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The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
In 2022, as protests began growing in Sri Lanka, Jaliya Wickramasuriya, former Sri Lankan ambassador to the United States and Mexico, and a cousin of the Rajapaksa brothers, pleaded guilty in U.S. District Court for defrauding $332,027 from the Sri Lankan government during the purchase of a new embassy building in 2013.
Sri Lanka has seen external instability from around late 2014 suffering two currency crises and low growth with the rupee falling from 131 to 182 to the US dollar by 2018. [6] Foreign debt rose from 30% of gross domestic product in 2014 to 41.3% in 2019 while total debt went up from 76% to 86% as growth slowed amid [ 7 ] Sovereign bond ...
They agree on one thing: Sri Lanka needs a new political system that can take it out of economic and political turbulence. Days after Rajapaksa fled the country, Sri Lanka’s parliament replaced him with then-prime minister Ranil Wickremensignhe in a vote that many protesters saw as a victory for the status quo.
Demonstrators protest against newly elected Sri Lankan President Ranil Wickremesinghe outside the presidential office in Colombo, Sri Lanka, July 20, 2022.
COLOMBO (Reuters) -Sri Lanka is asking international bond holders to take a 30% haircut and is seeking similar concessions from investors in its domestic dollar-denominated notes as it seeks to ...
STORY: It marks the first fatality since the largely peaceful protests over the government's mishandling of the economy began last month, and came as the country sought rapid financial assistance ...
The 2022 Sri Lankan political crisis was a political crisis in Sri Lanka due to the power struggle between President Gotabaya Rajapaksa and the people of Sri Lanka. It was fueled by the anti-government protests and demonstrations by the public due to the economic crisis in the country .