Analysis: Chinese loans loom large in some debt-ravaged countries — including Sri Lanka, which is facing economic turmoil.
, including news from around the globe and interesting ideas and opinions to know, sent to your inbox every weekday.The beleaguered island nation of Sri Lanka enters a new phase of its rolling crisis Wednesday as the country’s Parliament selects its next president
. The panicked departures and resignations of President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa, two brothers who loomed large over the country’s politics for more than a decade, came amid an astonishing economic collapse that precipitated mass protests. Now, the victor of the secret ballot vote in Parliament will preside over a shaky unity government that will pave the way for fresh elections.
But whoever emerges has a miserably difficult job on their hands, including charting a path forward with negotiators from the International Monetary Fund. Sri Lanka is bankrupt; it is unable to pay for imports of essential goods, including food, medicine and fuel, in part because it is unable to service existing debts given its essentially empty coffers of foreign currency. Spiking inflation has a vast swath of the country’s 22 million people in need of food assistance.
— are teetering toward a similar fate. “Countries with high debt levels and limited policy space will face additional strains. Look no further than Sri Lanka as a warning sign,” International Monetary Fund Managing Director Kristalina Georgieva said during meetings of the Group of 20 finance ministers this weekend.One of the major players in Sri Lanka’s calamity is China.
Beijing is Sri Lanka’s lone biggest creditor, accounting for some 10 percent of the country’s foreign debt. Between 2000 and 2020, it extended close to
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Business confidence in Sri Lanka has hit rock bottom, says business group chairmanBusiness confidence in Sri Lanka is at its lowest in years, according to the chairman of the Ceylon Chambers of Commerce Vish Govindasamy.
Weiterlesen »
Wickremesinghe elected president in crisis-hit Sri LankaCOLOMBO, Sri Lanka (AP) — Sri Lankan lawmakers chose six-time Prime Minister Ranil Wickremesinghe as president Wednesday to succeed the ousted leader who fled the country in a vote that risks reigniting political turmoil in the troubled South Asian island nation.
Weiterlesen »
Sri Lanka parliament to replace ousted president in crucial voteSri Lanka's parliament will vote for a president to replace Gotabaya Rajapaksa, who fled the South Asian country last week, with protesters bracing for a crackdown from his likely successor
Weiterlesen »
Current Prime Minister Elected President in Crisis-Hit Sri LankaSri Lankan lawmakers have chosen six-time Prime Minister Ranil Wickremesinghe as president to succeed the ousted leader who fled the country in a vote that risks reigniting political turmoil in the troubled South Asian island nation.
Weiterlesen »
Sri Lanka’s Protesters Aren’t Ready to Stand DownAnger over increasingly grim living standards has inspired a diverse group of protesters, many who say they won’t be satisfied until general elections are held and a fresh crop of lawmakers are voted in.
Weiterlesen »