Sri Lanka passes anti-corruption bill as part of IMF bailout plan
1 year, 5 months ago

Sri Lanka passes anti-corruption bill as part of IMF bailout plan

Al Jazeera  

This is the first time an IMF programme has been linked to such a measure in Asia. Sri Lanka’s Parliament has approved an anti-corruption bill, aimed at improving governance in the crisis-hit country and meeting requirements linked to a $2.9bn bailout from the International Monetary Fund. “The bill is passed with amendments,” Sri Lanka Parliament Speaker Mahinda Yapa Abeywardena told lawmakers after more than two dozen pages of amendments were included in the draft legislation during the morning session. Sri Lanka’s economy nosedived into the worst financial crisis in more than 70 years after a severe foreign exchange crunch last year forced the island nation to default on its foreign debt, which led to soaring inflation and rapid depreciation in its currency. Sri Lanka has been grappling with an unprecedented economic crisis since 2022, after suspending repayment of foreign loans because of a severe foreign currency crisis triggered by the COVID-19 pandemic, excessive borrowing by the government, and efforts by the central bank to stabilise the Sri Lankan rupee with scarce foreign reserves.

Sri Lanka Crisis Lanka Sri Imf Severe Foreign  governance  linked  plan  lankas  lanka  anticorruption  sri  programme  imf  bill  bailout  severe  foreign  crisis  passes

History of this topic

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
2 weeks, 5 days ago

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister

Deccan Chronicle  

Colombo: Cash-strapped Sri Lanka vowed Thursday to complete its long-delayed foreign debt restructure within the month before a 2025 budget adhering to strict revenue targets set by the International Monetary Fund. Economic Development Deputy Minister Anil Jayantha Fernando said debt restructuring had been delayed by more than two years, costing the country an additional 1.7 billion dollars in accumulated interest. …

IMF approves third review of Sri Lanka’s $2.9bn bailout, but warns of risks
1 month ago

IMF approves third review of Sri Lanka’s $2.9bn bailout, but warns of risks

Al Jazeera  

Global lender says it will release about $333m to crisis-hit nation as signs of economic recovery emerge. The International Monetary Fund has approved the third review of Sri Lanka’s $2.9bn bailout but warned that the South Asian island nation’s economy remains vulnerable. Sri Lanka still needs to complete a $12.5bn bondholder debt restructuring and a $10bn debt rework with bilateral …

IMF to begin talks with new Lanka government led by President Dissanayake
3 months ago

IMF to begin talks with new Lanka government led by President Dissanayake

The Hindu  

The International Monetary Fund on Tuesday said it will discuss the timing of the next review of Sri Lanka’s loan programme and looks forward to working with the new government headed by President Anura Kumara Dissanayake. “We look forward to working together with President Dissanayake and his team towards building on the hard-won gains that have helped put Sri Lanka …

IMF expresses willingness to collaborate with Sri Lanka's new president on economic recovery
3 months ago

IMF expresses willingness to collaborate with Sri Lanka's new president on economic recovery

China Daily  

COLOMBO - The International Monetary Fund has expressed its eagerness to collaborate with Sri Lanka's newly elected President Anura Kumara Dissanayake, said the IMF on Tuesday. "We look forward to working closely with President Dissanayake and his administration to build on the significant progress made, which has helped steer Sri Lanka toward economic recovery after one of its worst financial …

Is Pakistan’s $7bn IMF bailout package in trouble?
3 months, 1 week ago

Is Pakistan’s $7bn IMF bailout package in trouble?

