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Crazy celebration scenes were seen in the Sri Lankan dressing room after they thrashed Pakistan in Asia Cup 2022 final to win their first Asian title since 2014.
The entire team celebrated till late night in Dubai as they danced on the tables and sang in joy.
Sri Lanka had lost its opening game on the tournament against Pakistan but won 5 consecutive matches to win the Asia Cup. On their way to glory, the Lankans beat Bangladesh, Afghanistan, India and Pakistan twice.
Also read: Asia Cup 2022: Sri Lanka win their 6th title, thrash Pakistan by 23 runs in the final

Watch! Asia Cup 2022: Sri Lanka players' crazy dressing room celebrations after beating Pakistan

Crazy celebration scenes were seen in the Sri Lankan dressing room after they thrashed Pakistan in Asia Cup 2022 final to win their first Asian title since 2014

The entire Sri Lankan team celebrated till late night in Dubai as they danced on the tables and sang in joy

Crazy celebration scenes were seen in the Sri Lankan dressing room after they thrashed Pakistan in Asia Cup 2022 final to win their first Asian title since 2014.
The entire team celebrated till late night in Dubai as they danced on the tables and sang in joy.
Sri Lanka had lost its opening game of the tournament against Afghanistan but won 5 consecutive matches to win the Asia Cup. On their way to glory, the Lankans beat Bangladesh, Afghanistan, India and Pakistan twice.
Also read: <a title="Asia Cup 2022: Sri Lanka win their 6th title, thrash Pakistan by 23 runs in the final" href="https://www.editorji.com/sports-news/cricket/asia-cup-2022-sri-lanka-win-their-6th-title-thrash-pakistan-by-23-runs-in-the-final-1662922644403">Asia Cup 2022: Sri Lanka win their 6th title, thrash Pakistan by 23 runs in the final</a>

This week on The India Story, we take a deep dive into the Lankan economic crisis.
Sri Lanka is facing its worst economic crisis since 1948, with no exit strategy in sight. The Covid-19 pandemic crippled an already collapsing economy, paralyzing Sri Lanka’s largest industry, tourism, which contributes more than 10% of its GDP. 
Also watch | Sri Lanka crisis: What has happened so far?
Sri Lankan PM Mahinda Rajpaksa, made matters worse by taking on more loans from Beijing. China has investments in over 50 massive infrastructure projects in Lanka, none of which have earned any revenue. Sri Lanka's total external debt stands at $45 billion, while dues to China alone are to the tune of $8 billion. 
However, Sri Lanka is not alone. Other south Asian nations like Pakistan, Bangladesh, and Maldives owe huge debts to China too. What lessons should India draw from the Lankan economic crisis? What should India do for its neighbours? 
Watch Vikram Chandra in conversation with Asanga Abeyagoonasekera, Geopolitical Analyst and Senior Fellow, The Millennium Project, Washington DC; TCA Raghavan, Former High Commissioner to Pakistan and Singapore, and Pronab Sen, Country Director, International Growth Centre and former Chief Statistician of India.
Watch full episodes of The India Story on Editorji. Download the app now! www.editorji.com/download
 

The India Story | Is Sri Lanka's economic crisis a result of China's debt-trap diplomacy?

Sri Lanka is facing its worst economic crisis since 1948, and massive loans from China have put the nation in a 'debt-trap'. 2 years of the pandemic also paralysed Lanka’s tourism industry.  What should India do for its neighbours?


How can Sri&nbsp;Lanka&nbsp;emerge out of its economic crisis? Is an IMF&nbsp;bailout the only option on the cards?

This week on The India Story, we take a deep dive into the Lankan&nbsp;economic crisis.
Sri Lanka is facing its worst economic crisis since 1948, with no exit strategy in sight. The Covid-19 pandemic crippled an already collapsing economy, paralyzing Sri Lanka&rsquo;s largest industry, tourism, which contributes more than 10% of its GDP.&nbsp;
Also watch |&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-crisis-what-has-happened-so-far-1649313318903" target="_blank" rel="noopener">Sri Lanka crisis: What has happened so far?</a>
Sri Lankan PM Mahinda Rajpaksa, made matters worse by taking on more loans from Beijing. China has investments in over 50 massive infrastructure&nbsp;projects in Lanka, none of which have earned any revenue.&nbsp;Sri Lanka's total external debt stands at $45 billion, while dues to China alone are to the tune of $8 billion.
However, Sri Lanka is not alone. Other south Asian nations like Pakistan, Bangladesh, and Maldives owe huge debts to China too. What lessons should India draw from the Lankan economic crisis? What should India do for its neighbours?
Also watch |&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-president-rajapaksa-invites-all-parties-to-take-up-ministerial-portfolios-1649061918602" target="_blank" rel="noopener">Sri Lanka: President Rajapaksa invites all parties to take up ministerial portfolios</a>
Watch Vikram Chandra in conversation with Asanga Abeyagoonasekera, Geopolitical Analyst and Senior Fellow, The Millennium Project, Washington DC; TCA Raghavan, Former High Commissioner to Pakistan and Singapore, and Pronab Sen, Country Director, International Growth Centre and former Chief Statistician of India.

