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A unified forum for talks with creditors to handle Sri Lanka's debt restructuring scheme as it battles its greatest economic crisis has been announced by India, Japan, and France

India, Japan and France launch common platform for Sri Lankan debt restructuring programme

A unified forum for talks with creditors to handle Sri Lanka's debt restructuring scheme as it battles its greatest economic crisis has been announced by India, Japan, and France

India, Japan and France have announced a common platform for talks among creditors to address the debt restructuring programme of Sri Lanka which is grappling with its worst economic crisis.
The representatives of the three creditor countries, including Finance Minister Nirmala Sitharaman, held a press briefing on the margins of the annual spring meetings of the World Bank and the International Monetary Fund (IMF) in Washington on Thursday.
"The purpose of the event was to demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka,&rdquo; said an official statement.
Finance Minister Sitharaman expressed India&rsquo;s commitment to supporting Sri Lanka in dealing with its current economic crisis.
She emphasised that collaboration among creditors was important to ensure transparency and equality in the debt restructuring discussions.
Sri Lankan President Ranil Wickremesinghe joined the conference virtually.
Japanese Finance Minister Shunichi Suzuki described the launch of the common platform as a historical development.
&ldquo;To be able to launch this negotiation process gathering, such a broad-based group of creditors, is a historical outcome," he told reporters at the news conference.
"This committee is open to all creditors," he added, voicing hope that China, Sri Lanka's biggest creditor, will join the initiative launched by Japan, this year&rsquo;s G7 chair.
French Director General of the Treasury Emmanuel Moulin also joined Sitharaman and Suzuki at the press conference.
The IMF's Executive Board approved a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion to Sri Lanka following financing assurances from the creditors.
Sri Lanka, which drew its first tranche of the USD 3 billion bailout programme, has already met an instalment to pay back an Indian line of credit which the island nation obtained early last year just before announcing the debt default.
The island nation was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves, sparking a major political and humanitarian crisis in the island nation.

The World Bank estimates that Sri Lanka's economy shrank by 9.2% in 2022 and that it will contract by a further 4.2% this year

Sri lanka urges China and India to cut debts as soon as possible 

The World Bank estimates that Sri Lanka's economy shrank by 9.2% in 2022 and that it will contract by a further 4.2% this year

In an effort to help crisis-hit Sri Lanka to start repaying its debt obligations, the central bank of the island has urged China and India to negotiate the loan amount as soon as possible.
According to BBC reports, the crisis-hit indian ocean nation defaulted on its debt repayments and negotiated a $2.9bn (&pound;2.4bn) bailout with IMF.&nbsp; But the International Monetary Fund will not release the cash until China and India first agree to reduce Sri Lanka's billions of dollars of debt. Beijing's lending to Sri Lanka stands at around $7bn while India is owed around $1bn.
The island nation has defaulted on its $46 billion public debt after an unprecedented economic crisis last year brought widespread misery.
Sri Lanka's 22 million people have been enduring months of food and fuel shortages, chronic blackouts and runaway inflation last year, inflaming public anger.
Wickremesinghe came to power in July at the peak of the crisis after his predecessor fled the country when protesters stormed his residence.

Sri Lanka has no fuel left, inflation is at over 50%, and the health system is at the brink of collapse. How did the situation get so dire? We explain.

Decoded: How did the Sri Lanka economic crisis get so dire?

Sri Lanka has no fuel left, inflation is at over 50%, and the health system is at the brink of collapse. How did the situation get so dire? We explain.

Surreal scenes from Sri Lanka&rsquo;s Presidential Palace dominated the headlines all across the world over the weekend, as protestors stormed the official residence and treated themselves to the compound&rsquo;s luxuries.&nbsp;
Protestors were seen playing cards, using the swimming pool, and trawling through the President&rsquo;s drawers, eager to farcically participate in the luxury enjoyed by the country&rsquo;s elite, while the masses face the worst of the economic downturn.
In stark contrast to the riches of the palace, is the plight of the citizens of Sri Lanka. The price of everyday goods has risen sharply, inflation is running at more than 50%, and a lack of medicines has brought the health system to the verge of collapse.&nbsp;
The country doesn't have enough fuel for essential services like buses or trains, or foreign currency to import more. Prices for petrol and diesel have risen dramatically, and sales of fuel remain heavily restricted. Schools have closed and people have been asked to work from home to help conserve supplies. A state of emergency has been declared.
Much of the anger for the economic crisis has been directed at former President Gotabaya Rajapaksa and his brother, Mahinda, who he appointed to be prime minister, but dismissed in May. As protests escalated, the brothers were prevented by the public from leaving the country at multiple points. Gotabaya Rajapaksa finally fled to the Maldives, flying on a military jet.
<h2>How did Sri Lanka get here?</h2>
Sri Lanka&rsquo;s foreign currency reserves have run dry, meaning that the country doesn&rsquo;t have enough funds to import necessary goods. In May, it failed to make a payment on foreign debt for the first time in its history.
The government blames the Covid pandemic bringing down demand for tourism, which accounts for a large amount of the country&rsquo;s foreign currency import.
But many experts concur that economic mismanagement is to blame. President Rajapaksa has been criticised for big tax cuts he introduced in 2019, which the Finance Minister recently said lost the government more than $1.4Bn per year in income.
A controversial chemical fertiliser ban in 2021 also caused widespread crop failure, and Sri Lanka had to supplement its food stocks from abroad, further worsening the foreign currency shortage.
At the end of 2019, Sri Lanka had $7.6 Bn in foreign currency reserves. By March 2020, this had fallen to $1.93 Bn. Recently, the government said it had just $50M left.
Conversely, the country has racked up $51Bn in foreign debt. It will be required to pay $7Bn of that this year, and similar amounts for years to come.
As Sri Lanka begins its path towards economic recovery, it is important for the new regime to regain public trust. The country&rsquo;s path towards self-sufficiency is fraught with complexities, and it will require help.&nbsp;
The country is in talks with the IMF over a bailout package, which will depend on negotiations over debt restructuring. The G7 group of countries have also promised to help. India has also stepped in to help in a big way.
The Government of India has provided food, health and energy security packages, as well as foreign reserves support, amounting to more than $3.5 Bn, along with a consignment of 40,000 Metric Tonnes of fuel.&nbsp;
India&rsquo;s support to Sri Lanka is also aimed at working on a multi-sectoral approach, which is &ldquo;more long-term&rdquo; and aimed at &ldquo;deepening trade and investment linkages&rdquo;.

