Sri Lanka is dealing with one of its worst economic crises in decades as the country has been plunged into political turmoil. Sri Lanka's decreasing foreign currency reserves mean the country is battling a severe shortage of essential supplies and soaring inflation. The economic crisis might see Sri Lanka lose the hosting rights of the upcoming Asia Cup 2022.

Sri Lanka had been awarded the hosting rights of the upcoming Asia Cup 2022 T20 tournament earlier this year. The next edition of the Asia Cup was scheduled to be held in 2020 but the tournament had to be postponed twice due to the Coronavirus pandemic before Sri Lanka bagged the hosting rights for the 2022 edition of the tournament this year.

The tournament will feature all major Asian teams - India, Pakistan, Bangladesh, Sri Lanka and Afghanistan. However, the tournament is unlikely to be held in Sri Lanka due to the ongoing economic crisis in the country and another country might be awarded the hosting rights.

As per a report in Geo Super, there remains a possibility that Sri Lanka will lose the hosting rights for Asia Cup 2022 and the tournament will be shifted to another country. The decision on the venue will be taken during the quarterly meeting of the International Cricket Council (ICC). The meeting is all set to take place in Dubai on Sunday this week.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/watch-virat-kohli-left-fuming-as-baby-ab-dewald-brevis-dismisses-him-off-first-ball-in-ipl-2022-469920">WATCH: Virat Kohli left fuming as 'Baby AB' Dewald Brevis dismisses him off first ball in IPL 2022</a>

The Asia Cup 2022 is scheduled to take place in Sri Lanka from August 27 to September 11 this year. This will be the second instance when the tournament will be played in the T20 format. India won the last edition of the Asia Cup under Rohit Sharma's captaincy in 2018 after defeating Bangladesh in the final.

It remains to be seen what the ICC and the Asian Cricket Council (ACC) will decide as far as the host nation of the tournament is considered. People in Sri Lanka have witnessed&nbsp;power blackouts and are facing a severe shortage of food and fuel among other essentials amid the ongoing economic crisis.

Sri Lanka is dealing with one of its worst economic crises in decades as the country has been plunged into political turmoil. Sri Lanka's decreasing foreign currency reserves mean the country is battling a severe shortage of essential supplies and soaring inflation.

Sri Lanka is dealing with one of its worst economic crises in decades as the country has been plunged into political turmoil. Sri Lanka's decreasing foreign currency reserves mean the country is battling a severe shortage of essential supplies and soaring inflation. The economic crisis might see Sri Lanka lose the hosting rights of the upcoming Asia Cup 2022. Sri Lanka had been awarded the hosting rights of the upcoming Asia Cup 2022 T20 tournament earlier this year. The next edition of the Asia Cup was scheduled to be held in 2020 but the tournament had to be postponed twice due to the Coronavirus pandemic before Sri Lanka bagged the hosting rights for the 2022 edition of the tournament this year. The tournament will feature all major Asian teams - India, Pakistan, Bangladesh, Sri Lanka and Afghanistan. However, the tournament is unlikely to be held in Sri Lanka due to the ongoing economic crisis in the country and another country might be awarded the hosting rights. As per a report in Geo Super, there remains a possibility that Sri Lanka will lose the hosting rights for Asia Cup 2022 and the tournament will be shifted to another country. The decision on the venue will be taken during the quarterly meeting of the International Cricket Council (ICC). The meeting is all set to take place in Dubai on Sunday this week. Also Read: WATCH: Virat Kohli left fuming as 'Baby AB' Dewald Brevis dismisses him off first ball in IPL 2022 The Asia Cup 2022 is scheduled to take place in Sri Lanka from August 27 to September 11 this year. This will be the second instance when the tournament will be played in the T20 format. India won the last edition of the Asia Cup under Rohit Sharma's captaincy in 2018 after defeating Bangladesh in the final. It remains to be seen what the ICC and the Asian Cricket Council (ACC) will decide as far as the host nation of the tournament is considered. People in Sri Lanka have witnessed power blackouts and are facing a severe shortage of food and fuel among other essentials amid the ongoing economic crisis.

Sri Lanka likely to lose hosting rights for Asia Cup 2022 due to ongoing economic crisis - Report

Hundreds of protesters, including students,&nbsp;gathered near the Galle Face Green in Colombo against Sri Lankan President Gotabaya Rajapaksa on Saturday, as the country faces its worst economic crisis since its independence.

The road leading to the Presidential Secretariat was completely blocked with students converging&nbsp;on the protest site to make their voices heard against Sri Lanka’s spiralling economic crisis.

Student protesters chanted "Go home, Gota" and called for the Rajapaksha government to step down, while accusing the government of “robbing the youth of their futures”.

According to AFP news agency,&nbsp;Saturday’s protest was largely organised through social media which saw the participation of tens of thousands of protesters.

Similar churnings were witnessed in the Sri Lankan political circles, as the opposition parties are mulling to move a no-confidence motion against Rajapaksa.

According to ANI news agency, Sri Lanka's main opposition party Samagi Jana Balwegaya (SJB) has announced that it will move a no-trust pela if the government fails to provide immediate relief.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/india-our-big-brother-grateful-to-pm-modi-sri-lankas-sanath-jayasuriya-amid-economic-crisis-469085">India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis</a>

"We have decided to bring a no-confidence motion against Sri Lanka president Gotabaya Rajapaksa as he has failed ails to address the country in connection with economic policies. We have called a meeting with all opposition leaders and will take a final decision on it soon," Sri Lanka’s leader of opposition Sajith Premadasa told ANI.

Meanwhile, Sri Lanka's business community, which largely funded Rajapaksa's election campaign, also withdrew its support to the president on Saturday.

"The&nbsp;current political and economic impasse simply cannot continue any further. We need a cabinet and an interim government within a week at most," AFP quoted Rohan Masakorala, head of the Sri Lanka Association of Manufacturers and Exporters of Rubber products, as saying.

In&nbsp;a joint statement,&nbsp;they said that&nbsp;they were responsible for generating&nbsp;nearly a quarter of&nbsp;the&nbsp;country's $80.17 billion gross domestic product and warned that millions of jobs would be in jeopardy.

Watch |&nbsp;Crisis-hit Sri Lanka doubles interest rates to tame inflation

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(With inputs from Dasuni Athauda and agencies)

Hundreds of protesters, including students, gathered near the Galle Face Green in Colombo against Sri Lankan President Gotabaya Rajapaksa on Saturday, as the country faces its worst economic crisis since its independence.

Hundreds of protesters, including students, gathered near the Galle Face Green in Colombo against Sri Lankan President Gotabaya Rajapaksa on Saturday, as the country faces its worst economic crisis since its independence. The road leading to the Presidential Secretariat was completely blocked with students converging on the protest site to make their voices heard against Sri Lanka’s spiralling economic crisis. Student protesters chanted "Go home, Gota" and called for the Rajapaksha government to step down, while accusing the government of “robbing the youth of their futures”. According to AFP news agency, Saturday’s protest was largely organised through social media which saw the participation of tens of thousands of protesters. Similar churnings were witnessed in the Sri Lankan political circles, as the opposition parties are mulling to move a no-confidence motion against Rajapaksa. According to ANI news agency, Sri Lanka's main opposition party Samagi Jana Balwegaya (SJB) has announced that it will move a no-trust pela if the government fails to provide immediate relief. Also read | India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis "We have decided to bring a no-confidence motion against Sri Lanka president Gotabaya Rajapaksa as he has failed ails to address the country in connection with economic policies. We have called a meeting with all opposition leaders and will take a final decision on it soon," Sri Lanka’s leader of opposition Sajith Premadasa told ANI. Meanwhile, Sri Lanka's business community, which largely funded Rajapaksa's election campaign, also withdrew its support to the president on Saturday. "The current political and economic impasse simply cannot continue any further. We need a cabinet and an interim government within a week at most," AFP quoted Rohan Masakorala, head of the Sri Lanka Association of Manufacturers and Exporters of Rubber products, as saying. In a joint statement, they said that they were responsible for generating nearly a quarter of the country's $80.17 billion gross domestic product and warned that millions of jobs would be in jeopardy. Watch | Crisis-hit Sri Lanka doubles interest rates to tame inflation (With inputs from Dasuni Athauda and agencies)

More trouble for Gotabaya Rajapaksa as opposition mulls no-confidence motion against SL president

The economic crisis in Sri Lanka is the worst since the country’s independence. Blackouts, protests, resignation of the cabinet, and essential supplies shortages are among the issues Sri Lanka is currently facing. WION’s Molly Gambhir explains how the situation got so bad in Sri Lanka.

Sri Lanka economic crisis explained in one minute

Arjuna Ranatunga, legendary Sri Lankan cricketer and former minister, spoke with WION's Dasuni in an exclusive interview, sharing his thoughts on the worsening economic and political crisis in the country.

