Sri Lanka Archives - The Online Citizen

Sri Lankan leader seeks to disarm India’s China fears

Sri Lanka’s president visits India amidst concerns over China’s influence and economic crisis, as India aids the island nation while maintaining its own interests in the region. Debt restructuring and infrastructure projects are key topics in discussions between the two nations.

The Online Citizen
18 July 2023

‘No second chance’ to save Sri Lanka, central banker warns

Central bank chief Nandalal Weerasinghe warns that Sri Lanka’s economic crisis is its last chance for recovery, after facing years of mismanagement and debt. With an IMF bailout in progress, Weerasinghe emphasizes the need for strict reforms and warns that failure could spell the end for the nation’s economy.

The Online Citizen
7 July 2023

Strike grips Sri Lanka as unions protest IMF bailout

Sri Lanka saw hospitals, ports, and banks crippled by a nationwide strike over high-income taxes imposed as a precondition for an IMF bailout. Armed troops were deployed, but protests continued despite a ban, and talks with authorities failed. The IMF is expected to release a $2.9 billion loan in nine tranches over four years to help Sri Lanka, which has seen an unprecedented economic crisis since late 2021.

The Online Citizen
15 March 2023

Sri Lanka president says China agrees to restructure loans

China has agreed to restructure its loans to Sri Lanka, clearing the final hurdle to an IMF bailout. The IMF is expected to release the first tranche of its $2.9bn rescue package within the month.