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Successive governments allowed exporters to keep their USD earnings out of the country. Governments also turned a blind eye to people sending back money through illegal means (black market), especially with the help of private foreign currency dealers whatever the USD rate is. Basil Rajapaksa, during his short stint as the Finance Minister, went to […]
India has committed more than $3 billion to debt-ridden Sri Lanka in loans, credit lines and credit swaps since January this year, the Indian High Commission here said on Tuesday, as the island nation tries to navigate through its worst economic crisis since independence. On Monday, India had extended its current credit line by a further $200 million to replenish Sri Lanka’s
The ongoing crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel
The Gotabaya Rajapaksa regime has also asked for an International Monetary Fund bailout, which could take up to three months to arrive.
The ongoing crisis in Sri Lanka is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.