South Asia News

Sri Lanka’s political crisis dealt ‘death blow’ to economy: PM

Sri Lankan Prime Minister Ranil Wickremesinghe said on Thursday that the recent political crisis had dealt a "death blow" to the country’s economy as it was struggling to pay its ballooning foreign debt.
Jan 11, 2019
COLOMBO: Sri Lankan Prime Minister Ranil Wickremesinghe said on Thursday that the recent political crisis had dealt a "death blow" to the country’s economy as it was struggling to pay its ballooning foreign debt.
 
Wickremesinghe said his government was scrambling to raise $1.9 billion to help service a first debt payment of $2.6 billion, that is due on Monday. Sri Lanka faces $5.9 billion in foreign debt repayments in 2019, a record for the cash-strapped island. 
 
The country lost $1 billion in foreign reserves during a power struggle between Wickremesinghe and President Maithripala Sirisena between late October and mid-December 2018, when the President sacked Wickremesinghe and dissolved parliament, a move Sri Lanka's courts deemed unconstitutional.

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