Al Jazeera  

Pakistan’s deputy prime minister has accused the IMF of stalling on a loan deal, prompting concerns over its fate. Earlier this week, Pakistan’s Deputy Prime Minister Ishaq Dar accused the IMF of “deliberately delaying” the release of funds. Pakistan eventually narrowly avoided default when Shehbaz Sharif, in his first stint as prime minister, managed to secure a new, nine-month long …

Sri Lanka president defends IMF bailout in campaign launch
3 months, 3 weeks ago

Sri Lanka president defends IMF bailout in campaign launch

Hindustan Times  

Sri Lanka had no option but to agree to an International Monetary Fund bailout that required tough austerity measures, President Ranil Wickremesinghe said Thursday as he launched his re-election campaign. Sri Lanka president defends IMF bailout in campaign launch An unprecedented economic crisis two years ago led to months-long food and fuel shortages, triggering street protests that forced Wickremesinghe's predecessor …

Economic conditions in debt-stricken Sri Lanka improving, IMF says
9 months ago

Economic conditions in debt-stricken Sri Lanka improving, IMF says

Al Jazeera  

IMF says inflation has dropped from 70 percent, economy expanded in the second half of 2023. The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund has said. Sri Lanka’s year-on-year economic expansion in the third quarter of 2023 was 1.6 percent, and in the fourth …

IMF says the economic situation in debt-stricken Sri Lanka is gradually improving
9 months ago

IMF says the economic situation in debt-stricken Sri Lanka is gradually improving

Associated Press  

COLOMBO, Sri Lanka — The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund said Thursday. Sri Lanka’s year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.5%, the IMF said. The economic crisis in early 2022 left Sri …

IMF reaches agreement with Pakistan on releasing last tranche of $3 billion bailout package
9 months ago

IMF reaches agreement with Pakistan on releasing last tranche of $3 billion bailout package

India TV News  

Washington: The International Monetary Fund on Wednesday announced that it has reached a staff-level agreement with cash-strapped Pakistan for the release of $1.1 billion tranche, the last of the $3 billion financial bailout package, as the global moneylender noted that Pakistan's inflation was above target and economic growth remained modest, reported the Express Tribune. “The IMF team has reached a …

Pakistan, IMF reach staff-level deal to release $1.1bn from bailout package
9 months ago

Pakistan, IMF reach staff-level deal to release $1.1bn from bailout package

Al Jazeera  

The funds are the final tranche of a $3bn programme agreed upon last year to avert a default, as Islamabad seeks another long-term bailout. “The IMF team has reached a staff-level agreement with the Pakistani authorities on the second and final review of Pakistan’s stabilisation programme,” the IMF said in a statement on Wednesday. The IMF said Pakistan’s “economic and …

Sri Lanka will get the second tranche of a much-need bailout package from the IMF
1 year ago

Sri Lanka will get the second tranche of a much-need bailout package from the IMF

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Second tranche of IMF bailout to Sri Lanka may be delayed; talks with govt to continue: official
1 year, 2 months ago

Second tranche of IMF bailout to Sri Lanka may be delayed; talks with govt to continue: official

The Hindu  

Sri Lanka's second tranche of a USD 2.9 billion bailout package from the IMF is likely to be delayed due to the inconclusive nature of the cash-strapped nation's external debt restructuring even as the global lender said on Wednesday that it will continue discussions to reach a staff-level agreement. The International Monetary Fund in March this year approved a 48-month, …

IMF says Sri Lanka needs to boost reforms and collect more taxes for its bailout funding package
1 year, 2 months ago

IMF says Sri Lanka needs to boost reforms and collect more taxes for its bailout funding package

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka has so far failed to make enough progress in boosting tax collection and other economic reforms for the International Monetary Fund to release a second tranche of $330 million in the country’s $2.9 billion bailout from bankruptcy, the IMF said. Sri Lanka plunged into its worst economic crisis last year, suffering severe shortages and …

World Bank approves $700 million for crisis-hit Sri Lanka
1 year, 5 months ago

World Bank approves $700 million for crisis-hit Sri Lanka

The Hindu  

The World Bank has approved $700 million in financing to help Sri Lanka to recover from the current economic crisis and provide relief to the poor and vulnerable people, the biggest funding tranche since the IMF deal in March. The World Bank Board of Directors Wednesday approved $700 million in financing to help Sri Lanka to recover from the current …

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman
1 year, 6 months ago

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman

Firstpost  

Sri Lanka Cabinet Spokesman Bandula Gunawardena said that no elections would be possible this year as the state finances have not improved Economic crisis hit Sri Lanka will not be holding a snap presidential election this year as the government wants to focus on debt restructuring, said Cabinet Spokesman Bandula Gunawardena. Denying speculations that the government might opt to hold …

IMF urges crisis-hit Sri Lanka to decide on debt restructuring
1 year, 6 months ago

IMF urges crisis-hit Sri Lanka to decide on debt restructuring

Live Mint  

The International Monetary Fund has urged crisis-hit Sri Lanka to decide on debt restructuring, including with China by this October this year to obtain the applied bailout fund of USD 2.9 billion from the Washington-based financial body. China's delaying tactics clearly indicate that without their assistance, an IMF bailout would be impossible for Sri Lanka, according to a report published …

Timely debt restructuring crucial for Sri Lanka, says IMF
1 year, 7 months ago

Timely debt restructuring crucial for Sri Lanka, says IMF

The Hindu  

Sri Lanka is showing “tentative signs of improvement”, the International Monetary Fund has said, while urging the island nation to reach timely restructuring agreements with its creditors, before the Fund’s first scheduled review in September this year. An IMF mission conducted a staff visit to Sri Lanka From May 11 to 23, to review the implementation of the Fund’s programme …

IMF: Sri Lanka’s crisis-hit economy likely to resume growth in 2024 after contracting 3% this year
1 year, 7 months ago

IMF: Sri Lanka’s crisis-hit economy likely to resume growth in 2024 after contracting 3% this year

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s crisis-hit economy is expected to resume growing in 2024 after contracting 3% this year, an International Monetary Fund official said Monday. Krishna Srinivasan, the IMF’s director for Asia and Pacific, said expected economic growth of 1.5% next year hinges critically on the economic reform program Sri Lanka has agreed to undertake, including challenging reforms …

Sri Lankan Parliament votes to support IMF recovery program
1 year, 7 months ago

Sri Lankan Parliament votes to support IMF recovery program

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s Parliament voted Friday to support the implementation of a four-year International Monetary Fund program aimed at solving the country’s economic crisis and reducing its debt burden. The approval strengthens Wickremesinghe’s hands as he holds tough debt restructuring negotiations with Sri Lanka’s external creditors and privatizes state-run enterprises under the program, approved by the IMF …

Sri Lankan Parliament votes to support IMF recovery program
1 year, 7 months ago

Sri Lankan Parliament votes to support IMF recovery program

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Sri Lanka’s Parliament voted Friday …

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government
1 year, 8 months ago

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government

The Hindu  

Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday. Explained | Understanding IMF bailouts In a statement issued by the Sri Lankan government after making an investor presentation on Thursday, the Governor of the Central Bank and the Secretary to the …

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package
1 year, 8 months ago

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package

The Hindu  

The International Monetary Fund’s approval of a 48-month arrangement with Sri Lanka, under the Extended Fund Facility for a $2.9 billion package, has been welcomed by Colombo and its creditors, who President Ranil Wickremesinghe will now have to conclude debt restructuring agreements with. Since last year, New Delhi has been a key part of Sri Lanka’s support structure, appealing on …

Explained | Understanding IMF bailouts
1 year, 8 months ago

Explained | Understanding IMF bailouts

The Hindu  

The story so far: The International Monetary Fund last week confirmed a $3 billion bailout plan for Sri Lanka’s struggling economy. IMF officials are also in negotiations with Pakistan for a $1.1 billion bailout plan as the country faces a severe economic crisis marked by a falling currency and price rise. Countries seek help from the IMF usually when their …

How war-torn Ukraine clinched $15.6 billion loan package from the IMF
1 year, 9 months ago

How war-torn Ukraine clinched $15.6 billion loan package from the IMF

Firstpost  

The International Monetary Fund has reached a staff-level agreement with Ukraine for a $15.6 billion financial package. As per IMF’s statement, in the first phase, lasting 12-18 months, Ukraine will take steps to “strengthen fiscal, external, price and financial stability,” including eliminating monetary financing. “The programme has been designed in line with the new fund’s policy on lending under exceptionally …

