Pakistan has already gone bankrupt, IMF not the solution: Defence minister Khawaja Asif

Pakistan's defence minister Khawaja Asif declared that the country is now "bankrupt". Asif said that Pakistan has already defaulted and blamed the politicians and bureaucracy for the economic crisis. Pakistan is going through one of its worst economic crises. Many essential food items are now unaffordable for large swathes of the country’s population. Petrol prices were raised by ₹22 (in Pakistani currency) to ₹272 a litre. Kerosene and both light and high-speed diesel will be more expensive.

published on : 20th February 2023

Pakistan hikes fuel price to historic high to appease IMF

Pakistan government drops "petrol bomb" with historic rise in price of petrol and gas. The petrol price was hiked to Rs 272 per litre after an increase of Rs 22.20 on Feb 15.

published on : 16th February 2023

Blackouts, soaring prices and IMF bailout: Pakistan's economic crises deepens

Pakistan is gripped by a major #economiccrisis, with the rupee plummeting. Inflation has skyrocketed to a 48-year high at 27.55 percent. The country has less than $3.7 billion in the state bank -- enough to cover just three weeks of imports. Traders have warned of a likely shortage of essentials like ghee and cooking oil. The ban on imports and the significant depreciation of the currency has severely hurt businesses.

published on : 5th February 2023

Pakistan reels under severe food crisis; Shehbaz Sharif seeks "peace talk" with Modi

Pakistan PM Shehbaz Sharif has called for "serious and sincere talks" with PM Modi on "burning points like Kashmir." He also clarified that talks can happen if India reverses the Article 370 move, which ended the special status of J-K. Shehbaz's statement of "peace" comes amid Pakistan's severe economic crisis.

published on : 18th January 2023

Is Bangladesh going the Sri Lanka way? | Economic crisis | TNIE Explainer

Since the first week of August, Bangladesh has been witnessing mass protests after the unprecedented price hike in fuel. After Sri Lanka, now Bangladesh is grappling with soaring fuel prices. How did Bangladesh arrive in this position? Watch this video to know more on the recent economic crisis in #Bangladesh.

published on : 27th August 2022

Sri Lanka Crisis: Ranil Wickremesinghe elected as the new president

Acting President #RanilWickremesinghe was elected as Sri Lanka's new President by Parliament on July 20. The 73-year-old six-time former prime minister secured 134 votes in the 225-member House. His nearest rival and dissident ruling party leader Dullas Alahapperuma got 82 votes. The new President will have a mandate to serve out the rest of Rajapaksa's term, which ends in November 2024. Wickremesinghe, who is believed to be close to India and its leaders, has held many important posts during his political career spanning four and half decades.

published on : 20th July 2022

Sri Lankan President Gotabaya Rajapaksa's residence taken over by protesters, crisis worsens

Sri Lanka's President Gotabaya Rajapaksa was escorted to safety shortly before protesters, angered by an unprecedented economic crisis, stormed and overran the compound of his official residence. Huge crowds had surrounded the leader's home to demand his resignation. As protesters surged at the gates of the President's Palace, troops guarding the compound fired in the air to hold back the tide until Rajapaksa was safely removed.

published on : 9th July 2022

Maharashtra crisis: Uddhav Thackeray resigns as CM after SC refuses to stay floor test

#UddhavThackeray resigned as #Maharashtra CM minutes after the Supreme Court on Wednesday allowed the floor test ordered by Maharashtra Governor Bhagat Singh Koshyari on Thursday. He announced his resignation in an online address. “I am also resigning as member of the legislative council,” he said.

published on : 29th June 2022

Sri Lanka runs out of fuel, economic crisis deepens

Sri Lanka has run out of fuel. Sri Lanka, hit by a massive economic crisis, has run out of fuel and only essential services will operate starting midnight. This is the first time that Sri Lanka has run out of fuel. The list of essential services will include health, law and order, ports, airport, food distribution and agriculture. All non-essential services have been suspended till July 10.

published on : 28th June 2022

Sri Lanka: Petrol at all-time high of Rs 420, diesel Rs 400; Crisis worsens

Crisis-hit Sri Lanka raised the petrol price by 24.3% and diesel by 38.4% on May 24th. This is a record hike in fuel prices amidst the country's worst economic crisis due to the shortage of foreign exchange reserves. With the 2nd fuel price hike since April 19, now the most-used Octane 92 Petrol-420 Rupees and Diesel-400 Rupees a litre.