Embattled Sri Lankan President Gotabaya Rajapaksa declared a state of emergency with effect from Friday midnight, the presidential media division said, the second time in just over a month amidst growing countrywide anti-government protests over the unprecedented economic crisis.
The state of emergency gives the police and the security forces sweeping power to arbitrarily arrest and detain people.
Rajapaksa’s decision was to ensure public security and maintain essential services so as to ensure a smooth functioning of the country, the presidential media division said.
The decision came amidst weeks of protests demanding the resignation of the President and the government, blaming the powerful Rajapaksa clan for mishandling the island nation's economy, already hit by the pandemic.
Earlier in the day, student activists warned to lay a siege to Parliament as trade unions launched a crippling island-wide strike to demand the resignation of President Gotabaya Rajapaksa and his government over their inability to tackle the economic meltdown which has caused unprecedented hardships to the public.
On Friday, beleaguered Prime Minister Mahinda Rajapaksa, who has made it clear that he will not quit from his post, came under unexpected pressure to resign at the special Cabinet meeting.
“There were opinions during the Cabinet, some even suggested the prime minister must resign. The President (Gotabaya Rajapaksa) was keen to see an end to the political crisis even with the resignation of the prime minister,” a ministerial source said.
The backers of the 76-year-old prime minister had insisted him to stay on as the public demand was more for the resignation of President Gotabaya Rajapaksa, his younger brother.
The 72-year-old president for a few weeks now has been wanting the prime minister to resign in order to set up an all-party interim government.
Sri Lanka is going through its worst economic crisis in its history with the shortage of essentials, and power outages caused by a severe forex crisis.
Rajapaksa had declared emergency on April 1 also after a mass protest opposite his private residence. He had revoked it on April 5.
Since April 9, the protesters have been staying near the presidential secretariat in the ‘Gota go home gama’ or Gotabaya Go home village and since April 26 the ‘Mynah go home village’ or ‘Mahinda Go Home Village’.
Sri Lanka is currently in the throes of unprecedented economic turmoil since its independence from Britain in 1948. The crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.
Thousands of demonstrators have hit the streets across Sri Lanka since April 9, as the government ran out of money for vital imports; prices of essential commodities have skyrocketed and there are acute shortages in fuel, medicines and electricity supply.
Despite mounting pressure, President Rajapaksa and his elder brother and Prime Minister Mahinda Rajapaksa have refused to quit.
On Thursday, they won a key election in Parliament when their candidate convincingly won the race for the post of Deputy Speaker.

Sri Lanka: President Gotabaya Rajapaksa declares emergency again; PM Mahinda refuses to quit

Sri&nbsp;Lanka&nbsp;declared state of emergency the second time in just over a month amidst growing countrywide anti-government protests over the unprecedented economic crisis

Embattled Sri Lankan President Gotabaya Rajapaksa declared a state of emergency with effect from Friday midnight, the presidential media division said, the second time in just over a month amidst growing countrywide anti-government protests over the unprecedented economic crisis.
The state of emergency gives the police and the security forces sweeping power to arbitrarily arrest and detain people.
Rajapaksa&rsquo;s decision was to ensure public security and maintain essential services so as to ensure a smooth functioning of the country, the presidential media division said.
The decision came amidst weeks of protests demanding the resignation of the President and the government, blaming the powerful Rajapaksa clan for mishandling the island nation's economy, already hit by the pandemic.
Watch |&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-crisis-opposition-seeks-no-confidence-vote-on-rajapaksas-1651640394955" target="_blank">Sri Lanka crisis: opposition seeks no-confidence vote on Rajapaksas</a>
Earlier in the day, student activists warned to lay a siege to Parliament as trade unions launched a crippling island-wide strike to demand the resignation of President Gotabaya Rajapaksa and his government over their inability to tackle the economic meltdown which has caused unprecedented hardships to the public.
On Friday, beleaguered Prime Minister Mahinda Rajapaksa, who has made it clear that he will not quit from his post, came under unexpected pressure to resign at the special Cabinet meeting.
&ldquo;There were opinions during the Cabinet, some even suggested the prime minister must resign. The President (Gotabaya Rajapaksa) was keen to see an end to the political crisis even with the resignation of the prime minister,&rdquo; a ministerial source said.
Watch |&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-crisis-opposition-seeks-no-confidence-vote-on-rajapaksas-1651640394955" target="_blank">Sri Lanka crisis: opposition seeks no-confidence vote on Rajapaksas</a>
The backers of the 76-year-old prime minister had insisted him to stay on as the public demand was more for the resignation of President Gotabaya Rajapaksa, his younger brother.
The 72-year-old president for a few weeks now has been wanting the prime minister to resign in order to set up an all-party interim government.
Sri Lanka is going through its worst economic crisis in its history with the shortage of essentials, and power outages caused by a severe forex crisis.
Rajapaksa had declared emergency on April 1 also after a mass protest opposite his private residence. He had revoked it on April 5.
Since April 9, the protesters have been staying near the presidential secretariat in the &lsquo;Gota go home gama&rsquo; or Gotabaya Go home village and since April 26 the &lsquo;Mynah go home village&rsquo; or &lsquo;Mahinda Go Home Village&rsquo;.
Sri Lanka is currently in the throes of unprecedented economic turmoil since its independence from Britain in 1948. The crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.
Thousands of demonstrators have hit the streets across Sri Lanka since April 9, as the government ran out of money for vital imports; prices of essential commodities have skyrocketed and there are acute shortages in fuel, medicines and electricity supply.
Despite mounting pressure, President Rajapaksa and his elder brother and Prime Minister Mahinda Rajapaksa have refused to quit.
On Thursday, they won a key election in Parliament when their candidate convincingly won the race for the post of Deputy Speaker.

Sri Lanka’s embattled Prime Minister Mahinda Rajapaksa on Monday said that his government was confident of overcoming the unprecedented economic crisis in the same way it crushed the LTTE over a decade ago. 
In a televised address to the nation, Mahinda, who is under growing pressure to quit due to the worst economic crisis facing the island nation, said that he understands the people’s sufferings. 
“We have to strengthen the economy. We will take the responsibility to resolve the economic issue in the same way we ended the 30-year war,” the prime minister said, referring to his military victory over the Liberation Tigers of Tamil Eelam (LTTE) in 2009. 
The LTTE, which led a separatist war for a separate Tamil homeland, was crushed by the Lankan military in 2009 with the death its supremo Velupillai Prabhakaran. 
Mahinda, the elder brother of President Gotabaya Rajapaksa, said that the government is working round-the-clock to overcome the economic crisis. 
In his first public appearance since countrywide protests began demanding the resignation of his younger brother President Gotabaya and the entire Rakapaksa family, he appealed to the protesters to end their anti-government agitation and said that every minute spent on streets deprives the country of dollar inflow. 
“The government is spending every second of the day to resolve this problem. My family is being slandered, we can tolerate it,” Mahinda said. 
He said the protesters were demanding to send home the entire 225 parliamentarians. 
“It will be dangerous to reject Parliament,” he said. In a bid to blame the Opposition Janatha Vikmuthi Peramuna (JVP) party for the protests, Mahinda recalled the JVP rebellions in the 70s and 80s. 
He said that his government had built roads, ports and infrastructure not to keep the people on the streets protesting. 
His speech came as a flurry of political activities took place to end the economic crisis and the political impasse. 
While another day was passed without appointing the Cabinet, the differences of opinion among the political groups came to light on the proposed no-confidence motion against the government. 
The group which declared independence from the ruling Sri Lanka Podujana Peramuna (SLPP) coalition announced that they would not be supporting the No-Confidence Motion (NCM). 
“We do not see how the passing of the NCM would help. Even if it is to be won, how could a government be formed,” senior legislator Vasudeva Nanayakkara said. 
The main Opposition Samagi Jana Balawegaya (SJB) said that they have begun the process to move an NCM against the government on its mishandling of the economy. 
The address of the prime minister came hours after Opposition Leader Sajith Premadasa alleged that poor economic policies of the government had contributed to the country’s economic downturn. 
He said the cost of living in the country is going from bad to worse due to the price increase of essential food items including medicine, milk powder, rice, sugar, dhal, wheat flour and items such as gas, diesel, kerosene oil and petrol. 
The Opposition Leader said that people gave ample time to President Rajapaksa to fulfil their requirements, especially by reducing the increasing cost of living but neither the President nor his Cabinet ministers were able to fulfil their demands. 
The anti-government protests, which started on Saturday, continued to its third day on Monday. 