Sri Lanka receives first tranche of IMF bailout
1 year, 9 months ago

Sri Lanka receives first tranche of IMF bailout

The Hindu  

Sri Lanka has received the first tranche of an IMF bailout programme, President Ranil Wickremesinghe told Parliament on March 22. State finance minister Shehan Semasinghe said in an interview that Sri Lanka is ready to engage in restructuring talks with bilateral and private creditors to recover debt sustainability as "soon as possible." This was the 17th IMF bailout for Sri …

Sri Lanka receives first tranche of IMF bailout, says president
1 year, 9 months ago

Sri Lanka receives first tranche of IMF bailout, says president

Al Jazeera  

Ranil Wickremesinghe says his government will kick off the next round of talks with creditors in the third week of April. Sri Lanka has received the first tranche of its bailout package from the International Monetary Fund, President Ranil Wickremesinghe told parliament. China, Sri Lanka’s biggest bilateral creditor, earlier this month agreed to restructure its loans to the country, clearing …

Don’t Allow Corruption to Undermine Bailout, IMF Tells Sri Lanka
1 year, 9 months ago

Don’t Allow Corruption to Undermine Bailout, IMF Tells Sri Lanka

News 18  

Sri Lanka must not allow entrenched corruption to undermine a bailout for its bankrupt economy, the IMF said Tuesday after signing off on a $3 billion loan for the crisis-hit nation. But the Fund said the rescue was conditional on tackling the deep-rooted culture of graft and government mismanagement blamed for tipping Sri Lanka into an unprecedented economic crisis last …

IMF to assess Sri Lankan governance as part of $3B bailout
1 year, 9 months ago

IMF to assess Sri Lankan governance as part of $3B bailout

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The International Monetary Fund said …

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition
1 year, 9 months ago

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition

The Hindu  

The International Monetary Fund on March 20 cleared a $3 billion-Extended Fund Facility for Sri Lanka, potentially unlocking more loans for the debt-ridden island nation that is struggling to recover from last year’s economic meltdown. Identifying corruption as a key issue, an IMF “governance diagnostic mission” has started assessing Sri Lanka’s governance and anti-corruption framework in its first such exercise …

IMF bailout not a silver bullet for Sri Lanka, warns Moody's Analytics
1 year, 9 months ago

IMF bailout not a silver bullet for Sri Lanka, warns Moody's Analytics

Hindustan Times  

Sri Lanka has a difficult road ahead irrespective of how much funding it receives from multilateral and global financial agencies, a senior economist at Moody's Analytics told Reuters on Tuesday. The International Monetary Fund said Monday that its executive board has approved a nearly $3 billion bailout program for Sri Lanka over four years to help salvage the country's bankrupt …

IMF approves crucial $3 Billion bailout for bankrupt Sri Lanka
1 year, 9 months ago

IMF approves crucial $3 Billion bailout for bankrupt Sri Lanka

India TV News  

IMF: Amid tremendous economic and social challenges in Sri Lanka, the International Monetary Fund approved a nearly $3 billion bailout program for the country over four years to help salvage the country's bankrupt economy. Sri Lanka facing heightened financial sector vulnerabilities “Sri Lanka has been facing tremendous economic and social challenges with a severe recession amid high inflation, depleted reserves, …

Sri Lanka to get first tranche of $2.9bn bailout in two days: IMF
1 year, 9 months ago

Sri Lanka to get first tranche of $2.9bn bailout in two days: IMF

Al Jazeera  

Global lender says the island nation battling its worst economic crisis in seven decades will get $330m in the next two days. Sri Lanka will get the first $330m tranche of an International Monetary Fund bailout package in the next two days, says the global lender, putting the onus on the cash-strapped country to rein in its debt to sustainable …

IMF approves Sri Lanka's bailout: Ranil Wickremesinghe
1 year, 9 months ago

IMF approves Sri Lanka's bailout: Ranil Wickremesinghe

The Hindu  

Sri Lanka's request for a $2.9-billion bailout was approved by the IMF on Monday, the cash-strapped South Asian nation's President Ranil Wickremesinghe announced. "We are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to $7.0 billion in funding from the IMF and International financial institutions," he said. Earlier in the day, Wickremesinghe's office …

