Sri Lanka crisis updates | July 15, 2022
2 years, 5 months ago

Sri Lanka crisis updates | July 15, 2022

The Hindu  

Gotabaya Rajapaksa has officially resigned as Sri Lanka's President, the Parliamentary Speaker announced on Friday, ending days of uncertainty since the deposed leader fled the island amid monumental public protests over an economic crisis gripping the country. - PTI 12:45 p.m. Wickremesinghe becomes interim Sri Lankan president Prime Minister Ranil Wickremesinghe was sworn in as Sri Lanka’s interim president Friday until Parliament elects a successor to Gotabaya Rajapaksa, who resigned after mass protests over the country’s economic collapse forced him from office. He also must go.” - AP 10:40 a.m. Sri Lankan Parliament to convene Saturday to choose new President Sri Lanka’s Parliament Speaker Mahinda Yapa Abeywardana said Friday that Parliament will convene to choose a new President after the resignation of Gotabaya Rajapaksa. Members will be invited tomorrow :” Sri Lanka Speaker Mahinda Yapa Abeywarden confirms President Gotabaya Rajapaksa’s resignation #WATCH | Yes resignation has been accepted, legal process will follow.Members will be invited tomorrow : Sri Lanka Speaker Mahinda Yapa Abeywarden confirms President Gotabaya Rajapaksa's resignation pic.twitter.com/jLomNW64Cq — ANI July 15, 2022 10:00 a.m. Distancing itself from the Rajapaksa family that has been pushed out of power by angry protestors in Sri Lanka, the government made it clear that it has not offered outgoing President Gotabaya Rajapaksa, his brother and former Finance Minister Basil Rajapaksa, and others who may wish to flee Sri Lanka, any support. The Indian High Commission said it “categorically denies baseless and speculative media reports that India facilitated the recent reported travel” of Mr. Gotabaya Rajapaksa and Mr. - Suhasini Haidar 9:40 a.m. Speaker confirms President Gotabaya Rajapaksa’s resignation Sri Lanka’s President Gotabaya Rajapaksa has officially resigned, Speaker Mahinda Yapa Abeywardena announced Friday morning, ending days of uncertainty since the widely despised leader fled the island, dislodged by monumental public protests over a grave economic crisis.

India Singapore China Pakistan Sri Lanka Board Constitution Resignation Country Crisis Colombo President Lanka Sri Imf Parliament Rajapaksas Rajapaksa Wickremesinghe Sri Lankan Ranil Wickremesinghe Slpp Gotabaya Unp Gotabaya Rajapaksa Slp His Excellency Sri Lanka Crisis Podujana Peramuna Mahinda Yapa Abeywarden Basil Rajapaksa  resignation  president  country  15  rajapaksa  gotabaya  parliament  updates  sri  lankas  wickremesinghe  crisis  2022  lanka

History of this topic

How Dissanayake’s Delhi visit is a show of India's diplomatic deftness
Trending News
1 week, 1 day ago

How Dissanayake’s Delhi visit is a show of India's diplomatic deftness

Firstpost  

This visit has demonstrated that even in challenging times, with careful planning and mutual respect, diplomacy can achieve remarkable outcomes Sri Lankan President Anura Kumar Dissanayake’s recent visit to India has been widely regarded as a landmark in fostering stronger bilateral relations between the two neighbours. Tradition Meets Pragmatism One of the noteworthy aspects of the visit was President Dissanayake’s …

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
2 weeks, 6 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. …

IMF approves third review of Sri Lanka's $2.9 billion bailout
1 month 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 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 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 …

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 …

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 …

‘Don’t want to be sandwiched, especially between China and India’: Sri Lankan new President Anura Kumara Dissanayake
3 months ago

‘Don’t want to be sandwiched, especially between China and India’: Sri Lankan new President Anura Kumara Dissanayake

