Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
Sri Lanka is facing its worst economic crisis since gaining independence from the UK in 1948.
Banks and companies in India are taking a cautious approach towards Sri Lanka, which, reeling from a financial crisis, has sought a $1-billion loan from the country to import essential commodities. A senior State Bank of India (SBI) executive said the bank was committed (to Sri Lanka) for the long term. "As far as exposures (are concerned), the bank will be cautious on its dollar exposure to Sri Lankan entities till the situation improves," he said.
The Sri Lankan government has appointed an advisory committee comprising eminent economic and fiscal experts to provide guidance on addressing the current debt crisis and engaging with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves.
Tulsidas Balaram, who passed into the ages last week, was a member of the Indian football team which reached the semis at the Olympics and won an Asian Games gold medal.
Sri Lankans were on the edge on Tuesday as they waited whether embattled Gotabaya Rajapaksa will honour his offer to resign as president, amid signs that key members of the erstwhile powerful ruling family were attempting to flee in the face of massive public anger against them for mishandling the economy that has bankrupt the country.
Though dubbed as the "war hero", the role of Rajapaksa in ending the conflict with the Liberation Tigers of Tamil Eelam with the death of its supremo Velupillai Prabhakaran in 2009 is quite divisive as he stands accused of violating human rights, a charge he vehemently denies.
New Delhi has a chance to rid itself of its image as the bully in the subcontinent by helping a neighbour tackle problems that India, for once, has no role in creating. It should grab the opportunity with both hands, suggests Aditi Phadnis.
'There is nothing necessarily fatal if a soldier develops a passion for politics. An Indian commentator pointed out that, after all, there is the precedent of Dwight Eisenhower. But then, the nagging worry remains whether in the South Asian clime, like the sapling brought in from distant China, Fonseka, a US Green Card holder, may blossom and outgrow the botanical garden that Sri Lankan democracy used to be.'
The director is currently making Ceylon, ready for release in March 2014.
Over the years, India has also lost its CTC market heavily to Kenya. And, Sri Lanka, which markets the Ceylon tea brand, has also been able to aggressively tap these markets.
India is currently among the top 3 markets in Asia in terms of expected growth rates.
'He destroyed many of our tanks, and finally, it was just the two of us left facing each other with our tanks just 200 m apart.' A tale of valour excerpted from Rachna Bisht Rawat's 1971: Charge Of The Gorkhas And Other Stories.
Wellness expert Roopashree Sharma answers your health queries.
Sri Lanka will re-acquire 99 World War II-era oil storage tanks leased to Indian Oil Corporation in the eastern port district of Trincomalee, Energy Minister Udaya Gammanpila announced on Wednesday.
PM also invoked 'chai pe charcha', saying it was not just a slogan but a 'mark of deep respect for the dignity and integrity of honest labour'.
Modi said that the ocean economy held 'enormous promise'.
Speaker Karu Jayasuriya questioned the president's decision to suspend parliament till November 16, saying it will have "serious and undesirable" consequences on the country.
Santosh Sivan's latest film Inam deals with the the war and bloodshed during the two-decade-long civil war in Sri Lanka.
At 61, Dr S Premachandran runs a 40-bed hospital in the day time and after 7 pm leads a band of 20 members.
In a special series, we will put YOU to the test everyday!
Star Sri Lankan cricketer Tillakaratne Dilshan has been reportedly asked to appear in court over a child maintenance case.
Sri Lanka's former World Cup-winning captain Arjuna Ranatunga says the administration of the game in the country is 'disgusting' and he has stopped following the national team for this reason.
The project, estimated to cost Rs 2,500-3,000 crore, is to be jointly implemented with the Ceylon Electricity Board, the largest power company of Sri Lanka.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
'I have a voice and must use it to do as much as I can.'
Sanjeet Das, director at Words Infocom one of India's prominent dubbing and voice production houses in Mumbai tells Abhishek Mande how you can become a voice over artistes and busts myths about the industry.
After several years of travelling, Guru Nanak settled down at Kartarpur as a farmer. His followers were the first Sikhs of an order that was to prevail for many years to come. A fascinating excerpt from Sikh Heritage: A History of Valour and Devotion.
It was an exciting time for India and the world. Photography had been invented 50 years earlier, and the mass-produced Kodak camera of the 1880s helped democratise photography. Ritika Kochhar reports on an unusual exhibition of postcards that chronicle life in the British Raj.
Count among The Light of Asia's many, many admirers over 132 years: Gandhi, Tagore, Vivekananda, Nehru and Ambedkar, Tolstoy and Kipling, Yeats and Eliot, Alfred Nobel, Dmitri Mendeleev and C V Raman. Jairam Ramesh reveals why he decided to write a book on Edwin Arnold, who wrote The Light of Asia.
Global confidence in India has been restored, says Modi.
Sri Lanka has said it will go ahead with its deal with Bharat Petroleum Corporation Ltd in oil retailing in the island nation despite opposition from the Marxist JVP, or People's Liberation Front, in the coalition government.
Sri Lanka on Monday put off indefinitely a decision to sell off part of the state-run oil company to Bharat Petroleum as trade unions threatened to stop work, triggering panic buying at petrol stations across the country.
The country's largest refiner Indian Oil Corporation will pay $75 million for acquiring 100 petrol stations and storage facilities in Sri Lanka.
Notwithstanding its divestment setback, Hindustan Petroleum Corporation Ltd is planning to enter the exploration segment and foray into the markets of Sri Lanka and Bangladesh.
The state-owned National Thermal Power Corporation on Thursday said it is considering setting up a 300 MW power plant in Sri Lanka.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances