Amid the ongoing political and economical crisis, Ranjith Siyambalapitiya, a Sri Lankan MP, was re-elected as Deputy Speaker of Parliament today.

Sri Lanka crisis & chaos: All eyes now on the no-confidence motion

Dissent against Sri Lankan President is growing as a group of students tried to storm into the Sri Lankan Parliament. The protests were being staged by the inter-university students federation. Police fired tear gas on student protesters.

Sri Lanka crisis & chaos: Police fire tear gas on student protesters

Thousands of stores, schools, and companies in Sri Lanka were closed on Friday as public and private sector workers protested the president and government's handling of the island's worst financial crisis in decades.

Sri Lanka has been left with as low as $50 million in usable foreign reserves as a result of the epidemic, rising oil prices, and tax cuts by President Gotabaya Rajapaksa's government.

This is the country's largest hartal campaign and strike, organised island-wide 69 years after the major hartal that began in 1953.

During the hartal, Sri Lankan protestors opposite the Parliament complex have thrown underpants on the barricades set up by Sri Lanka Police to prevent them from moving forward, giving the protests an unusual twist.

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Underwear protest against MP at the Polduwa junction near the Parliament. <a href="https://twitter.com/hashtag/SriLankaCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaCrisis</a> <a href="https://t.co/VhCj2cZF1V">pic.twitter.com/VhCj2cZF1V</a>
— Manjula Basnayake (@BasnayakeM) <a href="https://twitter.com/BasnayakeM/status/1522454485313986560?ref_src=twsrc%5Etfw">May 6, 2022</a></blockquote>
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The yellow barricades, as well as the GI pipe roadblocks erected by Sri Lankan officials, were covered in undergarments.

Student protestors were tear-gassed and forced away by police, but they stayed on and set up a township they called 'Horu-Go-Gama' within hours.

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The famous underwear protest.. 
 
Protestors at the newly put up "Horu Go Gama" have lined up underwears and panties near the Parliament, saying this is all that is now left. 
Protestors say they will stay at the site and will not leave. <a href="https://twitter.com/hashtag/SriLankaCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaCrisis</a> <a href="https://twitter.com/hashtag/SriLankaProtests?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaProtests</a> <a href="https://t.co/3NLRl1R9kD">pic.twitter.com/3NLRl1R9kD</a>
— Jamila Husain (@Jamz5251) <a href="https://twitter.com/Jamz5251/status/1522441674680520705?ref_src=twsrc%5Etfw">May 6, 2022</a></blockquote>
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Sri Lankans led by the Inter-University Students Federation, also known as Anthare, established a protest camp along the road leading to the parliament, dubbed 'HoruGoGama.'

This is the latest protest camp established against President Mahinda Rajapaksa, Prime Minister Gotabaya Rajapaksa, and their government.

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Underwear protest against the Govt near Parliament in Sri Lanka. <a href="https://twitter.com/hashtag/lka?src=hash&amp;ref_src=twsrc%5Etfw">#lka</a> <a href="https://twitter.com/hashtag/SriLankaEconomicCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaEconomicCrisis</a> <a href="https://twitter.com/hashtag/GoHomeGota2022?src=hash&amp;ref_src=twsrc%5Etfw">#GoHomeGota2022</a> <a href="https://twitter.com/hashtag/GoHomeRajapakshas?src=hash&amp;ref_src=twsrc%5Etfw">#GoHomeRajapakshas</a> <a href="https://twitter.com/hashtag/SriLankaCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaCrisis</a> <a href="https://twitter.com/hashtag/GotaGoGama?src=hash&amp;ref_src=twsrc%5Etfw">#GotaGoGama</a> <a href="https://t.co/jmM979kvSP">pic.twitter.com/jmM979kvSP</a>
— Seelan (@Seelan92) <a href="https://twitter.com/Seelan92/status/1522463544549076993?ref_src=twsrc%5Etfw">May 6, 2022</a></blockquote>
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Protesters are demanding that the President, Prime Minister, and their cabinet resign immediately, as well as that the Rajapaksa family refund the money that they have stolen from the people over the years.

They accuse the government of mismanaging the economy, which has resulted in increasing food costs and a drop in the country's reserves to historic lows.

Thousands of stores, schools, and companies in Sri Lanka were closed on Friday as public and private sector workers protested the president and government's handling of the island's worst financial crisis in decades.

Thousands of stores, schools, and companies in Sri Lanka were closed on Friday as public and private sector workers protested the president and government's handling of the island's worst financial crisis in decades. Sri Lanka has been left with as low as $50 million in usable foreign reserves as a result of the epidemic, rising oil prices, and tax cuts by President Gotabaya Rajapaksa's government. This is the country's largest hartal campaign and strike, organised island-wide 69 years after the major hartal that began in 1953. During the hartal, Sri Lankan protestors opposite the Parliament complex have thrown underpants on the barricades set up by Sri Lanka Police to prevent them from moving forward, giving the protests an unusual twist. Underwear protest against MP at the Polduwa junction near the Parliament. #SriLankaCrisis pic.twitter.com/VhCj2cZF1V — Manjula Basnayake (@BasnayakeM) May 6, 2022 × The yellow barricades, as well as the GI pipe roadblocks erected by Sri Lankan officials, were covered in undergarments. Student protestors were tear-gassed and forced away by police, but they stayed on and set up a township they called 'Horu-Go-Gama' within hours. The famous underwear protest.. Protestors at the newly put up "Horu Go Gama" have lined up underwears and panties near the Parliament, saying this is all that is now left. Protestors say they will stay at the site and will not leave. #SriLankaCrisis #SriLankaProtests pic.twitter.com/3NLRl1R9kD — Jamila Husain (@Jamz5251) May 6, 2022 × Sri Lankans led by the Inter-University Students Federation, also known as Anthare, established a protest camp along the road leading to the parliament, dubbed 'HoruGoGama.' This is the latest protest camp established against President Mahinda Rajapaksa, Prime Minister Gotabaya Rajapaksa, and their government. Underwear protest against the Govt near Parliament in Sri Lanka. #lka #SriLankaEconomicCrisis #GoHomeGota2022 #GoHomeRajapakshas #SriLankaCrisis #GotaGoGama pic.twitter.com/jmM979kvSP — Seelan (@Seelan92) May 6, 2022 × Protesters are demanding that the President, Prime Minister, and their cabinet resign immediately, as well as that the Rajapaksa family refund the money that they have stolen from the people over the years. They accuse the government of mismanaging the economy, which has resulted in increasing food costs and a drop in the country's reserves to historic lows.

Watch | Stripped of good governance, Sri Lankans launch an 'underwear protest'

In order to procure fuel stocks, Sri Lanka on Monday (May 1) extended a credit line with India by $200 million.

The announcement was made by Sri Lanka's power and energy minister, Kanchana Wijesekera who added that four shipments will arrive from India in May.

She added that Colombo was in talks with New Delhi about extending the credit line by an additional $500 million so in total, the credit line will be $1.2 billion.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-mahinda-rajapaksa-to-be-removed-475053/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The island nation, which has a population of 22 million people, is experiencing its worse economic crisis since gaining independence from Britain.

It has been rocked by a wave of protests due to power cuts lasting for 13 hours, along with a shortage of food, fuel, and medicines.

The country has defaulted on its foreign debt and diesel prices have been raised 138 per cent.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/family-of-5-lankan-tamils-arrive-on-indian-shores-flee-island-nation-carrying-infant-475675" hreflang="en">Family of 5 Lankan Tamils arrive on Indian shores, flee island nation carrying infant</a>

Southern Indian state Tamil Nadu is going to send shipments carrying 40,000 tonne of rice (value Rs 80 crore), life-saving drugs (Rs 28 crore), and 500 tonne of milk powder (Rs 15 crore) to Sri Lanka.

Demonstrators protesting outside the residence of President Gotabaya Rajapaksa have asked him to resign, with Sri Lanka's currency dropping more than 40 per cent against the dollar since March.&nbsp;

(With inputs from agencies)

Watch WION's live TV here:

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In order to procure fuel stocks, Sri Lanka on Monday (May 1) extended a credit line with India by $200 million. The announcement was made by Sri Lanka's power and energy minister, Kanchana Wijesekera who added that four shipments will arrive from India in May.

In order to procure fuel stocks, Sri Lanka on Monday (May 1) extended a credit line with India by $200 million. The announcement was made by Sri Lanka's power and energy minister, Kanchana Wijesekera who added that four shipments will arrive from India in May. She added that Colombo was in talks with New Delhi about extending the credit line by an additional $500 million so in total, the credit line will be $1.2 billion. The island nation, which has a population of 22 million people, is experiencing its worse economic crisis since gaining independence from Britain. It has been rocked by a wave of protests due to power cuts lasting for 13 hours, along with a shortage of food, fuel, and medicines. The country has defaulted on its foreign debt and diesel prices have been raised 138 per cent. Also read | Family of 5 Lankan Tamils arrive on Indian shores, flee island nation carrying infant Southern Indian state Tamil Nadu is going to send shipments carrying 40,000 tonne of rice (value Rs 80 crore), life-saving drugs (Rs 28 crore), and 500 tonne of milk powder (Rs 15 crore) to Sri Lanka. Demonstrators protesting outside the residence of President Gotabaya Rajapaksa have asked him to resign, with Sri Lanka's currency dropping more than 40 per cent against the dollar since March. (With inputs from agencies) Watch WION's live TV here:

In order to procure fuel stocks, Sri Lanka extends credit line with India by $200 million

Youth becomes the face of Sri Lankan protests as protests against the Rajapaksa family has intensified. PM Mahinda Rajapaksa has refused to step down. For more on this, we're joined by WION's correspondent Dasuni.

Sri Lanka crisis: Protests continue against Rajapaksa family

In an exclusive interview with WION, the former deputy governor of the Central Bank of Sri Lanka, W.A Wijewardena has said that the hardship for the country's citizens is going to increase.

The island nation, which has a population of 22 million, is facing its worst economic crisis since it gained independence from Britain.

It has been rocked by protests, with demonstrators calling for President Gotabaya Rajapaksa to resign.&nbsp;

Wijewardena, who had initiated the setting up of Sri Lanka accounting and auditing standards as the Chairman of Sri Lanka Accounting and Auditing Standards Monitoring Board from 2000 to 2008, pointed out that the country's inflation rate has reached nearly 30 percent in April, a seventh consecutive record high. &nbsp;

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WION: According to the department of census and statistics, month-on-month inflation for the month of April stood at 29.5%, now over the past few months specifically, in 2022, Sri Lanka has continued to record a very high level of inflation each month topping the previous. Do you really see a trend going higher in the coming few months? What is the forecast so far?

Weerakoon Wijewardena: This is not unexpected because if you take 27 month period, starting from December 2019 during which Gotabe Rajapaksya was leading the country. There has been a massive explosion of money playing in the country by about 4 trillion Sri Lanka rupees which is factually equal to 53&nbsp;crores and normally when a central bank allows the money supply to go up there is a formula- if you allow the money supply to grow at the same rate as the real economic growth, there is no inflation in the country. But if the money supply growth is seen in excess of the real economic growth, that excess amount will chase after goods and services and as a result, there will be inflation in the country. If we take real economic growth during 2020-2021, that was actually close to 0.1 per cent&nbsp;so when you have money supply growth of 53&nbsp;per cent&nbsp;&nbsp;as against 0 economic growth, naturally the inflation rate should go up to more than 50&nbsp;per cent&nbsp;in the next few months. There are independent inflation trackers outside Sri Lanka. One is Prof. Steve Henky of John Hopkins University. He is using a different formula. According to him, when we use the purchasing power parity formula, Sri Lanka's inflation rate is as high as 119 per cent&nbsp;right now. We have to expect the inflation rate to go up further in the coming month. As a result, we will have to expect the worse in the next few months.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-hikes-medicine-prices-amid-financial-crisis-475166" hreflang="en">Sri Lanka hikes medicine prices amid financial crisis</a>

WION: When we look at why Sri Lanka got into this economic crisis, one of the reasons was the tax reductions that were made by Rajapaksa soon after he became the president in 2019. But finance minister, Ali Sabry has been seen speaking to foreign media and has been stating that it will be inevitable that the taxes will be raised. Given the current situation, is this the right move?

