Category: Local News

Sri Lankans shared milk rice and oil cakes to celebrate their traditional new year on Thursday opposite President Gotabaya Rajapaksa’s office, where they camped out for a sixth day demanding his resignation over the worst economic crisis in memory.

Life usually stops in Sri Lanka’s capital during April’s holiday period, but with an economic crisis derailing traditional home celebrations, Colombo’s city centre is instead teeming with frustrated crowds.

Sri Lanka needs between $3 billion to $4 billion this year to pull itself out of an unprecedented economic crisis and plans to start talks with the International Monetary Fund for help, Finance Minister Ali Sabry said.

The International Monetary Fund (IMF) on Wednesday said that it supported Sri Lanka’s plans to engage in “collaborative dialogue” with creditors, a day after the country unilaterally suspended external debt payments amid a severe economic crisis.

Prime Minister Mahinda Rajapaksa in his message to mark the dawn of the New Year said the government is already putting into action the future plans needed to avoid the hardships people had to face unexpectedly in challenging times.

Leader of the Opposition Sajith Premadasa says the New Year, a festival that teaches the lesson of fertility, dawns this year trapping citizens in many dilemmas.

President Gotabaya Rajapaksa said all must resolve to overcome the challenges confronting us with understanding.

Sri Lanka was downgraded deeper into junk by Fitch Ratings, which said the nation’s decision to suspend payments on its foreign debt has kicked off a sovereign default process.

India is willing to commit up to another $2 billion in financial assistance to Sri Lanka while also supporting the island nation with food and fuel

Sri Lanka has received emergency funding of USD 10 million from the World Bank for purchasing medicinal drugs, the Ministry of Health has said.

Former Minister Wimal Weerawansa said that if Sri Lanka wants some form of stability, the Prime Minister and the Government must resign paving the way for a new administration.

At least 300 kg of heroin and 25 kg of Methamphetamine, also known as ICE, were taken into custody by the Sri Lanka Navy during a search operation conducted off the Southern coast.

Sri Lanka Prime Minister Mahinda Rajapaksa said the Government is ready to hold discussions with the protesting youth at Galle Face Green.

Sri Lanka warned of an unprecedented default and halted payments on foreign debt, an extraordinary step taken to preserve its dwindling dollar stockpile for essential food and fuel imports.

Sri Lanka will temporarily suspend foreign debt payments to avoid a hard default, the central bank governor said on Tuesday, with its limited foreign reserves required for imports of essential items such as fuel.

The Government Medical Officers’ Association (GMOA) claims state and private hospitals are facing shortages of 237 medicinal drugs at present.