Sri Lanka leader says IMF agreement pushed back after unrest
2 years, 5 months ago

Sri Lanka leader says IMF agreement pushed back after unrest

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s president said Saturday that an agreement with the International Monetary Fund to help pull the bankrupt nation out of its economic crisis has been pushed back to September because of unrest over the past weeks. President Ranil Wickremesinghe, in his first speech since he was elected by Parliament on July 20, said even though he as the prime minister had aimed to reach an agreement by early August, it has now been pushed back by a month. Wickremesinghe was elected to complete the five-year term of his predecessor Gotabaya Rajapaksa, who fled to Singapore after protesters angry over economic hardships stormed his official residence and occupied several key government buildings. Wickremesinghe, a six-time prime minister and veteran politician, is unpopular because he is supported by majority lawmakers who are backed by the powerful Rajapaksa family, which has ruled Sri Lanka for most of the past two decades.

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History of this topic

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
1 month 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 $2.9 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 …

Sri Lanka’s Marxist-leaning president appoints his Cabinet after a resounding election win
1 month, 3 weeks ago

Sri Lanka’s Marxist-leaning president appoints his Cabinet after a resounding election win

Live Mint  

COLOMBO, Sri Lanka — Sri Lanka’s new Marxist-leaning president swore in a 21-member Cabinet on Monday after his party secured a two-thirds parliamentary majority in last week’s election. Sri Lanka’s crisis was largely the result of economic mismanagement combined with fallout from the COVID-19 pandemic, which along with militant attacks in 2019 devastated the important tourism industry. Sri Lanka’s economic …

Sri Lanka president appoints Cabinet after resounding election win
1 month, 3 weeks ago

Sri Lanka president appoints Cabinet after resounding election win

Deccan Chronicle  

Colombo: Sri Lanka’s new Marxist-leaning president swore in a 21-member Cabinet on Monday after his party secured a two-thirds parliamentary majority in last week’s election. Sri Lanka’s crisis was largely the result of economic mismanagement combined with fallout from the COVID-19 pandemic, which along with militant attacks in 2019 devastated the important tourism industry. Sri Lanka’s economic upheaval led to …

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote
Trending News
1 month, 3 weeks ago

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote

Live Mint  

-- Sri Lanka holds its first parliamentary elections since the victory of its outsider leftist president, in a test of his ambitious pledges to combat corruption and rewrite an unpopular International Monetary Fund loan program. Anura Kumara Dissanayake called for early polls on the heels of his victory in the Sept. 21 presidential election, widely seen as a stunning rebuke …

Sri Lankan president seeks party win in parliamentary election to help him push his economic reforms
Trending News
1 month, 3 weeks ago

Sri Lankan president seeks party win in parliamentary election to help him push his economic reforms

Associated Press  

COLOMBO, Sri Lanka — Sri Lankan President Anura Kumara Dissanayake is looking to consolidate his party’s power in Thursday’s parliamentary election to help him implement his election pledges to solve the country’s economic woes and foster good governance. The election comes at a decisive time for Sri Lankans, as the island nation emerges from its worst economic crisis, having declared …

‘We’ve tried everybody else’: What’s next for Sri Lanka’s turn to the left?
1 month, 3 weeks ago

‘We’ve tried everybody else’: What’s next for Sri Lanka’s turn to the left?

