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India has emerged as the top lender to Sri Lanka in 2022, disbursing USD 377 million in loans to the island nation as it grappled with an unprecedented political crisis and economic turmoil, according to the Verite Research think-tank.
The Asian Development Bank follows India with USD 360 million in loans. They account for 76 per cent of total disbursements from January to April 2022.
Out of a total disbursement of loans amounting to USD 968 million in the first four months this year, India with a contribution of USD 377 million has emerged as Sri Lanka’s largest bilateral lender, Verite Research, a Colombo-based independent interdisciplinary think-tank providing strategic analysis and advice for governments and the private sector in Asia, said.
Between 2017 and 2021, China has been the largest bilateral lender to Sri Lanka. In 2021, China had provided USD 947 million of which USD 809 million were borrowings from the China Development Bank.
The ADB has been the largest multilateral lender during the same period.
When Sri Lanka plunged into its worst economic crisis at the beginning of this year, India’s credit lines enabled it to purchase fuel and essentials.
The Indian High Commission here announced that India’s total credit support to Sri Lanka this year, including currency swaps, amounts to nearly USD 4 billion.
The public protests since the end of March due to economic hardships and shortages of essentials saw the ouster of the former president Gotabaya Rajapaksa in mid-July.
India provided a dedicated credit line for fuel imports amounting to USD 700 million which ran out in late June, leaving large fuel queues at Indian Oil Company fuel retail stations. The state fuel entity was only supplying fuel to emergency services then.
Sri Lanka has recently secured a deal with the IMF for a USD 2.9 billion loan facility which is subject to Sri Lanka and its creditors agreeing to debt restructuring.
In mid-April, Sri Lanka declared its international debt default due to the forex crisis.
The country owes USD 51 billion in foreign debt, of which USD 28 billion must be paid by 2027.

Sri Lanka economic crisis｜who lent more money to Colombo: India or China?

The Indian High Commission here announced that India&rsquo;s total credit support to Sri Lanka this year, including currency swaps, amounts to nearly USD 4 billion.

India has emerged as the top lender to Sri Lanka in 2022, disbursing USD 377 million in loans to the island nation as it grappled with an unprecedented political crisis and economic turmoil, according to the Verite Research think-tank.
The Asian Development Bank follows India with USD 360 million in loans. They account for 76 per cent of total disbursements from January to April 2022.
Out of a total disbursement of loans amounting to USD 968 million in the first four months this year, India with a contribution of USD 377 million has emerged as Sri Lanka&rsquo;s largest bilateral lender, Verite Research, a Colombo-based independent interdisciplinary think-tank providing strategic analysis and advice for governments and the private sector in Asia, said.
Between 2017 and 2021, China has been the largest bilateral lender to Sri Lanka. In 2021, China had provided USD 947 million of which USD 809 million were borrowings from the China Development Bank.
The ADB has been the largest multilateral lender during the same period.
When Sri Lanka plunged into its worst economic crisis at the beginning of this year, India&rsquo;s credit lines enabled it to purchase fuel and essentials.
The Indian High Commission here announced that India&rsquo;s total credit support to Sri Lanka this year, including currency swaps, amounts to nearly USD 4 billion.
The public protests since the end of March due to economic hardships and shortages of essentials saw the ouster of the former president Gotabaya Rajapaksa in mid-July.
India provided a dedicated credit line for fuel imports amounting to USD 700 million which ran out in late June, leaving large fuel queues at Indian Oil Company fuel retail stations. The state fuel entity was only supplying fuel to emergency services then.
Sri Lanka has recently secured a deal with the IMF for a USD 2.9 billion loan facility which is subject to Sri Lanka and its creditors agreeing to debt restructuring.
Also watch: <a href="https://www.editorji.com/world-news/explained-is-sri-lanka-moving-away-from-china-hear-out-president-ranil-wickremesinghe-1663251879463">Explained: is Sri Lanka moving away from China? Hear out President Ranil Wickremesinghe</a>
In mid-April, Sri Lanka declared its international debt default due to the forex crisis.
The country owes USD 51 billion in foreign debt, of which USD 28 billion must be paid by 2027.

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.

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.

Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country’s worst economic crisis due to the shortage of foreign exchange reserves.
With the second fuel price hike since April 19, now the most-used Octane 92 petrol would cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) a litre, an all-time high.
The decision to raise the Octane 92 petrol price by 24.3 per cent or 82 rupees and diesel by 38.4 per cent or 111 rupees per litre was taken by the state fuel entity, Ceylon Petroleum Corporation (CPC).
“Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,” Power and Energy Minister Kanchana Wijesekara said on Twitter.
“Price revision includes all costs incurred in importing, unloading, distribution to the stations and taxes.
“The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,” he said.
The hike came as the public continues to suffer in long queues at fuel stations hit by shortages.
Lanka IOC, the Sri Lankan subsidiary of India’s oil major Indian Oil Corporation, has also raised the retail prices of fuel.
“We have raised our prices to match the CPC,” Manoj Gupta, the CEO of LIOC, told PTI.
Meanwhile, the auto-rickshaw operators said they would raise the tariff to be 90 rupees per first kilometre and 80 rupees for the second onwards.
As a measure to mitigate the costs, the government announced that the heads of institutions would be given the discretion over which employees would be essential to report physically. The rest be allowed to work from home.
Lanka IOC has been in operation in Sri Lanka since 2002.
Sri Lanka has been mulling different options to facilitate measures to prevent fuel pumps from going dry, as the country faces a severe foreign exchange crisis to pay for its imports.
The island nation is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948. It is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for the imports.
A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of President Gotabaya Rajapaksa. The crisis has already forced prime minister Mahinda Rajapaksa, the elder brother of the president, to resign on May 9.
An inflation rate spiralling towards 40 per cent, shortages of food, fuel and medicines and rolling power blackouts have led to nationwide protests and a plunging currency, with the government short of the foreign currency reserves it needed to pay for imports.

Sri Lanka crisis continues; petrol at all-time high of Rs 420, diesel Rs 400 per ltr

Hike came as the public continues to suffer in long queues at fuel stations hit by shortages:

Sri Lanka crisis continues; petrol to cost Rs 420

Crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people

Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country&rsquo;s worst economic crisis due to the shortage of foreign exchange reserves.
With the second fuel price hike since April 19, now the most-used Octane 92 petrol would cost 420 rupees (USD 1.17) and diesel 400 rupees (USD 1.11) a litre, an all-time high.
The decision to raise the Octane 92 petrol price by 24.3 per cent or 82 rupees and diesel by 38.4 per cent or 111 rupees per litre was taken by the state fuel entity, Ceylon Petroleum Corporation (CPC).
Also read/watch| <a title="ACs, mobile phones, cars to get more expensive; here's why" href="https://www.editorji.com/business-news/acs-mobile-phones-cars-to-get-more-expensive-here-s-why-1653381447818">ACs, mobile phones, cars to get more expensive; here's why</a>
&ldquo;Fuel Price will be revised from 3 am today. Fuel pricing formula that was approved by the Cabinet was applied to revise the prices,&rdquo; Power and Energy Minister Kanchana Wijesekara said on Twitter.
&ldquo;Price revision includes all costs incurred in importing, unloading, distribution to the stations and taxes.
&ldquo;The Cabinet also approved the revision of transportation and other service charges accordingly. The formula will be applied every fortnight or monthly,&rdquo; he said.
The hike came as the public continues to suffer in long queues at fuel stations hit by shortages.
Lanka IOC, the Sri Lankan subsidiary of India&rsquo;s oil major Indian Oil Corporation, has also raised the retail prices of fuel.
&ldquo;We have raised our prices to match the CPC,&rdquo; Manoj Gupta, the CEO of LIOC, told PTI.
Meanwhile, the auto-rickshaw operators said they would raise the tariff to be 90 rupees per first kilometre and 80 rupees for the second onwards.
As a measure to mitigate the costs, the government announced that the heads of institutions would be given the discretion over which employees would be essential to report physically. The rest be allowed to work from home.
Lanka IOC has been in operation in Sri Lanka since 2002.
Sri Lanka has been mulling different options to facilitate measures to prevent fuel pumps from going dry, as the country faces a severe foreign exchange crisis to pay for its imports.
The island nation is grappling with an unprecedented economic turmoil, the worst since its independence from Britain in 1948. It is struggling with a shortage of almost all essentials, due to the lack of dollars to pay for the imports.
A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
The economic crisis has also triggered a political crisis in Sri Lanka and a demand for the resignation of President Gotabaya Rajapaksa. The crisis has already forced prime minister Mahinda Rajapaksa, the elder brother of the president, to resign on May 9.
An inflation rate spiralling towards 40 per cent, shortages of food, fuel and medicines and rolling power blackouts have led to nationwide protests and a plunging currency, with the government short of the foreign currency reserves it needed to pay for imports.

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 petrol diesel crisis

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