Sri Lanka Crisis: WION speaks to Sri Lankan cricket legend Arjuna Ranatunga

Arjuna Ranatunga, legendary Sri Lankan cricketer and former minister,&nbsp; spoke with WION's Dasuni Athauda&nbsp;in an exclusive interview, sharing his thoughts on the worsening economic and political crisis in the country. He slammed the government for claiming that the recent protests were politically motivated, and accused it of attempting to "hold on to its power." He also praised India for its help at this time of need for its neighbour.

Sri Lanka is in the midst of a severe economic crisis, with food and fuel shortages affecting a substantial portion of the population. For the last two years, since the outbreak of the COVID-19 pandemic, the country's economy has been in free fall.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-parliament-passes-bill-to-impose-tax-on-rich-to-garner-quick-revenue-469305" hreflang="en">Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue</a>

Faced with a crisis that is continuously getting worse, the people of Sri Lanka have taken to the streets demanding the resignation of President Gotabaya Rajapaksa. However, Rajapaksa refuses to step down.&nbsp;

Referring to the Sri Lankan President and Prime Minister Mahinda Rajapaksa, Ranatunga said that "it's all about hanging onto power for them".

"The people who are in power, they talk about how they can hold the power. Go to the opposition, they're talking about how they can get into power...that is not what we need at the moment".

When asked about the protests and the heavy borrowing that the island nation has done from countries like China, the former minister said that he's not an expert but "they (the government) should've gone to the IMF and discussed with IMF".

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankas-heathcare-sector-witnesses-major-downfall-amid-shortage-of-essential-medicines-469146" hreflang="en">Sri Lanka's healthcare sector witnesses downfall amid shortage of essential medicines</a>

"I feel that they were addressing too many things, trying to build highways...courts... airports rather than use the money for essential items for the people."

Talking about friendly nations and the assistance they've offered, he said that India has been very helpful to Sri Lanka for a long period.

"I think India has been very graciously helping us for the last so many years, even now they have allocated something like 2.5 billion, it's not a easy amount and luckily they identified the issues we had. It's all about medical area and even Diesel and petrol those are the major issues we face in the country."

Watch |&nbsp;<a href="https://www.wionews.com/videos/sri-lanka-economic-crisis-opposition-threatens-no-confidence-vote-against-the-government-469327">Sri Lanka economic crisis: Opposition threatens no-confidence vote against the government</a>

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"I think there's a huge shortage of medicine in the country and I'm glad and happy that India put a foot into it and tried to help us, like they did in the last so many years."

As the nation faces its worst economic crisis and people take to the streets, those in power have alleged that these protests are politically motivated. However, Ranatunga says that is not the case. He said that this is a "wrong tag".

"It's a wrong tag attributed by the government. This is organic movement."

He added that these people are not arrogant, but peaceful and that the few elements who have been "creating ruckus like burning buses etc" could have been planted by the government as a way to jeopardise the people's movement.

&nbsp;

Arjuna Ranatunga, legendary Sri Lankan cricketer and former minister, spoke with WION's Dasuni Athauda in an exclusive interview, sharing his thoughts on the worsening economic and political crisis in the country.

Arjuna Ranatunga, legendary Sri Lankan cricketer and former minister, spoke with WION's Dasuni Athauda in an exclusive interview, sharing his thoughts on the worsening economic and political crisis in the country. He slammed the government for claiming that the recent protests were politically motivated, and accused it of attempting to "hold on to its power." He also praised India for its help at this time of need for its neighbour. Sri Lanka is in the midst of a severe economic crisis, with food and fuel shortages affecting a substantial portion of the population. For the last two years, since the outbreak of the COVID-19 pandemic, the country's economy has been in free fall. Also read | Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue Faced with a crisis that is continuously getting worse, the people of Sri Lanka have taken to the streets demanding the resignation of President Gotabaya Rajapaksa. However, Rajapaksa refuses to step down. Referring to the Sri Lankan President and Prime Minister Mahinda Rajapaksa, Ranatunga said that "it's all about hanging onto power for them". "The people who are in power, they talk about how they can hold the power. Go to the opposition, they're talking about how they can get into power...that is not what we need at the moment". When asked about the protests and the heavy borrowing that the island nation has done from countries like China, the former minister said that he's not an expert but "they (the government) should've gone to the IMF and discussed with IMF". Also read | Sri Lanka's healthcare sector witnesses downfall amid shortage of essential medicines "I feel that they were addressing too many things, trying to build highways...courts... airports rather than use the money for essential items for the people." Talking about friendly nations and the assistance they've offered, he said that India has been very helpful to Sri Lanka for a long period. "I think India has been very graciously helping us for the last so many years, even now they have allocated something like 2.5 billion, it's not a easy amount and luckily they identified the issues we had. It's all about medical area and even Diesel and petrol those are the major issues we face in the country." Watch | Sri Lanka economic crisis: Opposition threatens no-confidence vote against the government "I think there's a huge shortage of medicine in the country and I'm glad and happy that India put a foot into it and tried to help us, like they did in the last so many years." As the nation faces its worst economic crisis and people take to the streets, those in power have alleged that these protests are politically motivated. However, Ranatunga says that is not the case. He said that this is a "wrong tag". "It's a wrong tag attributed by the government. This is organic movement." He added that these people are not arrogant, but peaceful and that the few elements who have been "creating ruckus like burning buses etc" could have been planted by the government as a way to jeopardise the people's movement.

Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION

Without any voting, the Sri Lankan parliament has passed a retrospective surcharge bill, that will impose a surcharge tax on rich people.

A 25 per cent windfall tax will be imposed on those companies and individuals who earned more than 2 billion Sri Lankan rupees in the financial year 2020-21.

The government expects to earn a revenue of 100 billion rupees through this tax that was proposed by former finance minister Basil Rajapaksa.

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Gotabaya Rajapaksa has also constituted an expert panel to combat the country's worst economic crisis in decades.

“Among the responsibilities that the presidential advisory group will undertake are to engage in discussions with relevant Sri Lankan institutions and officials engaging with the IMF, and to provide guidance that will address the present debt crisis and lead towards sustainable and inclusive recovery for Sri Lanka,” as per a statement issued by the president's office.

People in Sri Lanka are protesting against the Rajapaksa family due to shortages of fuel, power, food, and medicine.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-slaps-travel-ban-on-former-central-bank-chief-469144" hreflang="en">Sri Lanka slaps travel ban on former central bank chief</a>

Outgoing finance minister Ali Sabry has said, "We must look at how to structure the $1 billion international sovereign bond payment maturing in July."&nbsp;

"We must have political stability to find solutions to the financial crisis," Sabry said.

"We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don't have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank.

According to Sri Lanka's central bank, reserves dropped 16 per cent to $1.93 billion in March.

Financial authorities in Sri Lanka are unable to secure more commercial loans because of credit downgrade. The nation can default on $51 billion foreign debt.

(With inputs from agencies)

Without any voting, the Sri Lankan parliament has passed a retrospective surcharge bill, that will impose a surcharge tax on rich people. A 25 per cent windfall tax will be imposed on those companies and individuals who earned more than 2 billion Sri Lankan rupees in the financial year 2020-21.

Without any voting, the Sri Lankan parliament has passed a retrospective surcharge bill, that will impose a surcharge tax on rich people. A 25 per cent windfall tax will be imposed on those companies and individuals who earned more than 2 billion Sri Lankan rupees in the financial year 2020-21. The government expects to earn a revenue of 100 billion rupees through this tax that was proposed by former finance minister Basil Rajapaksa. Gotabaya Rajapaksa has also constituted an expert panel to combat the country's worst economic crisis in decades. “Among the responsibilities that the presidential advisory group will undertake are to engage in discussions with relevant Sri Lankan institutions and officials engaging with the IMF, and to provide guidance that will address the present debt crisis and lead towards sustainable and inclusive recovery for Sri Lanka,” as per a statement issued by the president's office. People in Sri Lanka are protesting against the Rajapaksa family due to shortages of fuel, power, food, and medicine. Also read | Sri Lanka slaps travel ban on former central bank chief Outgoing finance minister Ali Sabry has said, "We must look at how to structure the $1 billion international sovereign bond payment maturing in July." "We must have political stability to find solutions to the financial crisis," Sabry said. "We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don't have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank. According to Sri Lanka's central bank, reserves dropped 16 per cent to $1.93 billion in March. Financial authorities in Sri Lanka are unable to secure more commercial loans because of credit downgrade. The nation can default on $51 billion foreign debt. (With inputs from agencies)

Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue

In Sri Lanka, a new financial and economic team for multilateral affairs and debt sustainability in the country has been appointed by the government on Wednesday (April 6).&nbsp;

President Gotabaya Rajapaksa appointed the team with eminent experts, who will be asked to address and provide guidance on the current debt crisis.&nbsp;

The experts will also engage with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/chinese-shadow-as-south-asian-countries-face-political-and-social-upheavals-468981">Chinese shadow as South Asian countries face political and social upheavals</a>

As per a statement issued by the President Media Division on Wednesday, the advisory group includes Indrajit Coomaraswamy, former governor of the Central Bank of Sri Lanka and former director of the Economic Affairs Division of the Commonwealth Secretariat.&nbsp;

The team also includes Shanta Devarajan, who is a Professor of Development Scheme at Georgetown University and former Chief Economist of World Bank and Sharmini Coorey, former Director of Corporate Capacity Development and former Deputy Director of African Department of IMF.&nbsp;

As reported by news agencies, the division said that the members of the advisory group have already held discussions with the President over the ongoing crisis.&nbsp;

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>

Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation.&nbsp;

Sri&nbsp;Lankans have&nbsp;said they continue to struggle with the state of the country's economy.