Weerakoon Wijewardena: Well there is a right direction because we have to congratulate Ali Sabry for coming out with that frank opinion. This is inevitable and this is just because of two reasons. One is that the govt of Sri Lanka after it lost its revenue due to the unattractive tax concession is offered to income tax, lost revenue. It was dependent on the money printing capacity of the central bank and the banking sector to finance its bills. Right now they cannot do it because the international monetary fund has laid down four preconditions for Sri Lanka to start any negotiations with IMF. One of the conditions is that the central banks will have to stop financing the government and tighten the monetary policy. In the few auctions of the treasury bill, we have been able to collect everything that the government needed from the market without lending a single cent from the central bank to the government. So he is actually complying with the requirement of the IMF in order to enable Sri Lanka to start its negotiations. So what Ali Sabry has said is correct and as an economist and citizen, I have to endorse him and support him in this endeavor.

Also see |&nbsp;<a href="https://www.wionews.com/photos/sri-lankan-demonstrators-clash-with-police-in-violent-protest-over-economic-crisis-467408">Sri Lankan demonstrators clash with police in violent protest over economic crisis</a>

WION: Amidst this crisis, a concept of debt restructuring and debt sustainability. How can Sri Lanka look into this in a fruitful manner given the fact that we did see China stating it is not in favor of debt sustainability, So can we find a compromise that will work with one of our creditors as well as the country's economic well being?

Weerakoon Wijewardena: Sri Lanka has no choice in this case. We do not have any foreign reserves, the foreign reserves of the central bank are negative to the extent of 4 billion US dollars and we don't have any foreign reserves to pay our debt. We have to compulsorily go for debt restructuring.

WION: Also we are now in the middle of a political crisis in the middle of an economic crisis. How is this impacted in your expert opinion, given that we have fractions within the government, certain factions within the opposition, and neither of them wants to get together and solve this issue? how has the current political crisis really impacted the Sri Lankan economy, especially over the past few weeks given that there has been a massive public outcry in itself for the government to step down? As an expert yourself, do you think this is the right moment to step down, and if he is to do so, what are the alternatives?

Weerakoon Wijewardena: He must be intelligent enough to read the writing on the wall. Writing on the wall is that everyone who has supported him at the presidential elections in 2019 has come out on the streets, they have countered the street and asked the President to step down, the cabinet to step down because the entire administration has failed in the last 27 months. Because they were not able to deliver any of the things they promised in the elections, instead of in their rule, the economic conditions have deteriorated. So in my view, political stability is highly fatal to Sri Lanka's economic growth. We must ensure stability as fast as possible. For that purpose, if Rajapaksa can read the writing on the wall accurately, he will have to now step down.

Watch WION's live TV:

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

WION: Amidst this economic crisis, people have been protesting for over a month. The common concern is that the current living costs are unbearable with rising inflation, the price of goods and services are dramatically high right now, and given the current statements made by the Finance Minister that further taxes will be imposed in the future. Will the people will really be able to afford basic necessities in Sri Lanka?

Weerakoon Wijewardena: We are a bankrupt nation today. A bankrupt nation has no choice. Because we are beggars and they say that beggars can't choose the meal that they can get. So likewise, all Sri Lankans starting from Gotabye Rajapaksa to the man in the street will have to make a supreme sacrifice in the coming 10-12 month time period in order to come out of the present economic crisis. We have been hit by all aspects of the economic crisis, health crisis, every possible crisis has hit Sri Lanka.

WION: Do you think the people of Sri Lanka are willing to make this choice? 
Weerakoon Wijewardena: They have to, they don't have any choice.

WION: What can we expect in the coming few months, especially there are a lot of speculations that there will be more shortages of commodities, fuel and gas, electricity which are already in shortage in the country. Will it get worse in the possible future?

Weerakoon Wijewardena: It will definitely get worse. In the case of the central bank of Sri Lanka, it is negative to the extent of 4 billion US dollars. we don't have a single dollar with us in the central bank. So as a result, we have not been able to maintain the required import for Sri Lanka. because of the loss of foreign exchange by Sri Lanka, the situation will get worse in the few months. We have to expect the worse to happen. Small things don't get manufactured in the markets today, the necessary chip that they have to put in the LED bulb is not manufactured in Sri Lanka. Almost all manufacturing products will be in short supply in a few months. They have to go through this difficult situation. It has to come from the top.

WION: What sort of sacrifices do you think the politicians, President, prime minister, and cabinet ministers should be doing right now? 
Weerakoon Wijewardena: The people on top will have to set an example for us, we will have to prepare ourselves for the worst things that might come across. We will not be able to eat 3 meals a day or wear 2-3 suits a year. We have to make sacrifices in order to make a better situation for Sri Lanka.

WION: How far away are we sort of seeing the light to the end of the tunnel? how long will it take for the people to reap the benefits of the sacrifices? 
Weerakoon Wijewardena: We cannot give a timeline for that. All we can say is we have to make the sacrifices. Greater the sacrifices they make today, the quicker the time we will be able to reach the end of the tunnel.

In an exclusive interview with WION, the former deputy governor of the Central Bank of Sri Lanka, W.A Wijewardena has said that the hardship for the country's citizens is going to increase.

In an exclusive interview with WION, the former deputy governor of the Central Bank of Sri Lanka, W.A Wijewardena has said that the hardship for the country's citizens is going to increase. The island nation, which has a population of 22 million, is facing its worst economic crisis since it gained independence from Britain. It has been rocked by protests, with demonstrators calling for President Gotabaya Rajapaksa to resign. Wijewardena, who had initiated the setting up of Sri Lanka accounting and auditing standards as the Chairman of Sri Lanka Accounting and Auditing Standards Monitoring Board from 2000 to 2008, pointed out that the country's inflation rate has reached nearly 30 percent in April, a seventh consecutive record high. WION: According to the department of census and statistics, month-on-month inflation for the month of April stood at 29.5%, now over the past few months specifically, in 2022, Sri Lanka has continued to record a very high level of inflation each month topping the previous. Do you really see a trend going higher in the coming few months? What is the forecast so far? Weerakoon Wijewardena: This is not unexpected because if you take 27 month period, starting from December 2019 during which Gotabe Rajapaksya was leading the country. There has been a massive explosion of money playing in the country by about 4 trillion Sri Lanka rupees which is factually equal to 53 crores and normally when a central bank allows the money supply to go up there is a formula- if you allow the money supply to grow at the same rate as the real economic growth, there is no inflation in the country. But if the money supply growth is seen in excess of the real economic growth, that excess amount will chase after goods and services and as a result, there will be inflation in the country. If we take real economic growth during 2020-2021, that was actually close to 0.1 per cent so when you have money supply growth of 53 per cent as against 0 economic growth, naturally the inflation rate should go up to more than 50 per cent in the next few months. There are independent inflation trackers outside Sri Lanka. One is Prof. Steve Henky of John Hopkins University. He is using a different formula. According to him, when we use the purchasing power parity formula, Sri Lanka's inflation rate is as high as 119 per cent right now. We have to expect the inflation rate to go up further in the coming month. As a result, we will have to expect the worse in the next few months. Also read | Sri Lanka hikes medicine prices amid financial crisis WION: When we look at why Sri Lanka got into this economic crisis, one of the reasons was the tax reductions that were made by Rajapaksa soon after he became the president in 2019. But finance minister, Ali Sabry has been seen speaking to foreign media and has been stating that it will be inevitable that the taxes will be raised. Given the current situation, is this the right move? Weerakoon Wijewardena: Well there is a right direction because we have to congratulate Ali Sabry for coming out with that frank opinion. This is inevitable and this is just because of two reasons. One is that the govt of Sri Lanka after it lost its revenue due to the unattractive tax concession is offered to income tax, lost revenue. It was dependent on the money printing capacity of the central bank and the banking sector to finance its bills. Right now they cannot do it because the international monetary fund has laid down four preconditions for Sri Lanka to start any negotiations with IMF. One of the conditions is that the central banks will have to stop financing the government and tighten the monetary policy. In the few auctions of the treasury bill, we have been able to collect everything that the government needed from the market without lending a single cent from the central bank to the government. So he is actually complying with the requirement of the IMF in order to enable Sri Lanka to start its negotiations. So what Ali Sabry has said is correct and as an economist and citizen, I have to endorse him and support him in this endeavor. Also see | Sri Lankan demonstrators clash with police in violent protest over economic crisis WION: Amidst this crisis, a concept of debt restructuring and debt sustainability. How can Sri Lanka look into this in a fruitful manner given the fact that we did see China stating it is not in favor of debt sustainability, So can we find a compromise that will work with one of our creditors as well as the country's economic well being? Weerakoon Wijewardena: Sri Lanka has no choice in this case. We do not have any foreign reserves, the foreign reserves of the central bank are negative to the extent of 4 billion US dollars and we don't have any foreign reserves to pay our debt. We have to compulsorily go for debt restructuring. WION: Also we are now in the middle of a political crisis in the middle of an economic crisis. How is this impacted in your expert opinion, given that we have fractions within the government, certain factions within the opposition, and neither of them wants to get together and solve this issue? how has the current political crisis really impacted the Sri Lankan economy, especially over the past few weeks given that there has been a massive public outcry in itself for the government to step down? As an expert yourself, do you think this is the right moment to step down, and if he is to do so, what are the alternatives? Weerakoon Wijewardena: He must be intelligent enough to read the writing on the wall. Writing on the wall is that everyone who has supported him at the presidential elections in 2019 has come out on the streets, they have countered the street and asked the President to step down, the cabinet to step down because the entire administration has failed in the last 27 months. Because they were not able to deliver any of the things they promised in the elections, instead of in their rule, the economic conditions have deteriorated. So in my view, political stability is highly fatal to Sri Lanka's economic growth. We must ensure stability as fast as possible. For that purpose, if Rajapaksa can read the writing on the wall accurately, he will have to now step down. Watch WION's live TV: WION: Amidst this economic crisis, people have been protesting for over a month. The common concern is that the current living costs are unbearable with rising inflation, the price of goods and services are dramatically high right now, and given the current statements made by the Finance Minister that further taxes will be imposed in the future. Will the people will really be able to afford basic necessities in Sri Lanka? Weerakoon Wijewardena: We are a bankrupt nation today. A bankrupt nation has no choice. Because we are beggars and they say that beggars can't choose the meal that they can get. So likewise, all Sri Lankans starting from Gotabye Rajapaksa to the man in the street will have to make a supreme sacrifice in the coming 10-12 month time period in order to come out of the present economic crisis. We have been hit by all aspects of the economic crisis, health crisis, every possible crisis has hit Sri Lanka. WION: Do you think the people of Sri Lanka are willing to make this choice? Weerakoon Wijewardena: They have to, they don't have any choice. WION: What can we expect in the coming few months, especially there are a lot of speculations that there will be more shortages of commodities, fuel and gas, electricity which are already in shortage in the country. Will it get worse in the possible future? Weerakoon Wijewardena: It will definitely get worse. In the case of the central bank of Sri Lanka, it is negative to the extent of 4 billion US dollars. we don't have a single dollar with us in the central bank. So as a result, we have not been able to maintain the required import for Sri Lanka. because of the loss of foreign exchange by Sri Lanka, the situation will get worse in the few months. We have to expect the worse to happen. Small things don't get manufactured in the markets today, the necessary chip that they have to put in the LED bulb is not manufactured in Sri Lanka. Almost all manufacturing products will be in short supply in a few months. They have to go through this difficult situation. It has to come from the top. WION: What sort of sacrifices do you think the politicians, President, prime minister, and cabinet ministers should be doing right now? Weerakoon Wijewardena: The people on top will have to set an example for us, we will have to prepare ourselves for the worst things that might come across. We will not be able to eat 3 meals a day or wear 2-3 suits a year. We have to make sacrifices in order to make a better situation for Sri Lanka. WION: How far away are we sort of seeing the light to the end of the tunnel? how long will it take for the people to reap the benefits of the sacrifices? Weerakoon Wijewardena: We cannot give a timeline for that. All we can say is we have to make the sacrifices. Greater the sacrifices they make today, the quicker the time we will be able to reach the end of the tunnel.