Hindustan Times  

Sri Lanka’s new President Anura Kumara Dissanayake said the country doesn't want to be sandwiched, especially between China and India, signaling a bold stance on his foreign policy. Sri Lankan new President Anura Kumara Dissanayake waves to supporters during a public rally in Dehiowita. As Sri Lanka navigates its place in an increasingly multipolar world, Anura Kumara Dissanayake, in his …

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’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 …

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 …

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 …

'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 …

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 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 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 {{ …

Vantage | Story of Sri Lankan cricket's coup that wasn't
1 year ago

Vantage | Story of Sri Lankan cricket's coup that wasn't

Firstpost  

The catalyst for this upheaval was the disappointing performance of the Sri Lankan cricket team in the recently concluded Cricket World Cup In recent days, Sri Lanka has been gripped by a power struggle within its cricketing circles, involving allegations of corruption, an attempted coup and a web of political intrigue. The turmoil reached new heights when Sri Lankan President …

Sri Lanka approves visa-free entry for visitors from India, six other countries
1 year, 2 months ago

Sri Lanka approves visa-free entry for visitors from India, six other countries

Live Mint  

Sri Lanka Cabinet approved issuing of free visas to India, China, Russia, Malaysia, Japan, Indonesia and Thailand with immediate effect as a pilot project till 31 March, tweeted Minister of Foreign Affairs of Sri Lanka, Ali Sabry. “Cabinet approves issuing of free visas to India, China, Russia, Malaysia, Japan, Indonesia and Thailand with immediate effect as a pilot project till …

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 …

PAK vs SL, ICC Cricket World Cup 2023: Pakistan looks to continue winning momentum against ‘battered’ Sri Lanka
1 year, 2 months ago

PAK vs SL, ICC Cricket World Cup 2023: Pakistan looks to continue winning momentum against ‘battered’ Sri Lanka

The Hindu  

A confident Pakistan, eager to keep the momentum going after its emphatic win against Netherlands here in the opener, takes on a battered Sri Lanka in the second round of the Cricket World Cup 2023 at the Rajiv Gandhi Stadium here on Monday. It was never going to be easy for Sri Lanka, especially for the bowling attack, to come …

World Cup 2023: Sri Lanka team preview, squad, key players, form and prediction
1 year, 2 months ago

World Cup 2023: Sri Lanka team preview, squad, key players, form and prediction

The Hindu  

Sri Lanka was stretched across the spectrum during its recent 13-match winning streak in ODIs. With Wanindu Hasaranga’s injury ruling him out of the World Cup, Sri Lanka will miss its star all-rounder, whose leg-spin was pivotal to the team defending a string of low scores during its unbeaten run in the World Cup Qualifiers. His woeful form with the …

IMF says Sri Lanka needs to boost reforms and collect more taxes for its bailout funding package
1 year, 2 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 …

India vs Sri Lanka Highlights, Asia Cup 2023 final: SL 50 all out; Mohammed Siraj picks six; IND wins by 10 wickets
1 year, 3 months ago

India vs Sri Lanka Highlights, Asia Cup 2023 final: SL 50 all out; Mohammed Siraj picks six; IND wins by 10 wickets

The Hindu  

Preview The curse of the Asia Cup has persisted. Nevertheless, with the World Cup less than three weeks away, there will be much more at stake than bragging about continental supremacy when India takes on Sri Lanka in what is expected to be a scintillating Sunday. For India, the match becomes even more important considering the pressure it will be …

Sri Lanka dent Bangladesh's Asia Cup 2023 final hopes with an emphatic 21-run win in Super Fours
1 year, 3 months ago

Sri Lanka dent Bangladesh's Asia Cup 2023 final hopes with an emphatic 21-run win in Super Fours

India TV News  

Sri Lanka began their Asia Cup 2023 Super Fours campaign with a 21-run win against Bangladesh in Colombo on Saturday, September 9 thereby denting the chances of the Shakib Al Hasan-led side from the ongoing tournament. After getting the first wicket in the 12th over, Sri Lanka got a couple of more wickets in less than four overs reducing Bangladesh …