IMF approves Sri Lanka’s $2.9bn bailout
1 year, 9 months ago

IMF approves Sri Lanka’s $2.9bn bailout

Al Jazeera  

Loan clears the way for the release of funds and kicks off a four-year programme designed to shore up the country’s economy. “I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda,” Sri …

Sri Lanka's crisis-hit economy shrank by record 7.8% last year
1 year, 9 months ago

Sri Lanka's crisis-hit economy shrank by record 7.8% last year

Firstpost  

An unprecedented economic crisis sparked huge protests in the island nation, culminating last July when a mob stormed the home of then-president Gotabaya Rajapaksa, forcing him to flee the country and resign Colombo, Sri Lanka: Sri Lanka’s crisis-hit economy shrank a record 7.8 per cent last year as long blackouts and critical fuel shortages put a chokehold on local commerce, …

Apprehensions of Pakistan defaulting on debts ’over now’, says PM Sharif
1 year, 9 months ago

Apprehensions of Pakistan defaulting on debts ’over now’, says PM Sharif

Live Mint  

Apprehensions of a default by Pakistan on debt obligations are "over now", the country's Prime Minister Shehbaz Sharif said on Wednesday, adding that a staff-level agreement with the International Monetary Fund "will be done soon". PM Sharif has said that the staff-level agreement with the IMF will be reached "within a few days" as the cash-strapped government has accepted even …

Sri Lanka unions stage strike to protest against IMF bailout plan
1 year, 9 months ago

Sri Lanka unions stage strike to protest against IMF bailout plan

Al Jazeera  

Thousands of workers at hospitals, schools and railways across Sri Lanka have gone on strike to protest against high costs of living, including increased taxes imposed as a precondition for an International Monetary Fund bailout, amid the country’s worst financial crisis in decades. “Sri Lanka is at a very sensitive point and it is important for the public to understand …

China has sent assurances backing IMF programme, Ranil tells Parliament
1 year, 9 months ago

China has sent assurances backing IMF programme, Ranil tells Parliament

The Hindu  

Sri Lanka has received China’s much-awaited financing assurances, President Ranil Wickremesinghe told Parliament on Tuesday, expressing hope that it would unlock the International Monetary Fund ’s promised $2.9 billion package by the end of the month. This paves the way for consideration by the IMF’s Board on March 20 the approval of the Staff Level Agreement reached on September 1, …

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package
1 year, 9 months ago

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package

The Hindu  

Sri Lanka is on the verge of getting “very positive news” from the International Monetary Fund on a $2.9 billion programme, a government minister said on Tuesday, while a senior source said it had also won debt restructuring support from China. Sri Lankan President Ranil Wickremesinghe’s office said he would deliver a special statement in parliament on Tuesday to “explain …

Sri Lanka's central bank raises interest rates in anticipation of IMF bailout
1 year, 9 months ago

Sri Lanka's central bank raises interest rates in anticipation of IMF bailout

India TV News  

Sri Lanka's central bank on Friday decided to raise both deposit and lending interest rates in anticipation of the finalisation of a much-needed bailout facility from the IMF, the governor Nandalal Weerasinghe told reporters. “Given the necessity of fulfilling all the ‘prior actions’ in order to move forward with the finalisation of the IMF Extended Fund Facility arrangement, the Monetary …

IMF Only Option Available to Sri Lanka to Overcome Economic Crisis, Says Wickremesinghe
1 year, 10 months ago

IMF Only Option Available to Sri Lanka to Overcome Economic Crisis, Says Wickremesinghe

News 18  

Sri Lankan President Ranil Wickremesinghe on Tuesday emphasised that seeking the IMF bailout package was the only option available to the debt-ridden country to overcome the ongoing economic crisis. “I have no hope of being President for 13 years,” Wickremesinghe said, amidst opposition to his hard economic reforms which had triggered utility rate hikes and increased personal taxes. “There, I …

As cash runs out, Pakistan introduces bill to unlock IMF funds
1 year, 10 months ago

