="en">The fellow sri lankans has done their part and now there is no GOTA anymore.<br />
This is our turn as sri lankans who lives in overseas. Lets do our part and kindly invite all of your friends or family or anyone to take part in the <a href="https://twitter.com/hashtag/SriLankaDollarChallenge?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaDollarChallenge</a><br />
And Lets build our country</p>
— Imesh Chathura #අරගලයටජය 🇱🇰💕 (@ImeshChathura) <a href="https://twitter.com/ImeshChathura/status/1547904846958710784?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p dir="ltr" lang="en">As promised we will continue to do our best to the motherland ❤️ <a href="https://twitter.com/hashtag/srilankadollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#srilankadollarchallenge</a> <a href="https://twitter.com/hashtag/GoHomeGota2022?src=hash&amp;ref_src=twsrc%5Etfw">#GoHomeGota2022</a> <a href="https://twitter.com/hashtag/GoHomeRanil2022?src=hash&amp;ref_src=twsrc%5Etfw">#GoHomeRanil2022</a> <a href="https://t.co/bOlDub5HgO">pic.twitter.com/bOlDub5HgO</a></p>
— Lakmal (@lakmalnira) <a href="https://twitter.com/lakmalnira/status/1547846793483849731?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/SriLankadollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankadollarchallenge</a> is inspiring!<br />
<br />
If possible <a href="https://twitter.com/CBSL?ref_src=twsrc%5Etfw">@CBSL</a> should share the figures on daily basis to encourage more expats &amp; Entrepreneur 🙌</p>
— Muhammed Gazzaly 🇱🇰 (@gazly) <a href="https://twitter.com/gazly/status/1547916254156976130?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p dir="ltr" lang="en">Send the money to our country in a legal way and Restore the Nation Together.<a href="https://twitter.com/hashtag/srilankadollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#srilankadollarchallenge</a></p>
— I'm Mujeeb (@hm_mujeebrahman) <a href="https://twitter.com/hm_mujeebrahman/status/1547862271824920576?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p dir="ltr" lang="en">Gota resigned and now people are sending Dollars to Sri Lanka. We can do this. Let’s get together and save our country 🇱🇰❤️<a href="https://twitter.com/hashtag/srilankadollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#srilankadollarchallenge</a></p>
— Waruna Hapugoda (@Waruna44) <a href="https://twitter.com/Waruna44/status/1547873001537880069?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p dir="ltr" lang="en">Let's rebuild Sri Lanka 🇱🇰<a href="https://twitter.com/hashtag/srilankadollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#srilankadollarchallenge</a> <a href="https://t.co/zyICesBd9m">pic.twitter.com/zyICesBd9m</a></p>
— Thushanka Sandeepa (@thushankas99) <a href="https://twitter.com/thushankas99/status/1547835484881420289?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p dir="ltr" lang="en">I urge every Sri Lankan who lives abroad to remit money to family, friends or relatives thru official channels. If everyone could send money thru official channels, we could resolve the balance of payment crisis within few months. 🇱🇰<a href="https://twitter.com/hashtag/SriLankadollarchallenge?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankadollarchallenge</a> <a href="https://twitter.com/hashtag/SriLanka?src=hash&amp;ref_src=twsrc%5Etfw">#SriLanka</a></p>
— Geethma Sooriyawansha (@geeethma) <a href="https://twitter.com/geeethma/status/1547965592677666818?ref_src=twsrc%5Etfw">July 15, 2022</a></blockquote>
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<p><em>(With inputs from agencies)</em></p>

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Under Gotabaya Rajapaksa and his brothers' tenure, Sri Lankans endured chronic gasoline and diesel shortages as well as skyrocketing costs for staples like bread and vegetables for months.