Dilshan Madushanka, Sri Lanka left-arm seamer doubtful for Asia Cup 2023 due to injury
1 year, 3 months ago

Dilshan Madushanka, Sri Lanka left-arm seamer doubtful for Asia Cup 2023 due to injury

The Hindu  

Sri Lanka left-arm seamer Dilshan Madushanka might miss the Asia Cup due to injury in yet another blow to the co-hosts’ title defence, according to media reports. Virat Kohli: Difficult situations still excite me after 15 years of international cricket Seamer Dushmantha Chameera will also miss the tournament with a shoulder injury, while spinner Wanindu Hasaranga will sit out the …

Confusion over Sri Lanka granting permission to Chinese survey vessel in October
1 year, 3 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 …

Sri Lanka on path of economic recovery: FM Shehan Semasinghe
1 year, 4 months ago

Sri Lanka on path of economic recovery: FM Shehan Semasinghe

The Hindu  

Shehan Semasinghe, State Minister of Finance Sri Lanka, said the island nation is on a recovery path after the worst economic crisis it faced in 2022, and there are opportunities for investors to take part in its growth story. The Sri Lanka government has embarked on a slew of reforms to tide over the crisis in the last 15 months, …

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 …

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 has no money to hold presidential polls in 2023: Cabinet spokesman
1 year, 6 months ago

Sri Lanka has no money to hold presidential polls in 2023: Cabinet spokesman

Firstpost  

Sri Lanka Cabinet Spokesman Bandula Gunawardena said that no elections would be possible this year as the state finances have not improved Economic crisis hit Sri Lanka will not be holding a snap presidential election this year as the government wants to focus on debt restructuring, said Cabinet Spokesman Bandula Gunawardena. Denying speculations that the government might opt to hold …

IMF says Sri Lanka’s economic recovery shows signs of improvement but challenges remain
1 year, 6 months ago

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

Associated Press  

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

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 …

IMF: Sri Lanka’s crisis-hit economy likely to resume growth in 2024 after contracting 3% this year
1 year, 7 months ago

IMF: Sri Lanka’s crisis-hit economy likely to resume growth in 2024 after contracting 3% this year

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s crisis-hit economy is expected to resume growing in 2024 after contracting 3% this year, an International Monetary Fund official said Monday. Krishna Srinivasan, the IMF’s director for Asia and Pacific, said expected economic growth of 1.5% next year hinges critically on the economic reform program Sri Lanka has agreed to undertake, including challenging reforms …

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 …

Crisis-hit Sri Lanka to see economic contraction in 2023: Report
1 year, 8 months ago

Crisis-hit Sri Lanka to see economic contraction in 2023: Report

Live Mint  

Crisis-hit Sri Lanka is estimated to see a contraction in its economic growth this year, according to Asian Development Bank data. The Washington-based financial body has recently approved a 48-month arrangement under the Extended Fund Facility of about USD 3 billion to support Sri Lanka's economic policies and reforms. The needed reforms, according to the development bank's Asian Development Outlook …

Sri Lanka slashes fuel prices in welcome relief amid crisis
1 year, 8 months ago

Sri Lanka slashes fuel prices in welcome relief amid crisis

Firstpost  

Colombo: Sri Lanka’s government on Wednesday announced significant cuts in fuel prices, providing welcome relief for many after a year of shortages and skyrocketing prices amid the country’s worst economic crisis. Sri Lanka earlier this month secured approval of a $2.9 billion IMF bailout program a key step in its recovery from a crisis brought on by the pandemic and …

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package
1 year, 8 months ago

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package

The Hindu  

The International Monetary Fund’s approval of a 48-month arrangement with Sri Lanka, under the Extended Fund Facility for a $2.9 billion package, has been welcomed by Colombo and its creditors, who President Ranil Wickremesinghe will now have to conclude debt restructuring agreements with. Since last year, New Delhi has been a key part of Sri Lanka’s support structure, appealing on …