President Gotabaya Rajapaksa maintained his stance of not resigning.&nbsp;

WATCH |&nbsp;Gotabaya's ruling coalition in turmoil but he refuses to quit

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(With inputs from agencies)&nbsp;

In Sri Lanka, a new financial and economic team for multilateral affairs and debt sustainability in the country has been appointed by the government on Wednesday (April 6).

In Sri Lanka, a new financial and economic team for multilateral affairs and debt sustainability in the country has been appointed by the government on Wednesday (April 6). President Gotabaya Rajapaksa appointed the team with eminent experts, who will be asked to address and provide guidance on the current debt crisis. The experts will also engage with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves. ALSO READ | Chinese shadow as South Asian countries face political and social upheavals As per a statement issued by the President Media Division on Wednesday, the advisory group includes Indrajit Coomaraswamy, former governor of the Central Bank of Sri Lanka and former director of the Economic Affairs Division of the Commonwealth Secretariat. The team also includes Shanta Devarajan, who is a Professor of Development Scheme at Georgetown University and former Chief Economist of World Bank and Sharmini Coorey, former Director of Corporate Capacity Development and former Deputy Director of African Department of IMF. As reported by news agencies, the division said that the members of the advisory group have already held discussions with the President over the ongoing crisis. ALSO READ | 'Power to the people': Rap song featuring WION's report on Sri Lanka economic crisis goes viral Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation. Sri Lankans have said they continue to struggle with the state of the country's economy. President Gotabaya Rajapaksa maintained his stance of not resigning. WATCH | Gotabaya's ruling coalition in turmoil but he refuses to quit × (With inputs from agencies)

Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis

Sri Lanka saw clashes with police as angry protesters gathered outside President’s house. People are demanding removal of the current President in Sri Lanka amid economic crisis. Protesters were seen outside President Gotabaya Rajapaksa’s house on Thursday evening. A bus was reportedly set on fire by the protesters. Sri Lanka is facing its worst economic crisis in years.

Sri Lanka economic crisis: Protests, clashes & blackout – What is happening?

As economic crisis in Sri Lanka worsens, celebrities, sports personalities are reacting to it. Actor Jacqueline Fernandez, former Sri Lankan skipper Sangakkara and others reacted to the economic crisis. Some supported the people of Sri Lanka while others shared means to help the citizens.

Amid Sri Lanka’s economic crisis, what Jacqueline Fernandez, Sangakkara, others are saying

Amid the political crisis sweeping the country, President Gotabaya Rajapaksa has invited all parties in Parliament to accept ministerial posts.

On Sunday, all cabinet ministers had resigned from Rajapaksa's government leaving the president to appoint a new cabinet as anti-government protests erupted despite a nationwide curfew.

Reports say Ali Sabry will be sworn in as the finance minister with Dinesh Gunawardena set to become the new education minister. Local media reports say Prof. G. L Peiris will be the new foreign minister and Johnston Fernando will be the new minister of highways.

<a href="https://www.wionews.com/south-asia/sri-lankas-cabinet-resigns-as-protesters-defy-curfew-468104">Also Read:&nbsp;Sri Lanka's cabinet resigns as protesters defy curfew</a>

"President Gotabaya Rajapaksa invited all political parties to come together to find solutions to the ongoing national crisis," the government said in a statement, adding," considering this a national need, the time has come to work together for the sake of all the citizens and future generations,"&nbsp;

The president last week had imposed a nationwide emergency as protesters attempted to storm the presidential house in Colombo. On Monday, Sri Lanka's stock exchange had halted trading after the blue-chip index dropped 5.92 per cent amid mass resignation&nbsp;by Rajapaksa's cabinet.

Watch:&nbsp;Sri Lankan cabinet resigns en masse

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Colombo stock exchange said trading was halted for 30 minutes after stocks plunged. Reports claim Sri Lanka's central bank governor quit his post amid the worsening economic situation in the country.

Sri Lanka has been battling an economic crisis for the past two years ever since the pandemic hit two years with its foreign reserves at an all-time low. The country has been hit by fuel shortages and power cuts amid the crisis. Protesters last week launched demonstrations against the government as Rajapaksa's ministers quit.

(With inputs from Agencies)

Amid the political crisis sweeping the country, President Gotabaya Rajapaksa has invited all parties in Parliament to accept ministerial posts. On Sunday, all cabinet ministers had resigned from Rajapaksa's government leaving the president to appoint a new cabinet as anti-government protests erupted despite a nationwide curfew.

Amid the political crisis sweeping the country, President Gotabaya Rajapaksa has invited all parties in Parliament to accept ministerial posts. On Sunday, all cabinet ministers had resigned from Rajapaksa's government leaving the president to appoint a new cabinet as anti-government protests erupted despite a nationwide curfew. Reports say Ali Sabry will be sworn in as the finance minister with Dinesh Gunawardena set to become the new education minister. Local media reports say Prof. G. L Peiris will be the new foreign minister and Johnston Fernando will be the new minister of highways. Also Read: Sri Lanka's cabinet resigns as protesters defy curfew "President Gotabaya Rajapaksa invited all political parties to come together to find solutions to the ongoing national crisis," the government said in a statement, adding," considering this a national need, the time has come to work together for the sake of all the citizens and future generations," The president last week had imposed a nationwide emergency as protesters attempted to storm the presidential house in Colombo. On Monday, Sri Lanka's stock exchange had halted trading after the blue-chip index dropped 5.92 per cent amid mass resignation by Rajapaksa's cabinet. Watch: Sri Lankan cabinet resigns en masse Colombo stock exchange said trading was halted for 30 minutes after stocks plunged. Reports claim Sri Lanka's central bank governor quit his post amid the worsening economic situation in the country. Sri Lanka has been battling an economic crisis for the past two years ever since the pandemic hit two years with its foreign reserves at an all-time low. The country has been hit by fuel shortages and power cuts amid the crisis. Protesters last week launched demonstrations against the government as Rajapaksa's ministers quit. (With inputs from Agencies)

Sri Lanka crisis: President Gotabaya Rajapaksa invites parties to join cabinet

India's High Commissioner to Sri Lanka Gopal Baglay has said that rice from India will arrive in the country soon under the $1 billion line of credit. The line of credit was signed during former Sri Lankan Finance Minister Basil Rajapaksa's visit to India last month.

India's High Commissioner to Sri Lanka Gopal Baglay has said that rice from India will arrive in the country soon under the $1 billion line of credit. The line of credit was signed during former Sri Lankan Finance Minister Basil Rajapaksa's visit to India last month. The agreement was signed in Delhi in the presence of the Indian foreign and finance minister. Speaking exclusively to WION's Principal Diplomatic Correspondent Sidhant Sibal, Baglay said, "Under the food the first consignment has is likely to arrive very soon, exports of rice from India. These things are providing relief to Sri Lankan people in the current situation." The country is going through an economic crisis which has now become a political crisis as well with the cabinet of the Rajapaksa govt handing over resignation. The Indian envoy also assured the safety of Indian nationals, pointing out that the Indian mission is in touch with the authorities over the issue. According to unofficial statistics, it is estimated that around 14,000 Indian expatriates are living in Sri Lanka. Sidhant Sibal: How has India helped Sri Lanka under the current economic crisis? Gopal Baglay: In the past 3 months, we have from India extended support worth about $2.5 billion, 2 lines of credit--$500 million for fuel and $ 1 billion for food, medicine and essential supplies. Both lines of credit are in operation. Under the fuel 4 consignments of diesel, petrol and aviation petrol have come. Under the food the first consignment has is likely to arrive very soon, exports of rice from India. These things are providing relief to Sri Lankan people in the current situation. The Reserve bank of India has also extended currency swap of $400 million, and some other currency support they have provided to central bank of Sri Lanka. Sidhant Sibal: What has been the situation of stranded Indian tourists, how has the mission reached out? Gopal Baglay: This is a very important question because Indian tourists are the largest group of tourists coming into Sri Lanka. So their safety and security, safety and security our citizen abroad is one of the most important questions for high commissions and embassies abroad. So we have actually been reached, we have contacted by number of people who want to come to Sri Lanka or are in Sri Lanka. So far we have not come across any major or serious matter but what we have told people is if they have any problem, they can certainly contact us and the high commission will help them in the situation they are. Sri Lankan tourist authorities, we are also in touch with them, we are in touch with Sri Lankan govt, if there is any problem by our people, then with help of Sri Lankan authorities we will try and resolve it. So far, we have not come across any major difficulties. Sidhant Sibal: Any assurances from the Sri Lankan side to the foreign nationals, to the Indian nationals about their safety? Gopal Baglay: The Sri Lankan tourism authorities have reached out to the embassies and high commissions in Colombo and they have said that they will do everything possible to make the stay of tourists coming into Sri Lanka comfortable. As you know, Tourism is one of three main foreign exchange earns for Sri Lanka and its importance is obviously very clear.

