Tue, 21-Oct-2025

China’s Xi promises to assist Sri Lanka & increase trade with it

China's Xi to assist Sri Lanka

China’s Xi promises to assist Sri Lanka & increase trade with it. The two leaders discussed projects such as the Colombo port city & Hambantota. Sri Lanka faced a debt crisis that led to a default on foreign debt payments. Chinese President Xi Jinping assured his Sri Lankan counterpart, President Ranil Wickremesinghe, that China is … Read more

Sri Lanka’s proposed budget aims to restore its failing economy

budget
  • Sri Lanka unveils a budget attempting to put the South Asian government’s finances in order.
  • More than 70% of families are asking the government for support.
  • The 22 million-person country entered a crisis this year.

On Monday, Sri Lanka unveils a budget attempting to put the South Asian government’s finances in order, with reforms to advance a $2.9 global billion bailout from the island’s worst financial crisis since its independence in 1948.

Analysts predict that the first full-year budget presented to parliament by President Ranil Wickremesinghe will include initiatives to assist Sri Lanka in restructuring its debt, increasing income, and cutting spending as it negotiates a bailout with the International Monetary Fund.

“This is a budget that is being presented at a time Sri Lanka is facing an unprecedented crisis,” said State Minister for Finance Ranjith Siyambalapitiya.

“More than 70% of families are asking the government for support and the economy is estimated to shrink 8.3% this year,” he added.

“This budget will present a political and economic way forward for the country.”

According to the World Bank, Sri Lanka’s economy will decrease by 9.2% this year and 4.3% in 2023.

The 22 million-person country entered a crisis this year as a result of chronic dollar shortages brought on by tax cutbacks, years of poor economic management, and a loss of tourism earnings brought on by the Covid-19 outbreak.

Sri Lanka struggled to purchase necessities like fuel because it was unable to pay for crucial imports.

Despite objections from businesses and parties, the government has suggested raising the personal and corporate income tax rate from 24% to 30% and possibly modifying tax bands to increase revenue.

Spending cuts will likely to be tricky, given Sri Lanka’s large public workforce and high debt.

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Sri Lanka troops demolish main protest camp

Sri Lanka

Sri Lankan security forces demolish main anti-government protest camp in the capital, evicting activists. The operation raises international concern about dissent under new president Ranil Wickremesinghe. Operation comes hours after he appointed an old friend as prime minister and the ousted head of state’s personal lawyer as foreign minister. Security forces in Sri Lanka demolished … Read more

Sri Lanka sees new president sworn into office

Sri Lanka

Sri Lanka’s Ranil Wickremesinghe has been sworn in as president. He is widely despised by the public, but some protesters have stated that they will give him a chance. Many people blame the Rajapaksa administration for mismanaging the country’s finances. Sri Lanka’s Ranil Wickremesinghe has been sworn in as president, with hopes that he will … Read more

Sri Lanka: timeline of a crisis

Sri Lanka

Ranil Wickremesinghe takes charge of a country. Sri Lanka has suffered months of blackouts as well as acute shortages of necessitates. Former leader Gotabaya Rajapaksa fled abroad on July 13. Sri Lanka: Ranil Wickremesinghe, Sri Lanka’s newly elected president, takes office in the midst of a severe political and economic crisis. The 22 million-person island … Read more

Sri Lanka’s acting President Wickremesinghe proclaims state of emergency

acting president wickremesinghe

Sri Lanka’s acting President, Ranil Wickremesinghe, has imposed a state of emergency. Rajapaksa went abroad this week to avoid a mass uprising against his government. He has said that he took “all possible steps” to stop the economic disaster. Sri Lanka’s acting President, Ranil Wickremesinghe, has imposed a state of emergency in Sri Lanka, according … Read more

Sri Lanka protests movement hit 100 days

sri lanka

The protest movement in Sri Lanka reached its 100th day on Sunday. Gotabaya Rajapaksa left his palace right before protesters stormed it last weekend. His incompetence is blamed for Sri Lanka’s financial upheaval, which has resulted in food, gasoline, and medical shortages. COLOMBO: The protest movement in Sri Lanka reached its 100th day on Sunday, … Read more

Sri Lanka seeks for a way forward after its president steps aside.