Sri Lanka receives first tranche of IMF bailout
1 year, 9 months ago

Sri Lanka receives first tranche of IMF bailout

The Hindu  

Sri Lanka has received the first tranche of an IMF bailout programme, President Ranil Wickremesinghe told Parliament on March 22. State finance minister Shehan Semasinghe said in an interview that Sri Lanka is ready to engage in restructuring talks with bilateral and private creditors to recover debt sustainability as "soon as possible." This was the 17th IMF bailout for Sri …

Sri Lanka receives first tranche of IMF bailout, says president
1 year, 9 months ago

Sri Lanka receives first tranche of IMF bailout, says president

Al Jazeera  

Ranil Wickremesinghe says his government will kick off the next round of talks with creditors in the third week of April. Sri Lanka has received the first tranche of its bailout package from the International Monetary Fund, President Ranil Wickremesinghe told parliament. China, Sri Lanka’s biggest bilateral creditor, earlier this month agreed to restructure its loans to the country, clearing …

IMF to assess Sri Lankan governance as part of $3B bailout
1 year, 9 months ago

IMF to assess Sri Lankan governance as part of $3B bailout

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 The International Monetary Fund said …

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition
1 year, 9 months ago

IMF approves $3-billion bailout for Sri Lanka; tackling corruption a key condition

The Hindu  

The International Monetary Fund on March 20 cleared a $3 billion-Extended Fund Facility for Sri Lanka, potentially unlocking more loans for the debt-ridden island nation that is struggling to recover from last year’s economic meltdown. Identifying corruption as a key issue, an IMF “governance diagnostic mission” has started assessing Sri Lanka’s governance and anti-corruption framework in its first such exercise …

IMF approves crucial $3 Billion bailout for bankrupt Sri Lanka
1 year, 9 months ago

IMF approves crucial $3 Billion bailout for bankrupt Sri Lanka

India TV News  

IMF: Amid tremendous economic and social challenges in Sri Lanka, the International Monetary Fund approved a nearly $3 billion bailout program for the country over four years to help salvage the country's bankrupt economy. Sri Lanka facing heightened financial sector vulnerabilities “Sri Lanka has been facing tremendous economic and social challenges with a severe recession amid high inflation, depleted reserves, …

Sri Lanka to get first tranche of $2.9bn bailout in two days: IMF
1 year, 9 months ago

Sri Lanka to get first tranche of $2.9bn bailout in two days: IMF

Al Jazeera  

Global lender says the island nation battling its worst economic crisis in seven decades will get $330m in the next two days. Sri Lanka will get the first $330m tranche of an International Monetary Fund bailout package in the next two days, says the global lender, putting the onus on the cash-strapped country to rein in its debt to sustainable …

IMF approves Sri Lanka's bailout: Ranil Wickremesinghe
1 year, 9 months ago

IMF approves Sri Lanka's bailout: Ranil Wickremesinghe

The Hindu  

Sri Lanka's request for a $2.9-billion bailout was approved by the IMF on Monday, the cash-strapped South Asian nation's President Ranil Wickremesinghe announced. "We are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to $7.0 billion in funding from the IMF and International financial institutions," he said. Earlier in the day, Wickremesinghe's office …

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’s economy shrank by record 7.8 percent last year
1 year, 9 months ago

Sri Lanka’s economy shrank by record 7.8 percent last year

Al Jazeera  

The contraction is the biggest in the crisis-hit island nation’s 75 years of independence. Sri Lanka’s crisis-hit economy shrank by a record 7.8 percent last year, official data shows, as the country struggles with its worst financial crisis in seven decades. President Ranil Wickremesinghe has raised taxes and ended generous subsidies on fuel and electricity to boost government revenue after …

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