Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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    <h1 class="cat-box-title">Russia’s war in Ukraine is crushing Sri Lanka’s $81 billion economy -Anusha Ondaatjie</h1>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling forex holdings.</em></p><p style="text-align:justify"><em>Colombo: </em>Russia&rsquo;s war in Ukraine, which has caused a humanitarian crisis and convulsed global financial markets, is now threatening to crush an $81 billion economy more than 4,000 miles away in the Indian Ocean.</p><p style="text-align:justify">Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling foreign-exchange holdings. With inflation already at 15% &mdash; the worst in Asia &mdash; the conflict is only making it harder for the tropical island located off the southern tip of India. Fuel shortages and blackouts lasting as long as seven hours have become daily routine, while the wait gets longer at gas stations where prices surged almost 50% this month.</p><p style="text-align:justify">Authorities are struggling to contain the crisis. They&rsquo;ve raised interest rates, devalued the local currency and placed curbs on non-essential imports. But with a meager $2 billion in forex reserves and $7 billion in debt payments due this year, the battle is turning uphill. The government this week finally abandoned its reluctance to seek help from the International Monetary Fund and President Gotabaya Rajapaksa pledged to fulfill Sri Lanka&rsquo;s obligations.</p><p style="text-align:justify">&ldquo;Seeking help from the IMF is the most feasible way to get out of the crisis,&rdquo; said Ankur Shukla, a Mumbai-based economist with Bloomberg Economics. &ldquo;The Russia-Ukraine war has worsened the already weak external balances situation, increasing the gap between external financial requirements and financing sources available.&rdquo;</p><p style="text-align:justify">One of Europe&rsquo;s worst conflicts since World War II couldn&rsquo;t have come at a worse time for Sri Lanka, which is still recovering from a brutal 30-year ethnic strife that ended in 2009. The South Asian country has sought to revive growth since, spending millions on tourism infrastructure, until the pandemic dealt a blow to its plans. The crisis also shows how Russia&rsquo;s war is putting some of the fragile developing economies at risk and imperiling decades of efforts to lift millions out of poverty.</p><p style="text-align:justify">Please <a href="https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8" title="https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8">click here</a> to read more.</p>                                                           
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    <br><a href="https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8" class="re" target="_blank">ThePrint.in, 17 March, 2022, https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8</a><div class="clear"></div>
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    <h1 class="cat-box-title">Russia’s war in Ukraine is crushing Sri Lanka’s $81 billion economy -Anusha Ondaatjie</h1>
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling forex holdings.</em></p><p style="text-align:justify"><em>Colombo: </em>Russia&rsquo;s war in Ukraine, which has caused a humanitarian crisis and convulsed global financial markets, is now threatening to crush an $81 billion economy more than 4,000 miles away in the Indian Ocean.</p><p style="text-align:justify">Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling foreign-exchange holdings. With inflation already at 15% &mdash; the worst in Asia &mdash; the conflict is only making it harder for the tropical island located off the southern tip of India. Fuel shortages and blackouts lasting as long as seven hours have become daily routine, while the wait gets longer at gas stations where prices surged almost 50% this month.</p><p style="text-align:justify">Authorities are struggling to contain the crisis. They&rsquo;ve raised interest rates, devalued the local currency and placed curbs on non-essential imports. But with a meager $2 billion in forex reserves and $7 billion in debt payments due this year, the battle is turning uphill. The government this week finally abandoned its reluctance to seek help from the International Monetary Fund and President Gotabaya Rajapaksa pledged to fulfill Sri Lanka&rsquo;s obligations.</p><p style="text-align:justify">&ldquo;Seeking help from the IMF is the most feasible way to get out of the crisis,&rdquo; said Ankur Shukla, a Mumbai-based economist with Bloomberg Economics. &ldquo;The Russia-Ukraine war has worsened the already weak external balances situation, increasing the gap between external financial requirements and financing sources available.&rdquo;</p><p style="text-align:justify">One of Europe&rsquo;s worst conflicts since World War II couldn&rsquo;t have come at a worse time for Sri Lanka, which is still recovering from a brutal 30-year ethnic strife that ended in 2009. The South Asian country has sought to revive growth since, spending millions on tourism infrastructure, until the pandemic dealt a blow to its plans. The crisis also shows how Russia&rsquo;s war is putting some of the fragile developing economies at risk and imperiling decades of efforts to lift millions out of poverty.</p><p style="text-align:justify">Please <a href="https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8" title="https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8">click here</a> to read more.</p>                                                           
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                            <p style="text-align:justify">-ThePrint.in</p><p style="text-align:justify"><em>Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling forex holdings.</em></p><p style="text-align:justify"><em>Colombo: </em>Russia&rsquo;s war in Ukraine, which has caused a humanitarian crisis and convulsed global financial markets, is now threatening to crush an $81 billion economy more than 4,000 miles away in the Indian Ocean.</p><p style="text-align:justify">Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling foreign-exchange holdings. With inflation already at 15% &mdash; the worst in Asia &mdash; the conflict is only making it harder for the tropical island located off the southern tip of India. Fuel shortages and blackouts lasting as long as seven hours have become daily routine, while the wait gets longer at gas stations where prices surged almost 50% this month.</p><p style="text-align:justify">Authorities are struggling to contain the crisis. They&rsquo;ve raised interest rates, devalued the local currency and placed curbs on non-essential imports. But with a meager $2 billion in forex reserves and $7 billion in debt payments due this year, the battle is turning uphill. The government this week finally abandoned its reluctance to seek help from the International Monetary Fund and President Gotabaya Rajapaksa pledged to fulfill Sri Lanka&rsquo;s obligations.</p><p style="text-align:justify">&ldquo;Seeking help from the IMF is the most feasible way to get out of the crisis,&rdquo; said Ankur Shukla, a Mumbai-based economist with Bloomberg Economics. &ldquo;The Russia-Ukraine war has worsened the already weak external balances situation, increasing the gap between external financial requirements and financing sources available.&rdquo;</p><p style="text-align:justify">One of Europe&rsquo;s worst conflicts since World War II couldn&rsquo;t have come at a worse time for Sri Lanka, which is still recovering from a brutal 30-year ethnic strife that ended in 2009. The South Asian country has sought to revive growth since, spending millions on tourism infrastructure, until the pandemic dealt a blow to its plans. The crisis also shows how Russia&rsquo;s war is putting some of the fragile developing economies at risk and imperiling decades of efforts to lift millions out of poverty.</p><p style="text-align:justify">Please <a href="https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8" title="https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8">click here</a> to read more.</p>                                                           
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Russia’s war in Ukraine is crushing Sri Lanka’s $81 billion economy -Anusha Ondaatjie

