IMF closely monitoring situation in Sri Lanka; hopes for political crisis resolution to resume bailout deal talks
2 years, 5 months ago

IMF closely monitoring situation in Sri Lanka; hopes for political crisis resolution to resume bailout deal talks

The Hindu  

The IMF on July 10 said that it was closely monitoring the ongoing developments in Sri Lanka and hoped that the political crisis will be resolved soon to allow for the resumption of dialogue on an IMF-supported programme in the cash-starved country. Thousands of irate anti-government protesters in Sri Lanka on Saturday stormed into embattled President Gotabaya Rajapaksa’s official residence in central Colombo's high-security Fort area after breaking the barricades, as they demanded his resignation over the island nation's worst economic crisis in recent memory. “We are closely monitoring the ongoing developments in Sri Lanka,” Peter Breuer, IMF Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, IMF Mission Chief for Sri Lanka said in a statement on Sunday. “We are deeply concerned about the impact of the ongoing economic crisis on the people, particularly the poor and vulnerable groups, and reaffirm our commitment to support Sri Lanka at this difficult time, in line with the IMF’s policies,” the IMF statement said.

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History of this topic

IMF approves third review of Sri Lanka's $2.9 billion bailout
1 month, 2 weeks ago

IMF approves third review of Sri Lanka's $2.9 billion bailout

The Hindu  

The International Monetary Fund approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable. "Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said. However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with …

IMF approves third review of Sri Lanka’s $2.9bn bailout, but warns of risks
1 month, 2 weeks 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 …

Sri Lanka's president makes U-turn on IMF bailout
1 month, 2 weeks ago

Sri Lanka's president makes U-turn on IMF bailout

The Hindu  

Sri Lanka's new leader on Thursday backed a controversial IMF bailout, marking a U-turn from his election pledge to renegotiate the deal secured by his predecessor. The $2.9 billion loan secured early last year required Colombo to sharply raise taxes, remove generous energy subsidies and agree to restructure more than 50 loss-making state enterprises. Mr. Dissanayake's National People's Power party …

IMF to begin talks with new Lanka government led by President Dissanayake
3 months, 2 weeks 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, 2 weeks 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 …

Sri Lanka president defends IMF bailout in campaign launch
4 months, 1 week 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 …

'Procedural issues' delaying Sri Lanka debt deal: IMF
6 months, 3 weeks ago

'Procedural issues' delaying Sri Lanka debt deal: IMF

The Hindu  

Sri Lanka's planned foreign debt restructure after an unprecedented economic crisis has been delayed by "procedural issues" in negotiations with bilateral creditors including China, the International Monetary Fund said on June 14. The Washington-based lender of last resort this week gave Sri Lanka the latest tranche of a rescue package designed to help repair the island nation's ruined finances after …

Election crucial for Sri Lanka's future: President Ranil Wickremesinghe
6 months, 4 weeks ago

Election crucial for Sri Lanka's future: President Ranil Wickremesinghe

The Hindu  

Sri Lankan President Ranil Wickremesinghe has said that the Presidential elections scheduled to be held later this year will determine the island nation's success and failure rather than the individual triumphs or losses, according to a media report on June 12. Addressing a policy reform discussion on June 11, Mr. Wickremesinghe said, "The outcome of the upcoming election is not …

Economic conditions in debt-stricken Sri Lanka improving, IMF says
9 months, 2 weeks 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, 2 weeks 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 …

Second tranche of IMF bailout to Sri Lanka may be delayed; talks with govt to continue: official
1 year, 3 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, 3 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 …

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, 7 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, 8 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, 8 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 …

World Bank ensures continued support for Sri Lanka's economic recovery
1 year, 8 months ago

World Bank ensures continued support for Sri Lanka's economic recovery

The Hindu  

The World Bank has assured crisis-struck Sri Lanka of continued support to stabilise the island nation's economy and enhance its economic recovery, State Finance Minister Shehan Semasinghe has said. State Finance Minister Shehan Semasinghe, who is in Washington to attend the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund, said that the global lender extended …

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package
1 year, 9 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 …

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 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 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

Associated Press  

COLOMBO, Sri Lanka — The International Monetary Fund said Tuesday it is assessing Sri Lanka’s governance in the first case of an Asian country facing scrutiny for corruption as part of a bailout program. The senior mission chief for the IMF in Sri Lanka said the development lender was “conducting an in-depth governance diagnostic exercise which will assess corruption and …

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 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 …

Sri Lanka leader says IMF deal imminent after China’s pledge
1 year, 10 months ago

Sri Lanka leader says IMF deal imminent after China’s pledge

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s president said Tuesday that China has given crucial debt restructuring assurances that mean the bankrupt Indian Ocean nation could get its $2.9 billion bailout package approved soon. He said, however, that difficult economic reforms needed to be carried out as agreed with the IMF and Sri Lanka can’t afford to sidestep from them as …

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package
1 year, 10 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, 10 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 …

Sri Lankan govt. bans strikes ahead of mass protest announced by unions
1 year, 10 months ago

Sri Lankan govt. bans strikes ahead of mass protest announced by unions

The Hindu  

Sri Lankan President Ranil Wickremesinghe has declared public transport services “essential”, in a move that outlaws strike action by those working in the sector. Dozens of worker unions from Sri Lanka’s transport, public health and banking sectors, were preparing to go on a strike on Wednesday, after the government doubled income taxes and increased electricity tariff by three times, as …