Exclusive: 'Rice from India to arrive in the country soon,' says Indian envoy to Sri Lanka Gopal Baglay

Sajith Premadasa, the Leader of the Opposition in Sri Lanka, urged Indian Prime Minister Narendra Modi on April 4 to support the island country to the greatest extent feasible, despite the country's economic problems.&nbsp;

"Please try and help Sri Lanka to the maximum possible extent. This is our motherland. We need to save our motherland, "Premadasa said in a message to Indian PM Narendra Modi, as quoted by ANI.

Furthermore, when asked if the country is ready for elections, he said, "I can tell you, I myself and we all have been ready ever since we entered social service and political service. We are ready for any eventuality."

Meanwhile, speaking to ANI, the Opposition leader termed the Cabinet Ministers' resignation a melodrama and said, "The melodrama is being enacted to fool the people of the country. There's no genuine effort to bring sanity to our society and relief to the people. It's an exercise to fool the people."

<a href="https://www.wionews.com/south-asia/sri-lankas-cabinet-resigns-as-protesters-defy-curfew-468104">Also Read:&nbsp;Sri Lanka's cabinet resigns as protesters defy curfew</a>

Sri Lanka is experiencing a foreign exchange crisis, which has hampered the country's ability to purchase food and fuel, resulting in power outages.

Due to a shortage of basic products, Sri Lanka was forced to seek aid from friendly countries.

Twenty-six members of Sri Lanka's Cabinet resigned on Sunday, amid mounting public outrage over the government's handling of the country's economic crisis.

President Gotabaya Rajapaksa of Sri Lanka asked all political parties to join a unity cabinet on Monday as part of the government's efforts to address public outrage over the island nation's worst economic crisis.&nbsp;

Watch:&nbsp;Sri Lankan cabinet resigns en masse

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(With inputs from agencies)

Sajith Premadasa, the Leader of the Opposition in Sri Lanka, urged Indian Prime Minister Narendra Modi on April 4 to support the island country to the greatest extent feasible, despite the country's economic problems.

Sajith Premadasa, the Leader of the Opposition in Sri Lanka, urged Indian Prime Minister Narendra Modi on April 4 to support the island country to the greatest extent feasible, despite the country's economic problems. "Please try and help Sri Lanka to the maximum possible extent. This is our motherland. We need to save our motherland, "Premadasa said in a message to Indian PM Narendra Modi, as quoted by ANI. Furthermore, when asked if the country is ready for elections, he said, "I can tell you, I myself and we all have been ready ever since we entered social service and political service. We are ready for any eventuality." Meanwhile, speaking to ANI, the Opposition leader termed the Cabinet Ministers' resignation a melodrama and said, "The melodrama is being enacted to fool the people of the country. There's no genuine effort to bring sanity to our society and relief to the people. It's an exercise to fool the people." Also Read: Sri Lanka's cabinet resigns as protesters defy curfew Sri Lanka is experiencing a foreign exchange crisis, which has hampered the country's ability to purchase food and fuel, resulting in power outages. Due to a shortage of basic products, Sri Lanka was forced to seek aid from friendly countries. Twenty-six members of Sri Lanka's Cabinet resigned on Sunday, amid mounting public outrage over the government's handling of the country's economic crisis. President Gotabaya Rajapaksa of Sri Lanka asked all political parties to join a unity cabinet on Monday as part of the government's efforts to address public outrage over the island nation's worst economic crisis. Watch: Sri Lankan cabinet resigns en masse (With inputs from agencies)

'Please try and save our motherland': Sri Lanka opposition leader to Indian PM Modi

Sri Lanka is currently facing one of its worst economic crises in decades as the country continues to battle issues such as shortage of essential supplies and soaring inflation among others. &nbsp;Sri Lankan President Gotabaya Rajapaksa's government has been immensely criticised for its poor handling of the crisis as people continue to struggle to make ends meet on a day-to-day basis.

The Sri Lankan government is dealing with a major crisis as the country's foreign currency reserves have shrunk. There is a severe shortage of food and fuel in the country as Sri Lanka has run out of foreign currency to pay for imports. People have been facing power cuts four hours daily and have run out of supplies.

Amid the ongoing economic crisis, legendary Sri Lankan cricketer Kumar Sangakkara shared his views and expressed his solidarity with the people of his country. Sangakkara in a lengthy post on social media said it has been heartbreaking for him to see the despair of the people and their struggles.

He urged the Sri Lankan government to take decisions in the best interests of the country and its people amid protests across the nation. The former Sri Lankan cricket team captain also stated that time is running out and that the government should act fast to protect the future of the Sri Lankans.

Check out Kumar Sangakkara's post:

<img alt="Sangakkara on Sri Lanka economic crisis." data-entity-type="file" data-entity-uuid="b3df38be-8b9c-41bd-990a-1fb13c8f3021" src="//cdn.wionews.com/sites/default/files/inline-images/Sanga%20post.png" />

Also Read:&nbsp;<a href="https://www.wionews.com/sports/ipl-2022-jos-buttler-yuzvendra-chahal-power-rajasthan-royals-to-23-run-win-against-mumbai-indians-467767">Jos Buttler, Yuzvendra Chahal power Rajasthan Royals to 23-run win over Mumbai Indians</a>

The Sri Lankan government imposed a 36-hour curfew on Saturday amid protests in the country. President Rajapaksa had also declared public emregency in the country with immediate effect from April 1. The government also banned gatherings and social media was blacked out to curb planned protests amidst the crisis.

Sangakkara, who is one of the most successful cricketers to have played for Sri Lanka, is currently in India with his IPL team Rajasthan Royals (RR). Sangakkara is currently serving as the Director of Criket for RR and his team has made a good start to the ongoing IPL 2022 season with two wins in their first two matches.

Sri Lanka is currently facing one of its worst economic crises in decades as the country continues to battle issues such as shortage of essential supplies and soaring inflation among others.

Sri Lanka is currently facing one of its worst economic crises in decades as the country continues to battle issues such as shortage of essential supplies and soaring inflation among others. Sri Lankan President Gotabaya Rajapaksa's government has been immensely criticised for its poor handling of the crisis as people continue to struggle to make ends meet on a day-to-day basis. The Sri Lankan government is dealing with a major crisis as the country's foreign currency reserves have shrunk. There is a severe shortage of food and fuel in the country as Sri Lanka has run out of foreign currency to pay for imports. People have been facing power cuts four hours daily and have run out of supplies. Amid the ongoing economic crisis, legendary Sri Lankan cricketer Kumar Sangakkara shared his views and expressed his solidarity with the people of his country. Sangakkara in a lengthy post on social media said it has been heartbreaking for him to see the despair of the people and their struggles. He urged the Sri Lankan government to take decisions in the best interests of the country and its people amid protests across the nation. The former Sri Lankan cricket team captain also stated that time is running out and that the government should act fast to protect the future of the Sri Lankans. Check out Kumar Sangakkara's post: Also Read: Jos Buttler, Yuzvendra Chahal power Rajasthan Royals to 23-run win over Mumbai Indians The Sri Lankan government imposed a 36-hour curfew on Saturday amid protests in the country. President Rajapaksa had also declared public emregency in the country with immediate effect from April 1. The government also banned gatherings and social media was blacked out to curb planned protests amidst the crisis. Sangakkara, who is one of the most successful cricketers to have played for Sri Lanka, is currently in India with his IPL team Rajasthan Royals (RR). Sangakkara is currently serving as the Director of Criket for RR and his team has made a good start to the ongoing IPL 2022 season with two wins in their first two matches.

