Sri Lanka’s prime minister has warned of a food shortage as the island nation battles a devastating economic crisis and promises to buy enough fertiliser for the next planting season to boost harvests. Sri Lanka is appealing for food assistance from its neighbours as the country’s debt crisis spirals into a humanitarian emergency. The government
Sri Lanka and Pakistan must follow ‘Bangladesh Economic Miracle’ model to avert their economic crisis. As Sri Lanka and to some extent, Pakistan is going through an economic recession, their South Asian neighbor ‘Bangladesh’ has confirmed as a South Asian Economic Miracle’. As Bangladesh marks its 51th independence anniversary this year, its tremendous economic growth
The ongoing Sri Lankan economic crisis coupled with a $51 billion debt default has proven beneficial for Indian exporters. While the Sri Lankan crisis opens doors for Indian tea and textile exporters, India may face challenges filling global supply gaps. Furthermore, the pandemic severely hindered what has been Sri Lanka’s long-standing strength – tea and
The South Asian Island nation, Sri Lanka is facing the challenge of the worst economic recession in history. Sri Lanka’s economy has collapsed. The facilities of the citizens are also being closed. Sri Lanka is going through a difficult time in the midst of political and administrative crises. The collapse of the tourism industry, the
The two ways India can help Sri Lanka are through plantation and tourism: Sri Lanka’s primary source of income. However, the Indian economy is a target of the rising Russia-Ukraine crisis, the removal of PM Imran Khan, and border troubles with China. Furthermore, the demonetization in 2016 slowed down India’s economic growth. Nevertheless, while solutions
On late Tuesday night, Sri Lankan President Rajapaksa revoked the state of emergency. The announcement was made via gazette notification no 2274/10. Sri Lankan President Rajapaksa announced a state of emergency on April 1 to curb mass-scale protests. The protests are in light of Sri Lanka’s current economic and political distress. Furthermore, the UN human
The Sri Lankan crisis rendered the Sri Lankans stock the world’s worst performer by sliding to 33%. The Sri Lanka Colombo Stock Exchange All Share Index declined rapidly in wake of the nationwide protests. In 2021 the market that rallied 80% – making it the world’s best performer after Mongolia is now severely damaged due
India offered a $1 billion credit line to Sri Lanka due to the rising economic crisis. Furthermore, in mid-2021, Sri Lanka also received $200 million as aid from Bangladesh. The introduction of organic farming, economic mismanagement, and many factors conclude the Sri Lankan crisis. A series of bomb blasts in April 2019 severely crippled Sri
The deduction in tax and VAT rates in Sri Lanka presents warning signs for India. While the civil war in Sri Lanka has concluded, refugees seem to find themselves on Indian shores yet again. Mahinda Rajapaksa not only slashed tax rates but, in April 2021, also banned the imports of chemical pesticides and fertilizers. Mahinda
The severe inflation in Sri Lanka’s economy has raised food prices to record levels, run the coffers dry, and sunk half a million people into poverty. This escalated financial crisis could lead Sri Lanka to bankruptcy in 2022. While the pandemic contributed to Sri Lanka’s escalated financial crisis, tax cuts and high government spending are
