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 a snap Sri Lankan president elections, Gunwardena said: “No election would be possible this year as the state finances have not improved.” He went on to stress upon the government’s immediate focus which is centered on successfully ending the process of debt restructuring. Sri Lanka presidential polls In July last year, the Sri Lankan Parliament elected former Prime Minister Ranil Wickremesinghe as the President of the country to serve the remainder of ex-president Gotabaya Rajapaksa’s term, which was supposed to end in November 2024. Sri Lanka needs to restructure debt Sri Lanka declared itself bankrupt in mid-April last year when the government defaulted on its $51 billion foreign debt.

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History of this topic

Sri Lanka's ambitious governance and macro-linked bonds | Explained
6 days, 21 hours ago

Sri Lanka's ambitious governance and macro-linked bonds | Explained

The Hindu  

Sri Lanka's restructuring of $12.55 billion in international bond debt is set to lead to the launch of a series of new, as-yet-untested instruments linked to economic growth and governance. The governance-linked bond is the first of its kind and is designed to reward Sri Lanka for transparency and effective economic management by reducing the interest on its debt. To …

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
2 weeks, 4 days 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
3 weeks, 5 days 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 $2.9bn bailout, but warns of risks
1 month 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 Marxist-leaning president appoints his Cabinet after a resounding election win
1 month 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 Lankan Parliamentary elections begin with issues of welfare, economic reforms at stake | WATCH
1 month, 1 week ago

Sri Lankan Parliamentary elections begin with issues of welfare, economic reforms at stake | WATCH

India TV News  

Colombo: Sri Lankans began voting on Thursday in a snap election to decide if the Indian Ocean island will give its new leftist president greater strength to help the poor as it recovers from a financial meltdown. "I think we are seeing the first signs of a positive political change in Sri Lanka after the president was elected and we …

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote
Trending News
1 month, 1 week 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, 1 week 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, 1 week 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, 1 week 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. …

India’s foreign minister becomes the first such dignitary to visit Sri Lanka since the election
2 months, 2 weeks 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 …

Sri Lanka's New President Dissolves Parliament To Make Way For November Elections
2 months, 4 weeks ago

Sri Lanka's New President Dissolves Parliament To Make Way For November Elections

News 18  

Sri Lanka’s new leftist president dissolved parliament on Tuesday and called a snap election as he prepares to renegotiate the bankrupt nation’s unpopular International Monetary Fund bailout programme. Despite being a marginal party, the support for the 55-year-old Dissanayake’s JVP surged after a 2022 economic meltdown that immiserated millions of ordinary Sri Lankans and the painful implementation of the IMF …

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

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 …

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

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

LA Times  

National People’s Power candidate Anura Kumara Dissanayake arrives at a polling station to cast his vote Saturday in Colombo, Sri Lanka. Marxist lawmaker Anura Kumara Dissanayake won Sri Lanka’s presidential election, according to data released Sunday by the Election Commission, as voters rejected the old political guard that has been widely accused of pushing the South Asian nation toward economic …

Marxist Dissanayake wins Sri Lanka's presidential election as voters reject old guard
3 months 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. …

Vote count underway in Sri Lanka’s presidential election after years of turmoil
3 months ago

Vote count underway in Sri Lanka’s presidential election after years of turmoil

Associated Press  

COLOMBO, Sri Lanka — Voting ended in Sri Lanka’s presidential election Saturday as the country seeks to recover from the worst economic crisis in its history and the resulting political upheaval. They will show whether Sri Lankans approve of Wickremesinghe’s leadership of a fragile recovery, including restructuring Sri Lanka’s debt under an International Monetary Fund bailout program after it defaulted …

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

What’s at stake in Sri Lanka’s first presidential vote since its economic meltdown?
3 months, 2 weeks ago

What’s at stake in Sri Lanka’s first presidential vote since its economic meltdown?

