Sri&nbsp;Lanka&nbsp;will need about $3&nbsp;billion&nbsp;in external assistance within the next six&nbsp;months&nbsp;to help restore supplies of essential items, including fuel and medicines, to manage a severe economic&nbsp;crisis, its&nbsp;finance&nbsp;minister&nbsp;told&nbsp;Reuters&nbsp;on Saturday.

The island nation of 22 million people has been hit by prolonged power cuts, with drugs, fuel and other items running short, bringing angry protesters out on the streets and putting President Gotabaya Rajapaksa under mounting pressure.

"It's a Herculean task,"&nbsp;Finance&nbsp;Minister&nbsp;Ali Sabry said in his first interview since taking&nbsp;office this week, referring to finding $3&nbsp;billion&nbsp;in bridge financing as the country readied for negotiations with the International Monetary Fund (IMF) this month.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-doubles-interest-rates-to-tame-inflation-stabilise-economy-469544">Sri Lanka doubles interest rates to tame inflation; stabilise economy</a>

The South Asian island nation will look to restructure international sovereign bonds and seek a moratorium on payments, and is confident of negotiating with bondholders for an upcoming $1&nbsp;billion&nbsp;payment in July.

"The entire effort is not to go for a hard default," Sabry said. "We understand the consequences of a hard default."

J.P. Morgan analysts estimated this week that&nbsp;Sri&nbsp;Lanka's gross debt servicing would amount to $7&nbsp;billion&nbsp;this year, with the current account deficit coming in around $3&nbsp;billion.

The country has $12.55&nbsp;billion&nbsp;in outstanding international sovereign bonds, according to central bank data, and foreign reserves of $1.93&nbsp;billion&nbsp;at the end of March.

"The first priority is to see that we get back to the normal supply channel in terms of fuel, gas, drugs... and thereby electricity so that the people's uprising can be addressed," Sabry said.

Sense of confidence

Anti-government protests have raged across the island for days, with at least one turning violent in the country's commercial capital of Colombo, which have hurt the lucrative tourism industry that was ravaged by the COVID-19 pandemic.

Watch |&nbsp;Gravitas: India won't deploy army to Sri Lanka

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-india-wont-deploy-army-to-sri-lanka-469481/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"We respect your right to protest, but no violence, because it is counterproductive," Sabry said.

"Our tourism, which was beautifully coming back in February with 140,000 tourists coming in, has been severely affected ever since the demonstrations."

Sabry said he will lead a delegation of&nbsp;Sri&nbsp;Lankan&nbsp;officials to Washington to start talks with the IMF on April 18 and that financial and legal advisers would be selected within 21 days to help the government restructure its international debt.

"Once we go to them, first thing is there is a sense of confidence in the entire international monetary community that we are serious," he said. "We are transparent, we are willing to engage."

On Friday, a new central bank governor raised interest rates by an unprecedented 700 basis points in a bid to tame rocketing inflation and stabilise the economy.

Sri&nbsp;Lankan authorities will also reach out to rating agencies, Sabry said, as the country looks to regain access to international financial markets after being locked out due to multiple ratings downgrades since 2020.

Sabry said the government will hike taxes and fuel prices within six&nbsp;months&nbsp;and seek to reform loss-making state-owned enterprises, in an effort to fix public&nbsp;finances.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/crisis-hit-sri-lanka-hikes-rates-by-record-as-protests-spiral-469411">Crisis-hit: Sri Lanka hikes rates by record as protests spiral</a>

These measures were among key recommendations in an IMF review of&nbsp;Sri&nbsp;Lanka's economy released in early March.

"These are very unpopular measures, but these are things we need to do for the country to come out of this," Sabry said. "But the choice is do you do that or do you go down the drain permanently?"

Friend of all

Sri&nbsp;Lanka&nbsp;will seek another $500 million credit line from India for fuel, which would suffice for about five weeks of requirements, Sabry said.

The government would also look for support from the Asian Development Bank, the World Bank and bilateral partners including China, the United States, Britain and countries in the Middle East.