Sri Lanka crisis: PM Mahinda Rajapaksa says resolved to end crisis, asks for agitations to stop

Sri Lanka’s embattled Prime Minister Mahinda Rajapaksa on Monday said that his government was confident of overcoming the unprecedented economic crisis

Sri Lanka&rsquo;s embattled Prime Minister Mahinda Rajapaksa on Monday said that his government was confident of overcoming the unprecedented economic crisis.&nbsp; Mahinda, under growing pressure to quit due to the economic crisis, said that he understands the people&rsquo;s sufferings. He said that they have taken the responsibility to resolve the economic crisis the same way the 30-year-war was ended, referring to his military victory over the Liberation Tigers of Tamil Eelam&nbsp;in 2009.&nbsp; Mahinda, the elder brother of President Gotabaya Rajapaksa, said that the government is working round-the-clock to overcome the economic crisis.&nbsp; In his first public appearance since countrywide protests began demanding the resignation of his younger brother President Gotabaya and the entire Rakapaksa family, he appealed to the protesters to end their anti-government agitation and said that every minute spent on streets deprives the country of dollar inflow.&nbsp; He added that it would be dangerous to reject the Parliament, alluding to the protesters demand to send home all 225 parliamentarians.&nbsp; While another day was passed without appointing the Cabinet, the differences of opinion among the political groups came to light on the proposed no-confidence motion against the government.&nbsp; The anti-government protests, which started on Saturday, continued to its third day on Monday.&nbsp;

Sri Lanka&rsquo;s embattled Prime Minister Mahinda Rajapaksa on Monday said that his government was confident of overcoming the unprecedented economic crisis

Sri Lanka&rsquo;s embattled Prime Minister Mahinda Rajapaksa on Monday said that his government was confident of overcoming the unprecedented economic crisis in the same way it crushed the LTTE over a decade ago.&nbsp;
In a televised address to the nation, Mahinda, who is under growing pressure to quit due to the worst economic crisis facing the island nation, said that he understands the people&rsquo;s sufferings.&nbsp;
&ldquo;We have to strengthen the economy. We will take the responsibility to resolve the economic issue in the same way we ended the 30-year war,&rdquo; the prime minister said, referring to his military victory over the Liberation Tigers of Tamil Eelam (LTTE) in 2009.&nbsp;
The LTTE, which led a separatist war for a separate Tamil homeland, was crushed by the Lankan military in 2009 with the death its supremo Velupillai Prabhakaran.&nbsp;
Mahinda, the elder brother of President Gotabaya Rajapaksa, said that the government is working round-the-clock to overcome the economic crisis.&nbsp;
In his first public appearance since countrywide protests began demanding the resignation of his younger brother President Gotabaya and the entire Rakapaksa family, he appealed to the protesters to end their anti-government agitation and said that every minute spent on streets deprives the country of dollar inflow.&nbsp;
&ldquo;The government is spending every second of the day to resolve this problem. My family is being slandered, we can tolerate it,&rdquo; Mahinda said.&nbsp;
He said the protesters were demanding to send home the entire 225 parliamentarians.&nbsp;
&ldquo;It will be dangerous to reject Parliament,&rdquo; he said.&nbsp; In a bid to blame the Opposition Janatha Vikmuthi Peramuna (JVP) party for the protests, Mahinda recalled the JVP rebellions in the 70s and 80s.&nbsp;
He said that his government had built roads, ports and infrastructure not to keep the people on the streets protesting.&nbsp;
His speech came as a flurry of political activities took place to end the economic crisis and the political impasse.&nbsp;
While another day was passed without appointing the Cabinet, the differences of opinion among the political groups came to light on the proposed no-confidence motion against the government.&nbsp;
The group which declared independence from the ruling Sri Lanka Podujana Peramuna (SLPP) coalition announced that they would not be supporting the No-Confidence Motion (NCM).&nbsp;
&ldquo;We do not see how the passing of the NCM would help. Even if it is to be won, how could a government be formed,&rdquo; senior legislator Vasudeva Nanayakkara said.&nbsp;
The main Opposition Samagi Jana Balawegaya (SJB) said that they have begun the process to move an NCM against the government on its mishandling of the economy.&nbsp;
The address of the prime minister came hours after Opposition Leader Sajith Premadasa alleged that poor economic policies of the government had contributed to the country&rsquo;s economic downturn.&nbsp;
He said the cost of living in the country is going from bad to worse due to the price increase of essential food items including medicine, milk powder, rice, sugar, dhal, wheat flour and items such as gas, diesel, kerosene oil and petrol.&nbsp;
The Opposition Leader said that people gave ample time to President Rajapaksa to fulfil their requirements, especially by reducing the increasing cost of living but neither the President nor his Cabinet ministers were able to fulfil their demands.&nbsp;
The anti-government protests, which started on Saturday, continued to its third day on Monday.&nbsp;
ALSO WATCH:&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-in-turmoil-all-26-cabinet-ministers-resign-1649045599734">Sri Lanka in turmoil: All 26 cabinet ministers resign</a>

