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 sustainability, raising revenue, rebuilding its reserves, reducing inflation and safeguarding financial stability. Sri Lanka plunged into its worst economic crisis last year, suffering severe shortages and drawing strident protests that led to the ouster of then-President Gotabaya Rajapaksa. The approval follows Sri Lanka’s agreement with an Official Creditor Committee on debt restructuring, covering about $5.9 billion of outstanding public debt.

Sri Lanka Debt Billion Lanka Sri  lanka  muchneed  tranche  imf  lankas  sri  outstanding  worst  release  debt  bailout  billion  tax  second  package

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. …

5 things about Sri Lanka's debt swap deal to end first-ever external loan default
1 month, 1 week ago

5 things about Sri Lanka's debt swap deal to end first-ever external loan default

Firstpost  

Sri Lanka’s Finance Ministry has called the deal a “milestone” in rebuilding its economy, while President Anura Dissanayake, who took office in September, stressed the importance of this agreement for future stability. Sri Lanka is looking to resolve its first-ever external debt default. AFP Sri Lanka has launched a $12.5 billion debt swap initiative to resolve its first-ever external default …

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 …

‘We’ve tried everybody else’: What’s next for Sri Lanka’s turn to the left?
1 month, 4 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 …

China uses economic prowess to make inroads into Sri Lanka, provides Rs 30 mn flood relief
2 months ago

China uses economic prowess to make inroads into Sri Lanka, provides Rs 30 mn flood relief

Firstpost  

Sri Lanka saw two rounds of massive flooding this year with over two dozen deaths and displacement of more than 50,000 people across the country A man waves the Sri Lankan national flag near the Presidential secretariat in Colombo, Sri Lanka, July 17. Image: Arun Sankar/AFP China has provided financial assistance to the tune of Rs 30 million to compensate …

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election
3 months ago

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election

Associated Press  

COLOMBO, Sri Lanka — India’s Foreign Minister S. Jaishankar met Sri Lanka’s newly elected President Anura Kumara Dissanayake Friday in the first such visit of a dignitary since a new government took office in the island nation last month, amid questions over how Dissanayake would balance between regional powers China and India. At the same time, China’s support to restructure …

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 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 clinches $12.5 billion bond rework deal in pre-election dash
3 months, 3 weeks ago

Sri Lanka clinches $12.5 billion bond rework deal in pre-election dash

The Hindu  

“Sri Lanka reached a draft deal with creditors to restructure $12.5 billion of international bonds,” it said on Thursday, in a major boost to the island nation’s fragile recovery just two days before its Presidential election. The agreement comes after Sri Lanka began a third round of formal debt restructuring talks with bondholders last week. "Sri Lanka now expects to …

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom
3 months, 3 weeks ago

Sri Lanka’s presidential election a test for current leader, 2 years after its economy hit bottom

Associated Press  

COLOMBO, Sri Lanka — Two years ago, food cart worker Fathima Shiyama had to wait in line, sometimes for days, to get cooking gas, fuel and other essentials. Fathima Shiyama, 48, prepares local delicacies at home, to be sold later from her food cart, in Colombo, Sri Lanka, Tuesday, Sept. 3, 2024. A man sits next to election posters of …

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 …

​Back from the brink: The Hindu Editorial on the Sri Lankan elections and the road ahead
4 months, 3 weeks ago

​Back from the brink: The Hindu Editorial on the Sri Lankan elections and the road ahead

The Hindu  

Sri Lanka’s ninth presidential election, scheduled for September 21, has attracted a record 39 candidates, signalling a return to “business as usual” despite the severe economic crisis of 2022. At 75, he aims to garner broad support by highlighting the political and economic stability achieved during his two-year tenure, made possible by backing from the Sri Lanka Podujana Peramuna, led …

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 …

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis
6 months, 2 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, 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 …

Sri Lanka has made 'strong progress' on debt restructuring front: IMF
7 months ago

