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Sri Lanka on the verge of bankruptcy as inflation rises to record levels: Report

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Sri Lanka on the verge of bankruptcy as inflation rises to record levels: Report

Sri Lanka is facing a deepening financial and humanitarian crisis that could lead to its bankruptcy in 2022 as inflation rises to record levels, a media report said.

Earlier, on August 30 last year, the Sri Lanka government declared a national fiscal emergency after a sharp depreciation of the country’s currency caused food prices to soar.

Suhail Guptil wrote in the Colombo Communiqué that for most of the past decade, Sri Lanka has been facing a double deficit, namely a fiscal deficit and a trade deficit. Since 2014, Sri Lanka external debt level has been on an upward trend, reaching 42.6% of GDP in 2019.

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Guptil explained that the country’s accumulated external debt in 2019 was estimated at USD 33 billion, placing a huge burden on the country’s debt service.

Sri Lanka’s credit rating has since been downgraded to B from C by a number of credit rating agencies including Standard & Poor’s, Moody’s and Fitch, making it difficult to obtain funding through international sovereign bonds (ISBs), Guptil said.

Sri Lanka’s financial crisis was mainly caused by low growth rates (currently 4%) and huge debt service obligations, and the situation is getting worse.

As of November 2021, available foreign exchange reserves were only US$1.6 billion, while over the next 12 months, the Sri Lankan government and private sector will have to repay about US$7.3 billion in domestic and foreign loans, including US$500 million in international loans. Sovereign bonds to be repaid in January 2022, report says

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Complete News Source : Hindustan Times

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US vice president JD Vance, wife Usha and kids visit Jaipur’s iconic Amber Fort | Pics

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US vice president JD Vance, wife Usha and kids visit Jaipur’s iconic Amber Fort | Pics

US Vice President JD Vance, his wife Usha Vance, and their children visited the historical Amer Fort in Jaipur on April 22, 2025. The Vance family received a warm welcome at the Fort, where they were greeted with a traditional Rajasthani dance performance and elegantly decorated elephants. Second Lady Usha Vance, the wife of US vice president JD Vance, carries her daughter Mirabel as they watch a cultural performance at the Amber Fort in Jaipur.

Rajasthan CM Bhajanlal Sharma welcomed the Vance family as they visited the historic Amer Fort in Jaipur. The Vance family will depart for the US early Thursday morning. In related news, JD Vance and wife Usha attended Good Friday service at St. Peter’s Basilica in Vatican City. Vance also visited the Taj Mahal in Agra on April 23, 2025. Vance said that “good progress.

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In other news, Pope Francis’ funeral is set to start on Wednesday, and the J&K tourist hub has been completely shut today. On 4/20, celebrations across the US highlight cannabis culture and calls for legalization had been made towards a trade deal with India after meeting with “tough negotiator” Prime Minister Narendra Modi in New Delhi. The Vance family visited.

On April 22, 2025, US Vice President JD Vance, accompanied by his wife Usha Vance, and their three children, visited Jaipur’s historic Amber Fort. The family received a warm welcome, highlighted by traditional Rajasthani folk performances and a red carpet reception. As they entered the fort’s main courtyard, Jaleb Chowk, they were greeted by two elegantly decorated elephants named Chanda and Mala, raising their trunks in greeting. ​

During their visit, the Vances were joined by Rajasthan Chief Minister Bhajanlal Sharma and Deputy Chief Minister Diya Kumari, who guided them through the fort’s rich history and architectural marvels. The family also enjoyed cultural performances featuring traditional dances such as Kacchi Ghodi, Ghoomar, and Kalbeliya, offering a glimpse into the vibrant.

Usha Vance, dressed in a chic white shirt and patterned skirt, explored the fort alongside her family and dignitaries, embracing the cultural experience culture of Rajasthan This visit was part of Vice President Vance’s four-day official trip to India, aimed at strengthening bilateral relations between the United States and India. The Vance family departed for Washington.

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Bhajanlal Sharma welcomed the Vance family as they visited the historic Amer from Jaipur on April 24, concluding their cultural tour of India Upon their arrival at Amber Fort, the Vance family was greeted with traditional Rajasthani hospitality. Two elegantly decorated elephants, Chanda and Pushpa, adorned with silver ornaments, were stationed at the entrance welcome.

The family was also treated to a cultural performance featuring folk artists dressed in traditional Rajputi and Kalbelia attire, accompanied by musicians playing regional instruments. The vibrant rangolis and the overall festive atmosphere highlighted the rich cultural tapestry of Rajasthan The fort’s impressive courtyards and majestic structures.

Exploring the Fort’s Historical Significance

During their tour of Amber Fort, the Vance family explored various architectural marvels, including the Sheesh Mahal (Mirror Palace), known for its intricate mirror work and stunning design. They were accompanied by Rajasthan Chief Minister Bhajanlal Sharma and Deputy Chief Minister Diya Kumari, who provided insights into the fort’s history and significance.​

Engaging with Local Culture

Throughout their visit, Vice President Vance demonstrated a keen interest in engaging with The Vance family’s visit to Amber Fort was part local culture. He interacted with the folk artists and expressed appreciation for the traditional performances, reflecting a genuine curiosity and respect for India’s diverse cultural heritage.​

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