Al Jazeera  

Can the new leftist president repay debt without forcing austerity on Sri Lankans? Sri Lanka has seen it all: from the 2022 economic collapse, the mass protests that followed and the legacy of a 26-year civil war. As the newly-elected President Anura Kumara Dissanayake pledges to steer the island back on track, can he repay the country’s debt to the …

Sri Lanka Election: ‘Progress over corruption’, litmus test for Anura Dissanayake as voters head to polls on November 14
Trending News
1 month, 4 weeks ago

Sri Lanka Election: ‘Progress over corruption’, litmus test for Anura Dissanayake as voters head to polls on November 14

Live Mint  

Sri Lanka's new leftist leader, Anura Kumara Dissanayake, has gained unexpected support as he aims to expand his three parliamentary seats into a majority in Thursday's elections. Business leaders have speculated that Sri Lanka could adopt economic models similar to those of China or Vietnam under Dissanayake, whose party logo prominently features the hammer and sickle, symbolizing its communist ideology. …

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 …

JVP victory and its effect on the Lankan economy
3 months, 2 weeks ago

JVP victory and its effect on the Lankan economy

Hindustan Times  

The victory of Anura Kumara Dissanayake, leader of the Marxist-Leninist Janatha Vimukthi Peramuna, has the potential to destablise Sri Lanka’s fragile economy. Having become the first Asian nation in at least three decades to default on its sovereign debt in April 2022, Sri Lanka’s economy had been painfully restored to stability by outgoing President Ranil Wickremasinghe, while remaining vitally dependent …

Marxist leader Dissanayake becomes Sri Lankan president as voters reject old order
3 months, 2 weeks ago

Marxist leader Dissanayake becomes Sri Lankan president as voters reject old order

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 Marxist Anura Kumara Dissanayake has …

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard
3 months, 2 weeks ago

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard

NPR  

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard toggle caption Eranga Jayawardena/AP COLOMBO, Sri Lanka — Marxist lawmaker Anura Kumara Dissanayake won Sri Lanka’s presidential election, according to data released by the Election Commission Sunday, as voters rejected the old political guard that has been widely accused of pushing the South Asian nation toward economic ruin. …

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 …

Rajapaksas’ party fields Mahinda’s son Namal in Sri Lanka’s presidential race
5 months ago

Rajapaksas’ party fields Mahinda’s son Namal in Sri Lanka’s presidential race

The Hindu  

Sri Lanka’s ruling party helmed by the Rajapaksa clan, who were booted out of office by mass protests in 2022, on Wednesday named Namal Rajapaksa, son of former President Mahinda Rajapaksa, as its candidate for the September presidential polls. After Mr. Gotabaya was forced to resign at the height of Sri Lanka’s crushing unprecedented economic crisis in 2022, its MPs …

Sri Lanka will hold presidential election on September 21, its first since declaring bankruptcy in 2022
5 months, 2 weeks ago

Sri Lanka will hold presidential election on September 21, its first since declaring bankruptcy in 2022

The Hindu  

Sri Lanka’s presidential polls will be held on September 21, the Election Commission said on Friday. Some 17 million voters will have their first chance of electing the country’s leader, after a mass people’s uprising ousted former President Gotabaya Rajapaksa two years ago. His office announced making a cash deposit at the Commission for his candidacy as an independent, although …

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022
5 months, 2 weeks ago

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka will hold a presidential election on Sept. 21 that will likely be a test of confidence in President Ranil Wickremesinghe’s efforts to resolve the country’s worst economic crisis. Sri Lanka’s crisis was largely the result of staggering economic mismanagement combined with fallout from the COVID-19 pandemic, which along with 2019 terrorism attacks devastated its …

Sri Lanka inks pacts with OCC, China to restructure debt
6 months, 1 week ago

Sri Lanka inks pacts with OCC, China to restructure debt

Hindustan Times  

New Delhi: Sri Lanka on Wednesday signed separate debt restructuring agreements with the Official Creditors Committee, a group co-chaired by India, and China’s Exim Bank, with New Delhi saying it will continue supporting Colombo’s economic recovery through long-term investments. The Official Creditors Committee is co-chaired by India After the International Monetary Fund’s approval of an extended fund facility for Sri …

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
6 months, 2 weeks ago

Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Similarly, we signed another agreement with China’s Exim Bank today in Beijing.. Sri Lanka won,” Wickremesinghe said. Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 …

