Debt crisis key priority of India’s G20 presidency, says FM in US
1 year, 8 months ago

Debt crisis key priority of India’s G20 presidency, says FM in US

Hindustan Times  

Washington: Reiterating that addressing the growing debt distress was a priority for India’s G20 presidency, Union finance minister Nirmala Sitharaman has emphasised debt transparency, information-sharing, clarity on the comparability of treatment, predictability and timeliness of restructuring process as key principles that should govern the process. Sitharaman made the remarks while co-chairing a meeting of the global sovereign debt roundtable along with the heads of the International Monetary Fund and World Bank on Wednesday in Washington DC, as the second G20 finance minister and central bank governors meeting commenced under India’s presidency. The debt roundtable grouping, which includes official creditors, private creditors and borrowing countries, had first met in Bengaluru on the sidelines of the first G20 Finance Ministers and Central Bank Governors meeting in February. On Monday, Sitharaman also met IMF’s first deputy managing director, Gita Gopinath, who has played an important role in taking the debt roundtable forward.

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History of this topic

‘Inflation, geopolitics key global economic hurdles’: Nirmala Sitharaman
1 week, 5 days ago

‘Inflation, geopolitics key global economic hurdles’: Nirmala Sitharaman

Hindustan Times  

NEW DELHI: The world’s immediate priority for this decade should be the restoration of normalcy to stem rising inflation, Union finance minister Nirmala Sitharaman said on Wednesday, listing equitable solutions for climate change, prudent debt management, industry-led skilling of youth, and coexistence of big and small firms as other decadal challenges for the global community. Detailing her priorities for a …

Former RBI Chief Raghuram Rajan urges action on growing US public debt, warns world ‘more prone to pandemics’
1 month ago

Former RBI Chief Raghuram Rajan urges action on growing US public debt, warns world ‘more prone to pandemics’

Live Mint  

High public debt can’t be left to fester in the US and its peers in a world that is prone to more pandemics than before, former Reserve Bank of India governor Raghuram Rajan said. “People say pandemics are going to be more regular over the next century, so we can’t be satisfied with building up debt.” ‘Warning Apt for the …

Need to address the $4 trillion financing gap, says Sitharaman
4 months ago

Need to address the $4 trillion financing gap, says Sitharaman

Hindustan Times  

New Delhi Growth remains the best antidote to many economic and social challenges, finance minister Nirmala Sitharaman said at the Voice of the Global South Summit on Saturday while underscoring the urgency for concessional finance to developing countries facing a nearly $4 trillion annual financing gap in meeting SDGs. Union Finance Minister Nirmala Sitharaman Highlighting inadequate access to development finance, …

View: Why Nirmala Sitharaman is PM Modi's best bet in the finance ministry
6 months, 1 week ago

View: Why Nirmala Sitharaman is PM Modi's best bet in the finance ministry

Hindustan Times  

Reappointment of Nirmala Sitharaman as Union Finance Minister is another example of Prime Minister Narendra Modi’s farsightedness. These are certainly not the characteristics of a “typical” politician, but the most valued strength of a ‘right-hand man’ or a minister of a charismatic leader whose mission is to transform India into ‘Viksit Bharat’. She not only navigated the Indian economy from …

Debt, fiscal challenges facing low-income countries worry IMF
8 months ago

Debt, fiscal challenges facing low-income countries worry IMF

The Hindu  

Shareholders of the International Monetary Fund agreed on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on April 19. Impact of high debt levels on low-income countries Ms. Georgieva, in a meeting of the Global Sovereign Debt Roundtable hosted by the IMF and the World …

Sitharaman pitches for strong, quota-based and adequately resourced IMF
1 year, 2 months ago

Sitharaman pitches for strong, quota-based and adequately resourced IMF

The Hindu  

Finance Minister Nirmala Sitharaman on Saturday made a case for a strong, quota-based and adequately resourced IMF at the centre of the global financial safety net and climate action. Participating in a breakfast meeting of the IMF Board of Governors on the theme of 'Dialogue on Policy Challenges' in Marrakesh, Morocco, Ms. Sitharaman expressed concerns with regard to slowdown in …

On the Finance Track, G-20 to push forward on crypto regulation, MDB reforms next month
1 year, 3 months ago

On the Finance Track, G-20 to push forward on crypto regulation, MDB reforms next month

The Hindu  

Paving the way for a co-ordinated global approach to regulating cryptocurrencies, strengthening multilateral development banks’ lending capacity and replicating the use of digital public infrastructure like the India Stack to expand financial inclusion around the world, were some of the 10 major outcomes achieved under the Finance Track of India’s G-20 presidency. G-20 Summit 2023 Sept. 9 updates Discussions on …

India ’walked the talk’ under G20 presidency, says Sitharaman
1 year, 3 months ago

India ’walked the talk’ under G20 presidency, says Sitharaman

Live Mint  

New Delhi: India has 'walked the talk' to acheive its finance track objectives under its G20 presidency, finance minister Nirmala Sitharaman, said on Saturday. The key achievements of the finance track under the Indian G20 presidency include a plan to strengthen the Multilateral Development Banks to address shared challenges, laying down the building blocks for a globally coordinated policy and …

G20 Countries Signed Agreement To Collectively Boost MDBs Financing Capacity: FM Nirmala Sitharaman
1 year, 3 months ago

G20 Countries Signed Agreement To Collectively Boost MDBs Financing Capacity: FM Nirmala Sitharaman

ABP News  

Finance Minister Nirmala Sitharaman on Saturday said the G20 countries have signed an agreement to collectively work to boost the World Bank's financing capacity. Following the second session of the G20 Leadership Summit in Delhi, a Press briefing by Union Minister Nirmala Sitharaman and S. Jaishankar was held. Finance Minister Nirmala Sitharaman highlighted four key developments related to reforming international …

U.S. Treasury Secretary Yellen says she will press for IMF, World Bank resources at G-20 summit
1 year, 3 months ago

U.S. Treasury Secretary Yellen says she will press for IMF, World Bank resources at G-20 summit

The Hindu  

U.S. Treasury Secretary Janet Yellen said on September 8 she will work at the G-20 summit in India to build support to increase lending resources for the International Monetary Fund and the World Bank to help member countries deal with multiple global challenges, including new IMF quota resources. Ms. Yellen said in prepared remarks at a news conference in New …

G20: On climate, debt and digital, Bank and Fund pledge to work together
1 year, 3 months ago

G20: On climate, debt and digital, Bank and Fund pledge to work together

Hindustan Times  

In the run-up to the G20 Leaders’ Summit in New Delhi this weekend, where the reform and strengthening of multilateral development banks is among the top agenda items, the International Monetary Fund and World Bank have warned that the world faces major challenges and shocks and pledged to work together to deliver on climate, debt and digitisation in a structured …

G20 Summit: ‘We should address the question of debt distress,’ says Sitharaman
1 year, 3 months ago

G20 Summit: ‘We should address the question of debt distress,’ says Sitharaman

Live Mint  

As India is holding its presidency for the G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must. Sitharaman said, “Given the consideration of things and the developments across the world, we thought we should address this question of debt distress. …

US president Joe Biden to attend G20 summit in New Delhi: What's on his agenda?
1 year, 4 months ago

US president Joe Biden to attend G20 summit in New Delhi: What's on his agenda?

Firstpost  

US president Joe Biden will urge reforms to the IMF and World Bank that will better serve the needs of developing countries at the G20 summit in New Delhi. The aim is to ensure that the development banks offer ‘high standard, high leverage solutions’ to the challenges they face US president Joe Biden will visit India from 7 to 10 …

Finance minister calls for concerted global efforts to restructure debt for poor countries
1 year, 4 months ago

Finance minister calls for concerted global efforts to restructure debt for poor countries

India TV News  

Finance Minister Nirmala Sitharaman on Friday called for concerted global efforts led by rich nations to help indebted countries deleverage at a time when multilaterism is the most potent challenge. Addressing online a G20 session, organised by the finance ministry and the Reserve Bank here, ahead of the grouping's summit next month in New Delhi, she said multilaterism faces the …

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman
1 year, 4 months ago

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman

The Hindu  

As a large creditor to Sri Lanka, China is welcome to join the effort steered by Japan, India and France to help the island nation cope with its debt distress, Finance Minister Nirmala Sitharaman said on Saturday. Terming multilateral development banks’ reforms and debt-relief measures for many stressed economies as the top two finance track priorities for India during its …

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities
1 year, 5 months ago

Nirmala Sitharaman meets Chinese counterpart, discusses global debt vulnerabilities