Heartbreaking to see the despair of people: Kumar Sangakkara on Sri Lanka's economic crisis

After facing flak, Sri Lanka on Sunday lifted all restrictions placed on social media platforms ahead of a planned anti-government protest against the worsening economic crisis that is marked by rising inflation and scarcity of essential items.

Facebook, Twitter, YouTube, Instagram, Snapchat, WhatsApp, Viber, Telegram, and Facebook Messenger were restored after 15 hours, according to PTI news agency which quoted a government official.

The 15-hour social media gag, which was aimed at preventing protests in Colombo, failed to deter the agitators as the users switched to VPN to voice displeasure over the move.

Within hours after the ban, the suers started trending anti-government hashtags in Facebook and Twitter.

Notably, Sri Lanka’s sports minister and President Gotabaya Rajapaksa’s nephew, Namal Rajapaksa slammed the move, saying that the availability of VPN makes such bans completely useless.

In a tweet, the minister also urged the government to think more progressively and reconsider this decision.

“I will never condone the blocking of social media. The availability of VPN, just like I’m using now, makes such bans completely useless,” tweeted Namal.

However, despite the social media gagging and 36-hour-curfew, hundreds of people, especially the students, turned to the streets to protest against the Rajapaksa government.

Armed soldiers were called in to thwart an attempt by a crowd of hundreds of protesters to march to Independence Square in the capital Colombo.

Lakshman Kiriella, MP from the second-largest city, Kandy, accused the police of using tear gas to disperse the protesting students near the University of Peradeniya, reports Reuters news agency.

"These students have come out in defiance of the curfew and police have fired tear gas to disperse them," Kiriella, from the opposition Samagi Jana Balawegaya party, was quoted as saying.

&nbsp;The university is on the outskirts of Kandy, where the students had been held back by police, he said.

On Friday, President Gotabaya Rajapaksa declared a state of emergency in the wake of acute shortage of essential items, rising prising and power cuts.

The curfew exists till Monday morning.

The island nation is grappling with its worst economic crisis since independence in 1948.

The current crisis is the result of economic mismanagement by successive governments and has been accentuated by the COVID-19 pandemic, which has hit tourism and remittances.

The government has said it is seeking a bailout from the International Monetary Fund and loans from India and China.

New Delhi&nbsp;recently announced that it will extend a USD 1 billion line of credit to Colombo&nbsp;as part of its financial assistance to the country to deal with the economic crisis following a previous $500 billion line of credit (LoC) in February to help it purchase petroleum products.

After facing flak, Sri Lanka on Sunday lifted all restrictions placed on social media platforms ahead of a planned anti-government protest against the worsening economic crisis that is marked by rising inflation and scarcity of essential items.

After facing flak, Sri Lanka on Sunday lifted all restrictions placed on social media platforms ahead of a planned anti-government protest against the worsening economic crisis that is marked by rising inflation and scarcity of essential items. Facebook, Twitter, YouTube, Instagram, Snapchat, WhatsApp, Viber, Telegram, and Facebook Messenger were restored after 15 hours, according to PTI news agency which quoted a government official. The 15-hour social media gag, which was aimed at preventing protests in Colombo, failed to deter the agitators as the users switched to VPN to voice displeasure over the move. Within hours after the ban, the suers started trending anti-government hashtags in Facebook and Twitter. Notably, Sri Lanka’s sports minister and President Gotabaya Rajapaksa’s nephew, Namal Rajapaksa slammed the move, saying that the availability of VPN makes such bans completely useless. In a tweet, the minister also urged the government to think more progressively and reconsider this decision. “I will never condone the blocking of social media. The availability of VPN, just like I’m using now, makes such bans completely useless,” tweeted Namal. However, despite the social media gagging and 36-hour-curfew, hundreds of people, especially the students, turned to the streets to protest against the Rajapaksa government. Armed soldiers were called in to thwart an attempt by a crowd of hundreds of protesters to march to Independence Square in the capital Colombo. Lakshman Kiriella, MP from the second-largest city, Kandy, accused the police of using tear gas to disperse the protesting students near the University of Peradeniya, reports Reuters news agency. "These students have come out in defiance of the curfew and police have fired tear gas to disperse them," Kiriella, from the opposition Samagi Jana Balawegaya party, was quoted as saying. The university is on the outskirts of Kandy, where the students had been held back by police, he said. On Friday, President Gotabaya Rajapaksa declared a state of emergency in the wake of acute shortage of essential items, rising prising and power cuts. The curfew exists till Monday morning. The island nation is grappling with its worst economic crisis since independence in 1948. The current crisis is the result of economic mismanagement by successive governments and has been accentuated by the COVID-19 pandemic, which has hit tourism and remittances. The government has said it is seeking a bailout from the International Monetary Fund and loans from India and China. New Delhi recently announced that it will extend a USD 1 billion line of credit to Colombo as part of its financial assistance to the country to deal with the economic crisis following a previous $500 billion line of credit (LoC) in February to help it purchase petroleum products.

Sri Lanka lifts social media gag as students defy curfew to protest against inflation, power cuts

In Sri Lanka, economic crisis is affecting everyday life of Sri Lankans. They're facing power cuts and disrupted water supply. Watch this report by Dasuni from Colombo.

Sri Lanka's growing economic crisis causes daily power cuts & disrupted water supply

The entire government in Sri Lanka is controlled by one family, the Rajapaksas. To get detailed view on current situation of Sri Lanka, WION spoke to Batticaloa District MP Shanakiyan Rasamanickam.

Sri Lanka's economic crisis: WION speaks to Batticaloa District MP Shanakiyan Rasamanickam

Police fired tear gas and water cannon at hundreds of protesters trying to storm the home of Sri Lankan President Gotabaya Rajapaksa in the capital Thursday, demanding his resignation as the South Asian nation's economic crisis worsened.

The island of 22 million people is in the grips of its worst downturn since independence, sparked by an acute lack of foreign currency to pay for even the most essential imports.

Diesel -- the main fuel for buses and commercial vehicles -- was unavailable at stations across the island on Thursday, according to officials and media reports -- crippling public transport.

Outside Rajapaksa's home in Colombo's Mirihana residential quarter, anti-riot squads beat back demonstrators after they blocked the roads for more than two hours.

"I am unable to go home because our area is barricaded," one resident told AFP. "People are shouting for the president and his family to step down."

Official sources told AFP that Rajapaksa was not at home during the protests.&nbsp;

The rally had been called by social media activists who were not immediately identified, but their ire was directed at Rajapaksa and his family.

Videos shared on social media showed men and women shouting "lunatic, lunatic go home" and demanding that all members of the powerful Rajapaksa family step down.

<a href="https://www.wionews.com/south-asia/debt-ridden-sri-lanka-runs-out-of-diesel-as-people-reel-under-hours-long-blackout-467173">Also Read: Debt-ridden Sri Lanka runs out of diesel as people reel under hours-long blackout</a>

The president's elder brother Mahinda serves as prime minister while the youngest -- Basil -- holds the finance portfolio. The eldest brother Chamal is the agriculture minister while nephew Namal holds the cabinet post for sports.

Diesel shortages had sparked outrage across Sri Lanka in recent days, but the protests had so far been in towns and not aimed at any top leader, before Thursday's events.

"We are siphoning off fuel from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles," Transport Minister Dilum Amunugama said.

Owners of private buses -- which account for two-thirds of the country's fleet -- said they were already out of oil and that even skeleton services might not be possible after Friday.

"We are still using old stocks of diesel, but if we don't get supplies by this evening, we will not be able to operate," the chairman of the private bus operators association, Gemunu Wijeratne, told AFP.

The state electricity monopoly said it had enforced a 13-hour power cut from Thursday -- the longest ever -- because they did not have diesel for generators.

Reservoirs, which provide more than a third of electricity demand via hydro power plants, were also at dangerously low levels.

The electricity rationing also hit mobile phone base stations and affected the quality of calls, operators said, adding that their stand-by generators were also without diesel.

Several state-run hospitals have stopped conducting surgeries as they have run out of essential life-saving medicines.

Colombo imposed a broad import ban in March 2020 in a bid to save foreign currency needed to service its $51 billion in foreign debt.

The government has said it is seeking a bailout from the International Monetary Fund while asking for more loans from India and China.

Sri Lanka's predicament was exacerbated by the Covid-19 pandemic, which torpedoed tourism and remittances.

Many economists also blame government mismanagement including tax cuts and years of budget deficits.

Police fired tear gas and water cannon at hundreds of protesters trying to storm the home of Sri Lankan President Gotabaya Rajapaksa in the capital Thursday, demanding his resignation as the South Asian nation's economic crisis worsened.

