Economic crisis Archives

As many have quoted, the Chinese' debt trap' may have led to China axing their leg as Sri Lanka collapses and gets quagmired in political and economic free fall. The Rajapaksa brotherhood that ran the country Gotabaya and Mahindra Rajapaksa, subsequent former president and later prime minister, have backed multiple projects by China for the last two decades like the Lotus tower, for example. China has also commanded some Hambantota ports for almost a century. China's main interest is to undermine and control strategic locations in Asia to undermine India and any Western allies in the region. Using an island nation on the coast of their belligerent gives China more autonomy over the area. However, the effect and tensions of these moves seem to unfurl with the Rajapaksa brotherhood ma...

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Boris Resigns, Rishi Best-Loved Next: England’s Economic Bend To Beckon?

Vikas DeshwalJuly 12, 20220

UK media is now concentrating on who will become Boris Johnson's triumph to clean up the geopolitical problem and bring the UK back on the right track. According to betting odds, Rishi Sunak, former chancellor of the exchequer (finance minister), is now the best-loved. Rishi Sunak guided the field, followed by Minister of State for Trade Policy Penny Mordaunt and Foreign Secretary Liz Truss. According to the Financial Times, on July 1, 2021, when Rishi Sunak was the finance minister of the UK, Sunak used his annual Mansion House address to stand up for oneself that Britain to increase its economic relationship with Beijing while revealing that attempts to reopen direct entrance to European Union financial services markets had broken down. Rishi Sunak was gloomy about the hope for a new...

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Know Who Is Newly Elected Prime Minister Of Sri Lanka, Ranil Wickremesinghe, Will Take The Seat For Fifth Time!!

Gunjan ChaudharyMay 16, 20220

Sri Lanka's former Prime Minister Ranil Wickremesinghe was appointed as the country's next prime minister on Thursday. Ranil Wickremesinghe has only one seat in the 225-member parliament. United National Party (UNP) leader Wickremesinghe, 73, spoke to President Gotabaya Rajapaksa on Wednesday. Earlier in the day, senior UNP leaders had said that Wickremesinghe may be administered the oath of office by President Rajapaksa at 6:30 pm (local time) today. Main opposition leader Sajith Premdas also expressed his desire to become Prime Minister. In the parliamentary elections held in 2020, the country's oldest party, the UNP, failed to win a single seat in the districts. Even Wickremesinghe, the candidate from Colombo was considered a party stronghold, had to face defeat. He later made his...

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Read How Venezuela And Sri Lanka Ruined Themselves; What India Should Learn From This?

Gunjan ChaudharyMay 7, 20220

News of the economic crisis in Sri Lanka has sparked a new debate against freebies in the country. The Sri Lankan government had taken steps such as cutting taxes for all and distributing various free goods and services. As a result, the heavy burden on its economy led to the downfall of the economy. The already heavily indebted country was left with no option but to default. In the context of this development, now a debate has started on the issue of free goods and services being provided by Indian states. Freebies are becoming an integral part of Indian politics. Whether it is in the form of a promise to woo voters in the elections or in the form of free facilities to remain in power. This is the reason that at the time of elections, such expectations are being expressed by the peo...

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Sri Lanka Crisis Deepens As 26 Cabinet Ministers Resigns; PM Rajapaksa Still In Power

Sonia SolankiApril 4, 20220

Sri Lanka's crisis is intensifying as the whole cabinet resigns amid the financial turmoil. But the PM Rajapaksa stays in power despite facing backlash and huge criticism from the common people. Lanka's crisis can be easily touted as one of the worst economic crises since its independence. Total 26 cabinet ministers resigns except the President Gotabaya Rajapaksa and the PM Mahinda Rajapaksa. In order to maintain the situation, communication facilities are barred like social media platforms, news media agencies etc. Though the restrictions were lifted later by the government. The Lanka Disaster One of the main causes of the disaster is the crumbling economy which led to the major fuel crisis in Lanka. As the crisis kept deepening with more and more shortage of fuel it led to power...

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Sri Lanka’s Economic Crisis Intensifies; Leads To Violence And Deaths In Protests

Sonia SolankiMarch 26, 20220

Sri Lanka's economic crisis is turning out to be a nightmare for its people. They are suffering and thus pleading for help from the government on the roads by protesting. The major factor that led to this magnum crisis is the shattering economy due to fuel shortage. It is the main culprit for the present situation. Sri Lanka's Fuel Crisis The fuel crisis is the main culprit that has led to power and food shortage. This is causing major chaos among the people as the day to day necessities are diminishing for them. People are forced to stand in queue for hours to get fuel and food. Shortage of rice, lentils, sugar and dairy is causing a state of panic among them. In the last two days, three people have died while waiting for their turn in queues at the fuel stations. Multiple...

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IMF To Start Talks With Sri Lanka

Our CorrespondentMarch 21, 20220

The IMF intends to begin discussions with Sri Lanka on a program to support the country. Spokesman Gerry Rice said the island was facing heavy currency depreciation and inflation after an unusual battle of printing money to keep interest rates low. President Gotabaya Rajapaksa said in a national address on Wednesday that he has permitted the IMF program to go ahead after meeting senior staff of the lender in Colombo. Officials have also indicated that they are actively considering an IMF-backed program," said IMF spokesman Gerry Rice. During the Finance Minister's visit to Washington in April, we will discuss with officials how best we can help Sri Lanka move forward. The IMF has already called for tighter monetary policy to prevent liquidity injections ...