Long queues have become a common sight in cash and commodity starved Sri Lanka over the past few weeks. Essentials like oil, gas, food, and even paper for writing exams is in short supply. 
Also watch | Sri Lanka crisis: What has happened so far?
India's southern neighbour is deep in domestic and international debt. The latest victim of the China model of 'debt-trap diplomacy'. 
A crisis in the making, the island nation’s economic distress is a result of two decades of high-interest loans from China. Sri Lanka drew billions in investment under China’s Belt and Road Initiative (BRI), a program launched in 2013 to build ports, roads, railways, pipelines and other infrastructure. 
But none of these investments could generate expected revenues to pay back the loans. The numbers now look grim. 
Also watch | Sri Lanka: President Rajapaksa invites all parties to take up ministerial portfolios
China accounts for about 10% of Sri Lanka’s $35bn foreign debt to April 2021, government data shows. Unable to repay a $1.4bn loan for a port construction in southern Sri Lanka, Colombo was forced to lease the Hambantota port to a Chinese company for 99 years in 2017. According to the nation's central bank data, Sri Lanka currently has about $2 billion in foreign exchange reserves, against $7 billion in total debt due in 2022. 
India is being a good neighbour, and trying to help stabilise the nation, but prospects are slim. 
Also watch | Sri Lanka crisis: Why dynasty politics and Rajpaksas are being blamed
India has extended an additional credit line of $1.5 billion to Sri Lanka, on top of the $1 billion given earlier to help pay for food and medicines.  India also extended a $400-million currency swap, a $500 million loan deferment and a $500-million credit line for Lanka to buy fuel.  India sent Lanka around four consignments of 40,000 metric tonnes of diesel to help reduce power cuts, and 40,000 tonnes of rice in prompt shipments. 
Also watch | Sri Lanka economic crisis: former & current cricketers appeal for unity, slam govt
But China, which has deeper pockets, has not yet agreed to a Sri Lankan request for a $2.5 billion credit line or a restructuring of its overall debt.  Increasingly, an IMF bailout is looking like the only option on the table for Sri Lanka. This is particularly bad, since Sri Lanka has sought IMF bailouts 16 times in the past 56 years, second only to debt-ridden Pakistan.  
Pakistan, meanwhile seems to be self-sabotaging its economic recovery. Prime Minister Imran Khan bowled a googly, by calling for snap elections, effectively pushing the country into political uncertainty. China has held Pakistan hostage through the China-Pakistan Economic corridor (CPEC). Beijing is also Islamabad’s largest creditor, with Pakistan owing 27.4% (or $24.7 billion) of its total external debt to China. 
The story is similar in Maldives too. 78% of Maldives' external debt, about $1.4 billion is owed to China. Like other emerging south Asian economies, Bangladesh, keen on expanding its infrastructure leaned into the Chinese Belt and Road Initiative too. China is currently the biggest trading partner of Bangladesh and the country is set to receive Chinese investments of over $40 billion under a bilateral partnership. Reports say, from 2009 to 2019, China invested an estimated $9.75 billion in transportation projects in Bangladesh. 
Experts have called out China for using "debt traps" to gain leverage over other nations. This can be crippling for a nation’s economy, because if a country fails to pay its loans, it becomes vulnerable to pressure from China to support its geo-strategic and security interests. 
As per latest estimates, Chinese debt in South Asia has gone up from $4.7 billion to upwards of $40 billion, over the past few years. China is also one of the world's largest single creditor nations. Its loans to lower and middle-income countries have tripled over the past decade, reaching $170bn by the end of 2020. 
The pattern is quite clear in south east Asia. India has stepped in to help many of its neighbours, to alleviate the stress that this debt trap creates. India's focus is on cooperation through development, one that promotes self-reliance.
Prime Minister Narendra Modi said, "India is making development partnerships that are marked by respect, diversity, care for the future, and sustainable development. For India, the most fundamental principle in development cooperation is respecting our partners. That is why our development cooperation does not come with any conditions. It is not influenced by political or commercial considerations."

Decoded: Sri Lanka economic's crisis: Chinese model of debt-trap diplomacy to blame?

China has investments in over 50 massive infrastruture projects in Lanka, none of which have earned any revenue. Sri Lanka's total external debt stands at $45 billion, while dues to China alone are to the tune of $8 billion. Other south Asian nations like Pakistan, Bangladesh, and Maldives ow huge debts to China too. What should India do for its neighbours? 


Sri Lanka drew billions in investment under China&rsquo;s Belt and Road Initiative (BRI), but none of these investments could generate expected revenues to pay back the loans.

