Radi

Traditional debt crisis signs of crashing currencies, 1,000 basis point bond spreads and burned FX reserves point to a record number of developing nations now in trouble.

Sri Lanka has not reached any initial agreement with the IMF on debt relief, and its largest creditors -the Asian Development Bank (ADB) and the World Bank - are urged to come up with a package that would speed up its debt restructuring process, Sri Lanka's Ambassador to China Palitha Kohona told the Global Times in an exclusive interview on Friday, while also calling for more assistance from partners after the debt-ridden country claimed bankruptcy and imposed a state of emergency amid escalating protests and persisting shortage of daily necessities.

Sri Lanka is now facing a hyperinflationary situation with the country’s inflation hitting a new high of 54.6 per cent in June, several leading economists said referring to the Central Bank’s latest announcement of the official economic indicator data.

Sri Lanka’s fuel crisis now turned bad to worse is to be tackled to certain extent with the arrival of eight ships carrying petroleum will arrive in the island next week and the introduction of a special pass to ration petrol and diesel usage

Former President Gotabya Rajapaksa in exile says he will continue to serve Sri Lanka following his resignation as President.