Sri Lanka will not take part in any "big power rivalry" in the Indian Ocean and it is unfortunate that his country has been made the "punching bag" for Hambantota, President Ranil Wickremesinghe has said, weeks after India and China clashed over the docking of a high-tech Chinese ship at the country's southern port.
Sri Lanka certainly does not want the problems of the Pacific coming to the Indian Ocean, he said while speaking on the crisis-hit country's position on the geo-political stage.
"We don't participate in a military alliance, and we certainly do not want the problems of the Pacific coming to the Indian Ocean. We don't want this to be an area of conflict and an area of war. Sri Lanka will not take part in any big power rivalry," said Wickremesinghe on Wednesday while addressing the graduation ceremony of the National Defense College.
His remarks came weeks after the Chinese embassy and the Indian High Commission here clashed verbally over the docking of the Chinese ship 'Yuan Wang 5' at Sri Lanka's southern Hambantota port for replenishment.
Wickremesinghe said that the "geopolitics of the Indian Ocean has unfortunately made Sri Lanka the punching bag for Hambantota." "It is not a military port. Though ours is a commercial port it shows our strategic importance that many people come to conclusions which are unwarranted," Wickremesinghe said, in his second public comment on the issue in recent weeks.
On August 30, President Wickremesinghe appealed to all political parties to join an all-party government to tackle the island nation's worst-ever economic crisis and prevent "strong economies" from using it as a "tool of interference." "We can no longer be a nation dependent on loan assistance. We can also no longer be used as a tool of interference by other countries with strong economies," Wickremesinghe said without naming any country.
In his address on Wednesday, Wickremesinghe also said that Sri Lanka would stay out of any big power rivalry, adding that the country must ensure the rivalry does not lead to conflict in the Indian Ocean.
"That is one thing we cannot afford," News First, an online portal, quoted Wickremesinghe as saying.
Sri Lanka granted the port access to the Chinese vessel from August 16 to 22.
There were apprehensions in New Delhi about the possibility of the Chinese vessel's tracking systems attempting to snoop on Indian defence installations while being on its way to the Sri Lankan port.
India last month hit back at China for alleging that it was "interfering" in Sri Lanka's internal affairs, firmly telling Beijing that what Colombo needs now was "support, not unwanted pressure or unnecessary controversies" to serve another country's agenda.
In his address, Wickremesinghe also said that “if we lose a good security system, our future will be destroyed and the world situation and geopolitics will turn very badly.” Pointing out that it is not good for the country, the President also said that as a country, 2030 has been focused on security.
He explained that Sri Lanka can be used by terrorist groups to launch an attack against a third party and preventing such terrorist attacks will be a major challenge that Sri Lanka will have to face in the future.
He also emphasised that plans should be made to open the Indian Ocean region to the world, ensuring its security and creating a powerful Asia.
President also pointed out that efforts should be made to make Sri Lanka a center of maritime commerce by affirming freedom of navigation in the Indian Ocean region.

Explained: is Sri Lanka moving away from China? Hear out President Ranil Wickremesinghe

President Ranil Wickremesinghe has said that his country Sri Lanka will not take part in any "big power rivalry" in the Indian Ocean and it is unfortunate that his country has been made the "punching bag" for Hambantota.

Wickremesinghe said Sri Lanka certainly does not want the problems of the Pacific coming to the Indian Ocean.

Sri Lanka will not take part in any "big power rivalry" in the Indian Ocean and it is unfortunate that his country has been made the "punching bag" for Hambantota, President Ranil Wickremesinghe has said, weeks after India and China clashed over the docking of a high-tech Chinese ship at the country's southern port.
Sri Lanka certainly does not want the problems of the Pacific coming to the Indian Ocean, he said while speaking on the crisis-hit country's position on the geo-political stage.
"We don't participate in a military alliance, and we certainly do not want the problems of the Pacific coming to the Indian Ocean. We don't want this to be an area of conflict and an area of war. Sri Lanka will not take part in any big power rivalry," said Wickremesinghe on Wednesday while addressing the graduation ceremony of the National Defense College.
His remarks came weeks after the Chinese embassy and the Indian High Commission here clashed verbally over the docking of the Chinese ship 'Yuan Wang 5' at Sri Lanka's southern Hambantota port for replenishment.
Wickremesinghe said that the "geopolitics of the Indian Ocean has unfortunately made Sri Lanka the punching bag for Hambantota." "It is not a military port. Though ours is a commercial port it shows our strategic importance that many people come to conclusions which are unwarranted," Wickremesinghe said, in his second public comment on the issue in recent weeks.
On August 30, President Wickremesinghe appealed to all political parties to join an all-party government to tackle the island nation's worst-ever economic crisis and prevent "strong economies" from using it as a "tool of interference." "We can no longer be a nation dependent on loan assistance. We can also no longer be used as a tool of interference by other countries with strong economies," Wickremesinghe said without naming any country.
In his address on Wednesday, Wickremesinghe also said that Sri Lanka would stay out of any big power rivalry, adding that the country must ensure the rivalry does not lead to conflict in the Indian Ocean.
"That is one thing we cannot afford," News First, an online portal, quoted Wickremesinghe as saying.
Sri Lanka granted the port access to the Chinese vessel from August 16 to 22.
There were apprehensions in New Delhi about the possibility of the Chinese vessel's tracking systems attempting to snoop on Indian defence installations while being on its way to the Sri Lankan port.
India last month hit back at China for alleging that it was "interfering" in Sri Lanka's internal affairs, firmly telling Beijing that what Colombo needs now was "support, not unwanted pressure or unnecessary controversies" to serve another country's agenda.
In his address, Wickremesinghe also said that &ldquo;if we lose a good security system, our future will be destroyed and the world situation and geopolitics will turn very badly.&rdquo; Pointing out that it is not good for the country, the President also said that as a country, 2030 has been focused on security.
He explained that Sri Lanka can be used by terrorist groups to launch an attack against a third party and preventing such terrorist attacks will be a major challenge that Sri Lanka will have to face in the future.
He also emphasised that plans should be made to open the Indian Ocean region to the world, ensuring its security and creating a powerful Asia.
Also watch: <a href="https://www.editorji.com/world-news/sri-lanka-economic-crisis-who-loaned-more-money-to-colombo-india-or-china-1663259710877">Sri Lanka economic crisis｜who loaned more money to Colombo: India or China?</a>
President also pointed out that efforts should be made to make Sri Lanka a center of maritime commerce by affirming freedom of navigation in the Indian Ocean region.

