Economy

Malaysian Prime Minister Ismail Sabri Yaakob says Southeast Asia is "one of the most vulnerable regions to the effects of climate change." (Photo by Suzu Takahashi) 
26 May 2022
Singaporean Prime Minister Lee Hsien Loong speaks at Nikkei's Future of Asia conference on May 26. (Photo by Tomoki Mera) 
The Future of Asia 2022

Singapore PM Lee warns of nuclear 'arms race' amid Ukraine war

U.S.-China tensions risk splitting supply chains or 'worse unintended consequences'

26 May 2022
A damaged bust of D.A. Rajapaksa, father of both the president and the former prime minister, lies amid wreckage at a museum in the family stronghold of Hambantota on May 11.
Asia Insight

Flight of the Rajapaksas: Sri Lankan dynasty faces reckoning

Accused of mismanagement and corruption, the nation's top clan is down but not out

24 May 2022
Stream article image
Podcast

Asia Stream: Asia's Inflation Dilemma

Rising prices are hurting wallets across the world. The crisis is particularly bad in Sri Lanka and Turkey, and in Japan, people are facing inflation for the first time in decades.

20 May 2022
Sri Lankans wait to buy kerosene in Colombo on May 18. The country's central banker says some funds have been secured to enable ships to replenish supplies.
Sri Lanka crisis

Sri Lanka's central bank chief confirms first foreign bond default

Weerasinghe offers hope on fuel crunch, points to political stability 'improvement'

19 May 2022
One economist told Nikkei Asia that privatizing loss-making SriLankan Airlines was "long overdue."
Sri Lanka crisis

Sri Lanka pushes airline privatization as debt grace period ends

Experts welcome PM's plan for national carrier despite doubts over finding buyer

18 May 2022
A demonstrator raises a placard as part of a protest against Sri Lankan President Gotabaya Rajapaksa in Colombo on April 23.
Sri Lanka crisis

Nepotism, bad policy push Sri Lanka to brink of economic ruin

Some blame China's 'debt trap diplomacy' but reasons for crisis are legion

15 May 2022
Chinese Foreign Minister Wang Yi watches as bilateral agreements are exchanged with Sri Lanka in Colombo in January.
Sri Lanka crisis

Sri Lanka meltdown exposes China loan policy: 5 things to know

Beijing could complicate Colombo's IMF talks as other borrowers watch closely

13 May 2022
Sri Lankan Prime Minister Mahinda Rajapaksa says he has tendered his resignation to his brother, President Gotabaya Rajapaksa.
Politics

Sri Lanka PM Mahinda Rajapaksa tenders resignation as economy burns

Curfew imposed after clashes between government supporters and protesters

9 May 2022
Gotabaya Rajapaksa, left, and his brother Mahinda Rajapaksa in Colombo in Octobe 2019: Political pressure is growing on the Rajapaksas to either step down or enact political reforms.
Opinion

U.S. should push the Quad to help Sri Lanka

One area of possible collaboration is food security

5 May 2022
 People wait in a queue to buy kerosene oil at a fuel dispensing station on Tuesday in Gampola, Sri Lanka.
Sri Lanka crisis

Broke, downgraded and begging: Sri Lanka pays price for missteps

South Asian nation's economic crisis draws comparisons with Lebanon's meltdown

29 April 2022
Chinese Foreign Minister Wang Yi receives a gift from Sri Lanka's Prime Minister Mahinda Rajapaksa during a meeting in Colombo in January.
Economy

Sri Lanka begins talks with China on refinancing debt

Colombo asks Beijing for help as it struggles with debilitating financial crisis

26 April 2022
Indian Prime Minister Narendra Modi, right, hosts Nepalese counterpart Sher Bahadur Deuba in New Delhi on April 2.
International relations

India offers carrots to 'pro-China' neighbors Sri Lanka, Nepal

Political instability in South Asia opens diplomatic doors for New Delhi

24 April 2022
A man pushes his tuk-tuk as he waits for fuel in Colombo on April 18 as Sri Lanka struggles with an economic crisis.
Sri Lanka crisis

Sri Lanka asks IMF for rapid financial assistance

Finance minister kicks off formal talks with international lender

19 April 2022
The idea of Sri Lanka paying foreign debt while people went hungry became untenable. (Source photos by AP and Reuters) 
Market Spotlight

Sri Lanka's international bondholders brace for a haircut

Debt-ridden country's recent history is a chronicle of a default foretold

18 April 2022
Nandalal Weerasinghe, the newly appointed governor of Sri Lanka's central bank, insists the payment stoppage will be on "a temporary basis until we come to an agreement with creditors."
Sri Lanka crisis

Sri Lanka to temporarily suspend debt payments: central bank chief

Crisis-hit nation to focus on essential imports as it eyes IMF talks next week

12 April 2022
Sri Lankan government health workers protest over the lack of critical supplies near the national hospital in Colombo on April 6.
Politics

Sri Lanka hospitals issue SOS as vital drugs, equipment run out

Doctors warn deaths could exceed COVID and other disasters combined

12 April 2022
Sri Lankans protested against the surge in prices and shortage of essential commodities at the presidential secretariat in Colombo on April 4.
Opinion

Sri Lanka crisis entirely of its own making

Country faces Lebanon-style economic meltdown

7 April 2022
A Sri Lankan Special Task Force member stops vehicles at a checkpoint in Colombo on April 3, after the government imposed a curfew.
Politics

Sri Lanka anger swells under Rajapaksa's curfew, internet curbs

Plagued by power outages and goods shortages, citizens vow to step up protests

3 April 2022
President Gotabaya Rajapaksa presided over the 74th Independence Day celebrations last month in Colombo. His popularity has plummeted as Sri Lanka remains enslaved to economic mismanagement and in need of its 17th IMF lifesaver.  
Economy

Public rage boils as Sri Lanka fumbles with faltering economy

IMF warns of worse to come as South Asian nation fights shy of 17th bailout

12 March 2022
The garment industry brought in more than $4 billion in export revenue last year, over half of which came from European orders.
International relations

Sri Lanka's harsh anti-terrorism law leaves garment makers hanging

EU threatens to pull lucrative trade preferences over human rights concerns

3 March 2022
The nationalistic policies of Sri Lankan President Gotabaya Rajapaksa have resulted in food shortages as his government struggles under a growing pile of foreign debt.
Asia Insight

Sri Lanka faces food shortages and a meager New Year

Organic agriculture stunts crop yields, forcing lean times on debt-ridden nation

1 March 2022
Central Bank of Sri Lanka Gov. Nivard Cabraal said in an interview with Nikkei Asia that his nation has "never discussed debt relief with any country." (Photo courtesy of Central Bank of Sri Lanka)
Interview

Sri Lanka has foreign lenders' interests 'at heart': central bank

Gov. Cabraal favors creditors over vital imports, ramping up debt diplomacy

21 February 2022
Ceylon Petroleum Corp.'s oil refinery in Colombo. The CPC along with the government is overwhelmed by debt, giving India an entry point back into the strategically located island nation. (Source photo by Reuters/AP)
International relations

India gains foothold in Sri Lanka with Trincomalee oil tank deal

Debt-ridden island nation helps to fulfill decades-old hope for New Delhi

28 January 2022
Sri Lankan rupee note: Sri Lanka is by no means the only country staring bankruptcy in the face.
Opinion

Poor countries set to lose as rich nations start raising rates

Cheap money borrowed from abroad can turn out to be a bad bet

27 January 2022