Arundathie Abeysinghe

The Central Bank of Sri Lanka has approved a new type of bank account to attract capital from overseas. The funds can be used only to set up businesses, not import raw materials. The authorities hope to get credit from China.

President Gotabaya Rajapaksa has not yet submitted a letter of resignation despite claims that he would leave office on 13 July. A majority of MPs call on Prime Minister Ranil Wickremesinghe to take the reins of government and continue talks with the International Monetary Fund. Other potential candidates for the presidency have already been named.

The decision by the Rajapaksa administration to opt for organic farming without proper planning is one of the causes of Sri Lanka’s current economic crisis. India is providing a US$ 40 million loan to develop a port in northern Sri Lanka by the end of the year.

Tuk tuk drivers, hotel owners, photographers: everyone in Sri Lanka shares the same problems. Fuel continues to be in short supply, making travel impossible. Large amounts of foreign currency cannot be withdrawn, blocking purchases. So many businesses have already closed.

U.S., Japan, India and Australia ready to intervene to prevent Sri Lanka's economic implosion and a humanitarian crisis of regional impact. Under indictment are the policies of President Rajapaksa, who is too bent on Chinese positions. For China, the Quad's commitment to Colombo will "dissipate."

An initiative agreed by Sri Lanka's Department of Agriculture and the UNDP to counter fertiliser shortages will be unveiled in July. The fertiliser shortfall is preventing Sri Lanka from being self-sufficiency in rice production. The prime minister pledges to counter agricultural shortages within five to six months.

Russian crude is currently the cheapest option for Sri Lanka after it defaulted a few weeks ago. The country now has to be concerned about a possible European embargo. As long queues form at petrol stations, bus companies and schools cut their services.

Rice stocks are expected to run out by October. The authorities are urging urban residents to cultivate home gardens. To cope with the crisis, the government will be forced to import tonnes of rice, but experts believe that the population must also change its food habits.

The majority of the population no longer has access to three meals a day due to a lack of food. The Asian Development Bank and the International Monetary Fund are considering various financial assistance programmes. Female employment drops by 47% in the tourism sector.

With the Rajapaksas in power, Beijing financed infrastructure projects that were often unnecessary and overpriced. The port and airport in Hambantota district are the most striking examples. China holds 10 percent of Colombo's external debt, like Japan, but at much higher interest rates.

The five-time prime minister is expected to be sworn in tonight. The Sri Lankan parliament is expected to approve his appointment, following the resignation of Mahinda Rajapaksa, brother of the current president Gotabaya. Meanwhile, ordinary Sri Lankans continue to demand a new government.

A crowd gathered near a naval base looking for Mahinda Rajapaksa. His eldest son denies rumors that he fled abroad; however, rumours are flying that some politicians are trying to escape the island. Blockades have been set up at the airport while a strike has shut down immigration service. Diplomats and religious leaders condemn the violence.