Sri Lanka

Sri Lanka is seeking a way out of political and economic chaos. President Gotabaya Rajapaksa resigned and fled the country. Prime Minister Ranil Wickremesinghe was sworn in as interim leader on Friday. After President Gotabaya Rajapaksa resigned and fled the country, Sri Lanka is seeking a way out of political and economic chaos. Prime Minister … Read more

Ranil Wickremesinghe to lead Sri Lanka as acting president

Ranil Wickremesinghe

Ranil Wickremesinghe sworn in as acting president of Sri Lanka. He replaces Gotabaya Rajapaksa who fled to Singapore. The process of parliament electing a new president will begin on Saturday. Ranil Wickremesinghe, the prime minister of Sri Lanka, has been sworn in as acting president as the nation struggles with economic hardship and turmoil. He … Read more

Sri Lanka president Rajapaksa resignation accepted: Speaker

rajapaksa

Sri Lankan President Gotabaya Rajapaksa’s resignation has been accepted by parliament. He had fled the country earlier this week and was informed of his decision from Singapore. His resignation follows months of protests over what many deemed to be his mismanagement of the economy. COLOMBO: The resignation of Sri Lanka’s president Gotabaya Rajapaksa has been … Read more

Sri Lanka President flees to Singapore

Sri Lanka President
  • Prime Minister Ranil Wickremesinghe has ordered security forces to restore order.
  • He is accused of mismanaging the economy to the point where it has run out of foreign exchange.
  • Military and police warned to firmly put down any troublemakers.

President of Sri Lanka arrived in Singapore on Thursday, as protestors chasing him from his residence demanded that he keep his promise to step down in the face of his country’s worst-ever economic crisis.

Gotabaya Rajapaksa arrived in the city-state on a Saudia Airlines flight from the Maldives, where he had fled on Wednesday morning.

Rajapaksa has immunity from arrest as president, and he is thought to have wanted to travel abroad before stepping down to avoid being detained.

But there was still no announcement of his resignation, more than 36 hours after he left his country.

In Colombo, demonstrators left several of the emblematic state buildings they had overrun in recent days, after Prime Minister Ranil Wickremesinghe instructed security forces to restore order and declared a state of emergency.

“We are peacefully withdrawing from the Presidential Palace, the Presidential Secretariat and the Prime Minister’s Office with immediate effect, but will continue our struggle,” a spokeswoman for the protesters said.

Witnesses saw dozens of activists leave Wickremesinghe’s office as armed police and security forces moved in.

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Armoured personnel carriers patrolled parts of the capital which was brought under a curfew.

Rajapaksa, his wife Ioma and two bodyguards were named on the passenger list of Saudia SV788 from Male to Singapore, seen by AFP.

He is expected to look to stay in Singapore for some time, according to Sri Lankan security sources, before potentially moving to the United Arab Emirates.

However, Singapore said Rajapaksa was on a private visit and would not be granted asylum.

Hundreds of thousands of people have visited his compound since it was opened to the public after he fled and his security guards backed down.

By Thursday afternoon, the gates were closed with armed guards placed in and outside.

Earlier in the day, business owner Gihan Martyn, 49, accused the president of “playing for time”.

“He’s a coward,” he said outside the president’s palace. “He ruined our country along with the Rajapaksa family. So we don’t trust him at all. We need a new government.”

Police said a soldier and a constable were injured in overnight clashes with protesters outside the national parliament as security forces beat back an attempt on the legislature.

Protesters also left the studios of the main state television station after breaking in on Wednesday.

The main hospital in Colombo said about 85 people were admitted with injuries on Wednesday, with one man suffocating to death after being tear-gassed at the premier’s office.

The military and the police were issued with fresh orders Thursday to firmly put down any violence, and warned troublemakers they were “legitimately empowered to exercise their force”.

But student Chirath Chathuranga Jayalath, 26, said: “You cannot stop this protest by killing people. They’ll shoot our heads but we do this from our hearts.”

Rajapaksa is accused of mismanaging the economy to a point where the country has run out of foreign exchange to finance even the most essential imports, leading to severe hardships for its 22 million people.

Security sources in Colombo said Rajapaksa’s resignation letter had already been prepared.

“No sooner he gives the green light, the Speaker will issue it,” a source told AFP.

Maldivian media reported that he had spent the night at the Waldorf Astoria Ithaafushi super luxury resort, contrasting the opulent accommodation with the plight of his compatriots — four out of five Sri Lankans skipping meals because of the country’s dire economic crisis.

Sri Lanka defaulted on its $51-billion foreign debt in April and is in talks with the IMF for a possible bailout.

The island has nearly exhausted its already scarce supplies of petrol with the government ordering the closure of non-essential offices and schools to reduce commuting and save fuel.

Diplomatic sources said Rajapaksa’s attempts to secure a visa to the United States had been turned down because he had renounced his US citizenship in 2019 before running for president.

