With the economic crisis and the shortage of forex, the Indian credit line of USD 500 million for fuel imports has provided a lifeline to the island nation, which is currently experiencing its worst economic crisis since gaining independence in 1948. With long lines for fuel, cooking gas, essentials in short supply and long hours of power cuts, the public has been suffering for months.

“In the near future we may have to stay in the queue and return home without fuel,” he warned, requesting people to grow whatever crop they can grow in their home garden, a bizarre suggestion the country’s Agriculture Minister Mahinda Amarweera also repeated.

Sri Lanka will require fertilizers worth over $500 million this year and the government has sought fertilizers both from India and China. New Delhi had earlier assured of all possible help. While New Delhi has extended assistance worth over $3 billion this year, China has yet to extend any significant help despite Colombo’s repeated request.

The impact of the crisis is so severe that the government has been left with no revenues even in rupees, forcing it to print another trillion just to pay off the salaries of public sector employees.

The new cabinet headed by Prime Minister Ranil Wickremesinghe granted approval for the proposal submitted by the Minister of Electricity and Energy to obtain a series of short-term loan facilities worth another $500 million with the assistance of the export-import bank of the Indian government in order to purchase petroleum products required by the country settling the foreign exchange shortage existing at the moment, the government said in a statement.

After coming to power in 2019, the Rajapaksa government passed the 20th Amendment, concentrating more power in an executive presidency at the cost of weakening parliament and the cabinet

The United States government has forecast a global food shortage and identified Sri Lanka and Afghanistan as two countries that are likely to be badly hit by the crisis.

"There is direct evidence against the two MPs and that is why they were arrested," the official said. This is the first significant action by new Prime Minister Ranil Wickremesinghe who relies on the support of the SLPP, in pacifying the demands of protestors.

“Although these facts are unpleasant and terrifying, this is the true situation,” he said, mincing no words while describing the state of the economy, which has all but collapsed

Since assuming office last week, Wickremesinghe has been quite honest while describing the challenges faced by the country, admitting the situation may get worse before getting better. However, he assured the country the supply of critical and basic needs like food, fuel, and medicines will be ensured

The Indian government has decided to supply this quantity of urea immediately to Sri Lanka at the request of the Colombo despite a ban on the export of urea from India. Sri Lanka is the only country after Nepal to receive such assurance

Soon after his appointment, the new prime minister said he will work with both the opposition and the governing party to overcome the hardships faced by people. Importantly, he also assured that the peaceful protest, “GotaGoGama” will be allowed to continue their agitation

The Rajapaksa family, which dominated the country’s politics for much of the last two decades, today is struggling for its political survival in the face of the worst economic crisis since the country's independence in 1948

On the calls for the abolition of the executive presidency, a demand forwarded by many parties, President Rajapaksa said it will be considered, and “with the new government & their potential to stabilize the country, we will have an opportunity to discuss this & work towards a common consensus.” 

In his press conference, the governor said that political stability was “paramount” and it was becoming extremely challenging to revive the economy in a country where the law and order situation was out of control