'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 …

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis
10 months ago

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis

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 president said Wednesday …

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis
10 months ago

Sri Lankan president says he is seeking to defer loan payments until 2028 amid economic crisis

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s president said Wednesday that he is seeking a loan repayment moratorium until 2028 as the debt-ridden county tries to emerge from bankruptcy. Sri Lanka declared bankruptcy in April 2022 and suspended repayments on some $83 billion in local and foreign loans amid a severe foreign exchange crisis that led to a severe shortage of …

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe
11 months ago

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe

News 18  

Cash-strapped Sri Lanka is “gradually” emerging from its worst economic crisis after the austerity of an IMF bailout, the president said Sunday in a speech to mark independence day. Sri Lanka saw months of civil unrest at the peak of the economic crisis, culminating in the ouster of then-president Gotabaya Rajapaksa when thousands of protesters stormed his home. The International …

Sri Lanka achieved progress in economic recovery as people backed difficult programme: President Wickremesinghe
11 months ago

Sri Lanka achieved progress in economic recovery as people backed difficult programme: President Wickremesinghe

The Hindu  

President Ranil Wickremesinghe on February 4 said Sri Lanka has achieved progress in its economic recovery process due to the steadfast support of citizens to a comprehensive long-term national rebuilding programme despite facing hardships. Addressing the 75th anniversary of Independence celebrations held in Colombo, Mr. Wickremesinghe said when the country marked Independence Day last year it was labelled bankrupt. He …

Pulling Sri Lanka out of the abyss
11 months, 1 week ago

Pulling Sri Lanka out of the abyss

The Hindu  

On January 9, 2024, the United National Party proposed incumbent Ranil Wickremesinghe as the national presidential candidate for the elections. The first review by the IMF Board in December 2023 rated Sri Lanka’s performance as “satisfactory” meaning total IMF disbursement will be $670 million. A joint venture project between India’s Adani Group and Sri Lanka’s John Keells Holdings seeks to …

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says
11 months, 3 weeks ago

Crisis-ridden Sri Lanka’s economic reforms are yielding results, but challenges remain, IMF says

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka’s economic reform program is yielding the first signs of recovery, but the improvements still need to translate into improved living conditions for its people, the International Monetary Fund said Friday. “The economic reform program implemented by the Sri Lankan authorities is yielding the first signs of recovery,” said Pete Breuer, the IMF’s senior …

Sri Lanka says debt restructure finalised by April
11 months, 4 weeks ago

Sri Lanka says debt restructure finalised by April

The Hindu  

Sri Lanka's bankrupt government said Friday that a foreign debt restructure would be finalised by the beginning of April, after signs the economy was emerging from its worst crisis on record. The IMF released a $337-million second tranche of its four-year loan last month after Colombo secured an "in principle" debt agreement with China, Sri Lanka's biggest bilateral lender. Mr. …

Sri Lanka Slaps Taxes on Fuel, Mobiles on New Year to Raise Revenue ahead of Foreign Debt Deal
1 year ago

Sri Lanka Slaps Taxes on Fuel, Mobiles on New Year to Raise Revenue ahead of Foreign Debt Deal

News 18  

Sri Lanka slapped a new 18 percent value added tax on fuel, mobile phones and computers from Monday to raise desperately needed revenue ahead of a foreign debt restructuring. An earlier VAT of 15 percent on other consumer goods was also increased to 18 percent as the government sought to shore up its finances while Sri Lanka emerges from its …

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 {{ …

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

Associated Press  

COLOMBO, Sri Lanka — The International Monetary Fund executive board approved the release of the second tranche of a $2.9 billion dollar bailout package to help Sri Lanka recover from the worst economic crisis in its history. In a statement, the fund said the decision Tuesday to release $337 million came after Sri Lanka had made “commendable progress” toward debt …