Sri Lanka has no fuel left, inflation is at over 50%, and the health system is on the brink of collapse. Can a new political regime steer the country out of this crisis? Vikram Chandra discusses with economic and political experts.

The India Story | Sri Lanka crisis: Can political change help dire economic situation?

Sri Lanka has no fuel left, inflation is at over 50%, and the health system is on the brink of collapse. Can a new political regime steer the country out of this crisis? Vikram Chandra discusses with economic and political experts.

Sri Lanka is going through its worst economic crisis in decades. As protestors have stormed the official residences of the country&rsquo;s former President and Prime Minister, and treated themselves to their luxuries, the citizens are facing the brunt of the scarcities. The country has no fuel to run essential services, inflation is running at more than 50%, and a lack of medicines has brought the health system to the brink of collapse.
As a new political regime is set to take over in the island country, can they restore public trust in government and steer Lanka out of crisis? How can close neighbour India help? Vikram Chandra discusses with political and economic experts, and sports icon Sanath Jayasuriya, on this week&rsquo;s episode of The India Story.
Also Watch: <a href="https://editorji.com/story/the-india-story-power-misused-across-spectrum-courts-need-to-defend-individual-liberty-1657289991078" target="_blank">The India Story | &ldquo;Power misused across spectrum&rdquo;: Courts need to defend individual liberty?</a>
We also look into how China&rsquo;s &lsquo;debt-trap diplomacy&rsquo; trap may have contributed to Sri Lanka&rsquo;s downfall, and which other countries should be on the lookout for this predatory lending policy.
Watch The India Story with Vikram Chandra, Fridays at 8PM.

Three people have been arrested by the Sri Lankan police as they were trying to sell 40 gold-plated brass sockets stolen from the President's House here after angry demonstrators stormed the iconic building during an unprecedented anti-government pro

Sri Lankan police arrest 3 people while selling items stolen from President’s House

Three people have been arrested by the Sri Lankan police as they were trying to sell 40 gold-plated brass sockets stolen from the President's House here after angry demonstrators stormed the iconic building during an unprecedented anti-government protest over the severe economic crisis in the country.

The arrested suspects, aged 28, 34 and 37, are residents of Obeysekarapura in Rajagiriya. Police said the three were also suspected drug addicts.

Three people have been arrested by the Sri Lankan police as they were trying to sell 40 gold-plated brass sockets stolen from the President's House here after angry demonstrators stormed the iconic building during an unprecedented anti-government protest over the severe economic crisis in the country.
On July 9, anti-government protesters occupied the official residence of former President Gotabaya Rajapaksa and the private home of former Prime Minister Ranil Wickremesinghe. The mob also torched the private residence of Wickremesinghe.
Three persons who entered the President's House at Fort on July 9 during protest have been arrested with 40 gold-plated brass sockets that were fixed on the walls to hang window curtains, the online newspaper Daily Mirror reported.
The Welikada police arrested the suspects while attempting to sell the stolen items on Sunday, it said.
Also read: <a href="https://www.editorji.com/world-news/over-1-000-artefacts-missing-from-sri-lanka-s-presidential-palace-and-pm-s-official-house-police-1658576402333">Over 1,000 artefacts missing from Sri Lanka&rsquo;s Presidential Palace and PM's official house: police</a>
The arrested suspects, aged 28, 34 and 37, are residents of Obeysekarapura in Rajagiriya. Police said the three were also suspected drug addicts.
They will be handed over to the Colombo (North) Criminal Investigation Division, which is handling the investigations of the incidents, the report said.
Based on initial investigations at least 1,000 items of value, including rare artefacts have gone missing from the Presidential Palace as well as the Prime Minister&rsquo;s official residence.
Special investigation teams have been formed to begin a probe, it said, web portal Colombo Page quoted police sources as saying on Saturday.
What is compounding the agony for the investigative officers is that the Sri Lankan Department of Archaeology does not have a detailed record of the antiques and different artefacts at the Presidential Palace, even though it has been gazetted as a place of archaeological importance, the report said.
Newly-elected President Wickremesinghe has said he respects the rights of the protesters to peacefully undertake their demonstrations, but has asserted that he will not allow another government building to be occupied.
Wickremesinghe said he has authorised Sri Lanka&rsquo;s armed forces and the police to take whatever action is necessary to stop people from storming public facilities and obstructing Parliament.
He has said the occupation of government buildings is illegal, warning that legal action would be taken against their occupiers. Protesters set Wickremesinghe&rsquo;s personal residence on fire and occupied his office during the protests.
Sri Lanka has seen months of mass unrest over an economic crisis and many blame the former government led by ousted president Gotabaya Rajapaksa and his family for mishandling the island nation's economy.
Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, the worst in seven decades, leaving millions struggling to buy food, medicine, fuel and other essentials. Sri Lanka&rsquo;s total foreign debt stands at USD 51 billion.

Mismanagement has caused the disaster in Sri Lanka, former cricket captain Sanath Jayasuriya tells Vikram Chandra.

Sanath Jayasuriya says mismanagement has caused the disaster in Sri Lanka

Mismanagement has caused the disaster in Sri Lanka, former cricket captain Sanath Jayasuriya tells Vikram Chandra.

Mismanagement has caused the disaster in Sri Lanka, Sanath Jayasuriya told Vikram Chandra. The icon chose to raise his voice in support of the protests because people were suffering, he said, and that change is direly needed. He also said that the Rajapaksa government kept denying the economic reality of Sri Lanka and lying to people, which is why they had to come out on the street.&nbsp; &nbsp; Sanath Jayasuriya also thanked India for aid in the form of medicine, money and fuel. He said that Sri Lanka needs to come up with a short-term plan, after which the international community will be able to help the island country. &nbsp;

Arrests were made in Colombo late Thursday after veteran politician Ranil Wickremesinghe was sworn in as Sri Lanka's new president.
Protesters were seen in police custody near the president's office.
One was filmed on the ground surrounded by paramedics and clutching his head.
Sri Lankans have taken to the streets for months to demand their top leaders step down to take responsibility for economic chaos that has left the nation's 22 million people struggling with shortages of essentials, including medicine, fuel and food.
Wickremesinghe, a six-time prime minister, has never held the top job.
But he easily won the secret ballot of lawmakers Wednesday to finish the term of former President Gotabaya Rajapaksa, who fled the country after protesters stormed his residence last week and resigned.
His appointment received mixed reactions, with some supporters lighting firecrackers while protesters continued to demand that he resign.