Police fired tear gas and water cannon at hundreds of protesters trying to storm the home of Sri Lankan President Gotabaya Rajapaksa in the capital Thursday, demanding his resignation as the South Asian nation's economic crisis worsened. The island of 22 million people is in the grips of its worst downturn since independence, sparked by an acute lack of foreign currency to pay for even the most essential imports. Diesel -- the main fuel for buses and commercial vehicles -- was unavailable at stations across the island on Thursday, according to officials and media reports -- crippling public transport. Outside Rajapaksa's home in Colombo's Mirihana residential quarter, anti-riot squads beat back demonstrators after they blocked the roads for more than two hours. "I am unable to go home because our area is barricaded," one resident told AFP. "People are shouting for the president and his family to step down." Official sources told AFP that Rajapaksa was not at home during the protests. The rally had been called by social media activists who were not immediately identified, but their ire was directed at Rajapaksa and his family. Videos shared on social media showed men and women shouting "lunatic, lunatic go home" and demanding that all members of the powerful Rajapaksa family step down. Also Read: Debt-ridden Sri Lanka runs out of diesel as people reel under hours-long blackout The president's elder brother Mahinda serves as prime minister while the youngest -- Basil -- holds the finance portfolio. The eldest brother Chamal is the agriculture minister while nephew Namal holds the cabinet post for sports. Diesel shortages had sparked outrage across Sri Lanka in recent days, but the protests had so far been in towns and not aimed at any top leader, before Thursday's events. "We are siphoning off fuel from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles," Transport Minister Dilum Amunugama said. Owners of private buses -- which account for two-thirds of the country's fleet -- said they were already out of oil and that even skeleton services might not be possible after Friday. "We are still using old stocks of diesel, but if we don't get supplies by this evening, we will not be able to operate," the chairman of the private bus operators association, Gemunu Wijeratne, told AFP. The state electricity monopoly said it had enforced a 13-hour power cut from Thursday -- the longest ever -- because they did not have diesel for generators. Reservoirs, which provide more than a third of electricity demand via hydro power plants, were also at dangerously low levels. The electricity rationing also hit mobile phone base stations and affected the quality of calls, operators said, adding that their stand-by generators were also without diesel. Several state-run hospitals have stopped conducting surgeries as they have run out of essential life-saving medicines. Colombo imposed a broad import ban in March 2020 in a bid to save foreign currency needed to service its $51 billion in foreign debt. The government has said it is seeking a bailout from the International Monetary Fund while asking for more loans from India and China. Sri Lanka's predicament was exacerbated by the Covid-19 pandemic, which torpedoed tourism and remittances. Many economists also blame government mismanagement including tax cuts and years of budget deficits.

Protesters try to storm Sri Lanka President Gotabaya Rajapaksa's home

In Sri Lanka, protesters are demanding Sri Lankan President Gotabaya Rajapaksa's resignation amid economic crisis. To get more details, watch this exclusive ground report by Dasuni on Sri Lanka's current scenario.

Sri Lanka: Demand grows for President Gotabaya Rajapaksa's resignation

Sri Lanka is facing severe economic crisis, and recently Buddhist monks visit Rajapaksa and urged temple, churches to help. Several Buddhist prelates have also urged a national policy.

Sri Lanka economic crisis: Buddhist monks call for relief for the people

In Sri Lanka, people are facing a severe economic crisis and recently protesters have tried to storm Sri Lankan President Rajapaksa's home. Watch this exclusive ground report by Dasuni on Sri Lanka's current scenario.

Violent protests over economic crisis: Protesters set fire to an army bus

In Sri Lanka, at least 45 people from the group of protesters have been arrested after riots. President Gotabaya Rajapaksa's office released a statement identifying organized extremist groups behind the protests. Watch this report by Dasuni from Colombo.

Anti-government unrest in Sri Lanka: Lankan authorities arrest 45 people after riots

After paper, Sri Lanka has now run out of diesel, potentially crippling the transport sector in the debt-ridden country.

This comes as a day after the government extended the nationwide daily power cuts from seven hours to 10 due to the non-availability of fuel to generate hydro-electricity. However, several people have been reporting that they are without electricity for more than 13 hours.

According to officials, many stations across the island have stopped selling diesel —the main fuel for buses and commercial vehicles —as they were out of stock.

Petrol was on sale but in short supply, forcing motorists to abandon their cars in long queues, reports AFP.

Transport Minister Dilum Amunugama said that diesel is being siphoned off from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles.

Owners of private buses —which account for two-thirds of the country's fleet —said they were already out of oil and that even skeleton services may not be possible after Friday.

"We are still using old stocks of diesel, but if we don't get supplies by this evening, we will not be able to operate," chairman of the private bus operators association Gemunu Wijeratne told AFP.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/two-major-sri-lankan-newspapers-suspending-print-editions-as-surge-in-economic-crisis-465415">Two major Sri Lankan newspapers suspend print editions as economic crisis surges</a>

Sri Lanka is in the midst of an unprecedented acute economic and energy crisis accentuated due to shortage of foreign exchange reserves.

All essential items and fuel have been in shirt supply, forcing tens of thousands of people to queue for hours outside petrol filling stations and grocery stores.

The Colombo Stock Exchange has been trading for two hours owing to lengthy power cuts, while many non-essential staff have been told to stay at home.

The electricity rationing also hit mobile phone base stations and affected the quality of calls, operators said, adding that their stand-by generators were also without diesel, reports Reuters.

Also read |&nbsp;&nbsp;<a href="https://www.wionews.com/south-asia/cash-strapped-sri-lanka-two-70-year-olds-die-waiting-in-queue-for-fuel-464273">Cash-strapped Sri Lanka: Two 70-year-olds die waiting in queue for fuel</a>

Several state-run hospitals have reportedly stopped surgeries as they have run out of essential life-saving medicines, while most have stopped diagnostic tests which require imported chemicals that are in short supply.

In March 2020, the Sri Lankan government had imposed a broad import ban in a bid to stave off foreign currency crisis so that it can pay out its foreign debt amounting to $51 billion.

The government has said it is seeking a bailout from the International Monetary Fund while asking for more loans from India and China.

Watch |&nbsp;Sri Lanka faces 13-hour blackout; hospitals halt surgery, runs out of life-saving medicines

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-faces-13-hour-blackout-hospitals-halt-surgery-runs-out-of-life-saving-medicines-467035/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

After paper, Sri Lanka has now run out of diesel, potentially crippling the transport sector in the debt-ridden country. This comes as a day after the government extended the nationwide daily power cuts from seven hours to 10 due to the non-availability of fuel to generate hydro-electricity.

After paper, Sri Lanka has now run out of diesel, potentially crippling the transport sector in the debt-ridden country. This comes as a day after the government extended the nationwide daily power cuts from seven hours to 10 due to the non-availability of fuel to generate hydro-electricity. However, several people have been reporting that they are without electricity for more than 13 hours. According to officials, many stations across the island have stopped selling diesel —the main fuel for buses and commercial vehicles —as they were out of stock. Petrol was on sale but in short supply, forcing motorists to abandon their cars in long queues, reports AFP. Transport Minister Dilum Amunugama said that diesel is being siphoned off from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles. Owners of private buses —which account for two-thirds of the country's fleet —said they were already out of oil and that even skeleton services may not be possible after Friday. "We are still using old stocks of diesel, but if we don't get supplies by this evening, we will not be able to operate," chairman of the private bus operators association Gemunu Wijeratne told AFP. Also read | Two major Sri Lankan newspapers suspend print editions as economic crisis surges Sri Lanka is in the midst of an unprecedented acute economic and energy crisis accentuated due to shortage of foreign exchange reserves. All essential items and fuel have been in shirt supply, forcing tens of thousands of people to queue for hours outside petrol filling stations and grocery stores. The Colombo Stock Exchange has been trading for two hours owing to lengthy power cuts, while many non-essential staff have been told to stay at home. The electricity rationing also hit mobile phone base stations and affected the quality of calls, operators said, adding that their stand-by generators were also without diesel, reports Reuters. Also read | Cash-strapped Sri Lanka: Two 70-year-olds die waiting in queue for fuel Several state-run hospitals have reportedly stopped surgeries as they have run out of essential life-saving medicines, while most have stopped diagnostic tests which require imported chemicals that are in short supply. In March 2020, the Sri Lankan government had imposed a broad import ban in a bid to stave off foreign currency crisis so that it can pay out its foreign debt amounting to $51 billion. The government has said it is seeking a bailout from the International Monetary Fund while asking for more loans from India and China. Watch | Sri Lanka faces 13-hour blackout; hospitals halt surgery, runs out of life-saving medicines (With inputs from agencies)

Debt-ridden Sri Lanka runs out of diesel as people reel under hours-long blackout

External Affairs Minister S Jaishankar met Sri Lanka's Finance Minister Basil Rajapaksa on Monday. Jaishankar is there for 5th BIMSTEC summit, where foreign ministers of all seven nations are present and the summit will conclude on Wednesday.

