India-Japan look to restart trilateral cooperation with Sri Lanka, but with caution
1 year, 4 months ago

India-Japan look to restart trilateral cooperation with Sri Lanka, but with caution

The Hindu  

More than two years after Sri Lanka cancelled a joint India-Japan MoU for the East Container Terminal project in Colombo, the three countries are studying ways of restarting trilateral cooperation, said envoys at a conference in Delhi on Thursday. With India and Japan coming to Sri Lanka’s rescue during last year’s economic crisis, and offering assistance with Sri Lanka’s debt restructuring process, the Ranil Wickremesinghe government has also sought the return of infrastructure project plans as well as investment from both countries. India and Japan share a vision of a Free Open and Inclusive Indo-Pacific, which is of relevance to all countries in the region including Sri Lanka,” said India’s point person for the Indian Ocean Region, MEA Joint-Secretary Puneet Aggarwal, speaking at the conference on trilateral cooperation organised by three think tanks including India’s NatStrat and the Vivekananda India Foundation as well as Sri Lanka’s Pathfinder Foundation. The conference was based on a paper released by the Pathfinder Foundation, started by Sri Lanka’s envoy to India Milinda Moragoda, that suggests that India and Japan can work together on renewable energy and grid connectivity projects, development of Trincomalee as an oil pipeline hub, connectivity and people-centric projects like tourism and education. Japan’s Ambassador to India Hiroshi Suzuki said that Japan was keen to work with India on projects in South Asia, and sees India and Sri Lanka “as indispensable partners” in order to realise Prime Minister Fumio Kishida’s vision of a Free and Open Indo Pacific, which he unveiled in a speech in Delhi this year.

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History of this topic

Xi says wants to deepen BRI cooperation with Sri Lanka under new leader
3 months ago

Xi says wants to deepen BRI cooperation with Sri Lanka under new leader

The Hindu  

Chinese President Xi Jinping on Monday said he hoped to broaden cooperation with Sri Lanka under his Belt and Road infrastructure initiative as he congratulated the island nation's new leader Anura Kumara Dissanayake. "I attach great importance to the development of China-Sri Lanka relations and am willing to work with Mr. President to continue our traditional friendship enhance mutual political …

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022
4 months, 4 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 to lift ban on foreign research vessels next year
5 months, 2 weeks ago

Sri Lanka to lift ban on foreign research vessels next year

The Hindu  

Sri Lanka will resume permitting calls from foreign research vessels at its ports from next year, as the government “cannot only block China”. In January 2024, Sri Lanka banned the visit of foreign research vessels after India and the United States voiced concern over the visit of at least two Chinese research vessels, Shi Yan 6 and Yuan Wang 5, …

Sri Lanka inks pacts with OCC, China to restructure debt
5 months, 3 weeks 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
5 months, 3 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 …

Sri Lanka finalises debt restructure agreement with official creditor committee
5 months, 3 weeks ago

Sri Lanka finalises debt restructure agreement with official creditor committee

Hindustan Times  

Sri Lanka's government said on Wednesday it has finalised a long-delayed debt restructuring agreement for USD 5.8 billion with its bilateral lenders, including India and China, in Paris to meet a key condition of an IMF bailout. This was announced by President Ranil Wickremesinghe’s office, which said the agreement grants significant debt relief allowing Sri Lanka to allocate funds to …

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis
5 months, 3 weeks ago

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis

The Hindu  

In what it termed a significant milestone, Sri Lanka on Wednesday sealed a deal with the Official Creditor Committee, to restructure the debt owed to its bilateral lenders including India, and signed a separate agreement with China for debt treatment. “Sri Lanka reached a final restructuring agreement for $5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in …

'Procedural issues' delaying Sri Lanka debt deal: IMF
6 months, 1 week 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 …

Pulling Sri Lanka out of the abyss
10 months, 3 weeks 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 …

Sri Lanka says debt restructure finalised by April
11 months, 1 week 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. …

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 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 …

China keen on extending China-Myanmar Economic Corridor to Sri Lanka
1 year, 1 month ago

China keen on extending China-Myanmar Economic Corridor to Sri Lanka

The Hindu  

China is “prioritising” the extension of the China-Myanmar Economic Corridor to Sri Lanka, the country’s Special Envoy told President Ranil Wickremesinghe on Monday, in an indication that China is looking to scale up the Belt and Road Initiative project in South Asia. Paying a courtesy call on the Sri Lankan President, Special envoy of the Chinese President, state councillor Shen …