Long queues have become a common sight in cash and commodity starved Sri Lanka over the past few weeks.&nbsp;Essentials like oil,&nbsp;gas,&nbsp;food, and even paper for writing exams is in short supply.&nbsp;
Also watch |&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-crisis-what-has-happened-so-far-1649313318903" target="_blank">Sri Lanka crisis: What has happened so far?</a>
India's southern neighbour is deep in&nbsp;domestic and international debt. The latest victim of the China model of 'debt-trap diplomacy'.&nbsp;
A crisis in the making, the island nation&rsquo;s&nbsp;economic distress is a result of two decades of high-interest loans from China.&nbsp;Sri Lanka drew billions in investment under China&rsquo;s Belt and Road Initiative (BRI), a program launched in 2013 to build ports, roads, railways, pipelines and other infrastructure.&nbsp;
But none of these investments could generate expected revenues to pay back the loans.&nbsp;The numbers now look grim.&nbsp;
Also watch |&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-president-rajapaksa-invites-all-parties-to-take-up-ministerial-portfolios-1649061918602" target="_blank">Sri Lanka: President Rajapaksa invites all parties to take up ministerial portfolios</a>
China accounts for about 10% of Sri Lanka&rsquo;s $35bn foreign debt to April 2021, government data shows.&nbsp;Unable to repay a $1.4bn loan for a port construction in southern Sri Lanka, Colombo was forced to lease the Hambantota port to a Chinese company for 99 years in 2017.&nbsp;According to the nation's central bank data,&nbsp;Sri Lanka currently has about $2 billion in foreign exchange reserves, against $7 billion in total debt due in 2022.&nbsp;
India is being a good neighbour, and trying to help stabilise the nation, but prospects are slim.&nbsp;
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/sri-lanka-crisis-why-dynasty-politics-and-rajpaksas-are-being-blamed-1649048985285" target="_blank">Sri Lanka crisis: Why dynasty politics and Rajpaksas are being blamed</a>
India has&nbsp;extended an additional credit line of $1.5 billion to Sri Lanka, on top of the $1 billion given earlier to help pay for food and medicines.&nbsp;&nbsp;India also&nbsp;extended a $400-million currency swap, a $500 million loan deferment and a $500-million credit line&nbsp;for Lanka to buy fuel.&nbsp;&nbsp;India sent Lanka around&nbsp;four consignments of 40,000 metric tonnes of diesel to help reduce power cuts, and 40,000 tonnes of rice in prompt shipments.&nbsp;
Also watch |&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-economic-crisis-former-current-cricketers-appeal-for-unity-slam-govt-1648888582199" target="_blank">Sri Lanka economic crisis: former &amp; current cricketers appeal for unity, slam govt</a>
But China, which has deeper pockets, has not yet agreed to a Sri Lankan request for a $2.5 billion credit line or a restructuring of its overall debt. &nbsp;Increasingly, an IMF bailout is looking like the only option on the table for Sri Lanka.&nbsp;This is particularly bad, since&nbsp;Sri Lanka has sought&nbsp;IMF bailouts 16 times in the past 56 years, second only to debt-ridden Pakistan.&nbsp;&nbsp;
Pakistan, meanwhile seems to be self-sabotaging its economic recovery.&nbsp;Prime Minister Imran Khan bowled a googly, by calling for snap elections, effectively pushing the country into political uncertainty.&nbsp;China has held Pakistan hostage through the China-Pakistan Economic corridor (CPEC). Beijing is also Islamabad&rsquo;s largest creditor, with&nbsp;Pakistan owing 27.4% (or $24.7 billion) of its total external debt to China.&nbsp;
The story is similar in Maldives too.&nbsp;78% of Maldives' external debt, about $1.4 billion is owed to China. Like other emerging south Asian economies, Bangladesh, keen on expanding its infrastructure leaned into the Chinese Belt and Road Initiative too.&nbsp;China is currently the biggest trading partner of Bangladesh and the country is set to receive Chinese investments of over $40 billion under a bilateral partnership. Reports say, from&nbsp;2009 to 2019, China invested an estimated $9.75 billion in transportation projects in Bangladesh.&nbsp;
Experts have called out&nbsp;China&nbsp;for using&nbsp;"debt traps" to gain leverage over other&nbsp;nations.&nbsp;This can be crippling for a nation&rsquo;s economy, because if a country fails to pay its loans, it becomes vulnerable to pressure from China to support its geo-strategic and security interests.&nbsp;
As per latest estimates,&nbsp;Chinese debt in South Asia has gone up from $4.7 billion to upwards of $40 billion, over the past few years.&nbsp;China is also one of the world's largest single creditor nations. Its&nbsp;loans to lower and middle-income countries have tripled over the past decade, reaching $170bn by the end of 2020.&nbsp;
The pattern is quite clear in south east Asia.&nbsp;India has stepped in to help many of its neighbours, to alleviate the stress that this debt trap creates.&nbsp;India's focus is on&nbsp;cooperation through&nbsp;development,&nbsp;one that promotes self-reliance.
Prime Minister Narendra&nbsp;Modi&nbsp;said,&nbsp;"India is making development partnerships that are marked by respect, diversity, care for the future, and sustainable development. For India, the most fundamental principle in development cooperation is respecting our partners. That is why our development cooperation does not come with any conditions. It is not influenced by political or commercial considerations."

In the grips of the worst economic crisis, Sri Lanka has seen widespread protests in the last few weeks. Fuel, food and essential commodities price rise and the government's handling of the foreign exchange crisis saw unprecedented demonstrations across the nation of 22 million people. Many may face starvation, if the conflict remains unsolved. Reports say that over 60 people have been in arrested in connection with the unrest, many alleging torture. 
In the face mounting anger, last week President Gotabaya Rajapaksa declared national emergency. Amidst the chaos, the Cabinet of Ministers resigned. 26 ministers, all except President Rajapaksa and sibling Prime Minister Mahinda Rajapaksa, resigned from the cabinet. Governor of Central Bank of Sri Lanka, Ajith Nivard Cabraal, also resigned. 
Rajapaksa sought to resolve the part-economic, part-political crisis by inviting all parties in the Parliament to take up portfolios to find a resolution to the conflict. The opposition parties rebuffed the offer. A newly appointed Finance Minister tendered his resignation in 24-hours. 
On Tuesday members of ruling bloc defected, leaving them now in minority in the Parliament. Reports suggest snap parliamentary polls may by in the offing. 
Meanwhile, in the face of mounting criticism and opposition, Rajapaksa revoked the state of emergency late on Tuesday. 
The Parliament is set to convene once again on Wednesday to debate the crisis.

Sri Lanka crisis: What has happened so far? | Crisis in Sri Lanka: President Gotabaya Rajapaksa revokes emergency

After revoking emergency, on Wednesday President Gotabaya Rajapaksa said the government formed a 3-member advisory to assist officials engaging with the International Monetary Fund to resolve crisis

Sri Lanka crisis: What has happened so far?

In the grips of the worst economic crisis, Sri&nbsp;Lanka&nbsp;has seen widespread protests in the last few weeks. Fuel, food and essential commodities price rise and the government's handling of the foreign exchange crisis saw unprecedented&nbsp;demonstrations across the nation of 22 million people. Many may face starvation, if the conflict remains unsolved.&nbsp;Reports say that over 60 people have been in arrested in connection with the unrest, many alleging torture.&nbsp;
Last week President Gotabaya&nbsp;Rajapaksa&nbsp;declared national emergency.&nbsp;Amidst the chaos, the Cabinet of Ministers resigned as public resentment against handling of he crisis mounted. 26 ministers, all except President Rajapaksa&nbsp;and sibling Prime Minister Mahinda&nbsp;Rajapaksa, resigned from the cabinet.&nbsp;Governor of Central Bank of&nbsp;Sri&nbsp;Lanka, Ajith&nbsp;Nivard&nbsp;Cabraal,&nbsp;also resigned.&nbsp;
Rajapaksa&nbsp;sought to resolve the part-economic, part-political crisis by inviting all parties in the Parliament to take up portfolios to find a resolution to the conflict. The opposition parties rebuffed the offer. A newly appointed Finance Minister tendered his resignation in 24-hours.&nbsp;
On Tuesday members of ruling bloc defected, leaving them now in minority in the Parliament.&nbsp;Reports suggest snap parliamentary polls&nbsp;may by in the offing.&nbsp;
Meanwhile&nbsp;Rajapaksa&nbsp;revoked the state of emergency late on Tuesday.&nbsp;Rajapaksa&nbsp;formed a three member committee to assist officials in talks with the International Monetary Fund to find a resolution to the crisis.