IMF clears second tranche of $337 million for Sri Lanka
1 year ago

IMF clears second tranche of $337 million for Sri Lanka

The Hindu  

The International Monetary Fund has cleared the second tranche — of about $337 million — of the Extended Fund Facility to Sri Lanka, based on the debt treatment plan drawn up by the crisis-battered island nation and its bilateral creditors. They are an important milestone putting Sri Lanka’s debt on the path towards sustainability,” a senior official in Washington DC …

Sri Lanka reaches agreement with India, Paris Club on debt treatment
1 year, 1 month ago

Sri Lanka reaches agreement with India, Paris Club on debt treatment

The Hindu  

Sri Lanka has reached an “agreement in principle” with India and the Paris Club group of creditors including Japan, on a debt treatment plan that will help the crisis-hit island nation tap the next tranche of the International Monetary Fund’s nearly-$3 billion recovery package. “The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with …

Sri Lanka says it struck a deal with creditors on debt restructuring to clear way for IMF funds
1 year, 1 month ago

Sri Lanka says it struck a deal with creditors on debt restructuring to clear way for IMF funds

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka said Wednesday that it has reached an agreement in principle with a group of creditors including India and Japan on debt restructuring, a crucial move toward unlocking a second instalment of a $2.9 billion bailout package from the International Monetary Fund. The agreement with the Official Creditor Committee covers approximately $5.9 billion of outstanding …

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December
1 year, 1 month ago

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December

Associated Press  

COLOMBO, Sri Lanka — The governor of Sri Lanka’s Central Bank said Friday he’s confident it will receive the second instalment of a $2.9-billion bailout package from the International Monetary Fund before the end of the year, after payment was delayed due to inadequate oversight and debt restructuring. The IMF’s review in September said Sri Lanka’s economy was recovering, but …

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag
1 year, 2 months ago

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka says it has reached an agreement with the Exim Bank of China on key terms and principles for restructuring its debt, a key step toward unlocking a second instalment of a $2.9 billion package from International Monetary Fund aimed at rescuing the island nation from a dire economic crisis. The finance ministry said in …

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 …

China reiterates support for Sri Lanka’s debt relief ahead of crucial IMF review
1 year, 4 months ago

China reiterates support for Sri Lanka’s debt relief ahead of crucial IMF review

The Hindu  

China has pledged help for Sri Lanka’s debt challenge yet again,even as theRanil Wickremesinghe government tries to finalise the terms of restructuring its foreign loans with bilateral creditors. Chinese Foreign Minister Wang Yi on Wednesday “vowed that China will help Sri Lanka effectively address the challenges of financial debt”, according to a statement from the office of Prime Minister Dinesh …

Focus on joint projects during Sri Lankan President Ranil Wickremesinghe’s India visit
1 year, 5 months ago

Focus on joint projects during Sri Lankan President Ranil Wickremesinghe’s India visit

The Hindu  

Sri Lankan President Ranil Wickremesinghe on July 20 arrived in India for an official visit, a year after he became President of the Island nation that witnessed its worst economic crisis last year. During Sri Lanka’s dramatic economic crash last year, India extended emergency financial support of about $4 billion, providing relief at a time when citizens struggled amid critical …

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 …

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal
1 year, 6 months ago

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal

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 has declared a …

World Bank approves $700 million for crisis-hit Sri Lanka
1 year, 6 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 …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 6 months ago

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring

ABP News  

The day was July 9, 2022 when the world witnessed unprecedented developments taking place in Indian Ocean island nation of Sri Lanka even as a large number of protestors stormed the President’s palace in Colombo that eventually led to an unceremonious escape of then President Gotabaya Rajapaksa to Maldives and then to Singapore. During a two-day visit to China, Sri …

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 says Sri Lanka’s economic recovery shows signs of improvement but challenges remain
1 year, 7 months ago

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said Friday. But the economic recovery remains challenging,” said IMF deputy managing director Kenji Okamura after concluding a visit to Sri Lanka, where he met with the country’s top leaders and officials. …

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