India-Sri Lanka Business Summit: Sitharaman stresses on bilateral arrangements in regional currencies
1 year, 1 month ago

India-Sri Lanka Business Summit: Sitharaman stresses on bilateral arrangements in regional currencies

Live Mint  

Emphasising on the importance of bilateral agreements between the countries, Indian finance minister Nirmala Sitharaman on Thursday said that the global multilateral treaties are now receding. Speaking at the India-Sri Lanka Business Summit in Colombo, Sitharaman said: “Global multilateral treaties are now receding. In her speech, Sitharaman stressed on the importance of bilateral pacts between the countries and said that …

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil
1 year, 2 months ago

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil

The Hindu  

China will continue to assist Sri Lanka without any “political strings attached” and help the country cope with difficulties, President Xi Jinping told his Sri Lankan counterpart Ranil Wickremesinghe on Friday, according to an official statement, even as Colombo attempts to finalise a debt treatment plan with its creditors, including the Asian giant. Noting that Sri Lanka was among the …

Sri Lanka confirms major debt deal with China
1 year, 2 months ago

Sri Lanka confirms major debt deal with China

The Hindu  

The Sri Lankan government has confirmed that it has concluded a preliminary deal with China on the restructuring of its debts to Beijing, seen as a "big step" in the cash-strapped country's economic recovery. China holds about 52% of Sri Lanka’s $46 billion external credit.” The agreement in principle covers approximately $4.2 billion of outstanding debt, it said adding that …

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure
1 year, 2 months ago

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure

The Hindu  

Sri Lanka on October 11 welcomed China's tentative agreement to a debt restructure, as the island nation works to restore its ruined finances after suffering its worst-ever economic crisis. The government defaulted on its $46 billion debt last year at a time when months of food and fuel shortages were making life a misery for Sri Lanka's 22 million people. …

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 …

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 …

How India has revamped its approach to engage with Sri Lanka amid China's growing presence in the Indo-Pacific Region
1 year, 4 months ago

How India has revamped its approach to engage with Sri Lanka amid China's growing presence in the Indo-Pacific Region

Firstpost  

India’s accelerated overtures to Sri Lanka in the past few years are emblematic of its engagements in the wider Indo-Pacific Region Sri Lankan President Ranil Wickremesinghe’s visit to India on 20-21 July came at a time when the ties between the two neighbours have been in flux for the past few years. India’s strategic engagements with Sri Lanka gained traction …

China to stay out of official creditors’ platform, but Sri Lanka ‘very confident’ of bilateral support
1 year, 5 months ago

China to stay out of official creditors’ platform, but Sri Lanka ‘very confident’ of bilateral support

The Hindu  

China “will not join” the official creditors’ platform negotiating a common debt treatment plan with Sri Lanka, but Colombo is “very confident” of Beijing’s bilateral support to the island’s economic recovery, Foreign Minister Ali Sabry said. In May this year, 17 countries that have extended loans to Sri Lanka formed an “official creditor committee”, co-chaired by India, Japan, and France, …

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 …

Sri Lanka to restructure domestic debt amid challenges
1 year, 5 months ago

Sri Lanka to restructure domestic debt amid challenges

The Hindu  

Sri Lanka will shut down its banks and financial sector for five days beginning Thursday, ahead of an extraordinary weekend debate in Parliament on the government’s plan to restructure its domestic debt. In May, the IMF pointed to “tentative signs of improvement” in Sri Lanka, while underscoring the need for timely restructuring agreements with the island’s creditors ahead of the …

The View from India | A growing India-China divide in South Asia
1 year, 6 months ago

The View from India | A growing India-China divide in South Asia

The Hindu  

While the on-going Line of Actual Control crisis has remained at the focus of India-China relations, the downturn in ties between the neighbours extends to events beyond the border. Events last week underlined the jostling for influence in the region, as India hosted Nepal’s Prime Minister Pushpa Kamal Dahal Prachanda while a senior Chinese official who handles South Asia policy, …

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 …

China left out of Sri Lanka debt talks amid angst over delays
1 year, 8 months ago