External Affairs Minister S Jaishankar holds important bilateral talks in Sri Lanka

Sri Lanka is facing its biggest economic crisis since its independence. The crisis has only gone from bad to worse. People are facing huge shortage of essentials and forex reserves fell by over 70%.

Sri Lanka faces huge shortage of essentials, forex reserves down by over 70%

For many in Sri Lanka, life is pretty much in survival mode right now where your daily chores and activities must be carefully planned in a manner according to the intermittent power cuts and the instinct to spot the fastest moving queues at the fuel and gas station, and outside grocery stores.

For the most part, the fuel crisis has been sticking out for months like a sore thumb, with commuters and passengers deeply inconvenienced on a daily basis as they impatiently wait in line for hours to fill up their tanks.

While some might eventually fill up their tanks at the cost of breaking the bank and thinning patience, some face the horror of returning empty-handed even after standing in line for hours as the fuel stations run out of supply.

When WION observed fuel stations across the commercial capital in Colombo over the past few days, steady lines of vehicles and people standing with cans and bottles were visible at almost every fuel station.

So far, three senior citizens have died due to exhaustion and one was stabbed and killed while in line for fuel —a very saddening sight and reminder of the desperation, plight and anger of the people.

In light of the recent turmoil, President Gotabaya Rajapaksa initiated the All-Party Conference (APC) to seek solutions to the ongoing crisis.

Although the main opposition parties - The Samagi &nbsp;Janabalawegaya and the Janatha Vimukthi Peramuna—decided to boycott the conference, former prime minister Ranil Wickramasinghe decided to attend. In fact, he stole the limelight with his comments.

In the event, Wickremesinghe snapped back at the Central Bank Governor who opened his remarks by blaming the former government for the crisis in front of the parties who attended the APC casting aside their differences.

The former premiere also butted heads with the incumbent Finance Minister, Basil Rajapaksha, when an argument broke out over the latter’s demand to furnish the draft report of the International Monetary Fund at the Parliament.

Wickremesinghe said repeated requests for the IMF report on Sri Lanka were turned down by the government, adding that this was the reason for many political parties to boycott the All-Party Conference.

Finance Minister Rajapaksa said that Sri Lanka has not received the full report from the IMF, to which the former prime minister responded that he was informed that the report in its entirety was submitted to the Government of Sri Lanka.

Rajapaksa said that what Sri Lanka received was a draft, and the government would add its comments to it and the final report will only be released following the IMF board approval.

For many in Sri Lanka, life is pretty much in survival mode right now where your daily chores and activities must be carefully planned in a manner according to the intermittent power cuts and the instinct to spot the fastest moving queues at the fuel and gas station, and outside grocery stores.

For many in Sri Lanka, life is pretty much in survival mode right now where your daily chores and activities must be carefully planned in a manner according to the intermittent power cuts and the instinct to spot the fastest moving queues at the fuel and gas station, and outside grocery stores. For the most part, the fuel crisis has been sticking out for months like a sore thumb, with commuters and passengers deeply inconvenienced on a daily basis as they impatiently wait in line for hours to fill up their tanks. While some might eventually fill up their tanks at the cost of breaking the bank and thinning patience, some face the horror of returning empty-handed even after standing in line for hours as the fuel stations run out of supply. When WION observed fuel stations across the commercial capital in Colombo over the past few days, steady lines of vehicles and people standing with cans and bottles were visible at almost every fuel station. So far, three senior citizens have died due to exhaustion and one was stabbed and killed while in line for fuel —a very saddening sight and reminder of the desperation, plight and anger of the people. In light of the recent turmoil, President Gotabaya Rajapaksa initiated the All-Party Conference (APC) to seek solutions to the ongoing crisis. Although the main opposition parties - The Samagi Janabalawegaya and the Janatha Vimukthi Peramuna—decided to boycott the conference, former prime minister Ranil Wickramasinghe decided to attend. In fact, he stole the limelight with his comments. In the event, Wickremesinghe snapped back at the Central Bank Governor who opened his remarks by blaming the former government for the crisis in front of the parties who attended the APC casting aside their differences. The former premiere also butted heads with the incumbent Finance Minister, Basil Rajapaksha, when an argument broke out over the latter’s demand to furnish the draft report of the International Monetary Fund at the Parliament. Wickremesinghe said repeated requests for the IMF report on Sri Lanka were turned down by the government, adding that this was the reason for many political parties to boycott the All-Party Conference. Finance Minister Rajapaksa said that Sri Lanka has not received the full report from the IMF, to which the former prime minister responded that he was informed that the report in its entirety was submitted to the Government of Sri Lanka. Rajapaksa said that what Sri Lanka received was a draft, and the government would add its comments to it and the final report will only be released following the IMF board approval.

Sri Lanka’s economic crisis: As people’s patience runs out, top leadership plays blame game

Sri Lanka is currently facing its worst-ever economic crisis since its independence. As per reports, acute shortage of essential items have lead to protests and clashes in Colombo.

Economic crisis deepens in Sri Lanka, protests rock Colombo over Inflation

Sri Lanka, which is reeling under its worst financial crisis, had to cancel exams for millions of school students in the western province due to an acute shortage of printing paper.

According to reports, Colombo, which is struggling with depleting foreign reserves, had to postpone the exams indefinitely as it is short on dollars to import paper, reports AFP.

“School principals cannot hold the tests as printers are unable to secure foreign exchange to import necessary paper and ink,” the Department of Education of the Western Province, home to nearly six million people, said in a statement.

Sri Lanka has been struggling to pay for imports as its foreign reserves are at an all-time low at about $2.3 billion at the end of February.

Fuel shortages have curbed transportation within the country, including essential supplies, and have led to hours-long daily power cuts. It is estimated that Sri Lanka owes US $1.5 to $2 billion in debt payments this year to China. Overall, China’s loans and investments in Sri Lanka were estimated to be more than $8 billion in the last few years.

Also read |<a href="https://www.wionews.com/south-asia/sri-lankan-central-bank-hikes-interest-rates-by-1-as-economy-risks-collapse-458836">&nbsp;Sri Lankan central bank hikes interest rates by 1% as economy risks collapse</a>

About $6.9 billion of Colombo’s debt needs to be serviced this year alone, reports Reuters.

During Finance Minister Basil Rajapaksa’s visit to New Delhi, the island nation secured a $1 billion credit line from India&nbsp;to buy urgently needed food and medicine.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-getting-closer-to-india-to-deal-with-chinese-debt-trap-454776">Sri Lanka getting closer to India to deal with Chinese 'debt trap'</a>

Sri Lanka has sought the International Monetary Fund’s help to help solve the country’s economic crisis.

President Gotabaya Rajapaksa on Wednesday said that the government is looking to cut its trade deficit by about 14 per cent this year.

(With inputs from agencies)

Sri Lanka, which is reeling under its worst financial crisis, had to cancel exams for millions of school students in the western province due to an acute shortage of printing paper.

Sri Lanka, which is reeling under its worst financial crisis, had to cancel exams for millions of school students in the western province due to an acute shortage of printing paper. According to reports, Colombo, which is struggling with depleting foreign reserves, had to postpone the exams indefinitely as it is short on dollars to import paper, reports AFP. “School principals cannot hold the tests as printers are unable to secure foreign exchange to import necessary paper and ink,” the Department of Education of the Western Province, home to nearly six million people, said in a statement. Sri Lanka has been struggling to pay for imports as its foreign reserves are at an all-time low at about $2.3 billion at the end of February. Fuel shortages have curbed transportation within the country, including essential supplies, and have led to hours-long daily power cuts. It is estimated that Sri Lanka owes US $1.5 to $2 billion in debt payments this year to China. Overall, China’s loans and investments in Sri Lanka were estimated to be more than $8 billion in the last few years. Also read | Sri Lankan central bank hikes interest rates by 1% as economy risks collapse About $6.9 billion of Colombo’s debt needs to be serviced this year alone, reports Reuters. During Finance Minister Basil Rajapaksa’s visit to New Delhi, the island nation secured a $1 billion credit line from India to buy urgently needed food and medicine. Also read | Sri Lanka getting closer to India to deal with Chinese 'debt trap' Sri Lanka has sought the International Monetary Fund’s help to help solve the country’s economic crisis. President Gotabaya Rajapaksa on Wednesday said that the government is looking to cut its trade deficit by about 14 per cent this year. (With inputs from agencies)

Running low on dollars to import paper, debt-ridden Sri Lanka cancels exams

As the Sri Lankan government sought a bailout from the International Monetary Fund (IMF), the Rajapaksa government confirmed that India will provide $1 billion line of credit facility to the country.

