Shanty dwellers block traffic after losing homes

Maldives Speaker to coordinate relief assistance for Sri Lanka

Former President and current Speaker of the Maldivian Parliament, Mohamed Nasheed, is to coordinate relief assistance for Sri Lanka. Prime Minister Ranil Wickremesinghe held discussions with Nasheed today, the Prime Minister’s office said. During the discussions Nasheed generously offered to assist Sri Lanka in securing relief for the country from foreign nations. The Prime Minister accepted the former President’s offer and appointed him to coordinate the relief efforts. The Prime Minister t

19 May, 2022

India allows Sri Lanka to settle $1 bn credit facility in India rupees

India has decided to allow Sri Lanka to settle a $1 bn credit facility in Indian rupees. The Reserve Bank of India said that India’s trade transactions with Sri Lanka, falling under a recent credit facility agreement?with Sri Lanka, may be settled in INR outside the Asian Clearing Union (ACU) arrangement mechanism. The decision was taken in view of the difficulties being experienced by exporters in receipt of export proceeds from Sri Lanka and the State Bank of India?s credit facility agreemen

19 May, 2022

G7 backs debt relief efforts for Sri Lanka

The Group of Seven economic powers support efforts to provide debt relief for Sri Lanka, G7 finance chiefs said on Thursday in a draft communique from a meeting in Germany after the country defaulted on its sovereign debt. The once-booming island country has suspended debt payments as it grapples with its worst economic crisis since it won independence in 1948, facing shortages of essential goods that have triggered social unrest. G7 countries said in their statement they were committed to fin

19 May, 2022