Sri Lanka

Sri Lankan police patrol at the official residence of then President Gotabaya Rajapaksa in July 2022, after it was stormed by protesters. The sign reads "Let's fight against corrupt exploitative economic system!" -- illustrating anger over widespread alleged corruption.
Sri Lanka crisis

Sri Lanka's looming IMF review spotlights anti-corruption drive

New law addresses some problems, but critics question enforcement

27 August 2023
Sri Lankan families are having to endure prolonged misery as their government, encouraged by global bodies to spend its way through the pandemic, instead plunged the country into an economic crisis. (Photo by Ken Kobayashi) 
The Big Story

Sri Lanka enters a new era of post-pandemic austerity

Encouraged to borrow during lockdowns, many poor countries face harsh consequences as priorities change

23 August 2023
Tourists at Gangaramaya Temple in Colombo in July: The tourism rebound will be key to rebuilding Sri Lanka's foreign reserves.
Opinion

Sri Lanka is back in business

Stocks and rupee are top performers as economic rebound takes hold

1 August 2023
A woman sells Sri Lankan flags on a road ahead of independence celebrations in February 2020.
Sri Lanka crisis

Sri Lanka hit by record brain drain, but some stay to rebuild

Many doctors and entrepreneurs remain faithful to country despite economic crisis

30 July 2023
The main port in Colombo in June 2023: Sri Lanka's former President Gotabaya Rajapaksa abruptly canceled two multimillion-dollar projects backed by Tokyo.
International relations

Sri Lanka, Maldives see Japan wade into Indian Ocean contest

Foreign Minister Hayashi's visits to key nations show 'alternative' to China

28 July 2023
Indian Prime Minister Narendra Modi, right, welcomes Sri Lankan President Ranil Wickremesinghe in New Delhi on July 21.
International relations

India, Sri Lanka to study petroleum pipeline and bridge

Modi promises support as Wickremesinghe visits on first anniversary as president

21 July 2023
A line at an ATM in Colombo: Sri Lanka's government has assured depositors that they will not be affected by domestic debt restructuring, as it looks to cushion the impact on the banking sector.
Sri Lanka crisis

Sri Lanka domestic debt restructuring plan aims to shield banks

Creditors monitoring proposal headed for parliament after cabinet approval

29 June 2023
Tea exports are a major source of foreign currency for Sri Lanka.
Sri Lanka crisis

Sri Lanka tea prices dip 40% from record high on production rebound

Fertilizer imports spur supply recovery, buoying crucial export revenue

28 June 2023
A worker carries a sack of vegetables at a wholesale market in Colombo on June 1.
Sri Lanka crisis

Sri Lanka to obtain $500m in budget support from World Bank

Funding would be biggest infusion for crisis-hit nation since IMF deal

27 June 2023
A Sri Lankan rupee note at an exchange counter in Colombo: The government is working on plans to restructure domestic public debt, amid difficult negotiations with global creditors.
Sri Lanka crisis

Sri Lankans fret over next piece of debt puzzle: domestic reform

Banks want clarity on 'voluntary' plans; global creditors expect burden-sharing

7 June 2023
Singapore Deputy Prime Minister Lawrence Wong warned against a new cold war at the Future of Asia forum in Tokyo on May 25. (Photo by Mayumi Tsumita)
The Future of Asia 2023

Asian leaders home in on economic security in face of U.S.-China rift

Future of Asia speakers welcome 'de-risking' and urge return to multilateralism

26 May 2023
Thailand's Deputy Prime Minister Don Pramudwinai speaks at Nikkei's Future of Asia conference in Tokyo on May 25. (Photo by Mayumi Tsumita)
The Future of Asia 2023

Thai deputy PM: Asia should do itself a favor, unite against war

Geopolitical tensions loom as leaders gather at Nikkei's Future of Asia forum

25 May 2023
Sri Lanka President Ranil Wickremesinghe says his country will not strike a separate debt workout deal with China. (Photo by Shinya Sawai)
The Future of Asia 2023