Exclusive | Hardship for Sri Lankan citizens is going to increase, Weerakoon Wijewardena tells WION

Few media reports claim that president Gotabaya Rajapaksa has agreed to form an interim government with a new prime minister and cabinet. However, Sri Lankan president Gotabaya is yet to issue an official statement. For more perspective on this, we're joined by WION's correspondent Dasuni.

Sri Lanka crisis & chaos: Colombo all set for cabinet overhaul?

Sri Lankan president Gotabaya is yet to issue an official statement but local media reports claim that president Gotabaya Rajapaksa has agreed to form an interim government with a new prime minister and cabinet. For more perspective on this, we're joined by WION's correspondent Dasuni.

Sri Lanka: President Gotabaya's Nod for new govt amid growing calls to quit

Protest against the government is gaining momentum in Sri Lanka. Trade unions have threatened to go on strike from May 6th. Protestors are demanding the Lankan govt's resignation. To get more details, watch this report by Dasuni.

Sri Lanka crisis & chaos: Protest against government gains momentum

Amid an unprecedented economic crisis in the country, Sri Lankan President Gotabaya Rajapaksa on Wednesday (April 27) said that he is willing to form an all-party government that can be formed after the Prime Minister and Cabinet resigns.&nbsp;

In a letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government.&nbsp;

WION asked the former Minister of Energy Udaya Gammanpila, who is an independent MP, about the letter. He confirmed that they received it and a final decision among the 40 MPs, who comprise 13 parties that now sit independently in parliament, on whether or not to attend the meeting will be made on Friday (April 28).&nbsp;

As mentioned in the letter, Rajapaksa has invited leaders of parties and independent groups that helped form his government to meet him.&nbsp;

In a letter, he noted that he had taken into consideration the requests made by the Mahanayake's of the Three Sects, His Eminence Malcolm Cardinal Ranjith, Religious Leaders, as well as those from political parties, and civil organisations.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/world-bank-agrees-to-provide-600-million-in-financial-assistance-to-sri-lanka-474087">World Bank agrees to provide $600 million in financial assistance to Sri Lanka</a>

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In letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government.&nbsp;

The letter notes that discussions need to take place concerning the structure, period of implementation and individuals with responsibilities of the proposed all-party government.&nbsp;

While the meeting is set to take place on Friday, Prime Minister Mahinda Rajapaksa speaking to local government representatives at the Temple Trees today said that the "President has not asked me to resign and&nbsp;I also believe he will not do so".&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/karachi-university-blast-woman-suicide-bomber-was-graduate-student-at-pakistani-university-474259">Woman suicide bomber who killed 3 Chinese was a student at Karachi University</a>

Sri Lanka is struggling to tackle the economic crisis, which is caused in part by a lack of foreign currency. The situation led to acute shortages and very high prices, leaving the economy in tatters with people protesting across the country.&nbsp;

It has been understood that Sri Lanka has nearly $7 billion in foreign debt due for repayment this year and will need to repay $25 billion over the next five years.&nbsp;

World Bank recently warned that more Sri Lankans will slip into poverty this year.&nbsp;

WATCH WION LIVE HERE&nbsp;

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Amid an unprecedented economic crisis in the country, Sri Lankan President Gotabaya Rajapaksa on Wednesday (April 27) said that he is willing to form an all-party government that can be formed after the Prime Minister and Cabinet resigns.

Amid an unprecedented economic crisis in the country, Sri Lankan President Gotabaya Rajapaksa on Wednesday (April 27) said that he is willing to form an all-party government that can be formed after the Prime Minister and Cabinet resigns. In a letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government. WION asked the former Minister of Energy Udaya Gammanpila, who is an independent MP, about the letter. He confirmed that they received it and a final decision among the 40 MPs, who comprise 13 parties that now sit independently in parliament, on whether or not to attend the meeting will be made on Friday (April 28). As mentioned in the letter, Rajapaksa has invited leaders of parties and independent groups that helped form his government to meet him. In a letter, he noted that he had taken into consideration the requests made by the Mahanayake's of the Three Sects, His Eminence Malcolm Cardinal Ranjith, Religious Leaders, as well as those from political parties, and civil organisations. ALSO READ | World Bank agrees to provide $600 million in financial assistance to Sri Lanka In letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government. The letter notes that discussions need to take place concerning the structure, period of implementation and individuals with responsibilities of the proposed all-party government. While the meeting is set to take place on Friday, Prime Minister Mahinda Rajapaksa speaking to local government representatives at the Temple Trees today said that the "President has not asked me to resign and I also believe he will not do so". ALSO READ | Woman suicide bomber who killed 3 Chinese was a student at Karachi University Sri Lanka is struggling to tackle the economic crisis, which is caused in part by a lack of foreign currency. The situation led to acute shortages and very high prices, leaving the economy in tatters with people protesting across the country. It has been understood that Sri Lanka has nearly $7 billion in foreign debt due for repayment this year and will need to repay $25 billion over the next five years. World Bank recently warned that more Sri Lankans will slip into poverty this year. WATCH WION LIVE HERE ×

Sri Lankan President Gotabaya Rajapaksa willing to form an all-party government amid economic crisis

Twitter on Monday (April 25) confirmed that it is selling the micro-blogging platform to the world's richest person Elon Musk in a stunning deal valued at $44 billion. How many zeroes does $44 billion have? Nevermind!&nbsp;

After the deal. the publicly traded firm will now become a private company owned by Musk. Apart from this, Musk's efforts have raised hopes about the commercial potential of the micro-blogging platform.&nbsp;

In a statement after the deal was finalised, Tesla and SpaceX CEO said that free speech is the "bedrock of a functioning democracy". He further added that Twitter is the "digital town square where matters vital to the future of humanity are debated".&nbsp;

Ever wondered what else could have been done with <a href="https://www.wionews.com/technology/twitter-confirms-sale-of-company-to-elon-musk-for-44-bn-473837">$44 billion</a>?&nbsp;

Twitter is one of the most popular social media platforms and millions of people use it. When the news broke, Twitterati reacted with jokes, memes and suggestions.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/after-musks-twitter-deal-whats-next-for-ceo-parag-agrawal-473891">After Musk's Twitter deal, what's next for CEO Parag Agrawal?</a>

Among other users, Umar Saif, who is a Pakistani computer scientist and academic, also commented. He rather insinuated that the money used to buy Twitter could have helped Sri Lanka amid the economic crisis.&nbsp;

In a tweet, Saif, who also serves&nbsp;as an advisor to the United Nations Development Programme in Pakistan, wrote, "Elon Musk just bought Twitter for $43 billion."&nbsp;

"For a slightly larger amount, he could have also saved Sri Lanka's international default on its debt of $45 billion. Such is the power of big wealth. Focus on that startup you have been dreaming about," he added.&nbsp;

The European Commission has said that it was too early to comment on the deal&nbsp;but recalled that the bloc's digital services rules apply to all major platforms.&nbsp;

IN PICS |&nbsp;<a href="https://www.wionews.com/photos/elon-musk-buys-twitter-here-are-other-biggest-ever-tech-acquisitions-so-far-473886">Elon Musk buys Twitter, here are other biggest-ever tech acquisitions so far</a>

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Elon Musk just bought Twitter for $43 billion. 
 
For a slightly larger amount, he could have also saved Sri Lanka's international default on its debt of $45 billion. 
 
Such is the power of big wealth. Focus on that startup you have been dreaming about …
— Umar Saif (@umarsaif) <a href="https://twitter.com/umarsaif/status/1518671314445344769?ref_src=twsrc%5Etfw">April 25, 2022</a></blockquote>
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What else could have been done?&nbsp;

Such an amount could help in solving world hunger. For instance, in a detailed plan, United Nations' World Food Programme noted that Musk could support 42 million people facing famine by giving them one meal per person per day for a year.&nbsp;

As per The Verge report, the cost of that plan was apparently, $6.6 billion. The report also mentioned that the billionaire had donated $5.7 billion to charity in November.&nbsp;

WATCH | Elon Musk acquires social media giant, will Twitter get an 'edit' button now?

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Musk could have bought a media house to support journalism, similar to what Jeff Bezos did when he spent $250 million to buy The Washington Post. Laurene Powell Jobs spent around $100 million and owns a majority stake in The Atlantic.&nbsp;

Such an amount could help economies that have been battered by the coronavirus (COVID-19) pandemic. The amount can facilitate planning for future pandemics.&nbsp;

The amount would&nbsp;help underdeveloped nations to provide citizens with basic amenities like food, clean water, proper sanitation, etc.&nbsp;

WATCH WION LIVE HERE

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&nbsp;

Twitter on Monday (April 25) confirmed that it is selling the micro-blogging platform to the world's richest person Elon Musk in a stunning deal valued at $44 billion.

Twitter on Monday (April 25) confirmed that it is selling the micro-blogging platform to the world's richest person Elon Musk in a stunning deal valued at $44 billion. How many zeroes does $44 billion have? Nevermind! After the deal. the publicly traded firm will now become a private company owned by Musk. Apart from this, Musk's efforts have raised hopes about the commercial potential of the micro-blogging platform. In a statement after the deal was finalised, Tesla and SpaceX CEO said that free speech is the "bedrock of a functioning democracy". He further added that Twitter is the "digital town square where matters vital to the future of humanity are debated". Ever wondered what else could have been done with $44 billion? Twitter is one of the most popular social media platforms and millions of people use it. When the news broke, Twitterati reacted with jokes, memes and suggestions. ALSO READ | After Musk's Twitter deal, what's next for CEO Parag Agrawal? Among other users, Umar Saif, who is a Pakistani computer scientist and academic, also commented. He rather insinuated that the money used to buy Twitter could have helped Sri Lanka amid the economic crisis. In a tweet, Saif, who also serves as an advisor to the United Nations Development Programme in Pakistan, wrote, "Elon Musk just bought Twitter for $43 billion." "For a slightly larger amount, he could have also saved Sri Lanka's international default on its debt of $45 billion. Such is the power of big wealth. Focus on that startup you have been dreaming about," he added. The European Commission has said that it was too early to comment on the deal but recalled that the bloc's digital services rules apply to all major platforms. IN PICS | Elon Musk buys Twitter, here are other biggest-ever tech acquisitions so far Elon Musk just bought Twitter for $43 billion. For a slightly larger amount, he could have also saved Sri Lanka's international default on its debt of $45 billion. Such is the power of big wealth. Focus on that startup you have been dreaming about … — Umar Saif (@umarsaif) April 25, 2022 × What else could have been done? Such an amount could help in solving world hunger. For instance, in a detailed plan, United Nations' World Food Programme noted that Musk could support 42 million people facing famine by giving them one meal per person per day for a year. As per The Verge report, the cost of that plan was apparently, $6.6 billion. The report also mentioned that the billionaire had donated $5.7 billion to charity in November. WATCH | Elon Musk acquires social media giant, will Twitter get an 'edit' button now? × Musk could have bought a media house to support journalism, similar to what Jeff Bezos did when he spent $250 million to buy The Washington Post. Laurene Powell Jobs spent around $100 million and owns a majority stake in The Atlantic. Such an amount could help economies that have been battered by the coronavirus (COVID-19) pandemic. The amount can facilitate planning for future pandemics. The amount would help underdeveloped nations to provide citizens with basic amenities like food, clean water, proper sanitation, etc. WATCH WION LIVE HERE ×

Elon Musk buys Twitter: What else could have been done with a mind-boggling amount of $44 billion?