After revoking emergency, on Wednesday President Gotabaya&nbsp;Rajapaksa&nbsp;said the government formed a 3-member advisory to assist officials engaging with the International Monetary Fund to resolve crisis

In the grips of the worst economic crisis, Sri&nbsp;Lanka&nbsp;has seen widespread protests in the last few weeks. Fuel, food and essential commodities price rise and the government's handling of the foreign exchange crisis saw unprecedented&nbsp;demonstrations across the nation of 22 million people. Many may face starvation, if the conflict remains unsolved.&nbsp;Reports say that over 60 people have been in arrested in connection with the unrest, many alleging torture.&nbsp;
Last week President Gotabaya&nbsp;Rajapaksa&nbsp;declared national emergency.&nbsp;Amidst the chaos, the Cabinet of Ministers resigned as public resentment against handling of he crisis mounted. 26 ministers, all except President Rajapaksa&nbsp;and sibling Prime Minister Mahinda&nbsp;Rajapaksa, resigned from the cabinet.&nbsp;Governor of Central Bank of&nbsp;Sri&nbsp;Lanka, Ajith&nbsp;Nivard&nbsp;Cabraal,&nbsp;also resigned.&nbsp;
Rajapaksa&nbsp;sought to resolve the part-economic, part-political crisis by inviting all parties in the Parliament to take up portfolios to find a resolution to the conflict. The opposition parties rebuffed the offer. A newly appointed Finance Minister tendered his resignation in 24-hours.&nbsp;
WATCH |<a href="https://www.editorji.com/world-news/sri-lanka-crisis-what-has-happened-so-far-1649313318903" target="_blank">&nbsp;Sri Lanka: President Rajapaksa invites all parties to take up ministerial portfolios</a>
On Tuesday members of ruling bloc defected, leaving them now in minority in the Parliament.&nbsp;Reports suggest snap parliamentary polls&nbsp;may by in the offing.&nbsp;
Meanwhile&nbsp;Rajapaksa&nbsp;revoked the state of emergency late on Tuesday.&nbsp;Rajapaksa&nbsp;formed a three member committee to assist officials in talks with the International Monetary Fund to find a resolution to the crisis.

Sri Lanka's President Gotabaya Rajapaksa has invited all parties in the Parliament to accept ministerial positions to find a solution to the economic crisis. The move comes a day after 26 Cabinet Ministers, including Gotabaya Rajapaksa's nephew Namal Rajapaksa, resigned. Only Gotabaya and elder brother Prime Minister Mahinda Rajapaksa did not tender their resignations. 
A release by the president's on Monday morning called on political parties to 'come together to accept ministerial portfolios in order to find solutions to this national crisis'. It further asks for the move to be seen as a 'national need' and asks all to 'work together for the sake of all citizens and future generations'.
The cabinet ministers resigned amid the worst economic crisis the country has ever seen. 
The governor of the Central Bank of Srilanka, Ajith Nivard Cabraal, too, in a tweet, resigned on Monday in context of mass resignations.
According to reports, a new cabinet is expected to be sworn in on Monday.

Sri Lanka: President Gotabaya Rajapaksa invites all parties to take up ministerial portfolios

President Gotabaya Rajapaksa has invited all parties in the Parliament to take up ministerial positions to help find a solution to the national crisis

Sri Lanka: President Rajapaksa invites all parties to take up ministerial portfolios

Sri&nbsp;Lanka's&nbsp;President Gotabaya&nbsp;Rajapaksa&nbsp;has invited all parties in the Parliament to accept ministerial positions to find a solution to the economic crisis. The move comes a day after 26 Cabinet Ministers, including Gotabaya&nbsp;Rajapaksa's nephew&nbsp;Namal&nbsp;Rajapaksa, resigned. Only President&nbsp;Gotabaya&nbsp;and elder brother Prime Minister Mahinda&nbsp;Rajapaksa&nbsp;did not tender their resignations.&nbsp;
A release by the president's&nbsp;on Monday morning called on political parties to 'come together to accept ministerial portfolios in order to find solutions to this national crisis'. It further asks for the move to be seen as a 'national need' and asks all to 'work together for the sake of all citizens and future generations'.
The cabinet ministers resigned amid the worst economic crisis the country has ever seen.&nbsp;
The governor of the Central Bank of Sri&nbsp;Lanka,&nbsp;Ajith Nivard Cabraal, too, in a tweet, resigned on Monday in context of mass resignations.
According to reports, a new cabinet is expected to be sworn in on Monday.

President Gotabaya&nbsp;Rajapaksa&nbsp;has invited all parties in the Parliament to take up ministerial positions to help find a solution to the national crisis

Sri&nbsp;Lanka's&nbsp;President Gotabaya&nbsp;Rajapaksa&nbsp;has invited all parties in the Parliament to accept ministerial positions to find a solution to the economic crisis. The move comes a day after 26 Cabinet Ministers, including Gotabaya&nbsp;Rajapaksa's nephew&nbsp;Namal&nbsp;Rajapaksa, resigned. Only Gotabaya&nbsp;and elder brother Prime Minister Mahinda&nbsp;Rajapaksa&nbsp;did not tender their resignations.&nbsp;
A release by the president's&nbsp;on Monday morning called on political parties to 'come together to accept ministerial portfolios in order to find solutions to this national crisis'. It further asks for the move to be seen as a 'national need' and asks all to 'work together for the sake of all citizens and future generations'.
Also watch:&nbsp;<a href="https://www.editorji.com/world-news/sri-lanka-in-turmoil-all-26-cabinet-ministers-resign-1649045599734" target="_blank">Sri Lanka in turmoil: All 26 cabinet ministers resign</a>
The cabinet ministers resigned amid the worst economic crisis the country has ever seen.&nbsp;
The governor of the Central Bank of Srilanka,&nbsp;Ajith Nivard Cabraal, too, in a tweet, resigned on Monday in context of mass resignations.
According to reports, a new cabinet is expected to be sworn in on Monday.

