Economy

24 July 2024
Sri Lanka's inflation dropped to 1.7% in June, a sharp contrast to the 70% in September 2022 during the height of the financial crisis.
Sri Lankan President Ranil Wickremesinghe hailed the debt restructuring plan as a "significant milestone." (Photo by Shinya Sawai)
27 June 2024
The IMF says Sri Lanka's economy is starting to recover, its revenue collection is improving and reserves continue to accumulate.
Sri Lanka crisis

IMF approves second review of Sri Lanka's $2.9bn bailout

Global lender calls for more debt restructuring as economy remains vulnerable

13 June 2024
Drivers push auto rickshaws in a line to buy gasoline from a fuel station in Colombo, Sri Lanka, in July 2022 amid an economic crisis.
Economy

Developing countries face record interest payments as rates rise

Growing debt burden casts shadow over global economic outlook

12 June 2024
An Indian-Russian joint venture has won a 30-year contract to manage Mattala Rajapaksa International Airport, built with Chinese funding and called the world's emptiest airport, in southern Sri Lanka. 
International relations

Sri Lanka turns to India as counterbalance to Chinese presence

Vital power, port, airport projects involve neighbor as Asian rivals focus on Indian Ocean

9 May 2024
Laos' weakening currency threatens faster food price inflation. (Photo by Kenya Akama)
Economy

Laos, other debt-laden Asia-Pacific nations under pressure from strong dollar

ADB boosts funding for vulnerable countries amid debt trap fears

7 May 2024
Sri Lankan capital Colombo. The nation has failed to strike an agreement with international bondholders on restructuring about $12 billion in debt.
Sri Lanka crisis

Uncertainty looms over Sri Lanka as debt restructuring talks hit snag

Upcoming presidential election ramps up pressure to accelerate negotiations

20 April 2024
Sagala Ratnayaka, adviser to the Sri Lankan president on national security, talks with Nikkei in a recent interview. (Photo by Satoshi Iwaki) 
Sri Lanka crisis

Sri Lanka's debt repayments to be suspended until 2028

Security adviser says the country is in final talks with creditor nations

6 April 2024
A woman buys vegetables at a market in Colombo in November 2023. Sri Lanka is relying on international support as it recovers from a deep economic crisis.
Sri Lanka crisis

Sri Lanka and IMF reach staff-level deal on second bailout review

Board approval would unlock $337m in funds for economic recovery

21 March 2024
Sri Lanka's garment industry is striving to climb the value chain with a focus on sustainability, as the government seeks a green economic renaissance. 
Asia Insight

Sri Lanka cultivates sustainable fashion for an economic revival

Government and garment makers aim to catch green wave to boost competitiveness

5 March 2024
Workers hold a Chinese flag at Hambantota port in Sri Lanka on Aug. 16, 2022. Chinese President Xi Jinping wants his country to play a larger role in global affairs through Belt and Road Initiative projects such as this one.
Asia Insight

Sri Lanka's China 'debt trap' fears grow as Beijing keeps investing

New $4.5 bn Sinopec deal comes amid debt restructuring, BRI lending shift

2 January 2024
Colombo slum residents in July. Electricity price hikes have hit the poorest Sri Lankans hard, leaving many without power. (Photo by Ken Kobayashi)
Sri Lanka crisis

Bankrupt Sri Lanka's poor face life in darkness as price of IMF bailout

Hundreds of thousands cut off from grid; fund insists social safety net is a priority

23 November 2023
Sri Lankan President Ranil Wickremesinghe, who doubles as finance minister, presents the 2024 budget to Parliament in Colombo on Nov. 13. (President Media/handout via Reuters)
Sri Lanka crisis

Sri Lanka's election-year budget straddles line between IMF and voters

2024 plan praised for 'sticking to reform,' criticized for apparent contradictions

14 November 2023
Chinese President Xi Jinping and U.S. President Joe Biden, pictured here at the G20 summit in Bali, Indonesia, in November 2022, will meet on Nov. 15 in San Francisco for the first time in a year.
Your Week in Asia

Sri Lanka budget, Xi-Biden summit, Japan Q3 GDP

Your weekly lineup of Asia's biggest business and political events

12 November 2023
A vendor waits for customers at Galle Face Green in Colombo in late August.
Economy

Sri Lanka approves VAT hike to 18% in push for IMF targets

Government stresses need to boost revenue despite public hardships

31 October 2023
A market in Colombo on Oct. 20. Sri Lanka's government is due to present next year's budget in mid-November.
Sri Lanka crisis

Sri Lanka leans on IMF and China as crucial budget test looms

President Wickremesinghe faces growing public frustration ahead of elections

26 October 2023
A vendor waits for customers at a marketplace in Colombo on Sept. 27. "The people of Sri Lanka have shown remarkable resilience and the authorities have made significant progress on important reforms," the IMF said in a statement.
Sri Lanka crisis

Sri Lanka fails first IMF review, no timeline for further aid

Fund says crisis-hit economy needs tax reforms to boost coffers

27 September 2023
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Most read in 2023

China's Belt and Road at crossroads as more loans turn sour

10 years in, Beijing enjoys greater clout but new investments trend down

7 September 2023
Tourists at Gangaramaya Temple in Colombo in July: The tourism rebound will be key to rebuilding Sri Lanka's foreign reserves.
Opinion

Sri Lanka is back in business

Stocks and rupee are top performers as economic rebound takes hold

1 August 2023
A woman sells Sri Lankan flags on a road ahead of independence celebrations in February 2020.
Sri Lanka crisis

Sri Lanka hit by record brain drain, but some stay to rebuild

Many doctors and entrepreneurs remain faithful to country despite economic crisis

30 July 2023
A line at an ATM in Colombo: Sri Lanka's government has assured depositors that they will not be affected by domestic debt restructuring, as it looks to cushion the impact on the banking sector.
Sri Lanka crisis

Sri Lanka domestic debt restructuring plan aims to shield banks

Creditors monitoring proposal headed for parliament after cabinet approval

29 June 2023
Tea exports are a major source of foreign currency for Sri Lanka.
Sri Lanka crisis

Sri Lanka tea prices dip 40% from record high on production rebound

Fertilizer imports spur supply recovery, buoying crucial export revenue

28 June 2023
A worker carries a sack of vegetables at a wholesale market in Colombo on June 1.
Sri Lanka crisis

Sri Lanka to obtain $500m in budget support from World Bank

Funding would be biggest infusion for crisis-hit nation since IMF deal

27 June 2023
A Sri Lankan rupee note at an exchange counter in Colombo: The government is working on plans to restructure domestic public debt, amid difficult negotiations with global creditors.
Sri Lanka crisis

Sri Lankans fret over next piece of debt puzzle: domestic reform

Banks want clarity on 'voluntary' plans; global creditors expect burden-sharing

7 June 2023
Sri Lankan President Ranil Wickremesinghe speaks at Nikkei's Future of Asia conference in Tokyo on May 25. (Photo by Mayumi Tsumita)
The Future of Asia 2023

Sri Lanka will apply to join RCEP trade bloc, Wickremesinghe says

President says Asian countries resisting pressure to take sides between U.S., China

25 May 2023