Under Gotabaya Rajapaksa and his brothers' tenure, Sri Lankans endured chronic gasoline and diesel shortages as well as skyrocketing costs for staples like bread and vegetables for months. Now, as the country's citizens are waiting for lawmakers to choose a new president on July 20, its diaspora has taken it upon themselves to do something for their homeland. To assist Sri Lanka in overcoming its present economic challenges and foreign exchange crisis, a new challenge called as the #SriLankaDollarChallenge has been launched on social media. Under this challenge, Sri Lankans settled abroad are sending Dollars back to their home country. The remittances seek to help Sri Lanka's struggling economy. Watch | Sri Lanka's economic crisis continues to worsen; SLPP announces support to Wickremesinghe According to a 2019 study by Weber State University's Nazneen Ahmad and others, remittances do significantly boost economic production. Also read | Former Sri Lankan President Gotabaya Rajapaksa defends himself The Mint reports that based on data from 80 poor countries from the World Development Indicators 2019 database for the years 1974 to 2014, they demonstrate that, on average, a 1 per cent increase in remittances improves real GDP by roughly 0.07 per cent over time. As per some claims floating on Twitter, in the last couple of days, Sri Lankans settled overseas have sent close to $30,000 to their country. Tweets/posts online urge the diaspora to contribute by sending "money to family, friends or relatives thru official channels. If everyone could send money thru official channels, we could resolve the balance of payment crisis within few months." Also read | Former Sri Lankan President Gotabaya Rajapaksa defends himself According to a report by India Today citing local media, the Central Bank of Sri Lanka has recommended that all expats utilise only lawful official banking channels to remit dollars. Earlier in April, Central bank governor Nandalal Weerasinghe had requested Sri Lankans abroad to “support the country at this crucial juncture by donating much needed foreign exchange”. Here are some tweets supporting the #SriLankaDollarChallenge: We united, we protested and we chased him away. Now again it’s our own turn to reconstruct the homeland. Every small step counts. Do whatever you can. Say no to black market! 🇱🇰💪🏼 “United we stand, Divided we fall.”#srilankadollarchallenge #oecsldollarchallenge pic.twitter.com/Pe0ZV3T4tJ — Mohammed Shafnas (@Shafnas95me) July 15, 2022 × The fellow sri lankans has done their part and now there is no GOTA anymore. This is our turn as sri lankans who lives in overseas. Lets do our part and kindly invite all of your friends or family or anyone to take part in the #SriLankaDollarChallenge And Lets build our country — Imesh Chathura #අරගලයටජය 🇱🇰💕 (@ImeshChathura) July 15, 2022 × As promised we will continue to do our best to the motherland ❤️ #srilankadollarchallenge #GoHomeGota2022 #GoHomeRanil2022 pic.twitter.com/bOlDub5HgO — Lakmal (@lakmalnira) July 15, 2022 × #SriLankadollarchallenge is inspiring! If possible @CBSL should share the figures on daily basis to encourage more expats & Entrepreneur 🙌 — Muhammed Gazzaly 🇱🇰 (@gazly) July 15, 2022 × Send the money to our country in a legal way and Restore the Nation Together.#srilankadollarchallenge — I'm Mujeeb (@hm_mujeebrahman) July 15, 2022 × Gota resigned and now people are sending Dollars to Sri Lanka. We can do this. Let’s get together and save our country 🇱🇰❤️#srilankadollarchallenge — Waruna Hapugoda (@Waruna44) July 15, 2022 × Let's rebuild Sri Lanka 🇱🇰#srilankadollarchallenge pic.twitter.com/zyICesBd9m — Thushanka Sandeepa (@thushankas99) July 15, 2022 × I urge every Sri Lankan who lives abroad to remit money to family, friends or relatives thru official channels. If everyone could send money thru official channels, we could resolve the balance of payment crisis within few months. 🇱🇰#SriLankadollarchallenge #SriLanka — Geethma Sooriyawansha (@geeethma) July 15, 2022 × (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.

#SriLankaDollarChallenge: Sri Lankans abroad try to save country's economy via viral internet trend

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Sri Lanka is in a mess. The President has resigned, the state machinery has crumbled, the political order has collapsed. Where is the country headed? How can the crisis be solved? What lessons should the world take? Palki Sharma Upadhyay explains on #GravitasPlus

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Sri Lanka is reeling under a severe economic crisis. After weeks of unrest, Gotabaya Rajapaksa has finally stepped down from his post. Now he says he did all he could to avert the Economic crisis.

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