Sri Lanka's Cabinet of Ministers resigned with immediate effect late on Sunday night, as the country experiences its worst economic crisis of all time.
Speaking to reporters, Education Minister and Leader of the House, Dinesh Gunawardena said the Cabinet Ministers handed over their resignations to Prime Minister Mahinda Rajapaksa.
He proffered no reason for the mass resignation.
However, political experts here said the ministers came under intense pressure from the public over the government's alleged "mishandling" of the economic crisis, triggered by the shortage in the foreign exchange reserve.
Wide spread public protests were seen throughout the evening in spite of the imposition of curfew which is due to end on Monday morning.
The enraged public has been demanding the resignation of President Gotabaya Rajapaksa.
The government declared a state of emergency after an angry mob surrounded the private residence of Rajapaksa on March 31.
A planned social media triggered mass protest was scheduled for Sunday. However, the government responded by imposing a 36-hour curfew.
Since evening, rumours have been floating to the effect that Rajapaksa may opt for an interim government to handle the economic crisis.
Distrubing scenes were seen across the island.
Sri Lankan police fired tear gas and water cannons at hundreds of university students during a protest in the central province. The protest was held despite the curfew. The government's poor handling of the economic crisis where people currently endure long hours of power outages and scarcity of essentials has angered the public which planned country-wide protests on Sunday.
The government ordered internet service providers to restrict social media access, tightening curbs to prevent planned demonstrations calling for President Rajapaksa’s ouster over soaring living costs and a foreign exchange crisis. The social media curbs were lifted in the second half of Sunday.
Defying curfew orders, lawmakers from Sri Lanka’s principal opposition party Samagi Jana Balawegaya staged an anti-government protest in Colombo against President Rajapaksa’s move to impose a state of emergency and other restrictions.
"We will protect democracy in SriLanka,” opposition legislator Harsha de Silva said.
The Opposition lawmakers marched towards Colombo's Independence Square, chanting slogans and carrying placards that read: “Stop Suppression” and “Gota go home." Police officials set up barricades leading up to the Independence Square, which was built to commemorate Sri Lanka’s independence in 1948.
In Central Province, hundreds of students from the University of Peradeniya took to streets to protest against the present state of affairs in the country. However, police installed barricades close to the university.
University Students accompanied by their lecturers proceeded towards the Galaha Junction, and tensions boiled over when they attempted to remove the barricades set up by the police, News 1st channel reported.
Police and riot police used water cannons to disperse the crowd and thereafter fired tear gas, it said, adding that the situation is tense in the region.
In Western Province, a total of 664 people were arrested for violating the curfew and trying to stage an anti-government rally.
Opposition lawmakers, led by their leader Sajith Premadasa, had set off on a march towards the iconic Independence Square in Colombo, defying a weekend curfew imposed by the government on Saturday, ahead of the planned protest for Sunday.
"We are protesting the government’s abuse of the public security ordinance to deny the public’s right to protest,” he said.
The protest was organised by social media activists against the ongoing economic crisis and hardships heaped on people due to shortages of essentials.
A 53-year old man, who was protesting outside the private residence of President Rajapaksa over the long power cuts in the country due to the ongoing economic crisis, got electrocuted after he climbed a electricity pole, police said.
Namal Rajapaksa, the sports minister and President Rajapaksa’s nephew, told reporters that the social media blockade was useless as many people would use Virtual Private Network (VPN) to access social media sites.
The move was aimed at preventing masses from gathering in Colombo to protest the government’s failure to provide relief to the public suffering from shortages of food, essentials, fuel and medicine amidst hours-long power cuts, the Colombo Page newspaper reported.
Later, the government lifted the ban it had imposed on social media platforms after declaring a nationwide public emergency.
The services of Facebook, Twitter, YouTube, Instagram, TokTok, Snapchat, WhatsApp, Viber, Telegram, and Facebook Messenger were restored after 15 hours, according to an official.
Meanwhile, former minister Wimal Weerawansa called for appointment of an all-party interim government to address the crisis.
He said the proposal has been presented to the President and the Prime Minister, and they received a positive response from both.
Weerawansa said that he along with former minister Udaya Gammanpila, Vasudeva Nanayakkara, and Tiran Alles attended the meetings with the President and the Prime Minister.
“Given the present situation in the country, we believe that the existing Cabinet of Ministers cannot function to address these crises. Therefore, we call for the Cabinet to be disbanded and reach for an all-party or multi-party agreement for an interim government,” he told reporters.
Former cricket skipper Mahela Jayawardena said that certain people controlling the economy of Sri Lanka have lost the people's confidence and must stand down.
In a statement, he said these problems are man-made and can be fixed by the right, qualified people.
"We then need a good team to give the country confidence and belief. There is no time to waste. It is time to be humble, not make excuses and to do the right thing," he said.
Sri Lanka is currently experiencing its worst economic crisis in history. With long lines for fuel, cooking gas, essentials in short supply and long hours of power cuts the public has been suffering for weeks.
Rajapaksa has defended his government's actions, saying the foreign exchange crisis was not his making and the economic downturn was largely pandemic driven where the island’s tourism revenue and inward remittances waning.

