This is Sri Lanka's most painful downturn since independence from Britain in 1948.
Sri Lanka has been plunged into political turmoil, with President Gotabaya Rajapaksa under pressure to resign as protests escalate over an economic crisis.
The island nation of 22 million people is experiencing acute shortages of food, fuel and other essentials -- along with record inflation and crippling power cuts -- which have inflicted widespread misery in the most painful downturn since independence from Britain in 1948.
Sri Lankan President Gotabaya Rajapaksa will not resign, a minister said on Wednesday, despite demonstrations against his handling of the country's worst economic crisis in decades
Here are the Highlights on the Sri Lanka Crisis:
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Sri Lanka president asks experts to plan debt restructure
Sri Lanka's beleaguered president has appointed an expert panel to organise a debt restructure to claw the country out of a crippling economic crisis that has sparked huge protests demanding his resignation.
Scarce supplies of food and fuel, along with record inflation and regular blackouts, have inflicted widespread misery in the country's most painful downturn since independence from Britain in 1948.
Rating agencies have warned of a potential default on Sri Lanka's $51 billion foreign debt, and authorities have been unable to raise more commercial loans because of credit downgrades.
President Gotabaya Rajapaksa's office said late Wednesday that the three-member advisory panel had been tasked with guiding Sri Lanka through a "sustainable and inclusive recovery".
UN welcomes lifting of State of EmergencyThe United Nations on Wednesday welcomed the lifting of the State of Emergency in Sri Lanka, which was imposed for the "maintenance of public order."
On Tuesday, Sri Lanka President Gotabaya Rajapaksa issued a notification revoking the proclamation issued declaring the State of Emergency.
Hanaa Singer-Hamdy, United Nations Resident Coordinator in Sri Lanka, said she is deeply saddened by the hardships Sri Lankans are enduring.
Doctors stage protest in Sri Lanka
The island nation is facing severe shortage of medicines and medical emergency in the country has brought doctors out on the streets
Sri Lanka Central Bank chief to take officeSri Lanka's new central bank governor will hold a monetary policy meeting on Friday, a day after he takes office, a source with direct knowledge of the matter told Reuters, as the government struggles with an economic crisis.
The crisis touched off political chaos this week when the entire cabinet of President Gotabaya Rajapaksa quit, followed by the resignation of the central bank chief, Ajith Nivard Cabraal.
Country's tourism hit hard, hotel association protest to save industryWith Sri Lanka facing an economic crisis amidst public anger and protests against massive food and fuel scarcity, the country's tourism sector, one of the major contributors to its economy, was slowly reviving after the COVID pandemic has now been hit hard.
Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation. The economy of the island country that has been in a free-fall since the onset of the COVID pandemic is now in the throes of a spiralling crisis, with shortages of medicines and food and long power cuts.
Several hotels located in Colombo said they have suffered huge losses due to ongoing mass protests in the city as tourists are
Sanath Jayasuriya praises "big brother" India for helping Sri LankaFormer Sri Lankan cricketer Sanath Jayasuriya lauded the Indian government and Prime Minister Narendra Modi for sending help to the island nation as it battles the worst economic crisis since independence.
"As a neighbour and a big brother of our country, India has always helped us. We're grateful to the Indian government and PM Modi. For us, it is not easy to survive because of the current scenario. We hope to come out from this with the help of India & other countries," he said.
Amid the ongoing unrest in Sri Lanka owing to its economic crisis, the United States on Wednesday advised its citizens against travelling to the island nation, pointing to the fuel and medicine shortages there, besides the COVID-19 and terror threats.
"Reconsider travel to Sri Lanka due to COVID-19 and fuel and medicine shortages. Exercise increased caution in Sri Lanka due to terrorism," State Department said in its latest travel advisory which has now been placed on Level 3.
Sri Lankan President refuses to step down
Sri Lankan President Gotabaya Rajapaksa will not resign, a minister said on Wednesday, despite demonstrations against his handling of the country's worst economic crisis in decades