Sri Lanka PM to take over as finance minister too
2 years, 7 months ago

Sri Lanka PM to take over as finance minister too

Al Jazeera  

Wickremesinghe will present an interim budget within six weeks that will slash government expenditure ‘to the bone’. Sri Lanka’s Prime Minister Ranil Wickremesinghe will take charge as finance minister as well, the president’s office has announced, and will lead talks with the International Monetary Fund as the crisis-hit nation seeks a bailout. “Prime Minister Ranil Wickremesinghe was sworn in as finance, economic stabilisation and national policies minister before President Gotabaya Rajapaksa this morning,” a statement from the president’s office said on Wednesday. “The finance minister’s appointment is extremely crucial because he needs to get the ball rolling on a new budget, talks with the IMF and spearhead fiscal support,” said Lakshini Fernando, macro-economist for Sri Lanka-based investment firm Asia Securities. “Ranil Wickremesinghe is the better option, but we’ll have to see if he has a majority in parliament and if he can do the job of both the prime minister and finance minister.”

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History of this topic

Sri Lanka declares end of debt default, says economic crisis was ‘man made’
2 weeks, 6 days ago

Sri Lanka declares end of debt default, says economic crisis was ‘man made’

Live Mint  

Sri Lanka’s Finance Ministry said on Saturday the island nation has officially ended its debt default. In a statement, Mahinda Siriwardana, a top bureaucrat in the Finance Ministry said: “December 20 marked a major milestone in our economic recovery process as Sri Lanka officially exited sovereign default.” The island nation had plunged into an economic crisis when it declared sovereign …

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. …

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 …

Sri Lanka Leader Seeks to Bolster Power With Parliamentary Vote
Trending News
1 month, 4 weeks 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 …

IMF to begin talks with new Lanka government led by President Dissanayake
3 months, 2 weeks 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, 2 weeks 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 …

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 …

Sri Lanka's Presidential polls: Ranil Wickremesinghe backed by grand alliance of more than 30 parties
4 months, 3 weeks ago

Sri Lanka's Presidential polls: Ranil Wickremesinghe backed by grand alliance of more than 30 parties

The Hindu  

Sri Lankan President Ranil Wickremesinghe, the front runner in the Presidential poll scheduled for next month, was on Friday endorsed by a grand coalition of more than 30 political parties and groups. Ranil Wickremesinghe, the leader of the now decimated grand old party, the United National Party, is backed by the Rajapaksa family breakaways from the Sri Lanka Podujana Peramuna. …

Sri Lanka will hold presidential election on September 21, its first since declaring bankruptcy in 2022
5 months, 2 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 …

'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 …

Election crucial for Sri Lanka's future: President Ranil Wickremesinghe
6 months, 4 weeks 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
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 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 …

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 {{ …

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 …

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 …

Focus on joint projects during Sri Lankan President Ranil Wickremesinghe’s India visit
1 year, 5 months ago

Focus on joint projects during Sri Lankan President Ranil Wickremesinghe’s India visit

The Hindu  

Sri Lankan President Ranil Wickremesinghe on July 20 arrived in India for an official visit, a year after he became President of the Island nation that witnessed its worst economic crisis last year. During Sri Lanka’s dramatic economic crash last year, India extended emergency financial support of about $4 billion, providing relief at a time when citizens struggled amid critical …

Sri Lanka passes anti-corruption bill as part of IMF bailout plan
1 year, 5 months ago

Sri Lanka passes anti-corruption bill as part of IMF bailout plan

Al Jazeera  

This is the first time an IMF programme has been linked to such a measure in Asia. Sri Lanka’s Parliament has approved an anti-corruption bill, aimed at improving governance in the crisis-hit country and meeting requirements linked to a $2.9bn bailout from the International Monetary Fund. “The bill is passed with amendments,” Sri Lanka Parliament Speaker Mahinda Yapa Abeywardena told …

Sri Lanka declares five-day holiday to avoid bank run over IMF debt deal
1 year, 6 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 …

World Bank approves $700 million for crisis-hit Sri Lanka
1 year, 6 months ago

World Bank approves $700 million for crisis-hit Sri Lanka

The Hindu  

The World Bank has approved $700 million in financing to help Sri Lanka to recover from the current economic crisis and provide relief to the poor and vulnerable people, the biggest funding tranche since the IMF deal in March. The World Bank Board of Directors Wednesday approved $700 million in financing to help Sri Lanka to recover from the current …

