Cricket Sri Lanka

 

Cricket is ‘mental healing’ for many in crisis-hit Sri Lanka

Sport becomes a welcome distraction for Sri Lankans looking for a break from the effects of the economic crisis in the country.

Australia's cricket captain Pat Cummins take a selfie with fans after defeating Sri Lanka by 10 wickets in a Test match in Galle, Sri Lanka

The sport of cricket has become a welcome distraction for Sri Lankans looking for a break from the effects of the economic crisis in the country – long lines to buy fuel and cooking gas and school and work disrupted because there is little access to public transport.The cricket-crazed South Asian island nation is facing its worst economic crisis in recent memory, enduring acute shortages of food, fuel and medicine. The government has shut schools and universities and has limited fuel supplies.“Yes, there is a problem in the country – people have become poor and helpless with all kinds of problems. We have been living a monotonous life and sometimes spent five, six, seven days in fuel lines,” said Ujith Nilantha, who watched the first test between Sri Lanka and Australia with his 10-year-old son last week in the southern city of Galle.“There is no happiness for children, and we can’t provide what the child needs. When we watch this [cricket] it brings a mental healing,” added Nilantha, whose livelihood in the tourism sector has been disrupted after arrivals fell with the energy crisis.

Nilantha said he had planned to suggest his son play cricket, an expensive game by Sri Lanka’s standards, but his life changed quickly with the economic crisis and his plans were shattered.

“We love cricket but we can’t spend all our time on cricket, with the employment problems and all of that. But I expect to get some relief from the pressures by watching cricket.”

‘Only have cricket in times of sadness’

Cricket, a legacy from British colonisers, has become part of the local culture in Sri Lanka as in many South Asian and Caribbean nations. It has been looked upon as a unifying factor in a country torn apart by racial, religious and political discord.

Even a bloody quarter-century civil war did not hamper the progress or the following of the sport in Sri Lanka.

The now-defeated Tamil Tiger rebel group which fought for an independent state silenced their arms for the 1996 World Cup final, when Sri Lanka beat Australia to win the title.

Teenager Theekshana Nethumaksila was at the scenic cricket ground in Galle, having travelled from the neighbouring city of Matara by train.

People wait to buy fuel at a fuel station in Colombo

The 16-year-old Nethumaksila is scheduled to sit for public exams this year but is unable to prepare properly because the schools are closed.

“We only have cricket in times of sadness,” he said. “We come here to watch cricket to get it off our minds.”

Before going ahead with the tour, the Australian cricket team had to contemplate whether it was ethical to travel to Sri Lanka and play when local people were struggling even for basic needs.

The tour involved a three-game Twenty20 International (T20I) series, won by Australia, and a five-match One Day International (ODI) series, won 3-2 by Sri Lanka.

The Australian team’s decision to go ahead with the tour earned them admiration from fans who turned up at the fifth one-day match last month dressed in yellow – the colour of Australia’s ODI uniform – to thank them for entertaining them and sending a positive message about Sri Lanka to the world.

Some of the Australian players returned the favour. Led by captain Pat Cummins, many used social media to say they appreciated the outpouring of support they had received from the Sri Lankan fans.

Australia won the first Test match by 10 wickets, leaving Sri Lanka with a chance to square the series when the tour concludes with the second Test starting on Friday, also at Galle.

Sri Lanka’s central bank

 

Sri Lanka’s central bank hikes interest rates to 21-year high

The move comes as inflation hit a record 54.6 percent and food inflation galloped to 80.1 percent.

The Sri lankan prime minister has said that the inflation rate will hit 60 percent in the coming months amid rising commodity prices and a declining currency

The Central Bank of Sri Lanka (CBSL) has raised borrowing costs to tackle record-high domestic inflation and to contain any build up of underlying demand.

The Standing Lending Facility rate was raised on Thursday by a full percentage point (or 100 basis points) to15.5 percent while the Standing Deposit Facility Rate rose by the same amount to 14.5 percent, the highest in 21 years.

The decision comes as inflation touched a record 54.6 percent year-on-year in June while food inflation accelerated to 80.1 percent. Prime Minister Ranil Wickremesinghe told parliament Tuesday, that the inflation rate will hit 60 percent in the coming months amid rising commodity prices and a declining currency.

“The Board was of the view that a further monetary policy tightening would be necessary to contain any build-up of adverse inflation expectations,” CBSL said in a statement.

The policy adjustment would help guide inflation expectations to be anchored around the targeted 4-6 percent level over the medium term and curtail any build up of underlying demand pressures in the economy, it said.

The island of 22 million people is wilting under a severe foreign exchange shortage that has it struggling to pay for essential imports of fuel, fertilisers, food and medicine.

Prior to Thursday’s decision, the country’s central bank had raised interest rates by 850 basis points since the beginning of the year, even as its economy contracted in the first quarter, marking the beginning of a painful and long recession for the country. Economic activity has also come to a grinding halt as the bankrupt nation asked residents to stay home until July 10 to conserve fuel.

There has been significant progress made in the negotiations with the International Monetary Fund for a credit facility while negotiations are on with bilateral and multilateral partners to secure bridge financing, the CBSL said.

“Bond yields shot up on Wednesday on the expectations of about a 500 basis point increase but what is interesting is the central bank is anchoring it’s decision on Sri Lanka seeing dis-inflation in the second quarter of 2023,” said Udeeshan Jonas, chief strategist at equity research firm CAL, referring to a slowdown in the rate of increase of prices of goods and services.

“Given the global changes, including oil prices trending downwards, it is clear the central bank is taking a measured approach and focusing on real interest rates and not matching cost-push inflation,” he added.