The Hindu  

Finance Minister Nirmala Sitharaman on July 18 met her Chinese counterpart Liu Kun and discussed various deliverables under G20 India Presidency, including strengthening Multilateral Development Banks and global debt vulnerabilities. Minister Liu Kun also appreciated work of the G20 Independent Expert Group for Strengthening MDBs setup under #G20India Presidency," the tweet said. @nsitharaman and Mr Liu Kun, Finance Minister of …

G20 finance chiefs meeting in India address global challenges like climate change and rising debt
1 year, 5 months ago

G20 finance chiefs meeting in India address global challenges like climate change and rising debt

Associated Press  

NEW DELHI — Finance ministers from the Group of 20 nations meeting in India on Monday are poised to address critical global economic challenges, including the threats posed by climate change and rising debt among low-income countries. “The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work …

G20 FMCBG meet at Gandhinagar | India 'indispensable partner' for friend-shoring, says U.S. Treasury Secretary Janet Yellen
1 year, 5 months ago

G20 FMCBG meet at Gandhinagar | India 'indispensable partner' for friend-shoring, says U.S. Treasury Secretary Janet Yellen

The Hindu  

United States Secretary of the Treasury Janet Yellen on July 16 said the U.S. sees India as an “indispensable partner” for ‘friend-shoring’ and she hopes to use her visit here to deepen what is already a significant relationship in that respect. Ms. Yellen said, “Friend-shoring is an important foundation of our approach to increasing resilience of our supply chains, and …

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres
1 year, 5 months ago

G20 Summit in India opportunity to act on reforming global financial system amid crushing debt crisis: U.N. chief Guterres

The Hindu  

U.N. Secretary-General Antonio Guterres has said that the G20 Summit to be hosted under India's Presidency provides an opportunity to take action on debt relief and reform the global financial system, as he voiced concern over the "crushing debt crisis" in the world. Mr. Guterres said that because most of these unsustainable debts are concentrated in poor countries, they are …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 5 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 …

The key points of Sri Lanka’s plan to restructure domestic debt
1 year, 5 months ago

The key points of Sri Lanka’s plan to restructure domestic debt

Al Jazeera  

Central bank of crisis-hit country outlines measures to restructure local debt as part of efforts to meet conditions of IMF bailout. The Central Bank of Sri Lanka has unveiled a far-reaching domestic debt restructuring plan aimed at restoring stability in the crisis-hit country. The long-awaited restructuring is needed to help Sri Lanka reach the IMF programme’s goal of reducing overall …

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 …

Sri Lanka trying to reduce overall debt by $17 billion, president says
1 year, 7 months ago

Sri Lanka trying to reduce overall debt by $17 billion, president says

Live Mint  

Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring, its president told the parliament on Wednesday as he sought support of opposition parties for a nearly $3 billion International Monetary Fund programme. President Ranil Wickremesinghe also said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and …

Multilateral devt banks need transformative reform: FM Sitharaman
1 year, 8 months ago

Multilateral devt banks need transformative reform: FM Sitharaman

Live Mint  

In a meeting with the G20 expert group on strengthening multilateral development banks, Union finance minister Nirmala Sitharaman called for a “transformative” rather than incremental change in the banks; a “holistic” rather than fragmented approach to reform; and the need for more financing to achieve both developmental and climate goals, without viewing them as mutually exclusive. People familiar with the …

Progress on crucial G20 finance issues: Nirmala
1 year, 8 months ago

Progress on crucial G20 finance issues: Nirmala

Hindustan Times  

The G20 finance track has made progress on issues of debt distress, with China “positively engaged” in the process; the reform of multilateral development banks with “broad-based unanimity” on “proportionate” spending on poverty, prosperity and climate goals; and the need to have a global understanding on crypto regulation based on the recognition that their flows can affect macro-economic stability, finance …

Historic opportunity to reform World Bank: FM
1 year, 8 months ago

Historic opportunity to reform World Bank: FM

Hindustan Times  

With discussions around the evolution of multilateral development banks intensifying, Union finance minister Nirmala Sitharaman on Wednesday said that the calls to reinvigorate the World Bank present a “historic opportunity” to make the institution “fit for purpose” to achieve sustainable development goals as well as address national and global developmental challenges. Union finance minister Nirmala Sitharaman with US Department of …

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 …

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman
1 year, 8 months ago

India G20 presidency aims to develop common framework to deal with crypto risks: FM Nirmala Sitharaman

The Hindu  

Finance Minister Nirmala Sitharaman has said India’s G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. She also said G20 is trying to bring together all countries to address debt distress in middle-income and low-income nations like Sri Lanka …