China left out of Sri Lanka debt talks amid angst over delays

Live Mint  

Sri Lanka and major creditors are set to formally launch talks to restructure the nation’s debt without China — its biggest bilateral lender — a signal of growing frustration with Beijing’s approach to debt woes in the developing world. Hanging over those wider talks have been concerns about China’s role in negotiations involving countries like Sri Lanka and Zambia, which …

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout
1 year, 9 months ago

Sri Lanka seeks 10-year debt moratorium ahead of IMF bailout

The Hindu  

Cash-strapped Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe’s office said on March 20, 2023 on the eve of a desperately needed $2.9 billion IMF bailout. The IMF’s executive board was expected to sign off on Colombo’s bailout application later on Monday after a long delay in securing financial assurances from China, Sri Lanka’s …

Sri Lanka: China agrees to restructure loans, says President Ranil Wickremesinghe
1 year, 9 months ago

Sri Lanka: China agrees to restructure loans, says President Ranil Wickremesinghe

Firstpost  

Sri Lanka defaulted on its $46-billion foreign debt last April during its economic crisis, which caused months of food and fuel shortages around the South Asian nation Colombo, Sri Lanka: Sri Lanka’s president said Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to an International Monetary Fund bailout. China’s state-owned …

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 …

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 …

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 …

Is debt cancellation the way forward for Sri Lanka?
1 year, 11 months ago

Is debt cancellation the way forward for Sri Lanka?

Al Jazeera  

As 182 economists from around the world issued a call to cancel Sri Lanka’s debt, not all experts agree. The academics have accused private creditors of contributing to Sri Lanka’s first-ever sovereign debt default as they accrued “a massive profit” by charging a premium to lend. Time for bilateral creditors to step up For now, Nandalal Weerasinghe, the head of …

India did not wait, did what was right to help Sri Lanka: Jaishankar
1 year, 11 months ago

India did not wait, did what was right to help Sri Lanka: Jaishankar

The Hindu  

India did not wait for other bilateral creditors but did “what is right” for Sri Lanka’s economic recovery, visiting External Affairs Minister S. Jaishankar said on Friday, following talks with Sri Lankan President Ranil Wickremesinghe in Colombo. India is “a reliable neighbour, a trustworthy partner, one who is prepared to go the extra mile when Sri Lanka feels the need”, …

India to ‘encourage greater investments’ in crisis-hit Sri Lanka
1 year, 11 months ago

India to ‘encourage greater investments’ in crisis-hit Sri Lanka

Al Jazeera  

Sri Lanka’s worst-ever economic crisis is seeing a shortage of foreign currency, runaway inflation and a steep recession. “India will encourage greater investments in the Sri Lankan economy, especially in core areas like energy, tourism and infrastructure,” India’s Foreign Minister Subrahmanyam Jaishankar told reporters in Colombo on Friday. “We count on the government of Sri Lanka to provide a more …

The inevitable geopolitical lens in Sri Lanka
1 year, 11 months ago

The inevitable geopolitical lens in Sri Lanka

The Hindu  

If it’s a conversation on Sri Lanka’s economy, talking points on China and India are inevitable. For Sri Lanka watchers, especially those based in the West or India, that’s a “Chinese debt trap”. The largest chunk of Sri Lanka’s foreign debt is owed to largely Western, private creditors holding International Sovereign Bonds, as a recent statement by global scholars, too, …

Debt restructuring talks with India and China successful, says Sri Lankan President Wickremesinghe
1 year, 11 months ago

Debt restructuring talks with India and China successful, says Sri Lankan President Wickremesinghe

Firstpost  

The announcement comes in the wake of External Affairs Minister S Jaishankar’s three-day visit to Maldives and Sri Lanka starting today. Colombo: Sri Lankan President Ranil Wickremesinghe on Tuesday informed the parliament that talks with India and China on debt restructuring are successful. “We are continuing discussions in that regard and I am pleased to announce to this House that …

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 …

Cancel Sri Lanka’s debt, global scholars tell creditors
1 year, 11 months 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 — …

India's response to Sri Lanka’s request for debt restructuring expected by January end: Ranil Wickremesinghe
1 year, 11 months ago

India's response to Sri Lanka’s request for debt restructuring expected by January end: Ranil Wickremesinghe

The Hindu  

President Ranil Wickremesinghe has said that India's response to cash-strapped Sri Lanka’s request for debt restructuring is expected by the end of this month. Sri Lanka had begun debt restructuring talks with its creditors since September last year as warranted by its agreement with the IMF for the $2.9 billion facility over four years. Sri Lanka awaiting assurances from India, …

Sri Lanka awaiting assurances from India, China, says Central Bank Governor
2 years ago

Sri Lanka awaiting assurances from India, China, says Central Bank Governor

The Hindu  

Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund, according to Sri Lanka’s Central Bank Governor P. Nandalal Weerasinghe. Balance of Payments With Colombo’s decision to default on its $51-billion foreign debt — the Governor maintained it was a “debt standstill” as against a hard default …

Dragging debt talks in Sri Lanka put spotlight on Chinese loans
2 years ago

Dragging debt talks in Sri Lanka put spotlight on Chinese loans

The Hindu  

As Sri Lanka works hard to obtain financing assurances from its diverse creditors — a pre-requisite for the provisional $2.9 billion-IMF package — the loans obtained from China, the island nation’s largest bilateral lender, have come under sharp focus. Speaking in Parliament on Wednesday, Opposition legislator from the Tamil National Alliance Shanakiyan Rasamanickam accused China of stalling Sri Lanka’s IMF …

India continues to be supportive of Sri Lanka in 'all possible ways': High Commission
2 years, 3 months ago

India continues to be supportive of Sri Lanka in 'all possible ways': High Commission

The Hindu  

India continues to be supportive of Sri Lanka in "all possible ways" for its early economic recovery and growth, the Indian High Commission here said on Tuesday after a media report that New Delhi does not plan to provide fresh financial support to the crisis-hit country on top of the nearly $4 billion it has extended this year. “We would …

India continues to be supportive of Sri Lanka in \'all possible ways\': High Commission
2 years, 3 months ago

India continues to be supportive of Sri Lanka in \'all possible ways\': High Commission

Deccan Chronicle  

COLOMBO: India continues to be supportive of Sri Lanka in "all possible ways" for its early economic recovery and growth, the Indian High Commission said on Tuesday after a media report that New Delhi does not plan to provide fresh financial support to the crisis-hit country on top of the nearly USD 4 billion it has extended this year. “We …

India continues to be supportive of Sri Lanka in \'all possible ways\': High Commission
2 years, 3 months ago

India continues to be supportive of Sri Lanka in \'all possible ways\': High Commission

Deccan Chronicle  

COLOMBO: India continues to be supportive of Sri Lanka in "all possible ways" for its early economic recovery and growth, the Indian High Commission said on Tuesday after a media report that New Delhi does not plan to provide fresh financial support to the crisis-hit country on top of the nearly USD 4 billion it has extended this year. “We …

China must cooperate with Sri Lanka on debt restructure: Samantha Power
2 years, 3 months ago

China must cooperate with Sri Lanka on debt restructure: Samantha Power

The Hindu  

China must cooperate with Sri Lanka in its debt restructure process, Samantha Power, Administrator of the United States Agency for International Development said on Sunday, while assuring Colombo of the U.S.’s support. The Hindu Explains: Sri Lanka’s staff-level agreement with IMF Addressing a media conference at the end of her two-day visit, Ms. Power said: “The United States as a …

The International Monetary Fund’s staff-level agreement with Sri Lanka
2 years, 3 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 …

China can't be absolved of Sri Lanka's collapse
2 years, 5 months ago

China can't be absolved of Sri Lanka's collapse

Live Mint  

The thoroughly grim assessment of Sri Lanka’s economy by its central bank governor over the weekend was overshadowed by the drama around its former president Gotabaya Rajapaksa fleeing last week and the election on Wednesday of Ranil Wickremesinghe as his successor. While Indian credit helped Sri Lanka import fuel as the crisis worsened, Weerasinghe in his 16 July interview said …

'Country is bankrupt': PM Wickremesinghe says Lanka to present debt restructuring programme to IMF by Aug
2 years, 5 months ago

'Country is bankrupt': PM Wickremesinghe says Lanka to present debt restructuring programme to IMF by Aug

India Today  

Sri Lanka will present a debt restructuring programme to the IMF by August to secure a bailout package, Prime Minister Ranil Wickremesinghe told Parliament on Tuesday, but acknowledged that negotiations with the global lender were "more difficult and complicated" than in the past as the country is now "bankrupt." The IMF later said it has concluded “constructive and productive” discussions …

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