"We know where we are, and the only thing is to fight back," Sabry said, looking relaxed in a blue T-shirt and jeans. "We have no choice."

Discussions are ongoing with China on a $1.5&nbsp;billion&nbsp;credit line, a syndicated loan of up to $1&nbsp;billion&nbsp;dollars and a request from&nbsp;Sri&nbsp;Lanka's president in January to restructure some debt.

"Hopefully we will be able to get some relief and which would help to keep the&nbsp;Sri&nbsp;Lanka&nbsp;community and the country afloat until larger infusions come in," Sabry said.

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">Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION</a>

Beijing and New Delhi have long jostled for influence over the strategically located island&nbsp;off&nbsp;India's southern tip, with the country pulling closer to China under the powerful Rajapaksa family.

But in recent weeks, as the economic&nbsp;crisis&nbsp;deepened,&nbsp;Sri&nbsp;Lanka&nbsp;has leaned heavily on assistance from India.

"We are a neutral country. We are friend of all," said Sabry, a lawyer who previously served as&nbsp;Sri&nbsp;Lanka's justice&nbsp;minister. "So we think that goodwill will come in handy at this point in time."

Sri Lanka will need about $3 billion in external assistance within the next six months to help restore supplies of essential items, including fuel and medicines, to manage a severe economic crisis, its finance minister told Reuters on Saturday.

Sri Lanka will need about $3 billion in external assistance within the next six months to help restore supplies of essential items, including fuel and medicines, to manage a severe economic crisis, its finance minister told Reuters on Saturday. The island nation of 22 million people has been hit by prolonged power cuts, with drugs, fuel and other items running short, bringing angry protesters out on the streets and putting President Gotabaya Rajapaksa under mounting pressure. "It's a Herculean task," Finance Minister Ali Sabry said in his first interview since taking office this week, referring to finding $3 billion in bridge financing as the country readied for negotiations with the International Monetary Fund (IMF) this month. Also read | Sri Lanka doubles interest rates to tame inflation; stabilise economy The South Asian island nation will look to restructure international sovereign bonds and seek a moratorium on payments, and is confident of negotiating with bondholders for an upcoming $1 billion payment in July. "The entire effort is not to go for a hard default," Sabry said. "We understand the consequences of a hard default." J.P. Morgan analysts estimated this week that Sri Lanka's gross debt servicing would amount to $7 billion this year, with the current account deficit coming in around $3 billion. The country has $12.55 billion in outstanding international sovereign bonds, according to central bank data, and foreign reserves of $1.93 billion at the end of March. "The first priority is to see that we get back to the normal supply channel in terms of fuel, gas, drugs... and thereby electricity so that the people's uprising can be addressed," Sabry said. Sense of confidence Anti-government protests have raged across the island for days, with at least one turning violent in the country's commercial capital of Colombo, which have hurt the lucrative tourism industry that was ravaged by the COVID-19 pandemic. Watch | Gravitas: India won't deploy army to Sri Lanka "We respect your right to protest, but no violence, because it is counterproductive," Sabry said. "Our tourism, which was beautifully coming back in February with 140,000 tourists coming in, has been severely affected ever since the demonstrations." Sabry said he will lead a delegation of Sri Lankan officials to Washington to start talks with the IMF on April 18 and that financial and legal advisers would be selected within 21 days to help the government restructure its international debt. "Once we go to them, first thing is there is a sense of confidence in the entire international monetary community that we are serious," he said. "We are transparent, we are willing to engage." On Friday, a new central bank governor raised interest rates by an unprecedented 700 basis points in a bid to tame rocketing inflation and stabilise the economy. Sri Lankan authorities will also reach out to rating agencies, Sabry said, as the country looks to regain access to international financial markets after being locked out due to multiple ratings downgrades since 2020. Sabry said the government will hike taxes and fuel prices within six months and seek to reform loss-making state-owned enterprises, in an effort to fix public finances. Also read | Crisis-hit: Sri Lanka hikes rates by record as protests spiral These measures were among key recommendations in an IMF review of Sri Lanka's economy released in early March. "These are very unpopular measures, but these are things we need to do for the country to come out of this," Sabry said. "But the choice is do you do that or do you go down the drain permanently?" Friend of all Sri Lanka will seek another $500 million credit line from India for fuel, which would suffice for about five weeks of requirements, Sabry said. The government would also look for support from the Asian Development Bank, the World Bank and bilateral partners including China, the United States, Britain and countries in the Middle East. "We know where we are, and the only thing is to fight back," Sabry said, looking relaxed in a blue T-shirt and jeans. "We have no choice." Discussions are ongoing with China on a $1.5 billion credit line, a syndicated loan of up to $1 billion dollars and a request from Sri Lanka's president in January to restructure some debt. "Hopefully we will be able to get some relief and which would help to keep the Sri Lanka community and the country afloat until larger infusions come in," Sabry said. Also read | Exclusive | Sri Lanka crisis: Govt trying to hold on to power, cricket icon Arjuna Ranatunga tells WION Beijing and New Delhi have long jostled for influence over the strategically located island off India's southern tip, with the country pulling closer to China under the powerful Rajapaksa family. But in recent weeks, as the economic crisis deepened, Sri Lanka has leaned heavily on assistance from India. "We are a neutral country. We are friend of all," said Sabry, a lawyer who previously served as Sri Lanka's justice minister. "So we think that goodwill will come in handy at this point in time."

