Taking advantage of northern Sri Lanka's proximity to India, new endeavors could help New Delhi balance China's infrastructure projects in the south of the island.
To get debt to a sustainable level, Beijing, New Delhi, Tokyo, multilateral organizations and global asset managers must all swallow losses.
Across rice farms on this Indian Ocean island, a bleak picture is emerging that the summer harvest could be as low as half that of previous years, according to experts.
Media footage showed soldiers in riot gear and armed with assault rifles tearing down the camp, set up in April by protesters enraged with the country's economic collapse.
The announcement triggered jubilation in the commercial capital Colombo where protesters massed outside the presidential secretariat, defying a citywide curfew.
The president's flight brings an end to the rule of the powerful Rajapksa clan that has dominated politics in the South Asian nation for the last two decades.
Gas prices have soared 259% since October 2021 as the government slashed subsidies to try and stabilize a teetering economy.
He replaces the president's brother, Mahinda Rajapaksa, who resigned amid deadly street protests.
Sri Lanka has been suffering its worst economic crisis in history, with a severe shortage of foreign exchange stalling essential imports, including drugs and fuel.
Faced with a rapidly deteriorating economic environment, the government chose to wait, instead of moving quickly and seeking help.