published on : 24th May 2022

Sri Lanka Crisis: Ranil Wickremesinghe sworn in as PM, thanks India

In a dramatic turn of events, #RanilWickremesinghe was appointed the 26th PM of #SriLanka by President Gotabaya Rajapaksa on May 12. Wickremesinghe, 73, has been PM 5 times before but his United National Party now has just one MP in the 225-member parliament. #SriLankaCrisis

published on : 14th May 2022

Sri Lanka on cusp of another civil war? PM's residence set on fire, nationwide curfew imposed

Sri Lanka Prime Minister Mahinda Rajapaksa's residence was set on fire on May 9. Sri Lanka saw its most violent day in recent weeks as prime minister Mahinda Rajapaksa quit his post on Monday and clashes - far and wide - claimed at least five lives including a ruling party MP and leftover around 173 injured.

published on : 10th May 2022

Explainer: Why is Indian Railways cancelling passenger trains ? | Coal Crisis

With many states facing power shortages due to a coal crunch, Indian Railways has cancelled more than 650 passenger and express train trips to facilitate the movement of freight trains to power generation plants. Apart from the cancellation of train trips, the routes of 42 passenger trains have also been diverted in many parts of the country to facilitate the transport of coal. Indian Railways said that this plan is set to be in force for 2 months in order to avoid coal crisis during the monsoon months that see less mining.

published on : 30th April 2022

Explained: Unprecedented power crisis looms in India as coal stocks dry up

India is on the verge of an unprecedented power crisis as thermal power plants across the country are grappling with coal shortages. According to the Central Electricity Authority of India’s latest daily coal report, coal stock at 81 out of a total of 150 thermal power stations using domestic coal is in critical stage. The situation at private thermal plants is equally bad as stock at 28 out of 54 plants is critical.

published on : 21st April 2022

How Sri Lanka's economic crisis affects Indian businesses

The uncertainty due to the geopolitical crisis in eastern Europe is already taking a toll on exporters, travel and tourism industry and all other businesses in general, and now with the Sri Lankan economy floundering in the neighbourhood, things can’t get bleaker. The island nation is smaller in size but is of significant interest for India, both strategically and economically. Several Indian companies have a presence in the country.

published on : 10th April 2022

Sri Lanka Crisis: President Gotabaya Rajapaksa defies calls for his resignation

Sri Lankan President Gotabaya Rajapaksa on April 5 revoked the state of Emergency with immediate effect on his island nation. On April 1, President Rajapaksa has declared a public emergency amidst a spate of protests over the worst economic crisis in the country. Despite public anger Sri Lanka President will not be resigning, the government's whip has told parliament. The declaration defies calls from the public and political opponents for Gotabaya Rajapaksa to step down amid the country's economic crisis.

published on : 6th April 2022

Sri Lanka crisis: Protest at president Rajapaksa's home turns violent, police arrests 45 people

At least 45 people were arrested and a curfew briefly imposed in most parts of Colombo city after hundreds of protesters gathered outside the residence of Sri Lankan President Gotabaya Rajapaksa demanding his resignation for failing to address the worst economic crisis in the island nation. A foreign exchange crunch in Sri Lanka has led to a shortage of essential goods such as fuel,cooking gas, and power cuts that last up to 13 hours a day.

published on : 1st April 2022

Sri Lankan economic crisis worsens, govt imposes 10-hour powercut

The Sri Lankan government imposed 10-hour daily power cuts across the country on March 30 amidst a severe economic crisis. Sri Lanka is facing an unprecedented acute economic and energy crisis caused due to shortage of foreign exchange.Since the beginning of March, there have been seven-hour power cuts in the island country. The duration has now been increased by three hours.

published on : 30th March 2022

Sri Lanka's grave economic crisis | TNIE Explainer

Sri Lanka is facing its worst economic crisis in memory. Sri Lanka has been bit by severe shortages of essentials like food, medicine, milk powder, cooking gas and fuel. The Russia-Ukraine war which has led to a steep hike in oil prices has further amplified Sri Lanka’s economic problems. The situation has led to protests against the pathetic management by the government.

published on : 25th March 2022

Ukraine Crisis: Russian forces bomb art school in Mariupol housing 400 refugees

Russian forces have bombed an art school in the Ukrainian port city of Mariupol, where about 400 residents had taken shelter. Meanwhile, #Russia denies targeting civilians. Mariupol has been one of the main targets of Russia's attacks. Russian shelling has hammered the eastern Ukrainian port for days, and the city has seen a near-total communication blackout.

published on : 21st March 2022
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