Sri Lanka seeking $3 billion in months to stave off crisis: Finance minister

External Affairs Minister S Jaishankar met Sri Lankan Finance Minister Basil Rajapaksa on Monday and held a discussion over the economic situation of Colombo as well as India's supportive response.

Jaishankar arrived in Colombo for a bilateral visit on Sunday.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/bharat-bandh-why-are-indias-trade-unions-and-banks-on-a-two-day-strike-466230">'Bharat Bandh': Why are India's trade unions and banks on a two-day strike?</a>

"Began the visit by meeting Finance Minister @RealBRajapaksa (Basil Rajapaksa). Discussed the economic situation and India's supportive response. We will continue to be guided by Neighbourhood First," Jaishankar said in a Tweet.

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Began the visit by meeting Finance Minister <a href="https://twitter.com/RealBRajapaksa?ref_src=twsrc%5Etfw">@RealBRajapaksa</a>. 
 
Discussed the economic situation and India’s supportive response. We will continue to be guided by Neighbourhood First <a href="https://t.co/D6K7Wq1JZd">pic.twitter.com/D6K7Wq1JZd</a>
— Dr. S. Jaishankar (@DrSJaishankar) <a href="https://twitter.com/DrSJaishankar/status/1508311396051656707?ref_src=twsrc%5Etfw">March 28, 2022</a></blockquote>
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The island nation is witnessing a severe economic and energy crisis triggered due to the shortage of foreign exchange.

The International Monetary Fund (IMF) on Friday recommended a number of measures for macroeconomic stability in Sri Lanka and also to mitigate adverse impacts on the vulnerable and the poor.

The IMF noted that the country faces mounting challenges, including public debt that has risen to unsustainable levels, low foreign currency reserves, and persistently large financing needs in the coming years.

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>

During his bilateral visit, Jaishankar will also attend the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) meeting.

Four Sri Lankan ministers received Indian External Affairs Minister at the airport on Sunday evening.The ministers, Gamini Lokuge, Minister of Energy,

Johnston Fernando, Minister of Highways, Prasanna Ranatunga, Ministry of Tourism and, D V Chanaka, State Minister of Aviation and Export Zones Development, received Jaishankar at the airport.

Jaishankar will be in Sri Lanka from March 28 to 30.

This follows the visits to India by Sri Lanka Finance Minister Basil Rajapaksa in December 2021 earlier this month and that of Sri Lanka Foreign Minister professor G L Peiris in February 2022.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/as-a-result-of-the-economic-crisis-16-sri-lankan-tamils-arrive-in-india-465294">As a result of the economic crisis 16 Sri Lankan Tamils arrive in India</a>

According to the Indian Ministry of External Affairs (MEA), the bilateral meetings and interactions which EAM will have in Sri Lanka highlight the priority that Sri Lanka occupies for India.While in Sri Lanka, EAM will also participate in the BIMSTEC Ministerial Meeting on March 29 in Colombo.