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka will hold its presidential election on Sept. 21 in a crucial vote that will decide the future of the South Asian nation still struggling to recover from its economic collapse in 2022, which provoked mass protests and forced the former President Gotabaya Rajapaksa to flee the country and later resign. Almost 17 million of …

Sri Lanka president defends IMF bailout in campaign launch
3 months, 3 weeks 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 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’s presidential race draws 39 aspirants
4 months, 1 week ago

Sri Lanka’s presidential race draws 39 aspirants

The Hindu  

As many as 39 presidential aspirants will contest a crucial poll in Sri Lanka on September 21, the Election Commission said on Thursday, after closing nominations. Incumbent President Ranil Wickremesinghe, who rose to the top office through a parliamentary vote during the island nation’s 2022 crisis, is seeking a mandate to take forward his government’s economic reform agenda. Mr. Wickremesinghe, …

Sri Lanka gears up for first presidential elections after economic crisis: Why the polls matter – Firstpost
4 months, 3 weeks ago

Sri Lanka gears up for first presidential elections after economic crisis: Why the polls matter – Firstpost

Firstpost  

Sri Lanka will hold presidential elections on September 21, the first since the country’s devastating economic crisis began in 2019. Incumbent President Ranil Wickremesinghe, who has been instrumental in stabilising the economy with an IMF bailout, faces significant challenges amid widespread public discontent and economic hardship Sri Lanka's President Ranil Wickremesinghe looks on during an interview at Presidential Secretariat, amid …

Sri Lanka will hold presidential election on September 21, its first since declaring bankruptcy in 2022
4 months, 3 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's economic crisis takes centre stage as election date set for September 21
4 months, 3 weeks ago

Sri Lanka's economic crisis takes centre stage as election date set for September 21

Firstpost  

Incumbent President Ranil Wickremesinghe is widely expected to run in the election, with almost 17 million of Sri Lanka’s 22 million population eligible to vote Sri Lankan election workers hold ballot boxes for security clearance at the election office before distributing them for transport to various regions of Colombo. File images/ Reuters Sri Lanka will vote on Sept. 21 to …

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 presidential election set for September 21 amid ailing economy
4 months, 4 weeks ago

Sri Lanka presidential election set for September 21 amid ailing economy

Al Jazeera  

President Wickremesinghe is first candidate to register at the Election Commission as he seeks mandate from voters. Sri Lanka will hold a presidential election on September 21, the Election Commission says, setting the date for a vote expected to determine the future of reforms in a country still struggling to emerge from its worst financial crisis in decades. Wickremesinghe, 75, …

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 …

Election crucial for Sri Lanka's future: President Ranil Wickremesinghe
6 months, 1 week 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 …

Sri Lanka has made 'strong progress' on debt restructuring front: IMF
6 months, 2 weeks 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 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 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
9 months, 2 weeks 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 Lanka holds its first presidential election since the country declared bankruptcy
54 years, 11 months ago

Sri Lanka holds its first presidential election since the country declared bankruptcy

Associated Press  

DATE OF ELECTION Likely in November TYPE OF ELECTION Presidential WHO’S RUNNING Incumbent President Ranil Wickremesinghe could run, seeking a mandate for his tough economic reforms, as the country strives to recover from its worst economic crisis in recent history. WHY IT MATTERS TO THE WORLD The election will be the first held after Sri Lanka was roiled by a …

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe
10 months, 2 weeks 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
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 …

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

Sri Lanka Slaps Taxes on Fuel, Mobiles on New Year to Raise Revenue ahead of Foreign Debt Deal
11 months, 3 weeks 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's economy shows positive growth for first time since crisis
1 year ago

Sri Lanka's economy shows positive growth for first time since crisis

Firstpost  

Sri Lanka is currently going through a strict IMF based reform regime. Sri Lanka’s bankrupt economy has recorded a positive growth for the first time since the onset of the economic crisis in the island nation. Sri Lanka had previously experienced a negative growth rate of minus 8 percent when it declared bankruptcy in April 2022, and the economic downturn …

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 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 …

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