IMF-Sri Lanka bailout talks end without a deal

Sri Lanka is facing its worst financial crisis since independence in 1948, which has left it struggling to pay for essential imports and forced it to default on some foreign debt. Serhej Calka | Istock | Getty Images The International Monetary Fund has ended talks with Sri Lanka, failing to conclude a deal for a … Read more

Gas lines and scuffles: Sri Lanka faces humanitarian crisis

COLOMBO, Sri Lanka (AP) – Chamila Nilanthi is tired of all the waiting. The 47-year-old mother of two spent three days lining up to get kerosene in the Sri Lankan town of Gampaha, northeast of the capital Colombo. Two weeks earlier, she spent three days in a queue for cooking gas – but came home … Read more

Senior US officials visit Sri Lanka to help resolve crisis

COLOMBO, Sri Lanka (AP) – Senior US officials arrived in Sri Lanka on Sunday to find ways to help the island nation in the throes of an unprecedented economic crisis and severe shortages of essential supplies, as the energy minister warned that new fuel shipments would be delayed. The US over the past two weeks … Read more

Senior US officials visit Sri Lanka to help resolve crisis

COLOMBO, Sri Lanka (AP) – Senior US officials were in Sri Lanka seeking ways to help the island nation cope with an unprecedented economic crisis and severe shortages of essential supplies, as the energy minister warned that new fuel shipments would be delayed. The US over the past two weeks has announced millions of dollars … Read more

Sri Lanka hikes fuel prices as filling stations go dry

Crisis-hit Sri Lanka has hiked petrol price by LKR 50 and diesel by LKR 60 respectively, the third price revision in over two months, as the country continues to reel during the worst economic crisis in decades due to a crippling shortage of foreign exchange reserves . The price hike has come into effect from … Read more

Sri Lanka limits foreign currency possession by individuals

Sri Lanka has reduced the limit of foreign currency possession by an individual from USD 15,000 to USD 10,000, in a desperate move to shore up its fast-depleting forex reserve required to fund the import of essentials, including food and fuel. Lanka thriving to gain foreign support Sri Lanka is facing a severe forex crisis … Read more

Why Sri Lanka’s economy collapsed and what’s next

COLOMBO, Sri Lanka (AP) – Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring India and China and … Read more

India to support crisis-hit Sri Lanka’s economic recovery

India’s top diplomat held talks with Sri Lanka’s president and prime minister on Thursday as India signaled its willingness to go beyond the $ 4 billion in loans, swaps and aid that it has already provided its cash-strapped neighbor. Sri Lanka is facing its worst economic crisis in seven decades, with a severe foreign exchange … Read more