India's credit facility would be used for food, medicine and other essential items, the Lankan government said. India had earlier extended 500 million credit to purchase petroleum products as the country grapples with harsh economic condictions.

Reports claim finance minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman. The Sri Lankan finance minister had met Prime Minister Narendra Modi and foreign minister S Jaishankar on Wednesday.

Watch:&nbsp;India extends $1 billion line of credit to Sri Lanka

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Ratings Agency Fitch and Moody's had&nbsp;downgraded the country due to delays in obtaining new funds.

Indian foreign affairs minister S Jaishankar had said: "India stands with Sri Lanka, adding,"$1 billion credit line signed for supply of essential commodities." &nbsp;

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Neighborhood first. India stands with Sri Lanka. 
 
US$ 1 billion credit line signed for supply of essential commodities. 
 
Key element of the package of support extended by India. <a href="https://t.co/Fbzu5WFE3n">pic.twitter.com/Fbzu5WFE3n</a>
— Dr. S. Jaishankar (@DrSJaishankar) <a href="https://twitter.com/DrSJaishankar/status/1504407454746308614?ref_src=twsrc%5Etfw">March 17, 2022</a></blockquote>
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IMF spokesman Gerry Rice had said earlier that it could "assist Sri Lanka going forward". Sri Lanka had earlier urged China for debt payment but it hasn't come through as yet.

<a href="https://www.wionews.com/south-asia/sri-lankas-central-bank-assures-countrys-currency-to-stabilize-soon-461651">Also Read: Sri Lanka's central bank assures country's currency to stabilise soon</a>

Sri Lanka has been hit by rising fuel prices including power shortages as it struggles to service its foreign debt. There have been large scale protests against the government over the economic crisis sweeping the country with the opposition party spearheading the anti-government demonstrations.

The country has also been hit by high inflation and food crisis even as its robust tourism industry has been hit by the coronavirus crisis.

The Lankan government had imposed a fertiliser ban in May last year to turn the nation's agriculture sector into hundred per cent organic, however, it led to a decline in crop production and an increase in food prices.

(With inputs from Agencies)

As the Sri Lankan government sought a bailout from the International Monetary Fund (IMF), the Rajapaksa government confirmed that India will provide $1 billion line of credit facility to the country.

As the Sri Lankan government sought a bailout from the International Monetary Fund (IMF), the Rajapaksa government confirmed that India will provide $1 billion line of credit facility to the country. India's credit facility would be used for food, medicine and other essential items, the Lankan government said. India had earlier extended 500 million credit to purchase petroleum products as the country grapples with harsh economic condictions. Reports claim finance minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman. The Sri Lankan finance minister had met Prime Minister Narendra Modi and foreign minister S Jaishankar on Wednesday. Watch: India extends $1 billion line of credit to Sri Lanka Ratings Agency Fitch and Moody's had downgraded the country due to delays in obtaining new funds. Indian foreign affairs minister S Jaishankar had said: "India stands with Sri Lanka, adding,"$1 billion credit line signed for supply of essential commodities." Neighborhood first. India stands with Sri Lanka. US$ 1 billion credit line signed for supply of essential commodities. Key element of the package of support extended by India. pic.twitter.com/Fbzu5WFE3n — Dr. S. Jaishankar (@DrSJaishankar) March 17, 2022 × IMF spokesman Gerry Rice had said earlier that it could "assist Sri Lanka going forward". Sri Lanka had earlier urged China for debt payment but it hasn't come through as yet. Also Read: Sri Lanka's central bank assures country's currency to stabilise soon Sri Lanka has been hit by rising fuel prices including power shortages as it struggles to service its foreign debt. There have been large scale protests against the government over the economic crisis sweeping the country with the opposition party spearheading the anti-government demonstrations. The country has also been hit by high inflation and food crisis even as its robust tourism industry has been hit by the coronavirus crisis. The Lankan government had imposed a fertiliser ban in May last year to turn the nation's agriculture sector into hundred per cent organic, however, it led to a decline in crop production and an increase in food prices. (With inputs from Agencies)

India to extend $1 billion credit line to Sri Lanka amid economic crisis

People in Sri Lanka woke up to unprecedented rise in the price of petrol and diesel pushing the country into a deeper economic crisis. Lanka IOC, the Indian oil cooperation unit in Sri Lanka has increased the price of petrol.

Sri Lanka's deepening economic crisis: Fuel prices touch record high

Sri Lanka to opt for an international monetary fund bailout or not, that is a big question in Sri Lanka right now. Sri Lanka's cabinet of ministers is now trying to meet further to explore the IMF option as a country reels under a massive financial crisis.

Sri Lanka's inflation hit a record 11.1% in November

Despite global crude oil prices plunging due to concerns over the new Omicron strain,&nbsp;the Sri Lankan government announced that it will be hiking up fuel prices once again.

The&nbsp;move comes as a desperate measure to help control the country’s plunging economy caused due to the foreign reserve crisis.

The tourism-reliant island nation has been struggling to obtain much needed foreign revenue into the country since the devastating Easter attacks in 2019 which was exacerbated by the COVID-19 pandemic that resulted in restrictions placed on travel and multiple lockdowns since March 2020.

The move to increase fuel prices has come under criticism as the&nbsp;public laments the rising cost of living&nbsp;especially for those living on daily wages.

Experts say the&nbsp;abrupt decision&nbsp;is&nbsp;temporary in nature with long-standing issues still to be resolved&nbsp;and will not help in the government’s dire need to prevent further economic catastrophe.

Meanwhile, Sri Lanka’s minister of water supply Vasudeva Nanayakkara has said a fuel coupon system should be implemented to reduce the fuel usage in the county due to the current foreign currency shortage.

The minister further went on to say that relief must be provided to motorcycle and&nbsp;three-wheeler owners&nbsp;including&nbsp;fishermen.&nbsp;

Apart from fuel, Sri Lanka has been experiencing a severe shortage of domestic gas cylinders after&nbsp;over 800 cases of gas cylinder explosions were reported in the country&nbsp;resulting in the death of seven&nbsp;individuals while 16 others had sustained injuries.

Asela Sampath, the head of all island canteen owners'&nbsp;association, said that nearly eighty per cent of canteens and restaurants will be forced to close&nbsp;in the coming days owing to gas shortages amid rising food prices.

When interviewed by WION, Nisha Arunathilake a fellow at partnership for economic policy said in order for Sri Lanka to control the worsening forex crisis in the country, authorities&nbsp;must look at measures to earn&nbsp;much needed foreign currency in order to repay&nbsp;debts.

Just like any other fuel price hike, the current increase has also had a ripple effect on many industries especially on transport with tuk-tuks increasing their base rate and bakery owners told to remove price controls on all bakery items.

Despite global crude oil prices plunging due to concerns over the new Omicron strain, the Sri Lankan government announced that it will be hiking up fuel prices once again.

Despite global crude oil prices plunging due to concerns over the new Omicron strain, the Sri Lankan government announced that it will be hiking up fuel prices once again. The move comes as a desperate measure to help control the country’s plunging economy caused due to the foreign reserve crisis. The tourism-reliant island nation has been struggling to obtain much needed foreign revenue into the country since the devastating Easter attacks in 2019 which was exacerbated by the COVID-19 pandemic that resulted in restrictions placed on travel and multiple lockdowns since March 2020. The move to increase fuel prices has come under criticism as the public laments the rising cost of living especially for those living on daily wages. Experts say the abrupt decision is temporary in nature with long-standing issues still to be resolved and will not help in the government’s dire need to prevent further economic catastrophe. Meanwhile, Sri Lanka’s minister of water supply Vasudeva Nanayakkara has said a fuel coupon system should be implemented to reduce the fuel usage in the county due to the current foreign currency shortage. The minister further went on to say that relief must be provided to motorcycle and three-wheeler owners including fishermen. Apart from fuel, Sri Lanka has been experiencing a severe shortage of domestic gas cylinders after over 800 cases of gas cylinder explosions were reported in the country resulting in the death of seven individuals while 16 others had sustained injuries. Asela Sampath, the head of all island canteen owners' association, said that nearly eighty per cent of canteens and restaurants will be forced to close in the coming days owing to gas shortages amid rising food prices. When interviewed by WION, Nisha Arunathilake a fellow at partnership for economic policy said in order for Sri Lanka to control the worsening forex crisis in the country, authorities must look at measures to earn much needed foreign currency in order to repay debts. Just like any other fuel price hike, the current increase has also had a ripple effect on many industries especially on transport with tuk-tuks increasing their base rate and bakery owners told to remove price controls on all bakery items.

Sri Lanka hikes fuel prices again amid depleting foreign reserves

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