Both Maldives and Sri Lanka are India's key maritime neighbours in the Indian Ocean Region and occupy a special place in the Prime Minister's vision of 'SAGAR'&nbsp;and Neighbourhood First.

The EAM's visit is testimony to the importance that India attaches to its close and friendly relations with the Maldives and Sri Lanka.

Watch |&nbsp;Sri Lanka's economic crisis deepens with forex reserves hitting rock bottom

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lankas-economic-crisis-deepens-with-forex-reserves-hitting-rock-bottom-465616/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

External Affairs Minister S Jaishankar met Sri Lankan Finance Minister Basil Rajapaksa on Monday and held a discussion over the economic situation of Colombo as well as India's supportive response.

External Affairs Minister S Jaishankar met Sri Lankan Finance Minister Basil Rajapaksa on Monday and held a discussion over the economic situation of Colombo as well as India's supportive response. Jaishankar arrived in Colombo for a bilateral visit on Sunday. Also read | 'Bharat Bandh': Why are India's trade unions and banks on a two-day strike? "Began the visit by meeting Finance Minister @RealBRajapaksa (Basil Rajapaksa). Discussed the economic situation and India's supportive response. We will continue to be guided by Neighbourhood First," Jaishankar said in a Tweet. Began the visit by meeting Finance Minister @RealBRajapaksa. Discussed the economic situation and India’s supportive response. We will continue to be guided by Neighbourhood First pic.twitter.com/D6K7Wq1JZd — Dr. S. Jaishankar (@DrSJaishankar) March 28, 2022 × The island nation is witnessing a severe economic and energy crisis triggered due to the shortage of foreign exchange. The International Monetary Fund (IMF) on Friday recommended a number of measures for macroeconomic stability in Sri Lanka and also to mitigate adverse impacts on the vulnerable and the poor. The IMF noted that the country faces mounting challenges, including public debt that has risen to unsustainable levels, low foreign currency reserves, and persistently large financing needs in the coming years. Also read | Two major Sri Lankan newspapers suspend print editions as economic crisis surges During his bilateral visit, Jaishankar will also attend the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) meeting. Four Sri Lankan ministers received Indian External Affairs Minister at the airport on Sunday evening.The ministers, Gamini Lokuge, Minister of Energy, Johnston Fernando, Minister of Highways, Prasanna Ranatunga, Ministry of Tourism and, D V Chanaka, State Minister of Aviation and Export Zones Development, received Jaishankar at the airport. Jaishankar will be in Sri Lanka from March 28 to 30. This follows the visits to India by Sri Lanka Finance Minister Basil Rajapaksa in December 2021 earlier this month and that of Sri Lanka Foreign Minister professor G L Peiris in February 2022. Also read | As a result of the economic crisis 16 Sri Lankan Tamils arrive in India According to the Indian Ministry of External Affairs (MEA), the bilateral meetings and interactions which EAM will have in Sri Lanka highlight the priority that Sri Lanka occupies for India.While in Sri Lanka, EAM will also participate in the BIMSTEC Ministerial Meeting on March 29 in Colombo. Both Maldives and Sri Lanka are India's key maritime neighbours in the Indian Ocean Region and occupy a special place in the Prime Minister's vision of 'SAGAR' and Neighbourhood First. The EAM's visit is testimony to the importance that India attaches to its close and friendly relations with the Maldives and Sri Lanka. Watch | Sri Lanka's economic crisis deepens with forex reserves hitting rock bottom

EAM S Jaishankar meets Sri Lankan Finance Minister; discusses economic situation

Sri Lanka's Finance Minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman this week to discuss USD 1 billion loan that the Indian government agreed to provide and will also share the road map on the utilisation of funds.