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries
1 year, 8 months ago

Nirmala Sitharaman urges G20 to come together on debt distress of middle-income countries

The Hindu  

Ahead of the G20 Finance Ministers and Central Bank Governors meeting on April 12 and 13, Finance Minister Nirmala Sitharaman expressed hope that the group could come together to address the debt distress of middle-income countries. While there could be “one or two” issues on which consensus is not possible, the Finance Minister said India’s presidency “is a great opportunity …

FM Sitharaman arrives in Washington for spring meetings, second G20 finance ministers meet
1 year, 8 months ago

FM Sitharaman arrives in Washington for spring meetings, second G20 finance ministers meet

Hindustan Times  

Washington: Finance minister Nirmala Sitharaman arrived in Washington on Sunday to attend the spring meetings of the International Monetary Fund and World Bank and chair the second G20 finance ministers and central bank governors meeting under the Indian presidency. India’s Finance Minister Nirmala Sitharaman meets Minister of Finance and Economic Affairs of the Republic of Malawi Sosten Gwengwe on the …

China must show it can play by world debt-revamp rules: IMF
1 year, 8 months ago

China must show it can play by world debt-revamp rules: IMF

Hindustan Times  

China, the biggest bilateral creditor to developing countries, needs to show it can operate within established international debt-relief processes for poor nations struggling to pay, the chief of the International Monetary Fund said. “China has been very slow to recognize that multilateral debt restructuring requires China to play by the rules that are already established,” Managing Director Kristalina Georgieva said …

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?
1 year, 9 months ago

The G20 could help fix Sri Lanka’s debt crisis. Will it step up?

Al Jazeera  

The G20 includes Sri Lanka’s top lenders and powers with influence. If this group collaborated effectively, it could make debt relief available to Sri Lanka, and strengthen the protections of people’s economic and social rights during a moment of crisis. While IMF financing may be the reason Sri Lanka’s debt is in the news today, creditors should focus on resolving …

There is a rule of law in India, business heads don’t disappear overnight: Finance Minister Nirmala Sitharaman
1 year, 9 months ago

There is a rule of law in India, business heads don’t disappear overnight: Finance Minister Nirmala Sitharaman

Firstpost  

The unpredictability and randomness of an authoritarian political system cannot match the stability and predictability offered by a democracy such as India Union finance minister Nirmala Sitharaman took cheeky potshots on Saturday at China while explaining why India is the global destination for businesses and why the optimism surrounding the country even amid a bleak global outlook, isn’t misplaced. On …

G20 agrees on debt relief
1 year, 9 months ago

G20 agrees on debt relief

Deccan Chronicle  

NEW DELHI: Despite having some differences over the wording of the Russia-Ukraine war in the summary after the first G20 meeting of the Finance Ministers and Central Bank Governors under India’s presidency, Union finance minister Nirmala Sitharaman on Sunday said that the G20 nations have agreed on language to deal with the debt vulnerabilities of developing countries. Vulnerable nations are …

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership
1 year, 9 months ago

India's G20 Summit: What Global Governance Dilemma Means for Modi's Leadership

The Quint  

If the G20 finance ministers can break the deadlock, it could unlock restructurings in Sri Lanka and Zambia—those worst-affected by sovereign debt defaults, helping them with immediate aid while also renewing hope for other nations seeking desperate debt relief measures. A larger concern that stems from the gridlock seen in the way G20 functions is evident from the fact how …

Nirmala Sitharaman flags need for common understanding of debt challenges
1 year, 9 months ago

Nirmala Sitharaman flags need for common understanding of debt challenges

Live Mint  

New Delhi: Finance minister Nirmala Sitharaman on Saturday flagged the need for a common global understanding of challenges related to sovereign debt as world leaders gathered in Bengaluru for a G20 meeting discussing debt sustainability. Nirmala Sitharaman co-chaired a roundtable on debt on the sidelines of the G20 meeting of finance ministers and central bank governors, along with IMF managing …

International Monetary Fund flags debt restructuring hurdles, says banning crypto should be an option
1 year, 9 months ago

International Monetary Fund flags debt restructuring hurdles, says banning crypto should be an option

Firstpost  

Bengaluru: Group of 20 nations have some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday, adding that banning private cryptocurrencies should be an option. “On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors,” IMF Managing …