World Bank doles out $700 million to cash-strapped Sri Lanka
1 year, 6 months ago

World Bank doles out $700 million to cash-strapped Sri Lanka

Firstpost  

Sri Lanka, which has been reeling under its worst financial crisis, has got some relief from the World Bank to keep the wheel of its economy running. The funding to Sri Lanka by the World Bank is biggest since an International Monetary Fund deal in March. “Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, …

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 urges crisis-hit Sri Lanka to decide on debt restructuring
1 year, 7 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 …

Timely debt restructuring crucial for Sri Lanka, says IMF
1 year, 7 months ago

Timely debt restructuring crucial for Sri Lanka, says IMF

The Hindu  

Sri Lanka is showing “tentative signs of improvement”, the International Monetary Fund has said, while urging the island nation to reach timely restructuring agreements with its creditors, before the Fund’s first scheduled review in September this year. An IMF mission conducted a staff visit to Sri Lanka From May 11 to 23, to review the implementation of the Fund’s programme …

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 …

Sri Lankan Parliament votes to support IMF recovery program
1 year, 8 months ago

Sri Lankan Parliament votes to support IMF recovery program

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 Parliament voted Friday …

Sri Lankan Parliament votes to support IMF recovery program
1 year, 8 months ago

Sri Lankan Parliament votes to support IMF recovery program

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s Parliament voted Friday to support the implementation of a four-year International Monetary Fund program aimed at solving the country’s economic crisis and reducing its debt burden. The approval strengthens Wickremesinghe’s hands as he holds tough debt restructuring negotiations with Sri Lanka’s external creditors and privatizes state-run enterprises under the program, approved by the IMF …

Sri Lanka trying to reduce overall debt by $17 billion, president says
1 year, 8 months ago

Sri Lanka trying to reduce overall debt by $17 billion, president says

Live Mint  

Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring, its president told the parliament on Wednesday as he sought support of opposition parties for a nearly $3 billion International Monetary Fund programme. President Ranil Wickremesinghe also said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and …

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 …

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government
1 year, 9 months ago

Sri Lanka to opt for domestic debt restructuring post-IMF bailout: Government

The Hindu  

Cash-strapped Sri Lanka is exploring the options for domestic debt restructuring in the post-IMF bailout scenario to further stabilise its shaken economy, an official statement said on Friday. Explained | Understanding IMF bailouts In a statement issued by the Sri Lankan government after making an investor presentation on Thursday, the Governor of the Central Bank and the Secretary to the …

In too deep: The Hindu Editorial on Sri Lanka’s economic crisis and the IMF aid package
1 year, 9 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 …

Explained | Understanding IMF bailouts
1 year, 9 months ago

Explained | Understanding IMF bailouts

The Hindu  

The story so far: The International Monetary Fund last week confirmed a $3 billion bailout plan for Sri Lanka’s struggling economy. IMF officials are also in negotiations with Pakistan for a $1.1 billion bailout plan as the country faces a severe economic crisis marked by a falling currency and price rise. Countries seek help from the IMF usually when their …

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 …

Don’t Allow Corruption to Undermine Bailout, IMF Tells Sri Lanka
1 year, 9 months ago

Don’t Allow Corruption to Undermine Bailout, IMF Tells Sri Lanka

News 18  

Sri Lanka must not allow entrenched corruption to undermine a bailout for its bankrupt economy, the IMF said Tuesday after signing off on a $3 billion loan for the crisis-hit nation. But the Fund said the rescue was conditional on tackling the deep-rooted culture of graft and government mismanagement blamed for tipping Sri Lanka into an unprecedented economic crisis last …

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 bailout not a silver bullet for Sri Lanka, warns Moody's Analytics
1 year, 9 months ago

IMF bailout not a silver bullet for Sri Lanka, warns Moody's Analytics

Hindustan Times  

Sri Lanka has a difficult road ahead irrespective of how much funding it receives from multilateral and global financial agencies, a senior economist at Moody's Analytics told Reuters on Tuesday. The International Monetary Fund said Monday that its executive board has approved a nearly $3 billion bailout program for Sri Lanka over four years to help salvage the country's bankrupt …

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

Associated Press  

COLOMBO, Sri Lanka — The International Monetary Fund said Tuesday it is assessing Sri Lanka’s governance in the first case of an Asian country facing scrutiny for corruption as part of a bailout program. The senior mission chief for the IMF in Sri Lanka said the development lender was “conducting an in-depth governance diagnostic exercise which will assess corruption and …

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 …

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