India has already given a loan of USD 500 million for fuel purchase and USD 400 million currency swap under the South Asian Association for Regional Cooperation (SAARC) facility, Policy Research Group reported.

Earlier, the Sri Lankan Finance Minister met Prime Minister Narendra Modi and Foreign Minister S Jaishankar on Wednesday and thanked PM Modi for the support extended by India to the Sri Lankan economy.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-will-always-stand-with-sri-lanka-pm-modi-tells-finance-minister-basil-rajapaksa-462918">'India will always stand with Sri Lanka', PM Modi tells finance minister Basil Rajapaksa</a>

India has stepped up and pledged a whopping USD 2.415 billion to the island nation to help overcome dire financial constraints caused by external debt payments and a lack of US dollars in the country for business.

Sri Lanka is moving away from China while getting close to India over the failure of Colombo to pay back Chinese loans worth USD 4.5 billion, amidst fears of a "debt trap".

Sri Lankan foreign minister has been asking from China and different countries to help them in their financial crisis.

Sri Lanka also offered that whosoever country will help, Sri Lanka will collaborate on supplying essential commodities and avail the economic opportunities to them on their island, think tank reported.

Also read |&nbsp;<a href="https://www.wionews.com/world/imf-in-sri-lanka-to-discuss-worsening-economic-crisis-462128">IMF in Sri Lanka to discuss worsening economic crisis</a>

Sri Lanka's credit rating has been downgraded by Fitch Ratings and Moody's Investors Service due to delays in obtaining new funds, which are necessary to satisfy loan commitments. The country is on the verge of defaulting.

Saudi Arabian foreign minister, who recently visited Colombo, was requested to invest in the Port City project and the Hambantota Port project. Likewise, Oman was asked to assist in their fuel prices.

Sri Lanka's financial crisis began with the Easter Sunday attacks in 2019 and the situation deteriorated when the tourism rate fell and the government granted 25 per cent tax breaks to investors.

In January this year, Jaishankar held a virtual meeting with the Finance Minister of Sri Lanka Basil Rajapaksa and conveyed that India has always stood with Sri Lanka, and will continue to support Sri Lanka in all possible ways for overcoming the economic and other challenges posed by the COVID-19 pandemic.

Watch |&nbsp;Sri Lanka seeks IMF bailout amid rising fuel shortages, public anger

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-seeks-imf-bailout-amid-rising-fuel-shortages-public-anger-463029/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Sri Lanka's Finance Minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman this week to discuss USD 1 billion loan that the Indian government agreed to provide and will also share the road map on the utilisation of funds.

Sri Lanka's Finance Minister Basil Rajapaksha is expected to meet his Indian counterpart Nirmala Sitharaman this week to discuss USD 1 billion loan that the Indian government agreed to provide and will also share the road map on the utilisation of funds. India has already given a loan of USD 500 million for fuel purchase and USD 400 million currency swap under the South Asian Association for Regional Cooperation (SAARC) facility, Policy Research Group reported. Earlier, the Sri Lankan Finance Minister met Prime Minister Narendra Modi and Foreign Minister S Jaishankar on Wednesday and thanked PM Modi for the support extended by India to the Sri Lankan economy. Also read | 'India will always stand with Sri Lanka', PM Modi tells finance minister Basil Rajapaksa India has stepped up and pledged a whopping USD 2.415 billion to the island nation to help overcome dire financial constraints caused by external debt payments and a lack of US dollars in the country for business. Sri Lanka is moving away from China while getting close to India over the failure of Colombo to pay back Chinese loans worth USD 4.5 billion, amidst fears of a "debt trap". Sri Lankan foreign minister has been asking from China and different countries to help them in their financial crisis. Sri Lanka also offered that whosoever country will help, Sri Lanka will collaborate on supplying essential commodities and avail the economic opportunities to them on their island, think tank reported. Also read | IMF in Sri Lanka to discuss worsening economic crisis Sri Lanka's credit rating has been downgraded by Fitch Ratings and Moody's Investors Service due to delays in obtaining new funds, which are necessary to satisfy loan commitments. The country is on the verge of defaulting. Saudi Arabian foreign minister, who recently visited Colombo, was requested to invest in the Port City project and the Hambantota Port project. Likewise, Oman was asked to assist in their fuel prices. Sri Lanka's financial crisis began with the Easter Sunday attacks in 2019 and the situation deteriorated when the tourism rate fell and the government granted 25 per cent tax breaks to investors. In January this year, Jaishankar held a virtual meeting with the Finance Minister of Sri Lanka Basil Rajapaksa and conveyed that India has always stood with Sri Lanka, and will continue to support Sri Lanka in all possible ways for overcoming the economic and other challenges posed by the COVID-19 pandemic. Watch | Sri Lanka seeks IMF bailout amid rising fuel shortages, public anger