The International Monetary Fund said on Saturday it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country.

Sri Lanka, an island country of 22 million people, is struggling to pay for imports amid a crushing debt crisis and sharp drop in foreign exchange reserves that has fueled soaring inflation. Prolonged power cuts and shortages of fuel, food and medicines have sparked nationwide protests.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-minister-godahewa-backs-demonstrators-asking-pm-mahinda-rajapaksa-to-step-down-473195" hreflang="en">Sri Lankan minister Godahewa changes camp, backs protests to seek PM's resignation</a>

Sri Lankan Finance Minister Ali Sabry has been in Washington this week talking to the IMF, the World Bank, India and others about financing help for his country, which has suspended payments on portions of its $51 billion in external debt.

The World Bank's emergency response package includes $10 million to be made immediately available for the purchase of essential medicines, funds shifted from its ongoing COVID-19 health preparedness project, a World Bank spokesperson said.

The global lender, which along with the IMF held its spring meetings this week, did not provide a total value for its package, but Sabry said on Friday that about $500 million in aid was being considered.

The World Bank spokesperson said the package would leverage existing bank-financed projects and repurpose funds to quickly provide medicines, meals for school children and cash transfers for poor and vulnerable households.

Support to provide cooking gas, basic food supplies, seeds and fertilizers and other essentials is also under discussion, the spokesperson said, adding that the World Bank was "deeply concerned" about the situation in Sri Lanka.

Watch |&nbsp;Sri Lankan Minister resigns two days after appointment amid the ongoing crisis

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The IMF said in a statement on Saturday that talks between its staff focused on the need for Sri Lanka to implement "a credible and coherent strategy" to restore macroeconomic stability, and to strengthen its social safety net and protect the poor and vulnerable during the current crisis.

"The IMF team welcomed the authorities' plan to engage in a collaborative dialogue with their creditors," IMF Sri Lanka mission chief Masahiro Nozaki said in a statement after the country took steps to explore a restructuring of some $12 billion in sovereign bonds

Sabry told reporters on Friday that the talks with the IMF were focused on a more traditional Extended Fund Facility program, but that $3 billion to $4 billion in bridge financing was needed while this could be finalized.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/debt-ridden-sri-lankas-inflation-soared-to-a-record-high-473058" hreflang="en">Debt-ridden Sri Lanka's inflation soared to a record high</a>

The IMF has said that Sri Lanka's debt needs to be put on a sustainable path before it could make new loans to Colombo - a process that could require lengthy negotiations with China and the country's other creditors.

Sabry said on Friday that in addition to the IMF loan and World Bank assistance, Sri Lanka is discussing with India some $1.5 billion in bridge financing to help continue essential imports, and added that he has also approached China, Japan and the Asian Development Bank for help.

The International Monetary Fund said on Saturday it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country.

The International Monetary Fund said on Saturday it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country. Sri Lanka, an island country of 22 million people, is struggling to pay for imports amid a crushing debt crisis and sharp drop in foreign exchange reserves that has fueled soaring inflation. Prolonged power cuts and shortages of fuel, food and medicines have sparked nationwide protests. Also read | Sri Lankan minister Godahewa changes camp, backs protests to seek PM's resignation Sri Lankan Finance Minister Ali Sabry has been in Washington this week talking to the IMF, the World Bank, India and others about financing help for his country, which has suspended payments on portions of its $51 billion in external debt. The World Bank's emergency response package includes $10 million to be made immediately available for the purchase of essential medicines, funds shifted from its ongoing COVID-19 health preparedness project, a World Bank spokesperson said. The global lender, which along with the IMF held its spring meetings this week, did not provide a total value for its package, but Sabry said on Friday that about $500 million in aid was being considered. The World Bank spokesperson said the package would leverage existing bank-financed projects and repurpose funds to quickly provide medicines, meals for school children and cash transfers for poor and vulnerable households. Support to provide cooking gas, basic food supplies, seeds and fertilizers and other essentials is also under discussion, the spokesperson said, adding that the World Bank was "deeply concerned" about the situation in Sri Lanka. Watch | Sri Lankan Minister resigns two days after appointment amid the ongoing crisis The IMF said in a statement on Saturday that talks between its staff focused on the need for Sri Lanka to implement "a credible and coherent strategy" to restore macroeconomic stability, and to strengthen its social safety net and protect the poor and vulnerable during the current crisis. "The IMF team welcomed the authorities' plan to engage in a collaborative dialogue with their creditors," IMF Sri Lanka mission chief Masahiro Nozaki said in a statement after the country took steps to explore a restructuring of some $12 billion in sovereign bonds Sabry told reporters on Friday that the talks with the IMF were focused on a more traditional Extended Fund Facility program, but that $3 billion to $4 billion in bridge financing was needed while this could be finalized. Also read | Debt-ridden Sri Lanka's inflation soared to a record high The IMF has said that Sri Lanka's debt needs to be put on a sustainable path before it could make new loans to Colombo - a process that could require lengthy negotiations with China and the country's other creditors. Sabry said on Friday that in addition to the IMF loan and World Bank assistance, Sri Lanka is discussing with India some $1.5 billion in bridge financing to help continue essential imports, and added that he has also approached China, Japan and the Asian Development Bank for help.

Sri Lanka economic crisis: IMF holds 'fruitful' loan discussions with Colombo, World Bank readies aid package

Sri Lanka's minister of mass media Nalaka Godahewa on Saturday backed demonstrators asking Prime Minister Mahinda Rajapaksa to step down.

He said, "We need to restore political stability to successfully meet the economic crisis."

"The entire cabinet, including the prime minister, should resign and [there should be] an interim cabinet that can win the confidence of all," he added in a statement on his Facebook page.

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Sri Lanka, which has a population of 22 million, is suffering from its worst economic crisis since its independence in 1948. As a result, there are acute shortages of food, fuel, and lengthy power blackouts.

It has triggered a wave of protests against the island nation's beleaguered prime minister and his family.

To curb them, Sri Lankan police used tear gas and amid clashes with protesters, one demonstrator died.

In response, President Gotabaya Rajapaksa said, Sri Lankan citizens' right to peacefully protest won't be hindered."

"Police will carry out an impartial and transparent inquiry regarding the incident at Rambukkana which led to the tragedy for which I'm deeply saddened. I urge all citizens to refrain from violence as they protest," he added.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/debt-ridden-sri-lankas-inflation-soared-to-a-record-high-473058" hreflang="en">Debt-ridden Sri Lanka's inflation soared to a record high</a>

According to Sri Lankan Foreign Minister G. L. Peiris, "Assistance by the IMF will take about six months to come to us and it will come in tranches."

"During the intervening period, we need to find funds to keep our people supplied with essentials."

The Rajapaksa family has been accused of nepotism and corruption as most of its family members were a part of the government's cabinet.

President Gotabaya Rajapaksa removed his brothers Chamal and Basil from the cabinet after facing intense pressure.&nbsp;

Calling the move ''cosmetic,'' the protestors camped outside Rajapaksa's office asking him to resign.

Former media minister Dullas Alahapperuma said, "I urge the President to appoint a smaller cabinet with a genuine consensus representing all parties in parliament for one-year maximum."&nbsp; 
&nbsp;

(With inputs from agencies)

Sri Lanka's minister of mass media Nalaka Godahewa on Saturday backed demonstrators asking Prime Minister Mahinda Rajapaksa to step down. He said, "We need to restore political stability to successfully meet the economic crisis.

Sri Lanka's minister of mass media Nalaka Godahewa on Saturday backed demonstrators asking Prime Minister Mahinda Rajapaksa to step down. He said, "We need to restore political stability to successfully meet the economic crisis." "The entire cabinet, including the prime minister, should resign and [there should be] an interim cabinet that can win the confidence of all," he added in a statement on his Facebook page. Sri Lanka, which has a population of 22 million, is suffering from its worst economic crisis since its independence in 1948. As a result, there are acute shortages of food, fuel, and lengthy power blackouts. It has triggered a wave of protests against the island nation's beleaguered prime minister and his family. To curb them, Sri Lankan police used tear gas and amid clashes with protesters, one demonstrator died. In response, President Gotabaya Rajapaksa said, Sri Lankan citizens' right to peacefully protest won't be hindered." "Police will carry out an impartial and transparent inquiry regarding the incident at Rambukkana which led to the tragedy for which I'm deeply saddened. I urge all citizens to refrain from violence as they protest," he added. Also read | Debt-ridden Sri Lanka's inflation soared to a record high According to Sri Lankan Foreign Minister G. L. Peiris, "Assistance by the IMF will take about six months to come to us and it will come in tranches." "During the intervening period, we need to find funds to keep our people supplied with essentials." The Rajapaksa family has been accused of nepotism and corruption as most of its family members were a part of the government's cabinet. President Gotabaya Rajapaksa removed his brothers Chamal and Basil from the cabinet after facing intense pressure. Calling the move ''cosmetic,'' the protestors camped outside Rajapaksa's office asking him to resign. Former media minister Dullas Alahapperuma said, "I urge the President to appoint a smaller cabinet with a genuine consensus representing all parties in parliament for one-year maximum." (With inputs from agencies)

Sri Lankan minister Godahewa changes camp, backs protests to seek PM's resignation

Debt-ridden Sri Lanka's inflation has hit a record high for the six consecutive months. The official data on rising inflation has now raised concerns as the Sri Lankan government has asked the international monetary fund for an urgent bailout.

Sri Lanka crisis: Record inflations hits cash-strapped Sri Lanka

India's finance minister Nirmala Sitharaman has called on the International Monetary Fund (IMF) for urgent financial assistance to Sri Lanka. Even Colombo is in talks with the IMF for a bailout.

Crisis-hit Sri Lanka seeks emergency economic aid from IMF

Sri Lanka is dealing with its worst economic crisis, streets are going dark and fuel is running out. People are protesting on the streets against President Rajapaksa and his government is being blamed for the mishandling of the economy.

Sri Lanka crisis & chaos: 'I regret the crisis', says Sri Lankan President Gotabaya Rajapaksa

Amid anti-government protests in the wake of the economic crisis, Sri Lankan President Gotabaya Rajapaksa on Monday appointed 17 cabinet ministers.

It comes days after the dismissal of several cabinet ministers as the Rajapaksa government had been facing heat over spiralling inflation, acute shortage of essential items and long power cuts that lasts almost a day.&nbsp;

President Gotabaya had even tried to form a united government and had called on the opposition members. But all of them refused and have now moved a no-confidence motion against his government.

Also read |&nbsp;<a href="https://www.wionews.com/sports/arjun-ranatunga-urges-sri-lanka-players-to-stop-playing-in-ipl-and-stand-for-country-amid-economic-crisis-470543">Arjuna Ranatunga urges Sri Lanka players to stop playing in IPL and stand for country amid economic crisis</a>

The Sri Lankan parliament is now going to meet on April 19 with new Cabinet ministers even as the opposition would most likely step up pressure on the president to resign.