All 26 cabinet ministers resign in Sri Lanka as the country experiences worst economic crisis ever

As the country experiences its worst economic crisis of all time, the cabinet of ministers resigned with immediate effect. The government on Sunday imposed a 36-hour curfew to curb protests

Sri Lanka in turmoil: All 26 cabinet ministers resign

The Cabinet of Ministers in Sri&nbsp;Lanka resigned with immediate effect late on Sunday night, as the country experiences its worst economic crisis of all time.&nbsp;
 Speaking to reporters, Education Minister and Leader of the House, Dinesh Gunawardena said the Cabinet Ministers handed over their resignations to Prime Minister Mahinda Rajapaksa. He proffered no reason for the mass resignation.&nbsp;
 However, political experts here said the ministers came under intense pressure from the public over the government's alleged "mishandling" of the economic crisis, triggered by the shortage in the foreign exchange reserve.&nbsp;
 Wide spread public protests were seen throughout the evening in spite of the imposition of curfew which is due to end on Monday morning.&nbsp; The enraged public has been demanding the resignation of President Gotabaya Rajapaksa.&nbsp;
 The government declared a state of emergency after an angry mob surrounded the private residence of Rajapaksa on March 31.&nbsp;

As the country experiences its worst economic crisis of all time, the cabinet of ministers resigned with immediate effect

Sri Lanka's Cabinet of Ministers resigned with immediate effect late on Sunday night, as the country experiences its worst economic crisis of all time.
Speaking to reporters, Education Minister and Leader of the House, Dinesh Gunawardena said the Cabinet Ministers handed over their resignations to Prime Minister Mahinda Rajapaksa.
He proffered no reason for the mass resignation.
However, political experts here said the ministers came under intense pressure from the public over the government's alleged "mishandling" of the economic crisis, triggered by the shortage in the foreign exchange reserve.
Wide spread public protests were seen throughout the evening in spite of the imposition of curfew which is due to end on Monday morning.
The enraged public has been demanding the resignation of President Gotabaya Rajapaksa.
The government declared a state of emergency after an angry mob surrounded the private residence of Rajapaksa on March 31.
WATCH |<a href="https://www.editorji.com/world-news/emergency-in-sri-lanka-curfew-imposed-social-media-sites-blocked-1648961188671" target="_blank">Emergency in Sri Lanka: curfew imposed, social media sites blocked</a>
A planned social media triggered mass protest was scheduled for Sunday. However, the government responded by imposing a 36-hour curfew.
Since evening, rumours have been floating to the effect that Rajapaksa may opt for an interim government to handle the economic crisis.
Distrubing scenes were seen across the island.
Sri Lankan police fired tear gas and water cannons at hundreds of university students during a protest in the central province. The protest was held despite the curfew. The government's poor handling of the economic crisis where people currently endure long hours of power outages and scarcity of essentials has angered the public which planned country-wide protests on Sunday.
The government ordered internet service providers to restrict social media access, tightening curbs to prevent planned demonstrations calling for President Rajapaksa&rsquo;s ouster over soaring living costs and a foreign exchange crisis. The social media curbs were lifted in the second half of Sunday.
Defying curfew orders, lawmakers from Sri Lanka&rsquo;s principal opposition party Samagi Jana Balawegaya staged an anti-government protest in Colombo against President Rajapaksa&rsquo;s move to impose a state of emergency and other restrictions.
"We will protect democracy in SriLanka,&rdquo; opposition legislator Harsha de Silva said.
The Opposition lawmakers marched towards Colombo's Independence Square, chanting slogans and carrying placards that read: &ldquo;Stop Suppression&rdquo; and &ldquo;Gota go home." Police officials set up barricades leading up to the Independence Square, which was built to commemorate Sri Lanka&rsquo;s independence in 1948.
In Central Province, hundreds of students from the University of Peradeniya took to streets to protest against the present state of affairs in the country. However, police installed barricades close to the university.
University Students accompanied by their lecturers proceeded towards the Galaha Junction, and tensions boiled over when they attempted to remove the barricades set up by the police, News 1st channel reported.
Police and riot police used water cannons to disperse the crowd and thereafter fired tear gas, it said, adding that the situation is tense in the region.
In Western Province, a total of 664 people were arrested for violating the curfew and trying to stage an anti-government rally.
WATCH |<a href="https://www.editorji.com/world-news/explained-protests-in-sri-lanka-imposition-of-emergency-the-economic-crisis-1648906716849" target="_blank">Explained: Protests in Sri Lanka, imposition of emergency &amp; the economic crisis</a>
Opposition lawmakers, led by their leader Sajith Premadasa, had set off on a march towards the iconic Independence Square in Colombo, defying a weekend curfew imposed by the government on Saturday, ahead of the planned protest for Sunday.
"We are protesting the government&rsquo;s abuse of the public security ordinance to deny the public&rsquo;s right to protest,&rdquo; he said.
The protest was organised by social media activists against the ongoing economic crisis and hardships heaped on people due to shortages of essentials.
A 53-year old man, who was protesting outside the private residence of President Rajapaksa over the long power cuts in the country due to the ongoing economic crisis, got electrocuted after he climbed a electricity pole, police said.
Namal Rajapaksa, the sports minister and President Rajapaksa&rsquo;s nephew, told reporters that the social media blockade was useless as many people would use Virtual Private Network (VPN) to access social media sites.
The move was aimed at preventing masses from gathering in Colombo to protest the government&rsquo;s failure to provide relief to the public suffering from shortages of food, essentials, fuel and medicine amidst hours-long power cuts, the Colombo Page newspaper reported.
Later, the government lifted the ban it had imposed on social media platforms after declaring a nationwide public emergency.
The services of Facebook, Twitter, YouTube, Instagram, TokTok, Snapchat, WhatsApp, Viber, Telegram, and Facebook Messenger were restored after 15 hours, according to an official.
Meanwhile, former minister Wimal Weerawansa called for appointment of an all-party interim government to address the crisis.
He said the proposal has been presented to the President and the Prime Minister, and they received a positive response from both.
Weerawansa said that he along with former minister Udaya Gammanpila, Vasudeva Nanayakkara, and Tiran Alles attended the meetings with the President and the Prime Minister.
&ldquo;Given the present situation in the country, we believe that the existing Cabinet of Ministers cannot function to address these crises. Therefore, we call for the Cabinet to be disbanded and reach for an all-party or multi-party agreement for an interim government,&rdquo; he told reporters.
Former cricket skipper Mahela Jayawardena said that certain people controlling the economy of Sri Lanka have lost the people's confidence and must stand down.
In a statement, he said these problems are man-made and can be fixed by the right, qualified people.
"We then need a good team to give the country confidence and belief. There is no time to waste. It is time to be humble, not make excuses and to do the right thing," he said.
Sri Lanka is currently experiencing its worst economic crisis in history. With long lines for fuel, cooking gas, essentials in short supply and long hours of power cuts the public has been suffering for weeks.
Rajapaksa has defended his government's actions, saying the foreign exchange crisis was not his making and the economic downturn was largely pandemic driven where the island&rsquo;s tourism revenue and inward remittances waning.

rajapaksa

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