Sri Lanka: security forces raid main protest site, remove dissenters On camera

Sri Lanka: security forces raid main protest site, remove dissenters | On camera

They swooped in on the protesters blocking the Presidential Secretariat in the capital hours before demonstrators were due to vacate the area.

Arrests were made in Colombo late Thursday after veteran politician Ranil Wickremesinghe was sworn in as Sri Lanka's new president.
Protesters were seen in police custody near the president's office.
One was filmed on the ground surrounded by paramedics and clutching his head.
Sri Lankans have taken to the streets for months to demand their top leaders step down to take responsibility for economic chaos that has left the nation's 22 million people struggling with shortages of essentials, including medicine, fuel and food.
Wickremesinghe, a six-time prime minister, has never held the top job.
But he easily won the secret ballot of lawmakers Wednesday to finish the term of former President Gotabaya Rajapaksa, who fled the country after protesters stormed his residence last week and resigned.
His appointment received mixed reactions, with some supporters lighting firecrackers while protesters continued to demand that he resign.

BCCI President Sourav Ganguly has confirmed that this year’s Asia Cup will take place in the UAE instead of Sri Lanka.Speaking to media persons after BCCI’s Apex Council meeting in Mumbai, Ganguly said that UAE is the only place where rain won’t play spoilsport during the August-September window.On Wednesday, Sri Lanka Cricket informed the Asian Cricket Council of their inability to host the multi-nation tournament due to the turmoil in the country.Even the Lanka Premier League was postponed earlier due to the economic and political upheaval in the island nation.Ahead of the World Cup in Australia in October, this year’s Asia Cup will be played in the T20 format and will most likely be held on the exact dates, Aug 27-Sep 11 as decided before.

Asia Cup 2022 shifted to UAE from Sri Lanka: BCCI President Sourav Ganguly

Asia Cup 2022 will be played in the T20 format and will most likely be held from Aug 27 to Sep 11 in UAE, BCCI president Sourav Ganguly informed. 

Asia Cup 2022 will be played in the T20 format and will most likely be held from Aug 27 to Sep 11 in UAE, BCCI president Sourav Ganguly informed.&nbsp;

BCCI President Sourav Ganguly has confirmed that this year&rsquo;s Asia Cup will take place in the UAE instead of Sri Lanka. Speaking to media persons after BCCI&rsquo;s Apex Council meeting in Mumbai, Ganguly said that UAE is the only place where rain won&rsquo;t play spoilsport during the August-September window. On Wednesday, Sri Lanka Cricket informed the Asian Cricket Council of their inability to host the multi-nation tournament due to the turmoil in the country. Even the Lanka Premier League was postponed earlier due to the economic and political upheaval in the island nation. Also Read <a href="https://www.editorji.com/sports-news/others-sports/olympic-gold-medallist-neeraj-chopra-reaches-maiden-world-athletics-championships-final-1658462856276">Olympic Gold medallist Neeraj Chopra reaches maiden World Athletics Championships final</a> Ahead of the World Cup in Australia in October, this year&rsquo;s Asia Cup will be played in the T20 format and will most likely be held on the exact dates, Aug 27-Sep 11 as decided before.

 Acting President Ranil Wickremesinghe was on Wednesday elected as Sri Lanka’s new President by Parliament, following a high-voltage political drama which saw his predecessor Gotabaya Rajapaksa fleeing the country and resigning after a popular uprising against his government for mismanaging the economy.
The 73-year-old six-time prime minister secured 134 votes in the 225-member House while his nearest rival and dissident ruling party leader Dullas Alahapperuma got 82. Leftist Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissanayake secured just three votes.
The new President will have a mandate to serve out the rest of Rajapaksa’s term, which ends in November 2024.
Earlier, the voting by secret ballot took place amidst tight security in the wake of the simmering tensions in the island nation triggered by the unprecedented economic and political crisis. In the crucial election, 223 lawmakers voted while two MPs abstained. Four votes were rejected while 219 were declared valid.
This is for the first time in 44 years that Sri Lanka's Parliament will directly elect a president. Presidential elections in 1982, 1988, 1994, 1999, 2005, 2010, 2015 and 2019 had elected them by popular vote.
The only previous occasion when the presidency became vacant mid-term was in 1993 when president Ranasinghe Premadasa was assassinated. DB Wijetunga was unanimously endorsed by Parliament to run the balance of Premadasa’s term. 

 Sri Lankan lawmakers elect Ranil Wickremesinghe as new president

This is for the first time in 44 years that Sri Lanka's Parliament will directly elect a president. Presidential elections in 1982, 1988, 1994, 1999, 2005, 2010, 2015 and 2019 had elected them by popular vote.

&nbsp;Acting President Ranil Wickremesinghe was on Wednesday elected as Sri Lanka&rsquo;s new President by Parliament, following a high-voltage political drama which saw his predecessor Gotabaya Rajapaksa fleeing the country and resigning after a popular uprising against his government for mismanaging the economy.
The 73-year-old six-time prime minister secured 134 votes in the 225-member House while his nearest rival and dissident ruling party leader Dullas Alahapperuma got 82. Leftist Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissanayake secured just three votes.
The new President will have a mandate to serve out the rest of Rajapaksa&rsquo;s term, which ends in November 2024.
Earlier, the voting by secret ballot took place amidst tight security in the wake of the simmering tensions in the island nation triggered by the unprecedented economic and political crisis. In the crucial election, 223 lawmakers voted while two MPs abstained. Four votes were rejected while 219 were declared valid.
This is for the first time in 44 years that Sri Lanka's Parliament will directly elect a president. Presidential elections in 1982, 1988, 1994, 1999, 2005, 2010, 2015 and 2019 had elected them by popular vote.
The only previous occasion when the presidency became vacant mid-term was in 1993 when president Ranasinghe Premadasa was assassinated. DB Wijetunga was unanimously endorsed by Parliament to run the balance of Premadasa&rsquo;s term.&nbsp;

Should India be concerned about possible military intervention in Sri Lanka? Could a military power-play lead to Lanka becoming closer to China? Political and economic experts discuss with Vikram Chandra.

