JPMorgan warns 10% of junk-rated emerging markets facing debt crises this year

A vendor prepares a bag for a customer at a wholesale market, amid the country’s economic crisis in Colombo, Sri Lanka, April 13, 2022. REUTERS / Dinuka Liyanawatte Register now for FREE unlimited access to Register LONDON, May 24 (Reuters) – Rising borrowing costs and the worldwide fallout from Russia-Ukraine war could see up … Read more

Thousands queue for petrol, gas in Sri Lanka amid warnings of food shortages

COLOMBO, May 20 (Reuters) – Thousands of people queued for cooking gas and petrol in Sri Lanka’s commercial capital on Friday and Prime Minister Ranil Wickremesinghe warned of a food shortage as the island nation battles a devastating economic crisis. Lines formed in many parts of Colombo, a city of around 900,000 people, as residents … Read more

‘We are going to die’: Sri Lanka warns of food shortages

COLOMBO, May 20 (Reuters) – Sri Lanka’s prime minister has warned of a food shortage as the island nation battles a devastating economic crisis and vowed the government will buy enough fertilizer for the next planting season to boost productivity. A decision in April last year by President Gotabaya Rajapaksa to ban all chemical fertilizers … Read more

Sri Lanka down to last day of petrol, PM tells crisis-hit nation

COLOMBO, May 16 (Reuters) – Sri Lanka’s new prime minister said on Monday the crisis-hit nation was down to its last day of petrol, as the country’s power minister told citizens not to join the lengthy fuel queues that have galvanized weeks of anti -government protests. Ranil Wickremesinghe, appointed prime minister on Thursday, said in … Read more

Sri Lanka names new PM in bid to address growing crisis

Wickremesinghe has held the post five times before Iceland nation badly needs cash, in talks with IMF Protests turned deadly this week before subsiding COLOMBO, May 12 (Reuters) – Sri Lanka appointed a new prime minister on Thursday, as its embattled president seeks a way out of the country’s worst economic crisis since independence that … Read more

Sri Lanka unilaterally suspends external debt payments, says needs money for essentials

COLOMBO / LONDON, April 12 (Reuters) – Sri Lanka’s central bank said on Tuesday it had become “challenging and impossible” to repay external debt, as it tries to use its dwindling foreign exchange reserves to import essentials like fuel. The island nation’s reserves have slumped more than two-thirds in the past two years, as tax … Read more

EXCLUSIVE Sri Lanka to seek $ 3 billion to stave off crisis

Seeks further $ 500 mln from India for fuel Government’s top priority is ensuring supply of essentials To raise taxes and fuel prices within six months COLOMBO, April 9 (Reuters) – Sri Lanka will need about $ 3 billion in external assistance in the next six months to help restore supplies of essential items including … Read more

A stunning reversal, protests leave Sri Lanka’s ruling dynasty teetering

Sri Lanka’s ruling dynasty faces political crisis Rajapaksas’ alliance now in a minority after lawmakers defect High inflation and power cuts also fuel anger on the streets President says not to blame for economic meltdown COLOMBO, April 6 (Reuters) – In 2020, Mahinda Rajapaksa won elections to become Sri Lanka’s prime minister, serving under his … Read more

Sri Lanka president revokes emergency order, govt in disarray as economic crisis deepens

Government loses majority in parliament Finance minister quits one day after appointment Shares rise after events in parliament Opposition demands president, prime minister quit COLOMBO, April 5 (Reuters) – Sri Lanka’s President Gotabaya Rajapaksa revoked a state of emergency late on Tuesday after dozens of lawmakers walked out of the ruling coalition, leaving his government … Read more

Sri Lanka gets new finance minister, cenbank governor as unrest grows

President calls all parties to take up ministerial roles President’s brother replaced as finance minister Central bank governor offers to resign ahead of policy meet Spontaneous protests continue across country Coalition partner rejects new cabinet COLOMBO, April 4 (Reuters) – Sri Lankan President Gotabaya Rajapaksa dropped his brother as finance minister and sought a new … Read more