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Sri Lanka Is a Small Preview of a Global Default Crisis – By Ruth Pollard The country is already wracked with shortages. The social order may shatter if the economy isn’t infused with cash soon. Source:bloomberg.com High school teacher S. Jeeva has spent two days in the baking sun lining up for cooking gas in the north of Sri Lanka’s capital. He’s been standing with thousands of others waiting for a delivery that, so far, hasn’t come. Meanwhile, many of his students, who will sit for important national exams Monday, have joined protests against the government at the waterfront along Colombo’s iconic Galle Face Green. Both are symbols of the economic and political crisis gripping the nation — the result of decades of corruption and financial mismanagement that pushed the country to default on May 19. It is, Jeeva says, his students’ democratic right to protest and demand a better government. Daily life has become ...

May 23, 2022 Posted by eLanka admin In Articles Tagged Ahilan Kadirgamar, Colombo, Galle Face Green, Gotabaya Rajapaksa, government, International Monetary Fund, LPG gas, political crisis, Sri Lanka, Tourism, University of Jaffna, World Bank

China becomes wild card in Sri Lanka’s debt crisis – by BHARATHA MALLAWARACHI China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade Source:abcnews.go.com COLOMBO, Sri Lanka — China says its initiative to build ports and other infrastructure across Asia and Africa, paid for with Chinese loans, will boost trade. But in a cautionary tale for borrowers, Sri Lanka’s multibillion-dollar debt to Beijing threatens to hinder efforts to resolve a financial crisis so severe that the Indian Ocean nation cannot import food or gasoline. Sri Lanka’s struggle is extreme, but it reflects conditions across dozens of countries from South Pacific islands through some of the poorest in Asia and Africa that have signed onto Chinese President Xi Jinping’s Belt and Road Initiative. The total debt of poor countries is rising, raising risks others might run into trouble. Sri Lanka’s 22 ...

May 21, 2022 Posted by eLanka admin In Articles Tagged Asian Development Bank, China Merchants Group, Chinese President, Colombo, European Union, foreign currency, IMF, Indian Ocean, Indian Ocean shipping routes, Mahinda Rajapaksa, Nandalal Weerasinghe, Sri Lanka, Sri Lanka cash, Sri Lanka's 22 million people, Sri Lanka’s debt, Wijeyadasa Rajapakshe

Ranil Wickremesinghe: Sri Lanka’s new prime minister faces uphill battle – by George Wright Source:bbc.com News that Ranil Wickremesinghe is the new prime minister has been largely met with dismay and disbelief in Sri Lanka. His appointment is being viewed as yet another arrogant response by President Gotabaya Rajapaksa to weeks of protests over rising prices and shortages. Mr Wickremesinghe is seen as being close to the Rajapaksa family, and many think he has been chosen because he will be likely to guarantee their security. Protests flared up in early April in the capital, Colombo, and have grown in size and spread across the country. People are furious because the cost of living has become unaffordable, and nine people have lost their lives in the unrest. Why are Sri Lankans protesting in the streets? However some say his experience and links with India and the West could help overcome the ...

May 13, 2022 Posted by eLanka admin In Articles Tagged Archbishop of Colombo Cardinal Malcolm Ranjith, BBC, Colombo, Gotabaya Rajapaksa, Ranasinghe Pramadasa, Ranil Wickremesinghe, Sri Lanka, United National Party

Wickremesinghe chosen Sri Lanka PM in effort to quell crisis – by Krishan Francis and Bharatha Mallawarachi Source:ctvnews.ca COLOMBO, SRI LANKA – Five-time former Sri Lankan Prime Minister Ranil Wickremesinghe was reappointed on Thursday in an effort to bring stability to the island nation, which is engulfed in a political and economic crisis. Wickremesinghe, a contentious choice by President Gotabaya Rajapaksa, took his oath in a ceremony at the president’s residence. Protesters have blocked the entrance to the president’s office for more than a month. The president’s brother, Mahinda Rajakapsa, resigned as prime minister on Monday following violent attacks by supporters on peaceful anti-government protesters. His resignation automatically dissolved the Cabinet, leaving an administrative vacuum. The president’s selection of Wickremesinghe is an attempt to end the violence and restore international credibility as the government negotiates a bailout package with the International Monetary Fund. Sri Lankans for months have been forced to ...

May 13, 2022 Posted by eLanka admin In Articles Tagged Catholic Archbishop of Colombo Cardinal Malcolm Ranjith, Central Bank, Colombo, foreign currency, Gotabaya Rajapaksa, IMF, Julie Chung, Mahinda Rajakapsa, Sri Lanka

‘Reconsider your need to travel’: Australian Test team on alert before Sri Lanka tour – by Daniel Brettig Source:theage.com.au Australia’s cricketers may be given a more extensive security blanket on their forthcoming tour of Sri Lanka after the federal government advised tourists to reconsider their need to travel to the island nation a matter of weeks before the men’s national team was due to tour. Civil unrest, culminating in the resignation of Sri Lanka’s prime minister this week and violent protests in the capital Colombo, has forced the redesignation by Australian authorities. The Australian team is due to travel to Sri Lanka for three Twenty20 internationals, five ODIs and two Tests in June and July. An Australia A tour is also due to take place concurrently. “We now advise you reconsider your need to travel to Sri Lanka due to the security situation,” the travel advice states. “Several violent ...