Sri Lanka crisis: Military intervention possible? Experts analyse

Should India be concerned about possible military intervention in Sri Lanka? Could a military power-play lead to Lanka becoming closer to China? Political and economic experts discuss with Vikram Chandra.

Sri Lanka is undergoing its worst financial crisis in decades, which has caused a breakdown of everyday life, and essential services. The country has no fuel to run buses or trains, a state of emergency has been declared, and protestors occupy the island nation's official residences for heads of state.
As President Gotabaya Rajapaksa has fled the country - and interim President, Prime Minister Ranil Wickremesinghe has also been called upon to resign by protestors - a power vacuum has been created at the top in Sri Lanka.
The military and police have requested the Speaker of Parliament to call an all-party leaders' meeting, and ensure a political resolution in the current conflict. However, former Army chief and Member of Parliament Field Marshal Sarath Fonseka has urged the country's armed forces to not follow the orders of acting President Ranil Wickremesinghe, as he says directives issued by the PM were &ldquo;against the Constitution.&rdquo;
Also Watch: <a href="https://editorji.com/story/sanath-jayasuriya-says-mismanagement-has-caused-the-disaster-in-sri-lanka-1657722442461" target="_blank">Sanath Jayasuriya says mismanagement has caused the disaster in Sri Lanka</a>
As Sri Lanka's closest neighbour, India is monitoring the situation closely. Should India be concerned about possible military intervention in Sri Lanka? Could a military power-play lead to Lanka becoming closer to China? Political and economic experts discuss with Vikram Chandra.
Watch The India Story with Vikram Chandra, Fridays at 8PM.

Sri Lanka’s Leader of Opposition and the top contender for the post of President Sajith Premadasa on Tuesday announced the withdrawal of his candidacy from the race to support rival candidate Dullas Alahapperuma.

Sri Lanka top presidential contender Sajith Premdasa withdraws from race, supports SLPP's Dullas

Premadasa contested the presidential elections in 2019 as a United National Party (UNP) candidate but lost to Gotabaya Rajapaksa.

Sri Lanka&rsquo;s Leader of Opposition and the top contender for the post of President Sajith Premadasa on Tuesday announced the withdrawal of his candidacy from the race to support rival candidate Dullas Alahapperuma.
Elections for the President&rsquo;s office in the crisis-ridden island nation are scheduled to be held on July 20 after the post fell vacant following Gotabaya Rajapaksa&rsquo;s resignation last week.
Premadasa tweeted, &ldquo;For the greater good of my country that I love and the people I cherish I hereby withdraw my candidacy for the position of President. SJB and our alliance and our opposition partners will work hard towards making @DullasOfficial victorious.&rdquo;
Premadasa contested the presidential elections in 2019 as a United National Party (UNP) candidate but lost to Gotabaya. He then went on to form the Samagi Jana Balawegaya, a political alliance led by him, to contest the 2020 parliamentary election.
As a leader, he is quite popular among Tamils and Muslims in Sri Lanka.
Dullas Alahapperuma, a journalist-turned-politician, whom Premadasa and his SJB are now backing, is from the Sri Lanka Podujana Peramuna (SLPP). He was a Cabinet minister in the previous Rajapaksa government.
Earlier, the SLPP had officially announced its backing of interim President Ranil Wickremesinghe but was met with internal resistance. The party&rsquo;s chair GL Peiris had reportedly said the party must back Alahapperuma, the breakaway SLPP candidate who has already put himself forward to the vote.&nbsp;

Sri Lanka president Gotabaya Rajapaksa fled the country early Wednesday, days after protesters stormed his home and office and the official residence of his prime minister amid a three-month economic crisis that triggered severe shortages of food and fuel.Rajapaksa who is due to offer his resignation on Wednesday, landed in the Maldivian capital of Malé, where he was received by a Maldivian government representation at the Velana airport.
Earlier on Monday night, Rajapaksa and his brother Basil were turned back at the Colombo airport as they attempted to leave the country amid mounting anger against the powerful family for mishandling the worst economic crisis.
Lawmakers agreed to elect a new president next week but struggled Tuesday to decide on the makeup of a new government to lift the bankrupt country out of economic and political collapse.

 President Gotabaya Rajapaksa flees Sri Lanka, lands in Maldives

Lawmakers agreed to elect a new president next week but struggled Tuesday to decide on the makeup of a new government to lift the bankrupt country out of economic and political collapse.

Sri Lankan president Gotabaya Rajapaksa fled the country early Wednesday, days after protesters stormed his home and office and the official residence of his prime minister amid a three-month economic crisis that triggered severe shortages of food and fuel. Rajapaksa who is due to offer his resignation on Wednesday, landed in the Maldivian capital of Mal&eacute;, where&nbsp;he was received by a Maldivian government representation at the Velana airport.
Earlier on Monday night, Rajapaksa and his brother Basil were turned back at the Colombo airport as they attempted to leave the country amid mounting anger against the powerful family for mishandling the worst economic crisis.
Lawmakers agreed to elect a new president next week but struggled Tuesday to decide on the makeup of a new government to lift the bankrupt country out of economic and political collapse.

Sri Lankan President Gotabaya Rajapaksa has resigned, Parliament Speaker Mahinda Yapa Abeywardenaon officially announced on Friday, a day after receiving his resignation letter on mail. 

Sri Lankan Speaker officially announces Gotabaya's resignation, PM to act as interim Prez

Gotabaya Rajapaka on Thursday emailed his resignation letter to the Speaker soon after he was allowed by Singapore to enter the city-state on a &ldquo;private visit&rdquo;.