Some of the ministers who had resigned earlier have now been re-appointed, while&nbsp;two of President Gotabaya's brothers and his nephew have not&nbsp;found a place in the new cabinet.&nbsp;

1. Dinesh Gunawardena – Public Administration, Internal Affairs, Provincial Councils &amp; Local Government.

2. Douglas Devananda – Fisheries

3. Dr. Ramesh Pathirana – Education and Plantation Industries

4. Prasanna Ranatunga – Public Security &amp; Tourism

5. Dilum Amunugama – Transport &amp; Industries

6. Kanaka Herath – Highways

7. Vidura Wickramanayake – Labour

8. Janaka Wakkumbura – Agriculture &amp; Irrigation

9. Shehan Semasinghe – Trade &amp; Samurdhi Development

10. Mohan Priyadarshana De Silva – Water Supply

11. Wimalaweera Dissanayake – Wildlife &amp; Forest Resources Conservation

12. Kanchana Wijesekera – Power &amp; Energy

13. Thenuka Vidanagamage -Sports and Youth Affairs

14. Dr. Nalaka Godahewa – Media

15. Professor Channa Jayasumana – Health

16. Naseer Ahamed – Environment

17. Pramitha Bandara Tennakoon – Ports and Shipping

&nbsp;

The current economic crisis stems from low foreign reserves that has crippled Sri Lanka’s ability to import essential items, including fuel.

Last week, the country temporarily announced a default on its foreign debts. A payment on some of those bond debts are due today.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-defaulting-on-all-its-external-debt-rajapaksa-government-470410">Sri Lanka defaulting on all its external debt: Rajapaksa government</a>

The Colombo Stock Exchange has also suspended trading for five days starting today (Monday) amid fears of a market collapse.

President Gotabaya has so far refused to step down despite mounting pressure from the opposition and the public. 

Watch |&nbsp;Sri Lanka: New cabinet to be sworn-in tomorrow, 18 ministers to take oath

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Amid anti-government protests in the wake of the economic crisis, Sri Lankan President Gotabaya Rajapaksa on Monday appointed 17 cabinet ministers. It comes days after the dismissal of several cabinet ministers as the Rajapaksa government had been facing heat over spiralling inflation, acute shortage of essential items and long power cuts that lasts almost a day.

Amid anti-government protests in the wake of the economic crisis, Sri Lankan President Gotabaya Rajapaksa on Monday appointed 17 cabinet ministers. It comes days after the dismissal of several cabinet ministers as the Rajapaksa government had been facing heat over spiralling inflation, acute shortage of essential items and long power cuts that lasts almost a day. President Gotabaya had even tried to form a united government and had called on the opposition members. But all of them refused and have now moved a no-confidence motion against his government. Also read | Arjuna Ranatunga urges Sri Lanka players to stop playing in IPL and stand for country amid economic crisis The Sri Lankan parliament is now going to meet on April 19 with new Cabinet ministers even as the opposition would most likely step up pressure on the president to resign. Some of the ministers who had resigned earlier have now been re-appointed, while two of President Gotabaya's brothers and his nephew have not found a place in the new cabinet. 1. Dinesh Gunawardena – Public Administration, Internal Affairs, Provincial Councils & Local Government. 2. Douglas Devananda – Fisheries 3. Dr. Ramesh Pathirana – Education and Plantation Industries 4. Prasanna Ranatunga – Public Security & Tourism 5. Dilum Amunugama – Transport & Industries 6. Kanaka Herath – Highways 7. Vidura Wickramanayake – Labour 8. Janaka Wakkumbura – Agriculture & Irrigation 9. Shehan Semasinghe – Trade & Samurdhi Development 10. Mohan Priyadarshana De Silva – Water Supply 11. Wimalaweera Dissanayake – Wildlife & Forest Resources Conservation 12. Kanchana Wijesekera – Power & Energy 13. Thenuka Vidanagamage -Sports and Youth Affairs 14. Dr. Nalaka Godahewa – Media 15. Professor Channa Jayasumana – Health 16. Naseer Ahamed – Environment 17. Pramitha Bandara Tennakoon – Ports and Shipping The current economic crisis stems from low foreign reserves that has crippled Sri Lanka’s ability to import essential items, including fuel. Last week, the country temporarily announced a default on its foreign debts. A payment on some of those bond debts are due today. Also read | Sri Lanka defaulting on all its external debt: Rajapaksa government The Colombo Stock Exchange has also suspended trading for five days starting today (Monday) amid fears of a market collapse. President Gotabaya has so far refused to step down despite mounting pressure from the opposition and the public. Watch | Sri Lanka: New cabinet to be sworn-in tomorrow, 18 ministers to take oath

Sri Lankan president appoints 17 cabinet ministers amid calls for govt ouster

South Asia's debt-ridden nation of Sri Lanka has turned to the IMF for a bailout package. FM Ali Sabry will hold talks with the global monetary body in Washington. Cricket icon Sanath Jayasuriya has joined the anti-govt stir in Sri Lanka.

Sri Lanka economic crisis: Cricket icon Sanath Jayasuriya joins anti-govt stir

Due to Sri Lanka's economic crisis, the stock exchange has been halted for five days. The announcement was made by the Colombo stock exchange. Sri Lanka is facing a food and fuel shortage as well.

Sri Lanka declares 5 day share trading halt, faces food and fuel shortage

Sri Lanka on Saturday (April 16) halted share trading for five days after&nbsp;a hike in interest rates by its central bank.

The island nation, which has a population of 22 million, has been rocked by its economic crisis since independence.

Demonstrators are protesting all across Sri Lanka against the rise in fuel and food prices along with power cuts that are lasting for up to 13 hours a day.

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They are demanding the “tyrant and nepotist government” of President Gotabaya Rajapaksa to step down.

A protester Dani Karunanathan told news agency Reuters, "We are sick and tired of this tyranny because there is so much of nepotism here. The prime minister and president are brothers and we really want them to go away from here."

Officials of the Colombo Stock Exchange have expressed concern over the "ability to conduct an orderly and fair market."

It has doubled its benchmark interest rate to 14.5 per cent owing to the "present situation in the country".

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-debt-default-process-has-begun-warn-credit-rating-agencies-471065" hreflang="en">Sri Lanka’s debt ‘default process has begun’, warn credit rating agencies</a>

According to governor P. Nandalal Weerasinghe, "The rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible."&nbsp;

"I want to be very clear that my message is not one of blind positivity. Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the breaks to this vehicle before it crashes," he added.

"The President and I are spending every moment to formulate solutions on how to get Sri Lanka out of this current crisis," said Sri Lanka's Prime Minister Mahinda Rajapaksa.

The country's newly appointed finance minister, Ali Sabry is coordinating with the International Monetary Fund and World Bank to negotiate a financial package.

Former justice minister Sabry said, "I'm willing to do this as long as it takes."&nbsp;

Sri Lanka has declared a default on its external debt worth $51 billion during the traditional New Year holiday.

"We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry said.

(With inputs from agencies)

Sri Lanka on Saturday (April 16) halted share trading for five days after a hike in interest rates by its central bank. The island nation, which has a population of 22 million, has been rocked by its economic crisis since independence.

Sri Lanka on Saturday (April 16) halted share trading for five days after a hike in interest rates by its central bank. The island nation, which has a population of 22 million, has been rocked by its economic crisis since independence. Demonstrators are protesting all across Sri Lanka against the rise in fuel and food prices along with power cuts that are lasting for up to 13 hours a day. They are demanding the “tyrant and nepotist government” of President Gotabaya Rajapaksa to step down. A protester Dani Karunanathan told news agency Reuters, "We are sick and tired of this tyranny because there is so much of nepotism here. The prime minister and president are brothers and we really want them to go away from here." Officials of the Colombo Stock Exchange have expressed concern over the "ability to conduct an orderly and fair market." It has doubled its benchmark interest rate to 14.5 per cent owing to the "present situation in the country". Also read | Sri Lanka’s debt ‘default process has begun’, warn credit rating agencies According to governor P. Nandalal Weerasinghe, "The rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible." "I want to be very clear that my message is not one of blind positivity. Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the breaks to this vehicle before it crashes," he added. "The President and I are spending every moment to formulate solutions on how to get Sri Lanka out of this current crisis," said Sri Lanka's Prime Minister Mahinda Rajapaksa. The country's newly appointed finance minister, Ali Sabry is coordinating with the International Monetary Fund and World Bank to negotiate a financial package. Former justice minister Sabry said, "I'm willing to do this as long as it takes." Sri Lanka has declared a default on its external debt worth $51 billion during the traditional New Year holiday. "We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt," Sabry said. (With inputs from agencies)

Sri Lanka stops share trading after a hike in interest rates

Sri Lankans shared milk rice and oil cakes to celebrate their traditional new year on Thursday opposite the president’s office, where they camped out for a sixth day demanding his resignation over the worst economic crisis.

Sri Lanka crisis: Protesters reject government's invitation for talks

Sri Lanka on Friday limited the fuel supply for motorists with immediate effect as low foreign reserves continued to cripple the island nation from importing several essential items.

According to the state-owned Ceylon Petroleum Corporation (CPC), people with two-wheelers will be allowed to buy petrol for a maximum of 1,000 Sri Lankan rupees (US$3), per visit.

While three-wheelers will be able to get 1,500 Sri Lankan rupees worth of fuel (petrol or diesel) and cars, vans, and jeeps for up to 5,000 Sri Lankan rupees.

However, these limits would not be applicable to buses, lorries and other commercial vehicles.

Meanwhile, serpentine queues were witnessed outside several fuel retail outlets in Ceylon. Many people complained of having to wait for hours to get petrol only to be returned empty-handed.

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Queue for petrol has come to our doorstep now,a side road winding the station on main road;they’re sitting in their 3-wheelers waiting for bowsers to come;queue already 1km long is being joined by new vehicles every minute:not sure when they could fill tanks: <a href="https://t.co/1LIY8nyLP5">pic.twitter.com/1LIY8nyLP5</a>
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Meanwhile, Chairman of state-owned Litro Gas, Theshara Jayasinghe tendered his resignation to President Gotabaya Rajapaksa.

Citing multiple reasons, such as the gas crisis and the present state of affairs as well as his personal policies, Theshara Jayasinghe said he decided to step down with effect from April 14, 2022.

Since February, Sri Lanka has been facing fuel scarcity after the government ran out of dollars to import fuel.

The shortage had forced the government to impose extended power cuts, sometimes up to 13 hours per day.

Tensions over the scarcity of supplies have led to sporadic violence among those scrambling to buy fuel and other essential items.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/power-to-the-people-rap-song-featuring-wions-report-on-sri-lanka-economic-crisis-goes-viral-468843">'Power to the people': Rap song featuring WION's report on Sri Lanka economic crisis goes viral</a>

The rapid drain of Sri Lanka’s dollars has left it struggling to pay for critical imports as currency reserves have slumped 70 per cent in the last two years to $2.31 billion.

The move to impose fuel rationing system comes three days after Sri Lanka announced a pre-emptive default on all its foreign loans due to insufficient reserves.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/exclusive-former-minister-calls-sri-lankas-current-situation-chaos-says-govt-trying-to-hold-on-to-power-469337">Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION</a>

Finance Minister Ali Sabry, ministry officials and Central Bank officials are expected to begin talks with the International Monetary Fund on Monday for a loan to manage the balance of payment crisis.

Watch |&nbsp;Gravitas Global Headlines: Sri Lanka running out of life-saving medicines

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Sri Lanka on Friday limited the fuel supply for motorists with immediate effect as low foreign reserves continued to cripple the island nation from importing several essential items.