Sri Lankan finance minister to meet his Indian counterpart this week

A brother of Sri Lanka's President Gotabaya&nbsp;Rajapaksa&nbsp;on Thursday became finance minister, tightening the family's grip on power in the South Asian nation as it confronts growing economic troubles.&nbsp;

Basil&nbsp;Rajapaksa, 70, took over the finance portfolio from another brother, Prime Minister Mahinda&nbsp;Rajapaksa.

The 72-year-old president has put Mahinda in charge of a newly created but lower level economic policies and planning ministry.

Mahinda&nbsp;Rajapaksa, 75, was the country's president for a decade up to 2015, and Basil, who is known as the family's political strategist, managed the economy then.

Basil takes charge now after the economy recorded a coronavirus-inflicted 3.6 percent contraction for 2020, the worst since independence from Britain in 1948.

With his entry, the cabinet headed by Gotabaya now has five members of the&nbsp;Rajapaksa&nbsp;family.

Eldest brother Chamal, 78, is minister of irrigation while the prime minister's eldest son Namal, 35, is the youth and sports minister.

Several&nbsp;Rajapaksa&nbsp;family members hold junior minister positions and other key positions in the administration.

Basil&nbsp;Rajapaksa&nbsp;was described as "Mr Ten Percent" in a 2007 US embassy cable published by the WikiLeaks organisation because of commissions he allegedly took from government contracts.

He has denied any wrongdoing and inquiries failed to find any evidence to back charges he syphoned off millions of dollars from state coffers.

As a dual US-Sri Lankan citizen, Basil was prohibited from standing in the 2020 election, but Gotabaya removed constitutional provisions which prevented his entry to the legislature.

A brother of Sri Lanka's President Gotabaya Rajapaksa on Thursday became finance minister, tightening the family's grip on power in the South Asian nation as it confronts growing economic troubles.

A brother of Sri Lanka's President Gotabaya Rajapaksa on Thursday became finance minister, tightening the family's grip on power in the South Asian nation as it confronts growing economic troubles. Basil Rajapaksa, 70, took over the finance portfolio from another brother, Prime Minister Mahinda Rajapaksa. The 72-year-old president has put Mahinda in charge of a newly created but lower level economic policies and planning ministry. Mahinda Rajapaksa, 75, was the country's president for a decade up to 2015, and Basil, who is known as the family's political strategist, managed the economy then. Basil takes charge now after the economy recorded a coronavirus-inflicted 3.6 percent contraction for 2020, the worst since independence from Britain in 1948. With his entry, the cabinet headed by Gotabaya now has five members of the Rajapaksa family. Eldest brother Chamal, 78, is minister of irrigation while the prime minister's eldest son Namal, 35, is the youth and sports minister. Several Rajapaksa family members hold junior minister positions and other key positions in the administration. Basil Rajapaksa was described as "Mr Ten Percent" in a 2007 US embassy cable published by the WikiLeaks organisation because of commissions he allegedly took from government contracts. He has denied any wrongdoing and inquiries failed to find any evidence to back charges he syphoned off millions of dollars from state coffers. As a dual US-Sri Lankan citizen, Basil was prohibited from standing in the 2020 election, but Gotabaya removed constitutional provisions which prevented his entry to the legislature.

Rajapaksa family tightens grip on crisis-hit Sri Lanka