Crisis-hit Sri Lanka may allow Indian rupee to be used in local transactions
1 year, 8 months ago

Crisis-hit Sri Lanka may allow Indian rupee to be used in local transactions

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 is considering the possibility of allowing the use of the Indian rupee for local transactions, as the island nation struggles to build its depleted foreign reserves and to emerge from last year’s unprecedented economic crisis. Sri Lankan Foreign Minister Ali Sabry said Saturday the move to allow the use of its giant neighbor's currency would enable “tourists and other people from India to directly use Indian rupees here” without going through the hassle of multiple currency conversions. Sabry said accepting the Indian rupee would work as an advantage for Sri Lanka as the trade imbalance between the two countries is in favor of India. India was also the first creditor to extend a letter of support towards Sri Lanka’s debt restructuring efforts that helped kickstart support from the IMF, which approved a $3 billion bailout package in March.

India China Sri Lanka Indian Debt Indian Rupee Billion Foreign Sign Lanka Sri Sabry  transactions  rupee  lanka  india  sri  crisishit  used  local  currency  debt  sign  allow  indian  billion  lankas  foreign

History of this topic

Sri Lankan media spotlights Dissanayake’s ‘balancing act’ with India and China
2 months ago

Sri Lankan media spotlights Dissanayake’s ‘balancing act’ with India and China

The Hindu  

Following Sri Lankan President Anura Kumara Dissanayake’s recent, four-day visit to China, analysis and commentary in local media pointed to the leader’s “balancing act” with Beijing and New Delhi, Colombo’s two key partners vying for greater strategic influence on the island. While the joint statement made no mention of Chinese marine research vessels calling at Sri Lankan ports, an issue …

Sri Lanka seeks to navigate China-India rivalry and emerge from its economic crisis
2 months, 1 week ago

Sri Lanka seeks to navigate China-India rivalry and emerge from its 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 Marxist-leaning President Anura …

Dissanayake in Beijing: Why Sri Lanka must look harder at what it’s signing on with China
2 months, 1 week ago

Dissanayake in Beijing: Why Sri Lanka must look harder at what it’s signing on with China

Firstpost  

As Sri Lankan President Dissanayake meets Xi Jinping in Beijing, a look at China’s economic grip on Sri Lanka’s economic sovereignty, and the goodwill that India has shown towards its southern neighbour during financial hardship and political turmoil When Sri Lankan President Anura Kumara Dissanayake meets his host, Chinese President Xi Jinping, at the Great Hall of the People in …

Sri Lanka president to visit key lender China
3 months ago

Sri Lanka president to visit key lender China

New Indian Express  

Sri Lankan President Anura Kumara Dissanayake will travel to the island's largest bilateral lender China for talks in January, he said on Saturday, days after completing a long-delayed foreign debt restructure. China accounted for more than half of Sri Lanka's bilateral debt at the time of the 2022 economic crash, when Colombo ran out of foreign exchange to pay for …

India, Sri Lanka decide to ramp up defence, energy, trade ties
3 months, 1 week ago

India, Sri Lanka decide to ramp up defence, energy, trade ties

The Hindu  

India and Sri Lanka Monday adopted a futuristic vision to expand their partnership, resolved to soon conclude a defence cooperation pact and decided to ramp up energy ties by establishing electricity grid connectivity and multi-product petroleum pipelines. Prime Minister Modi said both sides decided to emphasise investment-led growth and connectivity for the India-Sri Lanka economic partnership, and it was decided …

5 things about Sri Lanka's debt swap deal to end first-ever external loan default
3 months, 3 weeks 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 …

Sri Lanka's President plans to visit China after his first overseas trip to India: Official
4 months ago

Sri Lanka's President plans to visit China after his first overseas trip to India: Official

India TV News  

Colombo: Sri Lankan President Anura Kumara Dissanayake plans to visit China following his proposed official trip to India, Cabinet spokesman Nalinda Jayathissa said on Tuesday. On behalf of Prime Minister Narendra Modi, Minister Jaishankar had extended an invitation to President Dissanayake to undertake a visit to India at a mutually convenient date, according to a local media report. The Chinese …

China uses economic prowess to make inroads into Sri Lanka, provides Rs 30 mn flood relief
4 months, 2 weeks 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
5 months, 3 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 …

Xi says wants to deepen BRI cooperation with Sri Lanka under new leader
6 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
6 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 …

Sri Lanka clinches $12.5 billion bond rework deal in pre-election dash
6 months, 1 week 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
6 months, 1 week 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: The country famed for pristine beaches and ancient temples hoping to rebuild tourism
6 months, 2 weeks ago

Sri Lanka: The country famed for pristine beaches and ancient temples hoping to rebuild tourism

The Independent  

Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery A foreigner sits outside the Diary King home-made ice cream shop, in Galle, Sri Lanka August …

Sri Lanka will hold presidential election on Sept. 21, its first since declaring bankruptcy in 2022
8 months 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
8 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
9 months 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
9 months 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
9 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 …

China, Sri Lanka forging stronger bonds
11 months, 2 weeks ago

China, Sri Lanka forging stronger bonds

China Daily  

Premier Li Qiang meets with Sri Lankan Prime Minister Dinesh Gunawardena on March 26 at the Great Hall of the People in Beijing. More recently, Sri Lanka's Prime Minister Dinesh Gunawardena, paid a six-day visit to China, from March 25-30. Gunawardena highlighted the opportunities available for investment in Sri Lanka, including in the Colombo Port City and Hambantota Industrial Zone, …

Sri Lankan PM meets Xi Jinping, Chinese President assures aid 'without interfering in internal affairs'
11 months, 3 weeks ago