Sri Lankan President Gotabaya Rajapaksa has resigned, Parliament Speaker Mahinda Yapa Abeywardenaon officially confirmed on Friday, after a week of dramatic developments and massive protests against the government for mishandling the economy that bankrupted the country.
Rajapaksa on Thursday emailed his resignation letter to the Speaker soon after he was allowed by Singapore to enter the city-state on a &ldquo;private visit&rdquo;.
In a brief press statement, the Speaker said that Prime Minister Ranil Wickremesinghe will act as President until a new leader is elected.
He urged the public to allow a peaceful environment for all lawmakers to take part in the process which should finish within 7 days. The Sri Lankan Parliament will meet on Saturday.
The Speaker received the resignation letter from Rajapaksa through the Sri Lanka High Commission in Singapore on Thursday night. However, he wanted to make the official announcement after the verification process and legal formalities, his media secretary Indunil Abeywardena had said.
On Saturday, Rajapaksa announced to step down on July 13 after thousands of protesters stormed his official residence, blaming him for the unprecedented economic crisis that has brought the country to its knees.
He, however, fled to the Maldives without resigning from his office. From the Maldives, he went to Singapore on Thursday.
A spokesperson for the Singapore Ministry of Foreign Affairs said that Rajapaksa has been &ldquo;allowed entry into Singapore on a private visit&rdquo;.
He has not asked for asylum and neither has he been granted any asylum, the spokesperson said, adding Singapore generally does not grant requests for asylum.
Rajapaksa was the first person with an army background to be elected as Sri Lanka&rsquo;s President in 2019.
Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, the worst in seven decades, leaving millions struggling to buy food, medicine, fuel and other essentials. In several major cities, including Colombo, hundreds are forced to stand in line for hours to buy fuel, sometimes clashing with police and the military as they wait.

Amid unprecedented fuel shortage, Sri Lankans have ditched their fuel-dependent vehicles for bicycles, leading to an increased demand for two-wheeler amid short supply.

Sri Lankans look to cycle their way out of economic crisis

Thousands of Sri Lankans from lower to middle-class have started using cycles for work commute and grocery shopping, among other daily chores.&nbsp;

In the face of unprecedented fuel shortage amid a financial meltdown, Sri Lankans have ditched their fuel-dependent vehicles for the good-old bicycle leading to an increased demand for the two-wheeler amid short supply.
This transition not only helps them save money but also avoid long serpentine queues at fuel-filling stations.
&ldquo;We can't afford petrol or the time it takes in queues - staying in queues doesn't assure petrol either. Many people have switched to cycles &amp; public transport,&rdquo; said a Colombo resident while standing outside a cycle shop.
Thousands of Sri Lankans from lower to middle-class have started using cycles for everything from work commute to grocery shopping, among other daily chores. This as public transport has also come to a grinding halt.
With Sri Lanka&rsquo;s foreign reserves dwindling and the Ceylon Petroleum Corporation&mdash;a public company&mdash;$700 million in debt, the country has not been able to secure oil shipments in over two weeks. The fuel crisis has forced the government to shut schools, let government employees work from home, and restrict fuel to essential services only.
The next oil shipment is reportedly expected to arrive by July 22.
As a consequence, the demand for bikes on Colombo's streets has rocketed even as stocks are limited. This imbalance in demand and supply has led to an exorbitant rise in the prices of new and used machines. In some cases, the prices have more than doubled.
Even spare parts and bicycle accessories such as helmets and locks are in short supply.
The shortage pertains to a cap on new supplies put in place by authorities who have restricted imports to basic necessities to conserve the country&rsquo;s shrinking foreign exchange. &nbsp;
Also watch: <a href="https://www.editorji.com/world-news/rajapaksas-the-rulers-and-wreckers-of-sri-lanka-1657518522651" target="_blank">Rajapaksas: the rulers and wreckers of Sri Lanka</a>
The economic crisis developed after the COVID-19 pandemic hammered the tourism-reliant economy and slashed remittances from overseas workers. It was compounded by rising government debt, oil prices, and a ban on the import of chemical fertilisers last year as part of a sudden shift to organic farming that left the agriculture sector devastated.

Sri Lankan authorities on Thursday lifted the curfew, which was imposed in the Western province after the eruption of violence in the capital here, even as President Gotabaya Rajapaksa, who has fled to the Maldives, was yet to submit his resignation letter.
Rajapaksa, the 73-year-old leader who had promised to resign on Wednesday, appointed Prime Minister Ranil Wickremesinghe as the acting President hours after he fled the country, escalating the political crisis and triggering a fresh wave of protests.
At least 84 people were hospitalised when protesters clashed with the security forces at the prime minister’s office and at the main access junction to Parliament since mid-afternoon on Wednesday after Rajapaksa fled the country.
The police fired tear gas and water cannons at the mob who were trying to break barriers and enter the restricted zone.
The police spokesman Nihal Thalduwa said protesters had grabbed a T56 firearm and 60 bullets from a Sri Lanka Army soldier. A police complaint had been lodged, the police said.
Authorities had to impose a curfew in the Western province following the eruption of violence.
Wednesday's protests were more directed at Wickremesinghe. Calls for his resignation intensified after he was appointed the acting president.
Political party leaders are asking him to step down so that Speaker Mahinda Yapa Abeywardena can take control as acting president.
Wickremesinghe in a statement asked the Speaker to find a suitable nominee to become the prime minister in an all-party interim government.
However, the protesters have demanded that the interim government must only consist of politicians acceptable to them.
Meanwhile, President Rajapaksa failed to send in his resignation on Wednesday as pledged earlier.
He was likely to send his resignation letter only after reaching his final destination on Wednesday evening, Sri Lanka's The Morning news portal reported.
The media here cited sources in the Maldives as saying that Rajapaksa had failed to board the Singapore-bound flight from Male due to security concerns on Wednesday night.
Rajapaksa reportedly had raised security concerns about taking a civilian flight and was urging the Maldives authorities for a private jet to land in Singapore.
Meanwhile, the protesters continued to occupy the key administrative buildings they had seized since Saturday. There is an endless stream of sight-seers at the buildings. Videos show the properties have suffered serious damages since they were occupied.
The protesters stressed that they would only hand over the properties to authorities after an interim government would be in place. The influential Buddhist clergy chiefs in a statement called for an end to violence. They said the country’s security was in grave danger and Parliament must be summoned immediately to work out a political solution.
Rajapaksa, who enjoys immunity from prosecution while he is president, fled the country before resigning to avoid the possibility of arrest by the new government.
On Saturday after thousands of protesters stormed his official residence, blaming him for the unprecedented economic crisis that has brought the country to its knees, Rajapaksa announced that he will step down on Wednesday.
Rajapaksa's escape to the Maldives was negotiated by the Maldivian Majlis (Parliament) Speaker and former president Mohamed Nasheed, sources in the Maldives capital Male said.
Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, the worst in seven decades, leaving millions struggling to buy food, medicine, fuel and other essentials.
Last week, Prime Minister Wickremesinghe said Sri Lanka is now a bankrupt country.