Sri Lanka has made 'strong progress' on debt restructuring front: IMF

The Hindu  

“Sri Lanka’s macroeconomic policy reforms have started to “bear fruit” and the country is expected to reach agreements with external commercial creditors soon,” the IMF has said ahead of the second review of its $2.9 billion bailout programme to the cash-strapped country. Addressing a press conference on June 7, International Monetary Fund Communication Department Director Julie Kozack asserted that Sri …

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 …

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 …

World Bank happy with Sri Lanka reforms, releases second tranche of $250 million
1 year ago

World Bank happy with Sri Lanka reforms, releases second tranche of $250 million

The Hindu  

Citing “continued satisfactory progress” in Sri Lanka's reform programme, the World Bank on Wednesday announced the release of the second tranche of $250 million to the cash-strapped country which will help stabilise the economy. The World Bank had pledged $500 million in budgetary support and released its first tranche in June to cash-strapped Sri Lanka, which has a total foreign …

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 {{ …

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 Lankan President Ranil Wickremesinghe presents budget; says economy not out of crisis yet
1 year, 1 month ago

Sri Lankan President Ranil Wickremesinghe presents budget; says economy not out of crisis yet

The Hindu  

Sri Lankan President Ranil Wickremesinghe on November 13 presented his government’s 2024 budget, emphasising the need for tough reforms until the full recovery of the cash-strapped island nation's economy. Mr. Wickremesinghe said the cost of living allowances for 1.3 million state employees and pensioners numbering 7,00,000 would be raised by Rs.10,000 and Rs.3,000 respectively from 2024. In Sri Lanka, a …

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 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 …

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 …

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 parliament debates the health minister’s fate over reports of lack of drugs, hospital care
1 year, 4 months ago

Sri Lanka parliament debates the health minister’s fate over reports of lack of drugs, hospital care

Associated Press  

COLOMBO, Sri Lanka — Sri Lankan lawmakers began a debate on the fate of country’s health minister on Wednesday, seeking to remove him over his alleged failure to secure enough essential drugs and laboratory equipment that some say resulted in preventable deaths in hospitals. Sri Lanka provides free health service through state-run hospitals but they have suffered from a shortage …

Confusion over Sri Lanka granting permission to Chinese survey vessel in October
1 year, 4 months ago

Confusion over Sri Lanka granting permission to Chinese survey vessel in October

Hindustan Times  

Confusion prevails in Sri Lanka over granting permission to Chinese Research vessel Shi Yan 6 to conduct ocean survey off the island nation in October after New Delhi raised its serious concerns with the Ranil Wickremesinghe government. India has officially raised concerns to Sri Lanka for allowing a free run to Chinese survey, surveillance and ballistic missile trackers ships at …

Economic crisis-hit Sri Lanka repays $50 million loan instalment to Bangladesh after two years
1 year, 4 months ago

Economic crisis-hit Sri Lanka repays $50 million loan instalment to Bangladesh after two years

Firstpost  

In August 2021, in a bid to alleviate Sri Lanka’s foreign exchange crisis, Bangladesh extended a lifeline in the form of a $200 million loan from its foreign exchange reserves Cash-strapped Sri Lanka has paid the first instalment of $50 million against a loan obtained from Bangladesh under a currency swap agreement in August 2021. In August 2021, in a …

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 …

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded
1 year, 5 months ago

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded

The Hindu  

Published : Jul 13, 2023 11:00 IST - 6 MINS READ On July 1, Sri Lanka’s parliament approved, through a majority 122-62 vote, a plan to restructure the government’s domestic debt, which totalled 15.4 trillion Sri Lankan rupees at the end of March 2023. At that point in time, of the government’s total debt of $86.5 billion, $46.9 billion was …

Cash-strapped Sri Lanka gets parliamentary nod for domestic debt restructuring plan
1 year, 6 months ago

Cash-strapped Sri Lanka gets parliamentary nod for domestic debt restructuring plan

The Hindu  

A special session of Sri Lanka's Parliament on July 1 overwhelmingly approved the cash-strapped government's domestic debt restructuring plan, a vital element in the bankrupt nation’s bid for recovery from the worst economic crisis. Domestic debt restructuring is a key condition in the International Monetary Fund programme, through which a bailout package of $3 billion was approved for Sri Lanka …

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