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In recent years, Sri Lanka has undergone a profound political and economic crisis, culminating in the exodus of President Gotabaya Rajapaksa in July 2022. This article examines the crisis through the International Relations (IR) theory framework, specifically Realism, which emphasises state power, self-interest, and survival. This study investigates domestic and international reasons leading to the deterioration of governance and economic stability, encompassing internal mismanagement, reliance on foreign loans, and regional geopolitical rivalry. Particular emphasis is placed on the roles of China and India, which capitalised on the crisis to advance their strategic objectives in the Indian Ocean region. Ultimately, conclusions are derived for small states facing analogous issues, highlighting the importance of debt diversification, effective governance, and equitable diplomacy. Keywords: Political crisis, governance collapse, foreign loans, geopolitical competition, economic mismanagement.

Abstract: After ten years of civil war in Nepal (1996 - 2006), the combatant forces brokered the Comprehensive Peace Accord (CPA). The war had ended, but peace was never fully established, and Nepal’s political economy remains weak and barely functioning. The CPA has been inoperative due to the power struggles of numerous parliamentary political parties in the post-insurgency Nepalese governments. The political parties see no use for the CPA in these power struggles. Their sole and continuing objective is to secure political power. The causes of and the problems created by the civil war have been ignored in the power struggles of the parliamentary parties. The peace process in Nepal is now paralysed. In recent years, persistent power struggles have exacerbated political instability, as the political elite prioritises immediate power over long-term peacebuilding efforts. The political parties have ignored, avoided, isolated, and derailed the peacebuilding process in Nepal. Hence, this paper analyses the political reality and the paralysed peace process in Nepal. It also examines how the activities of political parties have deliberately failed to bring the process of peacebuilding to Nepal. Finally, it proposes practical peacebuilding measures by which peacebuilding could occur in Nepal, bypassing the power struggles of the political parties in Nepal. Key words: Achievements, Failures, Paralysing, Personal interests, Democratic activities

Nepal is a small mountainous country locked between the two Asian economic giants, China and India. Its geopolitical situation makes it the focus of the growing rivalry between China and India. This rivalry could be either an opportunity for the development of Nepal or its total dependency on either China or India. The Chinese power projection into Nepal threatens the existing Indian economic domination of Nepal. China sees Nepal as a strategic development in its global One Belt One Road project. The expanding influence of China in Nepal, especially via infrastructure initiatives under the Belt and Road Initiative (BRI), is altering the geopolitical landscape in South Asia. It enhances Nepal's negotiating leverage while augmenting its reliance on China in specific domains. Keywords: Sino-Nepal relation, Political-economy, Chinese strategic interests, India

Substantial political and economic exchanges have marked the historical relationship between Nepal and India. They continue their diplomatic relations by exchanging high-level visits, working on trade initiatives, and making financial investments. Moreover, India has assisted in the domain of infrastructure development in Nepal but is motivated by geopolitical considerations and preferences. The Treaty of Segouli concluded in 1816 between the Kingdom of Nepal and British India led to Nepal's relinquishment of substantial territorial expansion. This was the beginning of the emergence of Realpolitik in Nepal that facilitated foreign intervention in the country's political affairs. India has exerted a significant hegemonic influence on Nepal's internal and external affairs since its independence from British rule in 1947. This influence has been particularly evident since establishing the 'Peace and Friendship Treaty' between India and Nepal in 1950. India has played an active role in Nepal's political movements, introduced the concept of a common river, and imposed its desires and interests through river water agreements. Additionally, India has infringed upon Nepalese territories and utilized Nepalese political parties and their leaders to create a political-economic environment in Nepal that benefits India. Furthermore, India has a covert presence in selecting Prime Ministers in Nepal. Therefore, these factors collectively suggest that India's influence and domination infringe upon Nepal's sovereignty and independence. Keywords: relations, strategic interests, preferences, hegemonic, sovereignty

Small states face significant challenges in the global system due to their limited economic and military capacities. However, they can overcome these obstacles by employing philosophical and ethical concepts. This article analyses the translation of Buddha's Panchsheel (Five Precepts) into the Panchsheel (Five Principles) of international relations. These principles, which emphasise non-violence, compassion, and peaceful coexistence, impact small states' foreign affairs. The article examines how these principles contribute to preserving these states' autonomy in contemporary geopolitics. Case studies conducted in Nepal, Bhutan, the Maldives, and other nations provide evidence of how these principles influence diplomatic strategy, promote regional stability, and foster international collaboration. Keywords: Buddhism, Panchasheel, foreign policy, small states, peaceful coexistence