Considering that Sri Lanka owes more than $50 billion in foreign debt, it remains uncertain how it compensated for the Russian crude. But the deal has been done as Russian oil is saving Sri Lanka from an energy crisis.
According to Oxfam Australia Chief Executive Lyn Morgain, the pandemic created a new billionaire every 30 hours and pushed a million into extreme poverty every 33 hours.
The Sri Lankan government has announced that citizens should not wait in line for petrol as the crisis-hit Sri Lanka defaults on debt and runs out of fuel.
Sri Lanka merely has enough petrol to span a single day, and the country’s new prime minister has cautioned that power shortages could last up to 15 hours every day, as it confront its biggest economic crisis ever since independence in 1948.
Sri Lanka which is experiencing its worst economic downturn since its 1948 independence has declared default and is now looking for emergency IMF bailout.
Sri Lankan President Gotabaya Rajapaksa announced a state of emergency on Friday as violence erupted in Colombo during large rallies against economic mismanagement.
Sri Lankan locals are desperately looking for someone to criticize for their current situation, and they have narrowed it down to Beijing and its debt diplomacy. The situation has deteriorated to the point that Sri Lanka is turning off street lights as the energy crisis worsens.
The Research and Analysis Wing, India’s shadowy external intelligence agency, is one of the country’s least understood institutions—at least in part by design. Perhaps fittingly for a spy agency, there is very little information about R&AW in the public domain. What is this organisation, its structure, its role and vision?
Weeks after a Chinese ship was caught smuggling equipment for Pakistan’s Shaheen II Nuclear Missile at India’s western coast, now drugs worth $33m has been seized in Sri Lanka. Two foreign trawlers packed with over $33m worth of heroin and crystal methamphetamine were seized in Sri Lanka’s biggest-ever drugs bust