Sri Lankan PM meets Xi Jinping, Chinese President assures aid 'without interfering in internal affairs'

India TV News  

Colombo: Chinese President Xi Jinping has assured continuous support to Prime Minister Dinesh Gunawardena for Sri Lanka's efforts for “political and socio-economic progress” and also said Beijing will stand for safeguarding the island nation's territorial integrity and sovereignty. “Chinese President assured continuous support of China to Sri Lanka’s efforts for political and socioeconomic progress. Xi Jinping assures support for Sri …

IMF says the economic situation in debt-stricken Sri Lanka is gradually improving
1 year 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
1 year 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
1 year 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 signs free trade agreement with Thailand to revive economy
1 year, 1 month ago

Sri Lanka signs free trade agreement with Thailand to revive economy

Firstpost  

Sri Lanka has been renewing a focus on trade deals to foster economic growth and help its battered economy, which is estimated by the World Bank to have contracted 3.8 per cent last year, after a severe foreign exchange crisis plunged it into a financial crisis. In a significant move, Sri Lanka has inked a Free Trade Agreement with Thailand …

Pulling Sri Lanka out of the abyss
1 year, 1 month 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
1 year, 2 months 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, 3 months 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 {{ …

Sri Lanka will get the second tranche of a much-need bailout package from the IMF
1 year, 3 months 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 …

The second installment of Sri Lanka’s bailout was delayed. The country hopes it’s coming in December
1 year, 4 months 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 …

India-Sri Lanka Business Summit: Sitharaman stresses on bilateral arrangements in regional currencies
1 year, 4 months 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, 5 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, 5 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, 5 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 …

US expresses concern to Sri Lanka over China's research ship visit: Report
1 year, 6 months ago

US expresses concern to Sri Lanka over China's research ship visit: Report

India Today  

The US has expressed concern to Sri Lanka about the likely visit of a Chinese research ship next month that could also cause worries in India, which in the past has raised security concerns over docking by China's spy vessels, according to a media report. US Under Secretary Victoria Nuland, who met Sri Lankan Foreign Minister Ali Sabry in New …

Sri Lanka parliament debates the health minister’s fate over reports of lack of drugs, hospital care
1 year, 6 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, 6 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 ‘processing’ China's request for research ship docking that may raise security concerns in India
1 year, 7 months ago

Sri Lanka ‘processing’ China's request for research ship docking that may raise security concerns in India

The Hindu  

Sri Lanka is currently processing a request by China to allow a research ship to dock in the country, a foreign ministry spokesperson said on August 23, a year after a visit by a Chinese spy vessel to the Island nation raised security concerns in India. The Chinese research vessel 'SHI YAN 6' is expected to arrive in Sri Lanka …

Sri Lanka Woos Indian Travellers with Weak Currency
1 year, 7 months ago

Sri Lanka Woos Indian Travellers with Weak Currency

Deccan Chronicle  

Sri Lanka is as safe as any tourist place in the world. We were building back and then things stopped a little bit last year with some news of unrest coming out of Sri Lanka about 15 months ago. India is now the number one source of tourists for Sri Lanka. Tourism directly or indirectly supports two million people in …

Economic crisis-hit Sri Lanka repays $50 million loan instalment to Bangladesh after two years
1 year, 7 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 …

Sri Lanka on path of economic recovery: FM Shehan Semasinghe
1 year, 7 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, …

Still incomplete: on India-Sri Lanka ties and their vision
1 year, 8 months ago

Still incomplete: on India-Sri Lanka ties and their vision

The Hindu  

With a joint statement on economic cooperation, India and Sri Lanka outlined a forward-looking vision for their relations. The statement, entitled “Promoting Connectivity, Catalysing Prosperity: India-Sri Lanka Economic Partnership Vision”, released after talks between Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe in Delhi last week, lays out the vision in five areas: maritime, air, energy, trade and …

How India has revamped its approach to engage with Sri Lanka amid China's growing presence in the Indo-Pacific Region
1 year, 8 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 …

Sri Lanka not averse to using Indian rupee as common currency: President Wickremesinghe
1 year, 8 months ago

Sri Lanka not averse to using Indian rupee as common currency: President Wickremesinghe

The Hindu  

Sri Lanka would want to see the Indian rupee used as much as the U.S. dollar, President Ranil Wickremesinghe has said, days ahead of his first official visit to New Delhi. “Just as East Asia, including countries like Japan, Korea and China, witnessed significant growth 75 years ago, it is now India’s turn, along with the Indian Ocean region," Mr. …

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded
1 year, 8 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 says it will continue to support Sri Lanka in overcoming its financial crisis
1 year, 8 months ago

India says it will continue to support Sri Lanka in overcoming its financial crisis

The Hindu  

India has reiterated its willingness to play "a constructive role" in supporting Sri Lanka's efforts for recovery from the worst economic crisis. 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, to discuss Sri Lanka’s request for debt treatment. Mr. Jacob said India’s financial and …

Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds
1 year, 8 months ago

Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds

The Hindu  

Sri Lanka’s Central Bank has proposed restructuring the beleaguered nation’s debt by recasting the outgo on the country’s pension funds and offering international sovereign bondholders a repayment plan that entails a 30% haircut. Addressing a media briefing in Colombo Thursday morning, Central Bank Governor Nandalal Weerasinghe unveiled the Ranil Wickremesinghe government’s domestic debt restructuring plan that seeks to protect local …

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal
1 year, 8 months ago

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal

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 has declared a …

India Continues To Help Sri Lanka Stand Economically, But Colombo’s Love For Beijing Keeps Soaring
1 year, 8 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 …

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