Published on Mar 17, 2022   Modified on Mar 19, 2022

-ThePrint.in Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling forex holdings. Colombo: Russia’s war in Ukraine, which has caused a humanitarian crisis and convulsed global financial markets, is now threatening to crush an $81 billion economy more than 4,000 miles away in the Indian Ocean. Hit by soaring oil import costs and a dip in tourism revenue, Sri Lanka is racing to avert a default amid dwindling foreign-exchange holdings. With inflation already at 15% — the worst in Asia — the conflict is only making it harder for the tropical island located off the southern tip of India. Fuel shortages and blackouts lasting as long as seven hours have become daily routine, while the wait gets longer at gas stations where prices surged almost 50% this month. Authorities are struggling to contain the crisis. They’ve raised interest rates, devalued the local currency and placed curbs on non-essential imports. But with a meager $2 billion in forex reserves and $7 billion in debt payments due this year, the battle is turning uphill. The government this week finally abandoned its reluctance to seek help from the International Monetary Fund and President Gotabaya Rajapaksa pledged to fulfill Sri Lanka’s obligations. “Seeking help from the IMF is the most feasible way to get out of the crisis,” said Ankur Shukla, a Mumbai-based economist with Bloomberg Economics. “The Russia-Ukraine war has worsened the already weak external balances situation, increasing the gap between external financial requirements and financing sources available.” One of Europe’s worst conflicts since World War II couldn’t have come at a worse time for Sri Lanka, which is still recovering from a brutal 30-year ethnic strife that ended in 2009. The South Asian country has sought to revive growth since, spending millions on tourism infrastructure, until the pandemic dealt a blow to its plans. The crisis also shows how Russia’s war is putting some of the fragile developing economies at risk and imperiling decades of efforts to lift millions out of poverty. Please click here to read more.

ThePrint.in, 17 March, 2022, https://theprint.in/world/russias-war-in-ukraine-is-crushing-sri-lankas-81-billion-economy/877212/?fbclid=IwAR0a9HPd8Ya_CEJYobRsbqEjKHyYU7nDF-JMXpCKh-mg4gqJHJNut8qnCr8

Tagged with: Sri Lanka Russia Ukraine Balance of Payments Russia-Ukraine Conflict Fuel shortages blackouts Oil Imports IMF

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