South Asian island nation's Prime Minister Ranil Wickremesinghe said that the country is "facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food".
While Washington and its allies are trying to cut financial flows supporting Moscow’s military effort, Russia is offering its crude at a steep discount, making it extremely enticing to a number of countries.
Sri Lanka Prime Minister Ranil Wickremesinghe has proposed constitutional reforms under which powers of the president will be clipped and those of the Parliament would be strengthened enabling it to carry out accountability amid an economic crisis.
Prime Minister Ranil Wickremesinghe says the island nation needs to secure $75 million in foreign exchange in the next few days to pay for essential imports.
Newly appointed Prime Minister Ranil Wickremesinghe holds discussions with the World Bank and the Asian Development Bank as he looks to steer the country through a dire economic crisis.
Ranil Wickremesinghe has served in the office five times and will be tasked to address a crippling economic crisis that has sparked deadly protests and stirred the political establishment.
Sri Lanka's new President Gotabaya Rajapaksa called a snap election on April 25 after sacking the national parliament where his party led a minority government.
Newly-elected President Gotabaya Rajapaksa picks his elder brother Mahinda Rajapaksa, a former president, to be the interim prime minister.
Gotabaya Rajapaksa spearheaded the military operation that ended his country's years-long insurgency but alienated minorities along the way.
Newly elected President Gotabaya Rajapaksa can now appoint a caretaker government, dissolve Parliament next March and force new elections, or wait until next August when Parliament’s term ends.
Gotabaya Rajapaksa, a retired lieutenant colonel, nicknamed the "Terminator" by his own family, won 53-54 percent of the vote as his main rival Sajith Premadasa of the ruling party conceded the race.
Sri Lankan President Maithripala Sirisena will not be seeking a second term, paving the way for a record 35 candidates competing for the top job.
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