The island nation fell into default for the first time in its history as the gov’t struggled to halt an economic crisis.

The island nation fell into default for the first time in its history as the gov’t struggled to halt an economic crisis.
Several business groups in Sri Lanka have asked the president to appoint a new government and resign immediately.
Six-time Grand Slam champion said his $50m career earnings were swallowed up by ‘expensive divorce’ and debts.
After Rajapaksa won 2019 elections, a mix of sweeping tax cuts and ill-thought-out policies have eroded nation’s cash.
Sri Lanka’s worst financial crisis has left it struggling to pay for essentials, including food, fuel and medicines.
Reliance’s decision to back out comes after almost two years of litigation as Amazon contested the takeover.
Appointing advisers is the first step in accessing emergency funds from development banks.
IMF says Sri Lanka’s debt is unsustainable and it needs to restore debt sustainability before it can get any funds.
The IMF may consider this request due to the unique circumstances, an aide to the nation’s finance minister said.
Sri Lanka is seeking up to $4bn to pay for essentials and pay creditors, but it must show IMF a sustainable debt plan.
As Sri Lankan delegation heads to Washington, DC, to secure funds, protests calling for Rajapaksa’s ouster continue.
Colombo makes the call as foreign reserves needed to pay for imports of essentials like medicines and food dwindle.
Sri Lanka is facing its worst financial crisis in decades, and foreign exchange reserves have fallen to $2.36bn.
It’s asking the Supreme Court to order lenders and central bank to give it more time, not classify it as a defaulter.