May 12, 2022 Posted by eLanka admin In Articles Tagged Australian Cricketers Association, Colombo, Cricket Australia, Foreign Affairs and Trade, Minister Mahinda Rajapaksa, Sri Lanka

Good News FromJayam May 15, 2022 Pls Scroll Down 35 items Please click on link below for website and past issues goodnewsfromjayam.com It’s Summer in Los Angeles Buddhists, Christians and Muslims Celebrate Ramazan at Galle Face, Colombo The Muslim community organized an alms-giving for the Maha Sangha at Galle Face to mark the end of Ramazan fasting season. A nun and a cleric serving meals to the Maha Sangha at the event. Ven.Omalpe Sobitha Thera and Ven. Rajawatte Vappa Thera were present along with the clergy. Ambassador Dr Palitha Kohona Presents His Letter of Credence to The President of Mongolia Ambassador Dr. Palitha Kohona, who is concurrently accredited as the Ambassador to Mongolia, presented his Letter of Credence to the President of Mongolia, H.E. KhurelsukhUkhnaa on 27 April 2022. Arriving at the State House for the Credentials Ceremony, Ambassador Dr Palitha Kohona, inspected a ceremonial guard of honour and was accorded an extended meeting by the President, ...

May 12, 2022 Posted by eLanka admin In Articles, Jayam Rutnam Tagged Aranya Manchanayake, Colombo, Dr Palitha Kohona, Galle Face, Jacqualine Hettiarachchi, Jayam Rutnam, Loyola Marymount University, Muslim community, Ramazan, rosmead-place, Saman de Silva, Shelanee Marcelline, Ven. Omalpe Sobitha Thera, Ven. Rajawatte Vappa Thera

Mahinda Rajapaksa: Sri Lankan PM resigns amid economic crisis Photo Source: indianexpress.com Source:bbc.com Sri Lanka’s Prime Minister Mahinda Rajapaksa has resigned amid mass protests at the government’s handling of the economic crisis, officials say. Disclaimer: Kindly note articles such as this are reported based on the original source’s content, and we at eLanka cannot validate the accuracy of the content in whole or part thereof of this article. This is the reason the original source is linked above. The move came as the island was placed under curfew after violent clashes between Rajapksa supporters and anti-government protesters in Colombo. At least 78 people have been injured in the violence in the capital, a local hospital says. There have been protests over soaring prices and power cuts since last month. The island nation is facing its worst economic crisis since gaining independence from Britain in 1948. The government has requested emergency financial ...

May 9, 2022 Posted by eLanka admin In Articles Tagged Colombo, COVID-pandemic, economic crisis, Mahinda Rajapaksa, Sri Lanka, Sri Lanka's foreign currency, Sri Lanka's tourist trade

Ideas of Political Reform Mooted in June 2009: Dilute the Asokan Model – by Michael Roberts Source:thuppahis.com Michael Roberts, in the cover story in FRONTLINE, 19 June 2009, where the title reads “Some pillars for Lanka’s future” One can win the War, but lose the Peace. A cliche this may be, but it is also a hoary truism that looms over the post-war scenario in Sri Lanka. The triumphant Sri Lankan government now has to address the human terrain rather than the fields of battle. In facing this challenge, both government and people concerned must attend to another truism: as Sinnappah Arasaratnam pointed out long ago, extremisms have been feeding off each other and undermining political compromise in Sri Lanka over a long period of time. Now, apart from the well-known Sinhala chauvinist forces outside and within the Rajapaksa government, we must attend to the Tamil chauvinist forces in the Tamil National Alliance (TNA) ...

Apr 3, 2022 Posted by eLanka admin In Articles Tagged Colombo, Sri Lanka, Sri Lankan government, Tamil National Alliance

Blue Ocean Group builds to last The reputation precedes the name of the construction and real estate giant Being a key player, contributing in various supply chains from labour, raw material and manufacturing and one of the most significant employment providers in Sri Lanka, the construction industry contributes 7.1% to the GDP of the country, employing more than 600,000 workers. Despite the global economic slowdown faced by the world across all industries, and the resulting dented optimism within the real estate and construction sector, the Colombo District Land Valuation Indicator (LVI) reported an overall 6.8% growth rate in the first half of 2021. Overcoming challenges The skies haven’t always been rosy. Dealing with the many hurdles that the pandemic has thrown at the global economy, the construction and real estate sector too has undergone stifling challenges that have caused many smaller players to drop out of the game. Many ...

Mar 4, 2022 Posted by eLanka admin In Articles Tagged Blue Ocean Group, Colombo, global economy, Sivarajah Thumilan

Sri Lanka gives $1 billion relief as anger grows over food costs Source:timesofindia.indiatimes.com COLOMBO: Sri Lanka unveiled a $1 billion relief package as President Gotabaya Rajapaksa’s government seeks to temper growing public anger over the surging prices of essential food and medical items in a country that’s running out of foreign exchange to pay for imports. The government will raise civil servants salaries and pensions, remove some taxes on food and medicine and provide cash for its poorest citizens, a move critics say won’t help Sri Lanka’s state of finances and soaring inflation. The package accounts for 1.2% of gross domestic product, and will be re-allocated from the 3.9 trillion rupees budgeted to be spent in the whole of 2022, Rajapaksa’s brother and finance minister Basil Rajapaksa told a briefing in Colombo late Monday. There are no plans for new taxes, he added. The relief covers about 2 million people who are on ...

Jan 8, 2022 Posted by eLanka admin In Articles Tagged Basil Rajapaksa, Colombo, Gotabaya Rajapaksa, International Monetary Fund