Lankan newspapers run out of newsprint due to forex crisis; suspend publication
Colombo(PTI): Sri Lanka's two major newspapers on Saturday suspended their publication over newsprint shortage and price escalation caused by the country's all-time worst foreign exchange crisis.
The Island, an English daily along with its sister Sinhala paper Divayina, ceased to print as the newsprint scarcities and price escalations hit the media organisation.
We regret to inform our readers that we have been compelled to suspend the publication of The Island print edition on Saturday until further notice in view of the newsprint shortage, Upali Newspapers Limited said in a statement.
Sri Lanka is facing its all-time worst foreign exchange crisis after the pandemic hit the nation's earnings from tourism and remittances.
The import costs of newsprint also rose remarkably since the government's decision early this month to float the Sri Lankan rupee against the US dollar.
The Island newspaper, which has been in print since October 1981, will now function as an e-paper.
Sri Lanka is facing an acute economic and energy crisis triggered due to shortage of foreign exchange. A sudden rise in prices of key commodities and fuel shortage forced tens of thousands of people to queue for hours outside petrol filling stations. People are also facing long hours of power cuts daily.
All essentials are in short supply due to import restrictions forced by the forex crisis.
As part of its measures to tackle the crisis, the Sri Lankan government has sought India's assistance. After months of resistance, the government is preparing to approach the International Monetary Fund (IMF) for an economic bailout.
In a related development, the Indian Oil Corporation's local entity LIOC effected another price hike of petrol with effect from midnight Friday. This was the LIOC's fourth price hike since February.
India recently announced to extend a USD 1 billion line of credit to Sri Lanka as part of its financial assistance to help the country deal with the economic crisis. New Delhi had extended a USD 500 million line of credit to Colombo in February to help it purchase petroleum products.
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India & Israel elevate ties to special strategic partnership, vow to soon conclude free trade deal
Jerusalem (PTI): India and Israel on Thursday elevated their "time-tested" relationship to a special strategic partnership and agreed to soon firm up a "mutually beneficial" free trade deal even as Prime Minister Narendra Modi strongly backed the Gaza peace initiative, asserting that humanity must never become a victim of conflict.
Following talks between Modi and his Israeli counterpart Benjamin Netanyahu, the two sides inked a plethora of agreements to expand cooperation in areas of trade, agriculture, energy, cyberspace and digital payment.
India and Israel also vowed to expand their already close defence partnership by working towards joint development and joint production of military hardware under the framework of the transfer of technologies.
In his media statement, Modi said India's security interest is linked to peace and stability in the Middle East, adding that New Delhi fully supports the Gaza Peace Initiative.
"India's stance is clear: humanity must never become a victim of conflict. A path to peace has been created through the Gaza Peace Plan. India has fully supported these efforts," he said.
"In the future as well, we will continue dialogue and cooperation with all countries," he said.
PM Modi landed in Israel on Wednesday on a two-day visit. It is his second visit to Israel in nine years.
In his remarks, the prime minister said India and Israel have a united view that there is no place for terrorism in the world and both sides stand shoulder-to-shoulder in countering terrorism and its supporters.
"Our relationship is founded on the strong bedrock of deep trust, shared democratic values, and human sensitivities. Our bond has stood the test of every trial of time," he said.
"Today, we have taken the historic decision to elevate our time-tested partnership to the status of a 'Special Strategic Partnership'," he said.
The prime minister also announced the establishment of an India-Israel critical and emerging technologies partnership to impart a new momentum for cooperation in areas of artificial intelligence, quantum, and critical minerals. "I am pleased that an agreement has been reached for the use of UPI in Israel," he said.
The prime minister, referring to the threat of terrorism, said India and Israel will continue to confront the menace unitedly.
"India and Israel are completely clear that there is no place for terrorism in the world. In any form, in any expression, terrorism cannot be accepted," he said.
"We have stood shoulder-to-shoulder in opposing terrorism and its supporters, and we will continue to do so," he added.
India and Israel also discussed the implementation of the India-Middle East Europe Economic Corridor (IMEC) and cooperation under the framework of I2U2 (India-Israel-UAE-USA).