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Ranil Wickremesinghe, the prime minister of Sri Lanka, announced his resignation

Ranil Wickremesinghe,

Sri Lankan Prime Minister Ranil Wickremesinghe has resigned after protesters stormed the president’s residence and office. Demonstrators are angry over the country’s deepening sovereign debt crisis. Protesters breached security barricades before breaching President Rajapaksa’s official residence. After just two months in office, Sri Lanka’s Prime Minister Ranil Wickremesinghe announced; his resignation after demonstrators stormed and besieged … Read more

Sri Lankan PM Ranil Wickremesinghe admits bankruptcy

wickremesinghe

Prime Minister Ranil Wickremesinghe told parliament that Sri Lanka is bankrupt. He predicted that the once-prosperous nation will enter a deep recession this year and that severe food, fuel, and medical shortages will persist. Prime Minister Ranil Wickremesinghe told parliament on Tuesday that Sri Lanka is bankrupt and that the excruciating pain of its unparalleled … Read more

Sri Lankan PM Wickremesinghe begins talks with IMF delegation

wickremesinghe

Sri Lankan PM Ranil Wickremesinghe met with a visiting International Monetary Fund (IMF) group. Sri Lanka is facing its greatest financial crisis since independence. A 10-member IMF mission is in Sri Lanka for 10 days to discuss a bailout deal. Sri Lankan Prime Minister Ranil Wickremesinghe on Monday began meetings with a visiting International Monetary … Read more

Sri Lankan PM Wickremesinghe meets IMF official on economic insecurity

wickremesinghe

Sri Lankan Prime Minister Ranil Wickremesinghe spoke with Kristalina Georgieva, Managing Director of the International Monetary Fund. The talks came after Sri Lanka resolved to seek IMF help to deal with the current crisis and restructure its foreign obligations. Sri Lankan Prime Minister Ranil Wickremesinghe spoke with Kristalina Georgieva, Managing Director of the International Monetary … Read more

Sri Lanka requires $5 billion in six months: PM

wickremesinghe

Sri Lanka’s government would require at least $5 billion over the next six months to maintain basic living standards. The island nation is facing its worst economic downturn in seven decades. A lack of foreign exchange is preventing importation of crucial products such as fuel, medicine, and fertiliser. COLOMBO: Sri Lanka cash-strapped government would require … Read more

Sri Lanka seeks UN help on food shortages

Sri Lanka

Sri Lanka seeks UN assistance to build a stockpile of essential foods. Around half of Sri Lanka’s rice production was lost last year. The government has since defaulted on its $51 billion foreign debt. Cash-strapped Sri Lanka is seeking urgent UN assistance to build a stockpile of essential foods the prime minister’s office said Friday … Read more

Sri Lanka PM declares they are working to stabilize cabinet

Sri Lanka PM declares they are working to stabilize cabinet Sri Lankan Prime Minister Ranil Wickremesinghe said on Sunday his administration was attempting to make the president and cabinet responsible to parliament, following quite a while of road fights set off by the nation’s most terrible financial emergency in many years. Hit hard by the … Read more

Sri Lanka’s crisis-hit appoints PM to helm the finance ministry

sri lanka

Sri Lanka’s Prime Minister, Ranil Wickremesinghe, was given the extra job of directing the finance ministry on Wednesday, as the island nation grappled with its worst-ever economic crisis. Wickremesinghe was sworn in by President Gotabaya Rajapaksa’s office, two weeks after he was invited to form a unity government following his predecessor’s departure. The selection on … Read more

Crisis-hit Sri Lanka expands cabinet, but no finance minister

Sri Lanka

Cash-strapped Sri Lanka appointed nine new ministers on Friday to an “all-party government” tasked with guiding the country out of its economic crisis, but the critical finance portfolio remains vacant. Prime Minister Ranil Wickremesinghe took over earlier this month after the president’s elder brother, Mahinda Rajapaksa, resigned amid escalating protests accusing his administration of driving … Read more

Sri Lanka’s embattled president escapes censure motion

Sri Lanka

Sri Lanka’s beleaguered president avoided a censure motion On Tuesday after his fractured coalition rallied to postpone a resolution blaming him for the country’s worst economic crisis. The shaky coalition of Gotabaya Rajapaksa voted against taking up the unprecedented “displeasure of parliament” motion. The main opposition Tamil party, the Tamil National Alliance, proposed the non-binding … Read more

Sri Lankan economic crisis: PM says, only one day of petrol stock left

Ranil Wickremesinghe urged for patience on Monday, predicting that the economic crisis will worsen in the coming months. Sri Lanka’s new prime minister said the country was down to its last day of petrol, while the country’s power minister warned citizens not to join the long fuel lines that have sparked weeks of anti-government rallies. … Read more