IMF flags debt restructuring hurdles, says banning crypto should be an option
1 year, 9 months ago

IMF flags debt restructuring hurdles, says banning crypto should be an option

India Today  

Group of 20 nations have some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday, adding that banning private cryptocurrencies should be an option. "On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors," IMF Managing Director …

Debt load may pose threat to nations: PM
1 year, 9 months ago

Debt load may pose threat to nations: PM

Live Mint  

Prime Minister Narendra Modi cautioned on Friday that unsustainable debt levels posed a threat to the financial stability of nations and called upon G20 finance ministers and central bank governors to work towards restoring stability, confidence, and growth to the global economy. International Monetary Fund managing director Kristalina Georgieva said on Thursday that the IMF, World Bank and India’s G20 …

India’s Modi asks G20 finance heads to focus on ‘most vulnerable’
1 year, 9 months ago

India’s Modi asks G20 finance heads to focus on ‘most vulnerable’

Al Jazeera  

Financial viability of many countries is being threatened by unsustainable debt, Indian PM says, as two-day G20 meeting begins in Bengaluru. Policymakers of the Group of 20 leading economies should focus on helping the world’s most vulnerable people, India’s Prime Minister Narendra Modi has said as top-level financial talks kick off near the Indian technology hub of Bengaluru. “You represent …

There's greater optimism that the world may avoid deep recession: RBI Governor at G20 FMs meet
1 year, 9 months ago

There's greater optimism that the world may avoid deep recession: RBI Governor at G20 FMs meet

India TV News  

G20 Summit: Addressing the inaugural session of the meeting of G20 finance ministers and central bank governors, RBI Governor Shaktikanta Das on Friday called upon G20 nations to resolutely address the challenges, like threats to financial stability and debt distress that confront the global economy. "Together, we must resolutely address the challenges that confront us, including those that are of …

FM meets US Treasury Secretary ahead of G20, discuss crypto regulation and more
1 year, 10 months ago

FM meets US Treasury Secretary ahead of G20, discuss crypto regulation and more

India Today  

Before the first G20 meeting, the Finance Ministers and Central Bank Governors conference was held on Thursday under the G20 Indian Presidency. The recent meeting included the finance ministers and central bank governors of G20 member countries, invitee countries, and leaders of major international organisations; almost 500 foreign delegates in Bengaluru. Conversations around crypto On this occasion, Konix, a crypto …

India likely to propose expert G20 group for World Bank reforms: Report
1 year, 10 months ago

India likely to propose expert G20 group for World Bank reforms: Report

Live Mint  

India is likely to propose forming an expert G20 group to look into reforms at the World Bank and to increase the lending capacity of the institution for climate financing in middle and low income countries, three sources told Reuters. The development comes as World Bank President David Malpass held a discussion with Finance Minister Nirmala Sitharaman on Wednesday on …

The G20 must help resolve debt crisis across the world
1 year, 10 months ago

The G20 must help resolve debt crisis across the world

Live Mint  

Debt distress is not merely a macroeconomic problem. As India has assumed the G20 presidency at an uncertain time for the global economy, addressing debt distress, initiating action and devising a coordinated framework for relief would be daunting endeavour.The G20 in 2020 launched a Common Framework which brought creditors such as China and India, along with the IMF, the Paris …

Janet Yellen to visit India for G-20 finance meetings
1 year, 10 months ago

Janet Yellen to visit India for G-20 finance meetings

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen will travel to India next week to attend Group of 20 finance minister meetings in Bengaluru and will address the global economic impacts of Russia’s invasion of Ukraine as her visit coincides with the one-year anniversary of the invasion. A senior Treasury official who spoke on the condition of anonymity to preview the secretary’s …

Crypto Regulation: Nirmala Sitharaman Urges IMF To Develop Globally Coordinated Approach
1 year, 10 months ago

Crypto Regulation: Nirmala Sitharaman Urges IMF To Develop Globally Coordinated Approach

ABP News  

Finance Minister Nirmala Sitharaman on Thursday held a discussion with IMF managing director Kristalina Georgieva and urged the multi-lateral funding agency to develop a globally coordinated approach to the regulation of crypto assets.The Finance Minister held a virtual conversation with the International Monetary Fund MD to discuss the upcoming G20 Finance Ministers and Central Bank Governors meeting, scheduled to be …

IMF confirms receipt of India’s financing assurances for Sri Lanka
1 year, 10 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 …

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