As cash runs out, Pakistan introduces bill to unlock IMF funds

Al Jazeera  

Islamabad, Pakistan – The Pakistani government has tabled a 170 billion rupee finance bill to help the cash-strapped country secure funds from the International Monetary Fund to stave off default. The reason why Pakistan and the IMF continued to debate and argue over the sticking points, said Amin, was because of “Pakistan’s own waste of time”. “You don’t need an …

Declare assets of govt officials of grade 17 and above, IMF asks Pakistan
1 year, 10 months ago

Declare assets of govt officials of grade 17 and above, IMF asks Pakistan

Live Mint  

International Monetary Fund has asked Pakistan to declare the assets of government officials of grade 17 and above, as well as those of their families, Pakistan based The Nation newspaper reported. Economic and fiscal policies and reforms agenda are being discussed by Pakistan and IMF to accomplish the 9th review under the Extended Fund Facility. Pakistan Prime Minister Shehbaz Sharif …

If You Want Money, Then Cut Down on Defence Expenses, IMF Tells Pakistan Over Stalled Loan Plan
1 year, 10 months ago

If You Want Money, Then Cut Down on Defence Expenses, IMF Tells Pakistan Over Stalled Loan Plan

News 18  

With the International Monetary Fund and Pakistan facing a deadlock over key issues, the international creditor has told the Shehbaz Sharif government to cut down its defence expenses to resume a stalled loan programme. The defence personnel yearly pension expenditure is over Rs 400 billion, which has been shown as civil expenditure in the budget since the government of General …

IMF confirms receipt of India’s financing assurances for Sri Lanka
1 year, 11 months ago

IMF confirms receipt of India’s financing assurances for Sri Lanka

The Hindu  

The International Monetary Fund has confirmedreceiving India’s written financing assurance in support of Sri Lanka’s economic revival, Reuters news agency reported, while Sri Lanka has expressed hope of completing talks on debt restructuring in six months’ time. Meanwhile, speaking at an event in Colombo on Tuesday, Governor of the Central Bank of Sri Lanka P. Nandalal Weerasinghe said: “There has …

India’s helping hand for Sri Lanka | The View From India
1 year, 11 months ago

India’s helping hand for Sri Lanka | The View From India

The Hindu  

India last week became the first of Sri Lanka’s creditors to officially back the crisis-hit country’s debt restructuring programme by sending financial assurances to the International Monetary Fund. The IMF has made its $2.9-billion package for Sri Lanka contingent on “receiving financing assurances from the island nation’s official creditors. India’s External Affairs Minister S. Jaishankar, who visited Colombo on January …

After India, China gives financing assurances to Sri Lanka for IMF bailout package
1 year, 11 months ago

After India, China gives financing assurances to Sri Lanka for IMF bailout package

The Hindu  

China has given debt-ridden Sri Lanka the financing assurances required by the IMF to unlock a $2.9 billion bailout package for the country, days after India strongly backed the island nation's efforts to secure the loan from the global lender to recover from its worst-ever economic crisis. The Sunday Times newspaper reported that China’s Exim Bank delivered a letter on …

Pakistan govt. ready to meet all IMF demands to revive bailout programme: report
1 year, 11 months ago

Pakistan govt. ready to meet all IMF demands to revive bailout programme: report

The Hindu  

The Pakistan government has requested the IMF to send its mission to the country at the earliest, preferably next week, to conclude a long-awaited agreement to revive the bailout programme, as it conveyed its willingness to accept all the four major conditions set by the global lender, according to a media report. Cash-strapped Pakistan revived a stalled $6 billion International …

Backing Sri Lanka, India sends financing assurances to IMF
1 year, 11 months ago

Backing Sri Lanka, India sends financing assurances to IMF

The Hindu  

India sent financing assurances to the International Monetary Fund on Monday, becoming the first of Sri Lanka’s creditors to officially back the crisis-hit island nation’s debt restructuring programme. This takes Sri Lanka one step closer to getting a crucial $2.9-billion package from the IMF, made contingent on “receiving financing assurances from Sri Lanka’s official creditors and making a good faith …

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