Sri Lanka on Friday limited the fuel supply for motorists with immediate effect as low foreign reserves continued to cripple the island nation from importing several essential items. According to the state-owned Ceylon Petroleum Corporation (CPC), people with two-wheelers will be allowed to buy petrol for a maximum of 1,000 Sri Lankan rupees (US$3), per visit. While three-wheelers will be able to get 1,500 Sri Lankan rupees worth of fuel (petrol or diesel) and cars, vans, and jeeps for up to 5,000 Sri Lankan rupees. However, these limits would not be applicable to buses, lorries and other commercial vehicles. Meanwhile, serpentine queues were witnessed outside several fuel retail outlets in Ceylon. Many people complained of having to wait for hours to get petrol only to be returned empty-handed. Queue for petrol has come to our doorstep now,a side road winding the station on main road;they’re sitting in their 3-wheelers waiting for bowsers to come;queue already 1km long is being joined by new vehicles every minute:not sure when they could fill tanks: pic.twitter.com/1LIY8nyLP5 — W A Wijewardena (@waw1949) April 15, 2022 × Meanwhile, Chairman of state-owned Litro Gas, Theshara Jayasinghe tendered his resignation to President Gotabaya Rajapaksa. Citing multiple reasons, such as the gas crisis and the present state of affairs as well as his personal policies, Theshara Jayasinghe said he decided to step down with effect from April 14, 2022. Since February, Sri Lanka has been facing fuel scarcity after the government ran out of dollars to import fuel. The shortage had forced the government to impose extended power cuts, sometimes up to 13 hours per day. Tensions over the scarcity of supplies have led to sporadic violence among those scrambling to buy fuel and other essential items. Also read | 'Power to the people': Rap song featuring WION's report on Sri Lanka economic crisis goes viral The rapid drain of Sri Lanka’s dollars has left it struggling to pay for critical imports as currency reserves have slumped 70 per cent in the last two years to $2.31 billion. The move to impose fuel rationing system comes three days after Sri Lanka announced a pre-emptive default on all its foreign loans due to insufficient reserves. Also read | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION Finance Minister Ali Sabry, ministry officials and Central Bank officials are expected to begin talks with the International Monetary Fund on Monday for a loan to manage the balance of payment crisis. Watch | Gravitas Global Headlines: Sri Lanka running out of life-saving medicines

Sri Lanka limits supply of petrol, diesel to tackle fuel crisis

Global credit rating agencies have warned that cash-strapped Sri Lanka’s debt default process has begun, indicating that its "payment capacity is irrevocably impaired".

Fitch and S&amp;P Global ratings lowered their assessment of the island nation, which is facing its worst economic crisis since independence in 1948.

Thousands of protesters have been hitting the streets demanding the resignation of President Gotabaya Rajapaksa and his brother and Prime Minister Mahinda Rajapaksa, as inflation, food scarcity and lack of fuel continue to bite the citizens on account of dwindling foreign reserves.

On Thursday, hundreds of Sri Lankans celebrated their traditional new year opposite the president’s office, where they camped out for a sixth day demanding his resignation over the country's worst economic crisis.

S&amp;P Global Ratings lowered the island nation’s foreign currency rating to “CC” from “CCC” citing the unprecedented economic crisis brought upon by dried foreign reserves.

“Sri Lanka’s debt restructuring process is likely to be complicated and may take months to complete,” the agency said in a statement.

According to the financial service company, the “CC” rating stands for “default has not yet occurred, but is expected to be a virtual certainty”.

Similarly, Fitch Ratings downgraded the South Asian country’s assessment over its decision to suspend payments of foreign debt. It has put Sri Lanka at "near default".

"We will downgrade the [rating] once a payment on an issuance is missed and the grace period has expired,"&nbsp;the firm said in a statement on Wednesday.

The warning from the rating agencies came a day after the Sri Lankan government announced that it is temporarily defaulting on all of its foreign debts payments.

Also read |&nbsp;<a href="https://www.wionews.com/sports/arjun-ranatunga-urges-sri-lanka-players-to-stop-playing-in-ipl-and-stand-for-country-amid-economic-crisis-470543">Arjuna Ranatunga urges Sri Lanka players to stop playing in IPL and stand for country amid economic crisis</a>

Sri Lanka's Finance Ministry said it otherwise had an "unblemished record" of paying its dues since independence from the UK in 1948.

"Recent events, however... have eroded Sri Lanka's fiscal position that continued normal servicing of external public debt obligations has become impossible," it said in a statement on Tuesday.

Also read |&nbsp;&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-defaulting-on-all-its-external-debt-rajapaksa-government-470410">Sri Lanka defaulting on all its external debt: Rajapaksa government</a>

The IMF had assessed Sri Lanka's debt to be unsustainable last month, the ministry noted.

Sri Lanka's foreign reserves stood at $1.93bn at the end of March. However, it has around $4bn in foreign debt payments due this year, reports BBC.

Watch |&nbsp;Sri Lankan protesters mark new year near president's office amid economic crisis

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(With inputs from agencies)

Global credit rating agencies have warned that cash-strapped Sri Lanka’s debt default process has begun, indicating that its "payment capacity is irrevocably impaired".

Global credit rating agencies have warned that cash-strapped Sri Lanka’s debt default process has begun, indicating that its "payment capacity is irrevocably impaired". Fitch and S&P Global ratings lowered their assessment of the island nation, which is facing its worst economic crisis since independence in 1948. Thousands of protesters have been hitting the streets demanding the resignation of President Gotabaya Rajapaksa and his brother and Prime Minister Mahinda Rajapaksa, as inflation, food scarcity and lack of fuel continue to bite the citizens on account of dwindling foreign reserves. On Thursday, hundreds of Sri Lankans celebrated their traditional new year opposite the president’s office, where they camped out for a sixth day demanding his resignation over the country's worst economic crisis. S&P Global Ratings lowered the island nation’s foreign currency rating to “CC” from “CCC” citing the unprecedented economic crisis brought upon by dried foreign reserves. “Sri Lanka’s debt restructuring process is likely to be complicated and may take months to complete,” the agency said in a statement. According to the financial service company, the “CC” rating stands for “default has not yet occurred, but is expected to be a virtual certainty”. Similarly, Fitch Ratings downgraded the South Asian country’s assessment over its decision to suspend payments of foreign debt. It has put Sri Lanka at "near default". "We will downgrade the [rating] once a payment on an issuance is missed and the grace period has expired," the firm said in a statement on Wednesday. The warning from the rating agencies came a day after the Sri Lankan government announced that it is temporarily defaulting on all of its foreign debts payments. Also read | Arjuna Ranatunga urges Sri Lanka players to stop playing in IPL and stand for country amid economic crisis Sri Lanka's Finance Ministry said it otherwise had an "unblemished record" of paying its dues since independence from the UK in 1948. "Recent events, however... have eroded Sri Lanka's fiscal position that continued normal servicing of external public debt obligations has become impossible," it said in a statement on Tuesday. Also read | Sri Lanka defaulting on all its external debt: Rajapaksa government The IMF had assessed Sri Lanka's debt to be unsustainable last month, the ministry noted. Sri Lanka's foreign reserves stood at $1.93bn at the end of March. However, it has around $4bn in foreign debt payments due this year, reports BBC. Watch | Sri Lankan protesters mark new year near president's office amid economic crisis (With inputs from agencies)

Sri Lanka’s debt ‘default process has begun’, warn credit rating agencies

The inevitable has happened, and the Sri Lankan government has declared bankruptcy. It makes one wonder if other nations might have undergone bankruptcy in the past?

Did you know this country was once bankrupt?

After weeks of protests on the streets in Sri Lanka, protesters are demanding the resignation of Sri Lankan President Gotabaya Rajapaksa. To get more details on the Sri Lankan crisis, watch this report by Dasuni.

Sri Lanka crisis: Protestors demand resignation of President Gotabaya Rajapaksa

Sri Lankan demonstrators calling for President Gotabaya Rajapaksa to step down have renamed a protest site.

They have set up a camp named ‘Gota-Go-Gama’ (GotaGoGama) amid a deepening economic crisis afflicting their country.

Gota-Go-Gama is a small model village that includes several tents outside the Sri Lankan president's office.

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This protest site has now become fully functional with an uninterrupted supply of food and lodging as well as a make-shift medical camp for health emergencies.

It shows not only the frustration and anger of protesters, but also the resilience and unity of the Sri Lankan youth.

"This is really (like) fighting for independence but it is led by the youths of the country," said protesting lawyer Janaka Edirisinghe.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-pm-mahinda-rajapaksa-says-government-is-working-to-overcome-economic-crisis-470293" hreflang="en">Govt is working to overcome economic crisis: Sri Lankan PM Mahinda Rajapaksa</a>

The island nation of 22 million people announced Tuesday that it was suspending payments on its $51 billion foreign debt.

Sri Lanka's Prime Minister Mahinda Rajapaksa said the country had reached a decisive juncture.

"The President and I are spending every moment to formulate solutions on how to get Sri Lanka out of this current crisis," he said.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-defaulting-on-all-its-external-debt-rajapaksa-government-470410" hreflang="en">Sri Lanka defaulting on all its external debt: Rajapaksa government</a>

"We invited all other parties to come forward and take up the challenge, but they did not, so we will do it on our own," he said, also blaming Sri Lanka's ballooning foreign debt on the pandemic.

"Even if we can’t stop this crisis in two or three days, we will solve it as soon as possible," Rajapaksa said in his televised address.&nbsp;

"Every minute you protest on the streets, we lose an opportunity to earn dollars for the country," he said.

"Please remember that the country needs your patience at this critical moment."

Pressure on the powerful Rajapaksa family has intensified in recent days, with the country's vital business community also withdrawing support for them over the weekend.&nbsp;

Sri Lankan demonstrators calling for President Gotabaya Rajapaksa to step down have renamed a protest site. They have set up a camp named ‘Gota-Go-Gama’ (GotaGoGama) amid a deepening economic crisis afflicting their country.

Sri Lankan demonstrators calling for President Gotabaya Rajapaksa to step down have renamed a protest site. They have set up a camp named ‘Gota-Go-Gama’ (GotaGoGama) amid a deepening economic crisis afflicting their country. Gota-Go-Gama is a small model village that includes several tents outside the Sri Lankan president's office. This protest site has now become fully functional with an uninterrupted supply of food and lodging as well as a make-shift medical camp for health emergencies. It shows not only the frustration and anger of protesters, but also the resilience and unity of the Sri Lankan youth. "This is really (like) fighting for independence but it is led by the youths of the country," said protesting lawyer Janaka Edirisinghe. Also read | Govt is working to overcome economic crisis: Sri Lankan PM Mahinda Rajapaksa The island nation of 22 million people announced Tuesday that it was suspending payments on its $51 billion foreign debt. Sri Lanka's Prime Minister Mahinda Rajapaksa said the country had reached a decisive juncture. "The President and I are spending every moment to formulate solutions on how to get Sri Lanka out of this current crisis," he said. Also read | Sri Lanka defaulting on all its external debt: Rajapaksa government "We invited all other parties to come forward and take up the challenge, but they did not, so we will do it on our own," he said, also blaming Sri Lanka's ballooning foreign debt on the pandemic. "Even if we can’t stop this crisis in two or three days, we will solve it as soon as possible," Rajapaksa said in his televised address. "Every minute you protest on the streets, we lose an opportunity to earn dollars for the country," he said. "Please remember that the country needs your patience at this critical moment." Pressure on the powerful Rajapaksa family has intensified in recent days, with the country's vital business community also withdrawing support for them over the weekend.

Sri Lanka economic crisis: Demonstrators rename protest site to Gotago village

Amid the economic crisis in Sri Lanka, India has extended a helping hand to the island nation. On Tuesday (April 12) news agencies reported that the stock of 11,000 MT of rice from India reached Colombo. This was announced ahead of the county's New year celebrations, which will take place on April 14. &nbsp;

Eldos Mathew Punnose, who is the Central Public Information Officer, Indian High Commission in Sri Lanka told ANI: "11000 MT rice from India reached Colombo by ship Chen Glory today ahead of New Year celebration in Sri Lanka."&nbsp;

"16,000 MT of rice was supplied by India to Sri Lanka in the past week itself. These supplies which mark a special bond between two nations will continue," he added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-designates-pak-handler-of-2016-pathankot-air-base-attack-as-terrorist-470600">India designates Pak handler of 2016 Pathankot air base attack as terrorist</a>

"In addition to $1 billion credit line, India supported food medicines and other essential commodities guided by the priority of govt of Sri Lanka. India has also extended USD 500 million credit line to purchase fuel, under this around 2,70,000 MT of petrol, diesel has already arrived in Sri Lanka."&nbsp;

"Our relationship with Sri Lanka is multidimensional and it is comprehensive in nature. We are good friends and good neighbours," the Indian high commission official added. '

The Indian high commission official added, "Our relationship with Sri Lanka is multidimensional and it is comprehensive in nature. We are good friends and good neighbours."&nbsp;

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Watch: 11,000 MT of Rice from India reaches Sri Lanka earlier in the day. Rice is part of India's $ 1 Bn line of credit. 
 
