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Sri Lanka issued its first international sovereign bond in 2007, with high interest rates to incentivise investors. According to commentators, the money was used to fund vanity projects rather than projects of national utility. [40] Sri Lanka's foreign debt increased substantially, going from US$11.3 billion in 2005 to $56.3 billion in 2020. [41]
In 2022 the Auditor General of Canada, Karen Hogan, conducted a review into the CERB fund and concluded that "the federal government effectively delivered emergency COVID-19 benefits during the pandemic" [18] but that "deciding to not front-end verification resulted in $4.6 billion in overpayments to ineligible individuals."
Immediately following the end of the civil war in May 2009, UNSG Ban Ki-moon visited Sri Lanka. At end of the trip the UNSG and Sri Lankan President Mahinda Rajapaksa issued a joint statement in which the Sri Lankan government agreed to take measures on accountability for violations of international humanitarian and human rights law. [15] [16]
Sri Lanka's more recent history was marred by the 26-year Sri Lankan Civil War, which began in 1983 and ended in 2009, when the Sri Lanka Armed Forces defeated the Liberation Tigers of Tamil Eelam. [19] Sri Lanka is a developing country, ranking 78th on the Human Development Index.
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's security forces abducted men and women from the ethnic Tamil minority and tortured them in custody long after the end of a bloody civil war in the South Asian island nation, a human ...
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 ...
Sri Lanka will hold a parliamentary election on Nov. 14, the government announced on Tuesday, less than two months after the Indian Ocean island nation elected Anura Kumara Dissanayake as its new ...