Sri Lanka set for IMF bailout amid historic economic crisis
02 September 2022 | 10:09 am
The International Monetary Fund says a first agreement has been reached on a $2.9 billion loan to the bankrupt country. Sri Lanka is facing its worst economic crisis in more than 70 years.
The International Monetary Fund has concluded "constructive" talks with the government of Sri Lanka over a possible bailout. The island is facing its worst economic crisis on record, with protests over food, fuel and medicine shortages. Also on the show: why France is faring better than its neighbours when it comes to inflation. Plus FRANCE 24's Madrid correspondent Sarah Morris reports on the Spanish companies suffering from a diplomatic spat with Algeria.
Sri Lanka is suffering the worst economic crisis in its history, with fuel shortages bringing the country to a standstill. Many are now convinced leaving is their only option.
As Russia cuts down gas deliveries to Europe, Germany's energy supplier Uniper reported "significant financial burdens" and asked the German government to help stabilize it.
President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe agreed to resign on Saturday. Opposition parties are rushing to replace them with a coalition.
President Gotabaya Rajapaksa will leave his post after crowds stormed his official residence. Prime Minister Ranil Wickremesinghe also agreed to resign, with protesters also breaching his home and setting it on fire.
Lawmakers are set to pick a new president on July 20 after Gotabaya Rajapaksa agreed to step down. A financial and economic crisis have thrown the country into political turmoil.
Sri Lanka declared a state of emergency after President Rajapaksa and his wife fled to the Maldives hours before he was due to resign. Protesters also stormed the prime minister's office, calling for his resignation.
Sri Lanka's political crisis is hitting the country's citizens hard. Inflation has people skipping meals, as food prices soar. And fuel has become a scarce and prohibitively expensive commodity.
Amid the economic and political turmoil in Sri Lanka, experts say the country's Tamil minority, who paid a heavy price during the civil war, feel victimized all over again. Some are fleeing to Tamil Nadu in India.
The speaker of Sri Lanka's parliament has said he accepted a letter of resignation from President Gotabaya Rajapaksa. PM Wickremesinghe has been sworn in as the interim president until lawmakers choose a new one.
Sri Lankan lawmakers met to begin the process of choosing a new leader amid tightened security. They are set to hear nominations Tuesday to replace former President Gotabaya Rajapaksa, who resigned earlier this week.
As Sri Lanka's protest movement reaches 100 days, the people proudly and defiantly said that their fight is not over. Indeed, in addition to political uncertainty, the country faces a long list of problems, with years of mismanagement coupled with external shocks. The coronavirus pandemic has battered the tourism industry, and the war in Ukraine has contributed to soaring inflation. On the ground, there are also long queues for food and fuel. For more, we speak to France 24's correspondent Navodita Kumari in Colombo.
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