Video Csty: Ministry of Trade , Govt of Sri Lanka <a href="https://t.co/HWEfQRdMDj">https://t.co/HWEfQRdMDj</a> <a href="https://t.co/noeTjDOaKh">pic.twitter.com/noeTjDOaKh</a>
— Sidhant Sibal (@sidhant) <a href="https://twitter.com/sidhant/status/1513921245074829316?ref_src=twsrc%5Etfw">April 12, 2022</a></blockquote>
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Sri Lanka | 11,000 MT of rice from India reached Colombo before New Year celebrations in the country 
 
This consignment comes under the $1 billion credit line extended by India. Already 16,000 MT have been supplied under this credit line: Eldos Mathew Punnoose <a href="https://t.co/PwNy7Ir3jW">pic.twitter.com/PwNy7Ir3jW</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1513853020928626689?ref_src=twsrc%5Etfw">April 12, 2022</a></blockquote>
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While speaking to media, the Chairman of State trading corporation, Yoga Perera said that many countries have come forward to help and negotiations going on but India was the first country under credit line delivering the consignment to help Sri Lanka at this time.

Sri Lanka is going through a difficult phase with the economy plunging to record lows. Protests have taken place across the country to call for Sri Lankan President Gotabaya Rajapaksa to step down.&nbsp;

People showed anger at soaring inflation and lengthy power cuts.&nbsp;

(With inputs from agencies)&nbsp;

Amid the economic crisis in Sri Lanka, India has extended a helping hand to the island nation. On Tuesday (April 12) news agencies reported that the stock of 11,000 MT of rice from India reached Colombo.

Amid the economic crisis in Sri Lanka, India has extended a helping hand to the island nation. On Tuesday (April 12) news agencies reported that the stock of 11,000 MT of rice from India reached Colombo. This was announced ahead of the county's New year celebrations, which will take place on April 14. Eldos Mathew Punnose, who is the Central Public Information Officer, Indian High Commission in Sri Lanka told ANI: "11000 MT rice from India reached Colombo by ship Chen Glory today ahead of New Year celebration in Sri Lanka." "16,000 MT of rice was supplied by India to Sri Lanka in the past week itself. These supplies which mark a special bond between two nations will continue," he added. ALSO READ | India designates Pak handler of 2016 Pathankot air base attack as terrorist "In addition to $1 billion credit line, India supported food medicines and other essential commodities guided by the priority of govt of Sri Lanka. India has also extended USD 500 million credit line to purchase fuel, under this around 2,70,000 MT of petrol, diesel has already arrived in Sri Lanka." "Our relationship with Sri Lanka is multidimensional and it is comprehensive in nature. We are good friends and good neighbours," the Indian high commission official added. ' The Indian high commission official added, "Our relationship with Sri Lanka is multidimensional and it is comprehensive in nature. We are good friends and good neighbours." Watch: 11,000 MT of Rice from India reaches Sri Lanka earlier in the day. Rice is part of India's $ 1 Bn line of credit. Video Csty: Ministry of Trade , Govt of Sri Lanka https://t.co/HWEfQRdMDj pic.twitter.com/noeTjDOaKh — Sidhant Sibal (@sidhant) April 12, 2022 × Sri Lanka | 11,000 MT of rice from India reached Colombo before New Year celebrations in the country This consignment comes under the $1 billion credit line extended by India. Already 16,000 MT have been supplied under this credit line: Eldos Mathew Punnoose pic.twitter.com/PwNy7Ir3jW — ANI (@ANI) April 12, 2022 × While speaking to media, the Chairman of State trading corporation, Yoga Perera said that many countries have come forward to help and negotiations going on but India was the first country under credit line delivering the consignment to help Sri Lanka at this time. Sri Lanka is going through a difficult phase with the economy plunging to record lows. Protests have taken place across the country to call for Sri Lankan President Gotabaya Rajapaksa to step down. People showed anger at soaring inflation and lengthy power cuts. (With inputs from agencies)

Sri Lanka economic crisis: 11,000 MT rice from India reaches Colombo ahead of Lanka's New Year

Sri Lanka has been dealing with its worst-ever economic crisis as people face regular power cuts, shortage of essential supplies and soaring inflation in the country. People have been out on the streets protesting against the mismanagement by the current government as their daily lives have been impacted adversely due to the crisis.

Amid the ongoing crisis in the country, former Sri Lanka cricket team captain Arjuna Ranatunga has urged the cricketers from the country to stop playing in the ongoing Indian Premier League (IPL) 2022 and stand in support of the crisis-hit nation. Several Sri Lankan players are part of different franchises in the ongoing IPL season.

"I really don't know but there are some cricketers who are lavishly playing in the IPL and haven't spoken about their country. Unfortunately, people are scared to speak against the government. These cricketers are also working for the cricket board under the ministry and they are trying to protect their jobs. But now they have to take a step as some of the young cricketers also came forward and gave statements in support of the protest," Ranatunga was quoted as saying by ANI.

"When something is going wrong, you should have the guts to come out and speak against it, without thinking about your business. People ask me why I am not in the protests. It's just that I have been into politics for the last 19 years and this is not a political issue. So far, none of the political parties and politicians have got into the protests and that's the biggest strength of the people of this country," he added.

The likes of Bhanuka Rajapaksa, Maheesh Theekshana, Wanindu Hasaranga and Dushmantha Chameera among others are currently part of IPL 2022. Former Sri Lankan cricket team captains Mahela Jayawardene and Kumar Sangakkara along with the likes of Muttiah Muralitharan and Lasith Maling are part of the backroom staff of their respective teams.

While both Sangakkara and Jayawardene had shared heartfelt notes on social media speaking about the economic crisis in the country, the likes of &nbsp;Hasaranga and Rajapaksa also extended their support towards the ongoing protests in the country.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/heartbreaking-to-seee-the-despair-of-people-kumar-sangakkara-on-sri-lankas-economic-crisis-467959">Heartbreaking to see the despair of people: Kumar Sangakkara on Sri Lanka's economic crisis</a>

Ranatunga, who is also a minister in Sri Lanka, has urged the cricketers to keep their jobs aside for a while and come back home for a week to take part in the protests for the sake of their country. &nbsp;

"I am sure you all know who are the players, playing in the IPL. I don't want to mention but I would want them to leave their job for a week and come in support of the protests," said the former cricketer. 
&nbsp;

Sri Lanka has been dealing with its worst-ever economic crisis as people face regular power cuts, shortage of essential supplies and soaring inflation in the country.

Sri Lanka has been dealing with its worst-ever economic crisis as people face regular power cuts, shortage of essential supplies and soaring inflation in the country. People have been out on the streets protesting against the mismanagement by the current government as their daily lives have been impacted adversely due to the crisis. Amid the ongoing crisis in the country, former Sri Lanka cricket team captain Arjuna Ranatunga has urged the cricketers from the country to stop playing in the ongoing Indian Premier League (IPL) 2022 and stand in support of the crisis-hit nation. Several Sri Lankan players are part of different franchises in the ongoing IPL season. "I really don't know but there are some cricketers who are lavishly playing in the IPL and haven't spoken about their country. Unfortunately, people are scared to speak against the government. These cricketers are also working for the cricket board under the ministry and they are trying to protect their jobs. But now they have to take a step as some of the young cricketers also came forward and gave statements in support of the protest," Ranatunga was quoted as saying by ANI. "When something is going wrong, you should have the guts to come out and speak against it, without thinking about your business. People ask me why I am not in the protests. It's just that I have been into politics for the last 19 years and this is not a political issue. So far, none of the political parties and politicians have got into the protests and that's the biggest strength of the people of this country," he added. The likes of Bhanuka Rajapaksa, Maheesh Theekshana, Wanindu Hasaranga and Dushmantha Chameera among others are currently part of IPL 2022. Former Sri Lankan cricket team captains Mahela Jayawardene and Kumar Sangakkara along with the likes of Muttiah Muralitharan and Lasith Maling are part of the backroom staff of their respective teams. While both Sangakkara and Jayawardene had shared heartfelt notes on social media speaking about the economic crisis in the country, the likes of Hasaranga and Rajapaksa also extended their support towards the ongoing protests in the country. Also Read: Heartbreaking to see the despair of people: Kumar Sangakkara on Sri Lanka's economic crisis Ranatunga, who is also a minister in Sri Lanka, has urged the cricketers to keep their jobs aside for a while and come back home for a week to take part in the protests for the sake of their country. "I am sure you all know who are the players, playing in the IPL. I don't want to mention but I would want them to leave their job for a week and come in support of the protests," said the former cricketer.

Arjuna Ranatunga urges Sri Lanka players to stop playing in IPL and stand for country amid economic crisis

Sri Lankan Prime Minister Mahinda Rajapaksa said on Monday that his government is s working on overcoming the worst economic crisis the country has faced in decades.

Asking Sri Lankan people to be patient, Rajapaksa said as politicians, letting go is just as familiar as losing.&nbsp;

''Though all parties represented in parliament were urged to come forward to resolve the current crisis in the country, no one has come forward. So, as the party in power, the Govt. will take all possible steps to resolve the crisis,'' he said.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-fast-running-out-of-medicines-faces-worst-economic-crisis-since-independence-470111/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Rajapaksha added, ''For every second you engage in protests, the country loses out on securing dollars.''

Due to a lack of money for imports, the island nation of 22 million people is running short of power, fuel, food, and medicines.

It has inflicted unprecedented misery on Sri Lankans in the most painful downturn since independence from Britain in 1948.

''I see the national flag being used during protests. It was us who made it a possibility for the national flag to be displayed freely in every part of the country,''&nbsp;Rajapaksha said.

Last week, Rajapaksa dissolved his cabinet after 41 lawmakers walked out of the ruling coalition to become independents in the 225-seat parliament.

Also read |&nbsp;<a href="https://www.wionews.com/world/sri-lanka-doctors-warn-that-economic-crisis-would-have-a-even-higher-toll-than-covid-19-pandemic-470133" hreflang="en">SL doctors warn economic crisis would have a higher death toll than pandemic</a>

Sri Lanka Freedom Party (SLFP) General-Secretary Dayasiri Jayasekera said "Talks with the IMF will need a stable government capable of implementing clear policies."&nbsp;

"This is necessary to repair the economy and bring relief to the people."

Meanwhile, Udaya Gammanpila, chief of the Jathika Hela Urumaya party, proposed forming an interim government with a new prime minister replacing President Gotabaya Rajapaksa's brother.

"The main proposal is to have an all-party committee to make key decisions and the appointment of a new prime minister and a limited Cabinet," he said.

"We want this before a new election. We have to reverse shortages and stabilise the economy." 
&nbsp;

(With inputs from agencies)

Sri Lankan Prime Minister Mahinda Rajapaksa said on Monday that his government is s working on overcoming the worst economic crisis the country has faced in decades.

