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Unpaid Dues Growth (2026)
Monthly accumulation of unpaid dues to renewable energy developers.
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Dilemmas of ‘hurting economies’ – the case of Sri Lanka
Maldives President Dr. Mohamed Muizzu was in Sri Lanka recently on what was apparently a goodwill visit and this event, no doubt, bodes very well for Maldives-Sri Lanka relations. Besides, the visit would go some distance in strengthening Sri Lanka’s claims to Non-Alignment. However, the commentator on regional politics could be accused of simplistic thinking if he/she glosses over or ignores the regional politics nuances or undertones of the Maldivian President’s visit. In Sri Lanka we currently have a government which is eager to solidify its bridges, so to speak, with China and which, given the chance, would be courting increasingly close relations with Russia. In other words, the NPP government is likely to see itself as a ‘natural ally’ of the East and would prefer to distance itself to the extent possible from the West, if that is a realistic proposition. Given the foregoing backdrop, it would be in some of the NPP regime’s best interests to be on cordial terms with the Maldives which is a close ally of China in the South Asian region. However, the NPP government, given the utter financial helplessness of Sri Lanka, cannot afford to distance itself politically and diplomatically from India and the West. Sheer economic necessity compels Sri Lanka to adopt this foreign policy stance. In other words, the latter has no choice but to be ‘Non-Aligned.’ This columnist was led to the above observations on listening to a lucid and comprehensive presentation titled, ‘A Global Economy in the Shadow of the Iran War and implications for Sri Lanka’s debt recovery’, by Dr. Ganeshan Wignaraja, Visiting Senior Fellow, ODI Global London, at the Regional Centre for Strategic Studies (RCSS), Colombo on May 4th. The forum, RCSS Strategic Dialogue – 4, was moderated and presided over by RCSS Executive Director Ambassador (retd) Ravinatha Aryasinha. The forum brought together a wide cross section of society, including diplomatic personnel, academicians, public and private sector personalities and the media. After the presentation a very lively and informative Q&A followed. Ambassador Aryasinha at the outset set an appropriate backdrop to the presentation and discussion by stressing ‘the increasing interconnectedness of geopolitical and economic developments, noting how disruptions in the Middle East could have significant ramifications for global markets, trade flows, energy prices and broader economic stability, including Sri Lanka.’ Indeed, there are occurring currently ...
Sri Lankan economic crisis (2019–2024) - Wikipedia
This article needs to be updated. Please help update this article to reflect recent events or newly available information. (February 2025) Sri Lankan economic crisis (2019-2024)Part of Aftermath of the Sri Lanka civil warPeople waiting for hours to refill liquefied petroleum gas cylindersDate21 April 2019 – 31 December 2024 LocationSri LankaCaused by 2019 Sri Lanka Easter bombings[1] COVID-19 pandemic in Sri Lanka Foreign exchange crisis Money printing by the Central Bank Passage of anti-chemical fertilizer act by Parliament (later reversed but chemical fertilizer is no longer subsidized[2]) Refusal to seek assistance from the International Monetary Fund Corruption of Ministers and government executive officers 2022 Russian invasion of Ukraine[3] StatusEconomic recovery (completed)[4]Casualties and losses15 people died while waiting in lines for essential goods (as of 2022)[5][6][7][8] The Sri Lankan economic crisis[9] was an economic crisis in Sri Lanka that began in 2019 and ended in 2024, after a change in government.[10] It was the island country's worst economic crisis since its independence in 1948.[10] It had led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities.[11] The crisis is said to have begun due to multiple compounding factors like tax cuts, money creation, a nationwide policy to shift to organic or biological farming, the 2019 Sri Lanka Easter bombings, and the impact of the COVID-19 pandemic in Sri Lanka. The subsequent economic hardships resulted in the 2022 Sri Lankan protests. However, due to a credit line of $4 billion provided by the Indian government, the foreign currency reserves of Sri Lanka improved and reached $2.7 billion.[12] Sri Lanka had been earmarked for sovereign default, as the remaining foreign exchange reserves of US$1.9 billion as of March 2022 would not be sufficient to pay the country's foreign debt obligations for 2022, with $4 billion to be repaid.[13] An International Sovereign Bond repayment of $1 billion was due to be paid by the government in July 2022. Bloomberg reported that Sri Lanka had a total of $8.6 billion in repayments due in 2022, including both local and foreign debt.[14][15] In April 2022, the Sri Lankan government announced that it was defaulting, making it the first sovereign default and collapse in Sri Lankan history since its independence in 1948 and the first state in the Asia-Pacifi...
Sri Lanka sells extra Rs10bn Treasury bills after auction | EconomyNext
The island nation’s economy witnessed upward price adjustments after the government raised fuel prices by around 35 percent following a supply shortage due to Middle East escalation, which also resulted in higher global oil prices.
Sri Lanka discloses another missing payment, days after hackers stole $2.5M from its finance ministry | TechCrunch
The government of Sri Lanka has lost more than $3 million in two recent, separate cybersecurity incidents as the country continues to recover from its 2022 debt crisis.
