Arundathie Abeysinghe

About 34 per cent of Sri Lankans resorted to these resources, while 45 per cent of those who pawned their jewellery or three-wheelers failed to redeem them. Some families have committed suicide after mortgaging their homes, and many students have dropped out of university. The government announced a restructuring of the domestic debt.

Only the agricultural sector is holding up, growing by 0.8%. Industry and services show a significant decline (-23.4% and -5%). Targeted measures are needed to revitalise industry and services. High interest rates and the high cost of electricity weigh heavily. Talks with the IMF on debt restructuring by September.

The intertwining of local economic crisis and global rise in raw material costs has led to paralysis in the industry. Trade bodies worried about competition from Bangladesh, Nepal, India and Malaysia, where foreign investors find lower costs per square meter to build. The government has agreed to raise capped prices for contracts on new roads by 20 percent, but has 200 billion rupees in back payments.

Sri Lanka ignores US warnings and India's security concerns. China’s latest loan of almost US$ 400 million will fund the Colombo Port City project. China is a global leader in maritime trade.

The economic crisis has pushed many Sri Lankans to migrate. After controls and rejections stopped migration by sea to Australia, the UK became the second choice. The network of smugglers providing forged passports and documents and the testimonies of those trying to get to the UK.

A brain drain is negatively impacting development, with 25,000 professionals leaving the country just in the past year. While the industry is changing rapidly, developing skills takes time. Last year the industry added US$ 2.1 billion to the national economy, employing about 40,000 people.

Seventeen sectoral oversight committees will have five appointed youth representatives who will be able to view bills and ask questions about funding. Last year, youth led anti-government protests that forced President Rajapaksa's to resign. For current President Wickremesinghe, involving young people is the first step towards “the country’s success”.

The two governments are negotiating the move to expand economic cooperation especially in the energy sector. It would be a way to stem the foreign exchange problems created by the economic crisis. Several banks in Sri Lanka have already opened special accounts to allow them to trade directly with the Indian currency.

After the nationalisation by June, three oil companies will start distribution in 450 service stations out of the 1142 scattered on the island. Signatures are expected within days for China's Sinopec, Australia's United Petroleum, and the US-based Rm Parks Inc. The companies will be able to import, store and distribute products related to black gold for the next 20 years.

Two years ago, the cargo ship caught fire, causing what is considered Sri Lanka's worst environmental disaster. Some experts believe Sri Lankan courts could have handled the issue. Meanwhile, the Minister of Justice reports that a bribe was allegedly paid to hinder the case.

The goal is to track and monitor the Indian Navy and Indian military and strategic assets in the region, as well as UK-US installations on Diego Garcia. Sri Lanka is under pressure from China over its debts. Indian Prime Minister Narendra Modi has received a situation report from Indian naval intelligence.

Due to Sri Lanka’s economic crisis, some 600-700 doctors have left the country in the past year, with at least 40 applications to emigrate currently filed every day. This is just the beginning, expert warn. Combined with the shortage of medical drugs, the national health sector risks paralysis.