Sri Lankan Prime Minister Mahinda Rajapaksa said on Monday that his government is s working on overcoming the worst economic crisis the country has faced in decades. Asking Sri Lankan people to be patient, Rajapaksa said as politicians, letting go is just as familiar as losing. ''Though all parties represented in parliament were urged to come forward to resolve the current crisis in the country, no one has come forward. So, as the party in power, the Govt. will take all possible steps to resolve the crisis,'' he said. Rajapaksha added, ''For every second you engage in protests, the country loses out on securing dollars.'' Due to a lack of money for imports, the island nation of 22 million people is running short of power, fuel, food, and medicines. It has inflicted unprecedented misery on Sri Lankans in the most painful downturn since independence from Britain in 1948. ''I see the national flag being used during protests. It was us who made it a possibility for the national flag to be displayed freely in every part of the country,'' Rajapaksha said. Last week, Rajapaksa dissolved his cabinet after 41 lawmakers walked out of the ruling coalition to become independents in the 225-seat parliament. Also read | SL doctors warn economic crisis would have a higher death toll than pandemic Sri Lanka Freedom Party (SLFP) General-Secretary Dayasiri Jayasekera said "Talks with the IMF will need a stable government capable of implementing clear policies." "This is necessary to repair the economy and bring relief to the people." Meanwhile, Udaya Gammanpila, chief of the Jathika Hela Urumaya party, proposed forming an interim government with a new prime minister replacing President Gotabaya Rajapaksa's brother. "The main proposal is to have an all-party committee to make key decisions and the appointment of a new prime minister and a limited Cabinet," he said. "We want this before a new election. We have to reverse shortages and stabilise the economy." (With inputs from agencies)

Sri Lankan PM Mahinda Rajapaksa says government is working to overcome economic crisis

In the largest-ever exodus of Sri Lankan nationals since the start of the economic crisis in the island nation, 19 persons arrived in Tamil Nadu's Ramanathapuram district on Sunday.&nbsp;

This has taken the total number of persons who fled the island and reached India via sea route to 39. Earlier, persons from the Northern part of the island nation had arrived in two groups of sixteen and four.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/sri-lanka-doctors-warn-that-economic-crisis-would-have-a-even-higher-toll-than-covid-19-pandemic-470133" hreflang="en">Sri Lanka doctors warn that economic crisis would have higher death toll than COVID-19 pandemic</a>

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The group which is said to comprise of members from a few families includes babies and children.. all of them took the dangerous boat ride across the palk strait to reach <a href="https://twitter.com/hashtag/Tamilnadu?src=hash&amp;ref_src=twsrc%5Etfw">#Tamilnadu</a> shores 
 
Some families sold all belongings to manage funds to flee island nation <a href="https://t.co/mvrPzdfw5v">https://t.co/mvrPzdfw5v</a> <a href="https://t.co/PovFi7rtEI">pic.twitter.com/PovFi7rtEI</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1513392416736542721?ref_src=twsrc%5Etfw">April 11, 2022</a></blockquote>
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The group of 19 members consists of seven women and five children. It is said that they arrived in two boats and were stuck near a point known as Arichal Munai, from where they were rescued by Tamil Nadu Coastal police and taken to Mandapam, near Rameswaram.

Watch |&nbsp;Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-to-seek-us-3-billion-to-stave-off-economic-crisis-readies-for-negotiations-with-imf-470096/embed" width="560"></iframe>

This exodus is happening at a time when the fast-deteriorating economic and political crisis in Sri Lanka has led thousands from across the country to take to the streets in protest against the ruling Rajapaksa clan.&nbsp;

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Signal jammers used, roads blocked, yet sea of humanity converged at Galle face (most iconic sea-facing road) in <a href="https://twitter.com/hashtag/Colombo?src=hash&amp;ref_src=twsrc%5Etfw">#Colombo</a> <a href="https://twitter.com/hashtag/SriLanka?src=hash&amp;ref_src=twsrc%5Etfw">#SriLanka</a> , in protest against the ruling <a href="https://twitter.com/hashtag/Rajapaksa?src=hash&amp;ref_src=twsrc%5Etfw">#Rajapaksa</a> clan, asking them to go home 
 
No stopping public anger&amp; anti-govt sentiment<a href="https://twitter.com/hashtag/SriLankaCrisis?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankaCrisis</a> <a href="https://twitter.com/hashtag/SriLankan?src=hash&amp;ref_src=twsrc%5Etfw">#SriLankan</a> <a href="https://t.co/iU2iSLMdQU">pic.twitter.com/iU2iSLMdQU</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1512995217108246530?ref_src=twsrc%5Etfw">April 10, 2022</a></blockquote>
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While people across sections of Lankan society are facing hardships owing to a shortage of essential commodities and widespread power cuts, it's the poor that are the worst hit owing to the skyrocketing prices and stagnant wages. For context, a cup of tea costs 100 Sri Lankan Rupees in the island nation (Equal to Indian Rs. 33).

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-president-gotabaya-rajapaksa-to-hold-crucial-meeting-with-41mps-470002" hreflang="en">Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs</a>

This has forced groups of people to sell or leave behind their belongings in the northern and northeastern parts of the island, collect some money and use it to flee to Tamil Nadu. They take immense risks crossing the Palk Strait the narrow sea lane that connects India and Sri Lanka, in the hope of being supported by the Indian authorities and being put in refugee camps.&nbsp;

In the largest-ever exodus of Sri Lankan nationals since the start of the economic crisis in the island nation, 19 persons arrived in Tamil Nadu's Ramanathapuram district on Sunday.

In the largest-ever exodus of Sri Lankan nationals since the start of the economic crisis in the island nation, 19 persons arrived in Tamil Nadu's Ramanathapuram district on Sunday. This has taken the total number of persons who fled the island and reached India via sea route to 39. Earlier, persons from the Northern part of the island nation had arrived in two groups of sixteen and four. Also read | Sri Lanka doctors warn that economic crisis would have higher death toll than COVID-19 pandemic The group which is said to comprise of members from a few families includes babies and children.. all of them took the dangerous boat ride across the palk strait to reach #Tamilnadu shores Some families sold all belongings to manage funds to flee island nation https://t.co/mvrPzdfw5v pic.twitter.com/PovFi7rtEI — Sidharth.M.P (@sdhrthmp) April 11, 2022 × The group of 19 members consists of seven women and five children. It is said that they arrived in two boats and were stuck near a point known as Arichal Munai, from where they were rescued by Tamil Nadu Coastal police and taken to Mandapam, near Rameswaram. Watch | Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF This exodus is happening at a time when the fast-deteriorating economic and political crisis in Sri Lanka has led thousands from across the country to take to the streets in protest against the ruling Rajapaksa clan. Signal jammers used, roads blocked, yet sea of humanity converged at Galle face (most iconic sea-facing road) in #Colombo #SriLanka , in protest against the ruling #Rajapaksa clan, asking them to go home No stopping public anger& anti-govt sentiment#SriLankaCrisis #SriLankan pic.twitter.com/iU2iSLMdQU — Sidharth.M.P (@sdhrthmp) April 10, 2022 × While people across sections of Lankan society are facing hardships owing to a shortage of essential commodities and widespread power cuts, it's the poor that are the worst hit owing to the skyrocketing prices and stagnant wages. For context, a cup of tea costs 100 Sri Lankan Rupees in the island nation (Equal to Indian Rs. 33). Also read | Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs This has forced groups of people to sell or leave behind their belongings in the northern and northeastern parts of the island, collect some money and use it to flee to Tamil Nadu. They take immense risks crossing the Palk Strait the narrow sea lane that connects India and Sri Lanka, in the hope of being supported by the Indian authorities and being put in refugee camps.

19 Sri Lankans flee economic crisis, reach India after dangerous boat ride

Sri Lankan physicians warned on Sunday that life-saving drugs were running scarce and that the island nation's economic woes were threatening to kill more people than the coronavirus pandemic&nbsp;outbreak.

According to an AFP report, the Sri Lanka Medical Association (SLMA) said that hospitals in the country were no longer able to acquire imported medical tools and essential pharmaceuticals.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-president-gotabaya-rajapaksa-to-hold-crucial-meeting-with-41mps-470002" hreflang="en">Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs</a>

Several hospitals have already halted routine surgeries due to a dangerous shortage of anaesthetics, but the SLMA warned that even emergency procedures may not be viable soon.

"We are made to make very difficult choices. We have to decide who gets treatment and who will not," the organisation said on Sunday as&nbsp;they released a letter they&nbsp;had sent President Gotabaya Rajapaksa a few days earlier, warning him about the situation.

Watch |&nbsp;Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF

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"If supplies are not restored within days, the casualties will be far worse than from the pandemic."

Weeks of power outages, as well as severe shortages of food, fuel, and pharmaceuticals, have caused havoc on Sri Lanka's economy, which is undergoing its worst slump since 1948.

Government mismanagement, years of accumulated debt, and ill-advised tax cuts, according to economists, have aggravated Sri Lanka's dilemma say experts.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-seeking-3-billion-in-months-to-stave-off-crisis-finance-minister-469713" hreflang="en">Sri Lanka seeking $3 billion in months to stave off crisis: Finance minister</a>

Large rallies calling for Rajapaksa's resignation have erupted as public outrage over the crisis grows.

Rajapaksa's government is seeking an IMF bailout to help the country escape the crisis, which has seen food prices spike and the local currency lose a third of its value in the last month.

On Friday, Ali Sabry, the island's new finance minister, told parliament that he expects IMF will provide $3 billion in support for the island's balance of payments over the next three years.&nbsp;On Saturday, business leaders joined calls for the president to resign, claiming that the island's persistent fuel shortages had caused their enterprises to lose money.

Sri Lanka is struggling to service its mounting $51 billion international debt due to a catastrophic lack of foreign cash, with the pandemic jeopardising essential revenue from tourism and remittances.

(With inputs from agencies)

Sri Lankan physicians warned on Sunday that life-saving drugs were running scarce and that the island nation's economic woes were threatening to kill more people than the coronavirus pandemic outbreak.

Sri Lankan physicians warned on Sunday that life-saving drugs were running scarce and that the island nation's economic woes were threatening to kill more people than the coronavirus pandemic outbreak. According to an AFP report, the Sri Lanka Medical Association (SLMA) said that hospitals in the country were no longer able to acquire imported medical tools and essential pharmaceuticals. Also read | Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs Several hospitals have already halted routine surgeries due to a dangerous shortage of anaesthetics, but the SLMA warned that even emergency procedures may not be viable soon. "We are made to make very difficult choices. We have to decide who gets treatment and who will not," the organisation said on Sunday as they released a letter they had sent President Gotabaya Rajapaksa a few days earlier, warning him about the situation. Watch | Sri Lanka to seek US$ 3 billion to stave off economic crisis, readies for negotiations with IMF "If supplies are not restored within days, the casualties will be far worse than from the pandemic." Weeks of power outages, as well as severe shortages of food, fuel, and pharmaceuticals, have caused havoc on Sri Lanka's economy, which is undergoing its worst slump since 1948. Government mismanagement, years of accumulated debt, and ill-advised tax cuts, according to economists, have aggravated Sri Lanka's dilemma say experts. Also read | Sri Lanka seeking $3 billion in months to stave off crisis: Finance minister Large rallies calling for Rajapaksa's resignation have erupted as public outrage over the crisis grows. Rajapaksa's government is seeking an IMF bailout to help the country escape the crisis, which has seen food prices spike and the local currency lose a third of its value in the last month. On Friday, Ali Sabry, the island's new finance minister, told parliament that he expects IMF will provide $3 billion in support for the island's balance of payments over the next three years. On Saturday, business leaders joined calls for the president to resign, claiming that the island's persistent fuel shortages had caused their enterprises to lose money. Sri Lanka is struggling to service its mounting $51 billion international debt due to a catastrophic lack of foreign cash, with the pandemic jeopardising essential revenue from tourism and remittances. (With inputs from agencies)

Sri Lanka doctors warn that economic crisis would have higher death toll than COVID-19 pandemic

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