China is no exception in Sri Lanka's debt talks: president

Absence of top creditor raises questions about multilateral platform

25 May 2023
Sri Lankan President Ranil Wickremesinghe speaks at Nikkei's Future of Asia conference in Tokyo on May 25. (Photo by Mayumi Tsumita)
The Future of Asia 2023

Sri Lanka will apply to join RCEP trade bloc, Wickremesinghe says

President says Asian countries resisting pressure to take sides between U.S., China

25 May 2023
A beach in Colombo in February 2023: Sri Lanka's tourism earnings during the January-March period crossed the $500 million mark for the first time since the pandemic.
Sri Lanka crisis

Sri Lanka tourism on comeback trail after bombings, COVID, unrest

Visitors return to broke Indian Ocean island but operators struggle with costs

13 May 2023
A man fills gas into a vehicle at a fuel station in Colombo, Sri Lanka. The country's external debt had grown to over $35 billion amid a struggling economy. 
Sri Lanka crisis

Sri Lanka's creditors hold 1st meeting, with China as observer

Japan and other creditors vow to press Beijing to join as full participant

10 May 2023
Although Sri Lanka still lacks the foreign currency it needs to buy crucial imports, President Ranil Wickremesinghe says there are signs the economy is improving.
Sri Lanka crisis

Japan and India to organize Sri Lanka creditors meeting

Successful resolution could serve as model for future debt restructuring

12 April 2023
Supporters of Sri Lankan President Ranil Wickremesinghe watch him speak in parliament at a party office in Colombo on March 22.
Sri Lanka crisis

Sri Lanka president declares 'new journey' as first IMF cash arrives

Wickremesinghe vows more reforms but experts wary of 'Band-Aid' fixes

22 March 2023
Sri Lankan President Ranil Wickremesinghe's office said the decision will enable the country to access up to $7 billion in funding overall.
Economy

IMF approves $3bn bailout for Sri Lanka

Program expected to improve country's standing in international capital markets

21 March 2023
The popular short-form video hosting app TikTok is under pressure in the U.S. amid concerns over consumer privacy and data security practices, its impact on children and the company's relationship with the Chinese Communist Party.
Your Week in Asia

Xi-Putin summit, Thai House term ends, TikTok CEO testifies in U.S.

Your weekly lineup of Asia's biggest business and political events

19 March 2023
Patients wait for doctors at a hospital during a general strike in Colombo on March 15. Many Sri Lankans hope that IMF approval will kick-start an economic recovery.
Sri Lanka crisis

Sri Lanka counts down to IMF bailout seen as 'just the beginning'

Tough reforms of state enterprises await after Monday decision on $2.9bn package

19 March 2023
A man carries a sack of vegetables at a main market in Colombo.
Sri Lanka crisis

China relents on Sri Lanka debt, paving way for bailout

Beijing eyes opportunity to extend clout over Global South

9 March 2023
Sri Lankan port workers protest against an income tax increase in Colombo on March 1, 2023. About a year after economic frustration ignited a popular uprising that forced a change of government, citizens are still feeling the strain.
Asia Insight

Sri Lanka says IMF aid in reach after year of anger, hunger and fear

President hints new China letter will seal deal; local elections in focus

7 March 2023
U.S. Treasury Secretary Janet Yellen holds a news conference as G-20 finance leaders gather on the outskirts of Bengaluru, India, on Feb. 23.
International relations

Yellen to press China on Sri Lanka debt, Russia sanctions at G-20

In India, U.S. Treasury chief urges more aid for Ukraine against 'brutal assault'

24 February 2023
Villagers help design the layout for a ChildFund community kitchen in Saliya, Sri Lanka, in July 2022. (Handout photo from ChildFund International)
Opinion

Sri Lanka shows benefits of community-focused crisis support

Village hubs help feed hungry children and build resilience for future

22 February 2023