- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
- German suspect in 'Maddie' case faces verdict in sex crimes trial
- Top economic official 'confident' China will hit 2024 growth target
- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
CMSC | -0.53% | 24.57 | $ | |
RIO | -0.11% | 69.62 | $ | |
RBGPF | 100% | 60.52 | $ | |
NGG | -1.56% | 65.48 | $ | |
RYCEF | -0.15% | 6.87 | $ | |
SCS | -0.15% | 12.95 | $ | |
GSK | -0.49% | 38.63 | $ | |
BTI | -0.26% | 35.2 | $ | |
RELX | -0.54% | 46.04 | $ | |
CMSD | -0.09% | 24.79 | $ | |
AZN | -0.78% | 76.87 | $ | |
BCC | 1.68% | 141.27 | $ | |
VOD | 0.31% | 9.69 | $ | |
JRI | -0.76% | 13.18 | $ | |
BCE | -0.54% | 33.53 | $ | |
BP | 0.78% | 33.14 | $ |
Bankrupt Sri Lanka asks citizens abroad to send home cash
Sri Lanka urged its citizens overseas to send home money to help pay for desperately needed food and fuel Wednesday after announcing a default on its $51 billion foreign debt.
The island nation is in the grip of its worst economic crisis since independence in 1948, with severe shortages of essential goods and regular blackouts causing widespread hardship.
Authorities are weathering intense public anger and spirited protests demanding the government's resignation ahead of negotiations for an International Monetary Fund bailout.
Central bank governor Nandalal Weerasinghe said he needed Sri Lankans abroad to "support the country at this crucial juncture by donating much needed foreign exchange".
His appeal came a day after the government announced it was suspending repayments on all external debt, which will free up money to replenish scant supplies of petrol, pharmaceuticals and other necessities.
Weerasinghe said he had set up bank accounts for donations in the United States, Britain and Germany and promised Sri Lankan expatriates the money would be spent where it was most needed.
The bank "assures that such foreign currency transfers will be utilised only for importation of essentials, including food, fuel and medicines", Weerasinghe said in a statement.
Tuesday's default announcement will save Sri Lanka about $200 million in interest payments falling due on Monday, he said, adding that the money would be diverted to pay for essential imports.
Weerasinghe's appeal has so far been greeted with scepticism from Sri Lankans abroad.
"We don't mind helping, but we can't trust the government with our cash," a Sri Lankan doctor in Australia told AFP, asking for anonymity.
A Sri Lankan software engineer in Canada said he had no confidence that the money would be spent on the needy.
"This could go the same way as the tsunami funds," he told AFP, referring to millions of dollars the island received in aid after the December 2004 disaster, which claimed at least 31,000 lives on the island.
Much of the foreign cash donations meant for survivors was rumoured to have ended up in the pockets of politicians, including current Prime Minister Mahinda Rajapaksa, who was forced to return tsunami aid funds credited to his personal account.
- Snowballing crisis -
Sri Lanka's snowballing economic crisis began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances.
The government imposed a wide import ban to conserve dwindling foreign currency reserves and use them to service the debts it has now defaulted on.
But the resulting shortages have stoked public resentment, with day-long lines forming across the island for petrol and kerosene, the latter used for cooking stoves in poorer households.
At least eight people have died while waiting in fuel queues since last month.
Economists say the crisis has been made worse by government mismanagement, years of accumulated borrowing and ill-advised tax cuts.
Crowds have attempted to storm the homes of government leaders, and security forces have dispersed protesters with tear gas and rubber bullets.
Thousands of people were camped outside President Gotabaya Rajapaksa's seafront office in the capital Colombo for a fifth straight day of protests Wednesday calling for him to step down.
O.Norris--AMWN