Sri Lanka lifts curfew, no sign of Gotabaya Rajapaksa's resignation

This development came even as President Gotabaya Rajapaksa, who has fled to the Maldives, was yet to submit his resignation letter.

Sri Lankan authorities on Thursday lifted the curfew, which was imposed in the Western province after the eruption of violence in the capital here, even as President Gotabaya Rajapaksa, who has fled to the Maldives, was yet to submit his resignation letter.
Rajapaksa, the 73-year-old leader who had promised to resign on Wednesday, appointed Prime Minister Ranil Wickremesinghe as the acting President hours after he fled the country, escalating the political crisis and triggering a fresh wave of protests.
At least 84 people were hospitalised when protesters clashed with the security forces at the prime minister&rsquo;s office and at the main access junction to Parliament since mid-afternoon on Wednesday after Rajapaksa fled the country.
The police fired tear gas and water cannons at the mob who were trying to break barriers and enter the restricted zone.
The police spokesman Nihal Thalduwa said protesters had grabbed a T56 firearm and 60 bullets from a Sri Lanka Army soldier. A police complaint had been lodged, the police said.
Authorities had to impose a curfew in the Western province following the eruption of violence.
Wednesday's protests were more directed at Wickremesinghe. Calls for his resignation intensified after he was appointed the acting president.
Political party leaders are asking him to step down so that Speaker Mahinda Yapa Abeywardena can take control as acting president.
Wickremesinghe in a statement asked the Speaker to find a suitable nominee to become the prime minister in an all-party interim government.
However, the protesters have demanded that the interim government must only consist of politicians acceptable to them.
Meanwhile, President Rajapaksa failed to send in his resignation on Wednesday as pledged earlier.
He was likely to send his resignation letter only after reaching his final destination on Wednesday evening, Sri Lanka's The Morning news portal reported.
The media here cited sources in the Maldives as saying that Rajapaksa had failed to board the Singapore-bound flight from Male due to security concerns on Wednesday night.
<a href="https://www.editorji.com/liveblog/world-news/sri-lanka-crisis-live-emergency-declared-pm-gets-interim-presidential-powers-227" target="_blank">Sri Lanka Economic Crisis LIVE Updates</a>
Rajapaksa reportedly had raised security concerns about taking a civilian flight and was urging the Maldives authorities for a private jet to land in Singapore.
Meanwhile, the protesters continued to occupy the key administrative buildings they had seized since Saturday. There is an endless stream of sight-seers at the buildings. Videos show the properties have suffered serious damages since they were occupied.
The protesters stressed that they would only hand over the properties to authorities after an interim government would be in place. The influential Buddhist clergy chiefs in a statement called for an end to violence. They said the country&rsquo;s security was in grave danger and Parliament must be summoned immediately to work out a political solution.
Rajapaksa, who enjoys immunity from prosecution while he is president, fled the country before resigning to avoid the possibility of arrest by the new government.
On Saturday after thousands of protesters stormed his official residence, blaming him for the unprecedented economic crisis that has brought the country to its knees, Rajapaksa announced that he will step down on Wednesday.
Rajapaksa's escape to the Maldives was negotiated by the Maldivian Majlis (Parliament) Speaker and former president Mohamed Nasheed, sources in the Maldives capital Male said.
Also watch: <a href="https://www.editorji.com/editorji-specials/the-india-story/sri-lanka-crisis-military-intervention-possible-experts-analyse-1657805214247">Sri Lanka crisis: Military intervention possible? Experts analyse</a>
Sri Lanka, a country of 22 million people, is under the grip of an unprecedented economic turmoil, the worst in seven decades, leaving millions struggling to buy food, medicine, fuel and other essentials.
Last week, Prime Minister Wickremesinghe said Sri Lanka is now a bankrupt country.

Sri Lanka's embattled President Gotabaya Rajapaksa’s escape from the country to the Maldives was negotiated by the Maldivian Parliament Speaker and former president Mohamed Nasheed, sources said on Wednesday.
The 73-year-old President fled to the Maldives along with his wife and two security officers on a military jet early Wednesday in the face of a public revolt against his government for mishandling the country's economy.
In a brief statement, the Sri Lankan Air Force said that under the Constitution granted to an Executive President, Rajapaksa was flown to the Maldives onboard an Air Force plane early Wednesday morning.
President Rajapaksa’s escape from Colombo was negotiated by Majlis (Parliament) Speaker Nasheed, sources in the Maldives capital Male said.
The Maldivian government's argument is that Rajapaksa is still the President of Sri Lanka, and that he hasn't resigned or handed over his powers to a successor. Therefore, if he wanted to travel to the Maldives, it could not have been denied, sources said.
Thirteen people accompanied Rajapaksa to the Maldives. They arrived in an AN32 aircraft, according to TV news channels.

Revealed: who helped Gotabaya Rajapaksa flee Sri Lanka

The 73-year-old President fled to the Maldives along with his wife and two security officers on a military jet early Wednesday in the face of a public revolt against his government for mishandling the country's economy.

Sri Lanka's embattled President Gotabaya Rajapaksa&rsquo;s escape from the country to the Maldives was negotiated by the Maldivian Parliament Speaker and former president Mohamed Nasheed, sources said on Wednesday.
The 73-year-old President fled to the Maldives along with his wife and two security officers on a military jet early Wednesday in the face of a public revolt against his government for mishandling the country's economy.
In a brief statement, the Sri Lankan Air Force said that under the Constitution granted to an Executive President, Rajapaksa was flown to the Maldives onboard an Air Force plane early Wednesday morning.
President Rajapaksa&rsquo;s escape from Colombo was negotiated by Majlis (Parliament) Speaker Nasheed, sources in the Maldives capital Male said.
The Maldivian government's argument is that Rajapaksa is still the President of Sri Lanka, and that he hasn't resigned or handed over his powers to a successor. Therefore, if he wanted to travel to the Maldives, it could not have been denied, sources said.
Thirteen people accompanied Rajapaksa to the Maldives. They arrived in an AN32 aircraft, according to TV news channels.
Also watch: <a href="https://www.editorji.com/world-news/rajapaksas-the-rulers-and-wreckers-of-sri-lanka-1657518522651">Rajapaksas: the rulers and wreckers of Sri Lanka</a>

India on Wednesday categorically denied "baseless and speculative" media reports that it facilitated the travel of Sri Lankan President Gotabaya Rajapaksa who fled to the Maldives on a military jet in the face of a public revolt against his government for mishandling the country's economy.
The 73-year-old Sri Lankan President fled the country along with his wife and two security officers on a military jet on Wednesday.
"The High Commission categorically denies baseless and speculative media reports that India facilitated the recent reported travel of @gotabayar @Realbrajapaksa out of Sri Lanka," the High Commission of India in Sri Lanka tweeted.
"It is reiterated that India will continue to support the people of Sri Lanka as they seek to realize their aspirations for prosperity and progress through democratic means and values, established democratic institutions and constitutional framework,” it added.
In a brief statement, the Sri Lankan Air Force said that under the Constitution granted to an Executive President, Rajapaksa was flown to the Maldives onboard an Air Force plane Wednesday morning.

No role in Gotabaya Rajapaksa leaving Sri Lanka: India

The 73-year-old Sri Lankan President fled the country along with his wife and two security officers on a military jet on Wednesday.

India on Wednesday categorically denied "baseless and speculative" media reports that it facilitated the travel of Sri Lankan President Gotabaya Rajapaksa who fled to the Maldives on a military jet in the face of a public revolt against his government for mishandling the country's economy.
The 73-year-old Sri Lankan President fled the country along with his wife and two security officers on a military jet on Wednesday.
WATCH <a href="President%20Gotabaya%20Rajapaksa%20flees%20Sri%20Lanka,%20lands%20in%20Maldives" target="_blank">President Gotabaya Rajapaksa flees Sri Lanka, lands in Maldives</a>
"The High Commission categorically denies baseless and speculative media reports that India facilitated the recent reported travel of @gotabayar @Realbrajapaksa out of Sri Lanka," the High Commission of India in Sri Lanka tweeted.
"It is reiterated that India will continue to support the people of Sri Lanka as they seek to realize their aspirations for prosperity and progress through democratic means and values, established democratic institutions and constitutional framework,&rdquo; it added.
In a brief statement, the Sri Lankan Air Force said that under the Constitution granted to an Executive President, Rajapaksa was flown to the Maldives onboard an Air Force plane Wednesday morning.

The latest news from cash-strapped Sri Lanka remains grim with the island nation now suspending fuel sales to 'non-essential' and reserving the little fuel left for essentials such as the health sector. Sri Lanka as per reports has run out of fuel and facing an acute power shortage because of it.&nbsp;With no fuel to generate power, heavily loss-making state-run electricity monopoly asked for a shocking price rise of over 800 percent for its poorest customers with the bankrupt nation out of fuel, regulators said. The nation is continuing to face 13 hour blackouts in parts as electricity remains scarce.&nbsp;The root cause of this problem remains cash and the inability to buy fuel. The bankrupt nation&rsquo;s energy minister apologised to motorists as the country ran out of fuel but was unable to say when petrol and diesel imports will be restored.The government has shut non-essential state institutions along with schools for two weeks to reduce commuting because of the energy crisis, as well as giving public servants time off to grow food.

Sri Lanka Crisis: No Petrol and Power; only essentials till July 10

The latest news from cash-strapped Sri Lanka remains grim with the island nation now suspending fuel sales to 'non-essential' and reserving the little fuel left for essentials such as the health sector. 

All non-essential services have been suspended till July 10 as the island nation grapples with no fuel or power.&nbsp;

The latest news from cash-strapped Sri Lanka remains grim with the island nation now suspending fuel sales to 'non-essential' and reserving the little fuel left for essentials such as the health sector. Sri Lanka as per reports has run out of fuel and facing an acute power shortage because of it.&nbsp; With no fuel to generate power, heavily loss-making state-run electricity monopoly asked for a shocking price rise of over 800 percent for its poorest customers with the bankrupt nation out of fuel, regulators said. The nation is continuing to face 13 hour blackouts in parts as electricity remains scarce.&nbsp; The root cause of this problem remains cash and the inability to buy fuel. The bankrupt nation&rsquo;s energy minister apologised to motorists as the country ran out of fuel but was unable to say when petrol and diesel imports will be restored. The government has shut non-essential state institutions along with schools for two weeks to reduce commuting because of the energy crisis, as well as giving public servants time off to grow food.

The Sri Lankan government has taken an initiative in order to save the country's economy by giving its public sector employees official every Friday leave for three months so that they can grow crops for themselves.
This means that employees will work only for four days in a week and every Friday they will engage in some agricultural activity for their livelihood.
The move comes after the country continues to face a shortage crisis since many decades. The government approved the proposal keeping in mind that it would be a solution to the food shortages that are expected to occur in the future.
However, a week ago the United Nations also gave a warning of a "dire humanitarian crisis" and said that four out of five people in the nation of 22 million were forced to skip meals.
 

Sri Lanka govt employees to get extra leave every week for farming

This means that employees will work only for four days in a week without a pay cut and every Friday they will engage in agricultural activity.&nbsp;

The Sri Lankan government has taken an initiative to save the country's economy by giving its public sector employees official every Friday leave for three months so that they can grow crops for themselves.
This means that employees will work only for four days in a week without a pay cut and every Friday they will engage in agricultural activity.&nbsp;
The move comes as the country faces its worst economic crisis in decades. The Sri Lankan govt's proposal is aimed at addressing food shortage concerns.
A week ago the United Nations gave a warning of a "dire humanitarian crisis" and said that four out of five people in the island nation of 22 million were forced to skip meals.
ALSO WATCH: <a href="https://www.editorji.com/world-news/want-to-fix-economy-drink-less-tea-pakistan-minister-s-unusual-solution-1655304367937" target="_blank">Want to fix economy? Drink less tea: Pakistan minister's unusual solution</a>

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