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 …

Sri Lanka bankruptcy to last until 2026: president
1 year, 11 months ago

Sri Lanka bankruptcy to last until 2026: president

Firstpost  

Tax increases and the removal of fuel and electricity subsidies have been unpopular among Sri Lanka’s public, already hit hard by the crisis and rampant inflation Colombo: Sri Lanka’s president said Wednesday the island nation will remain bankrupt for at least three more years as he works to repair battered government finances following an unprecedented economic crisis. I want to …

'We'll end up like Sri Lanka': Pakistan stares at economic collapse as IMF visits
1 year, 11 months ago

'We'll end up like Sri Lanka': Pakistan stares at economic collapse as IMF visits

India Today  

Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection. "If they don't, the country will certainly default and we'll end up like Sri Lanka, which will be even worse." State petroleum minister Musadik Malik told reporters in Islamabad that imports …

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 …

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 …

Jaishankar likely to visit Sri Lanka on 19 January; talks on debt restructuring expected
1 year, 11 months ago

Jaishankar likely to visit Sri Lanka on 19 January; talks on debt restructuring expected

Firstpost  

Sri Lanka will hold debt restructuring talks with India when External Affairs Minister S Jaishankar is expected to visit Colombo this week, President Ranil Wickremesinghe has said, as the cash-strapped country looks to carve a path out of its worst financial crisis. Colombo: Sri Lanka will hold debt restructuring talks with India when External Affairs Minister S Jaishankar is expected …

Cancel Sri Lanka’s debt, global scholars tell creditors
2 years ago

Cancel Sri Lanka’s debt, global scholars tell creditors

The Hindu  

Sri Lanka’s recovery from last year’s devastating economic crisis will need its creditors to “share the burden” of debt restructuring, leading global economists have said, calling all lenders to cancel the debt of the cash-strapped island nation. In a statement issued on Sunday, eminent economists and scholars world over observed that amid Sri Lanka’s crucial debt negotiations, “all lenders — …

Ranil presents crucial Budget aimed at ‘recovery and reform’ of Sri Lankan economy
2 years, 1 month ago

Ranil presents crucial Budget aimed at ‘recovery and reform’ of Sri Lankan economy

The Hindu  

Sri Lanka will adopt policies geared towards a “social market economy”, to achieve high growth, increased export revenue and Foreign Direct Investment, President Ranil Wickremesinghe said on Monday, presenting his first annual Budget since assuming charge in July. In September, Sri Lanka entered into a staff level agreement with the International Monetary Fund for a $2.9 billion package, contingent on …

The International Monetary Fund’s staff-level agreement with Sri Lanka
2 years, 4 months ago

The International Monetary Fund’s staff-level agreement with Sri Lanka

The Hindu  

The story so far: The International Monetary Fund on September 1 announced a staff-level agreement with Sri Lanka, months after the island nation’s economic crisis intensified this year, following a serious Balance of Payments problem. It is a formal arrangement by which IMF staff and Sri Lankan authorities agree on a $2.9-billion package that will support Sri Lanka’s economic policies …

IMF chief pleased Sri Lanka reached staff-level deal for $2.9 billion
2 years, 4 months ago

IMF chief pleased Sri Lanka reached staff-level deal for $2.9 billion

The Hindu  

The IMF chief Kristalina Georgieva on September 4 said she is pleased the Washington-based lender and the Sri Lankan government have reached a staff-level agreement to provide about $2.9 billion to help the bankrupt country, terming the deal as an “important step forward.” The International Monetary Fund on Thursday announced that it will provide Sri Lanka a loan of about …

Will an IMF deal help Sri Lankans?
2 years, 4 months ago

Will an IMF deal help Sri Lankans?

Al Jazeera  

While the $2.9bn agreement will provide some relief, its disbursement is still nearly six months away. Colombo, Sri Lanka – “We have seen people fight for food at our meal drives, it is very difficult to watch”, the co-founder of a charity organisation which provides regular meals to the poor in the country, tells Al Jazeera. While the Trust has …

Five months of Sri Lankan crisis: From state of emergency to $2.9 billion bailout deal
2 years, 4 months ago

Five months of Sri Lankan crisis: From state of emergency to $2.9 billion bailout deal

Firstpost  

The island nation of 22 million people has suffered months of blackouts as well as acute food, fuel and medicine shortages Colombo: Sri Lanka struck a $2.9 billion bailout deal with the International Monetary Fund on Thursday, a key hurdle in the government’s efforts to overcome a painful and unprecedented economic crisis. AFP looks at how the crisis unfolded: 1 …

IMF set to provide $2.9 billion to help crisis-hit Sri Lanka
2 years, 4 months ago

IMF set to provide $2.9 billion to help crisis-hit Sri Lanka

Associated Press  

COLOMBO, Sri Lanka — The International Monetary Fund announced Thursday it has reached a preliminary agreement to provide Sri Lanka with $2.9 billion over four years to help it recover from its worst economic crisis. The arrangement will help restore financial and macroeconomic stability and debt sustainability as well as enable the country’s growth potential, an IMF team visiting Sri …

IMF-Sri Lanka reach staff level agreement, Fund provisionally agrees on $2.9 billion loan
2 years, 4 months ago

IMF-Sri Lanka reach staff level agreement, Fund provisionally agrees on $2.9 billion loan

The Hindu  

The International Monetary Fund has reached a staff-level agreement with crisis-hit Sri Lanka, in a first step before extending a $2.9 billion loan package that the Fund has made contingent on assurances from the island nation’s creditors. “IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under …

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