India expected to send ‘positive’ message on debt during Jaishankar’s visit to Sri Lanka
1 year, 11 months ago

India expected to send ‘positive’ message on debt during Jaishankar’s visit to Sri Lanka

The Hindu  

External Affairs Minister S. Jaishankar’s visit to Colombo on Thursday will focus on “supporting Sri Lanka” in its current economic crisis, government sources said, adding that talks are ongoing in the field of energy security, food security, currency swap arrangements as well as talks about restructuring Sri Lanka’s debt. Announcing the visit by EAM Jaishankar, Sri Lankan President Ranil Wickremesinghe said that he had discussed the need for the debt restructuring programme with all Sri Lanka’s creditors, including the 22-nation ‘Paris Club’ of 22 developed nations that hold much of the global debt and discuss solutions to debt crisis together. The Chinese side has agreed to move quickly,” Mr. Wickremesinghe told a group of businessmen last week He said that Sri Lanka’s “only” option was to seek the support of the International Monetary Fund for nearly three billion dollar bailout, and was also hopeful of a package from the Asian Development Bank. After Mr. Chen’s meeting with President Wickremesinghe, the Chinese Embassy in Sri Lanka said the talks were “friendly and fruitful”, and quoted Mr. Wickremesinghe as saying that he “looked forward to China’s support in restructuring Sri Lanka’s debt at the moment and our economy in the near future”.

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History of this topic

How Dissanayake’s Delhi visit is a show of India's diplomatic deftness
Trending News
1 week 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 Lankan President Dissanayake meets PM Modi on his first foreign visit, thanks India for financial aid
1 week, 1 day ago

Sri Lankan President Dissanayake meets PM Modi on his first foreign visit, thanks India for financial aid

New Indian Express  

NEW DELHI: Sri Lankan President Anura Kumara Dissanayake met Prime Minister Narendra Modi on Monday in his first foreign visit after assuming office, ahead of going to China next month. In his meeting with Prime Minister Narendra Modi, Dissanayake thanked India for the $4 billion financial assistance and also acknowledged India’s support in Sri Lanka’s debt restructuring. President Dissanayake thanked …

Sri Lankan President Dissanayake begins India visit with talks on trade, security
1 week, 2 days ago

Sri Lankan President Dissanayake begins India visit with talks on trade, security

Firstpost  

The Indian Ministry of External Affairs described the visit as an opportunity to deepen the relationship between India and Sri Lanka, New Delhi’s closest maritime neighbour in the Indian Ocean Sri Lankan President Anura Kumara Dissanayaka held discussions with Indian External Affairs Minister S. Jaishankar and National Security Adviser Ajit Doval on Sunday, marking the start of his three-day visit …

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister
2 weeks, 5 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, 6 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 …

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

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 …

‘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 …

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 …

Jaishankar meets Dissanayake and PM Amarasuirya, assures India's continued support in Sri Lanka's economic rebuilding
2 months, 2 weeks ago

Jaishankar meets Dissanayake and PM Amarasuirya, assures India's continued support in Sri Lanka's economic rebuilding

New Indian Express  

COLOMBO: External Affairs Minister S Jaishankar on Friday met Sri Lankan President Anura Kumara Dissanayake and discussed “ways to deepen ongoing cooperation and strengthen India-Sri Lanka ties,” and assured India's continued support to the island nation's economic rebuilding. Jaishankar is the first foreign dignitary to visit Sri Lanka since the National People's Power government led by Dissanayake came to power …

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 …

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 …

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 …

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 …

Jaishankar reviews India-backed energy, connectivity projects during Colombo visit
6 months ago

Jaishankar reviews India-backed energy, connectivity projects during Colombo visit

The Hindu  

External Affairs Minister S. Jaishankar on Thursday undertook a day-long visit to Colombo and discussed progress on key energy sector initiatives that India and Sri Lanka have agreed to jointly undertake. In his first bilateral visit abroad after being re-appointed to the post in the newly installed coalition government, EAM Jaishankar focused mostly on progress made in the implementation of …

EAM Jaishankar arrives in Sri Lanka to hold talks with country's leadership
6 months ago

EAM Jaishankar arrives in Sri Lanka to hold talks with country's leadership

Hindustan Times  

External Affairs Minister S Jaishankar arrived in Sri Lanka on Thursday, his first visit here in his second consecutive term in office, during which he will hold talks with the country's leadership to bolster bilateral ties. The trip to Sri Lanka will be Jaishankar's standalone bilateral visit after he assumed charge as the external affairs minister for the second term …

EAM Jaishankar arrives in Sri Lanka, unveils projects with President Wickremesinghe
6 months ago

EAM Jaishankar arrives in Sri Lanka, unveils projects with President Wickremesinghe

The Hindu  

External Affairs Minister S. Jaishankar arrived in Sri Lanka on Thursday, June 20, 2024, his first visit here in his second consecutive term in office, during which he will hold talks with the country's leadership to bolster bilateral ties. Mr. Jaishankar and Sri Lankan President Ranil Wickremesinghe jointly unveiled the virtual plaque to mark the formal commissioning of the Maritime …

'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 …

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’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 …

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 {{ …

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 …

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil
1 year, 2 months ago

No ‘political strings attached’ to China’s support for Sri Lanka: Xi tells Ranil

The Hindu  

China will continue to assist Sri Lanka without any “political strings attached” and help the country cope with difficulties, President Xi Jinping told his Sri Lankan counterpart Ranil Wickremesinghe on Friday, according to an official statement, even as Colombo attempts to finalise a debt treatment plan with its creditors, including the Asian giant. Noting that Sri Lanka was among the …

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag
1 year, 2 months ago

Sri Lanka says it has reached an agreement with China’s EXIM Bank on debt, clearing IMF funding snag

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka says it has reached an agreement with the Exim Bank of China on key terms and principles for restructuring its debt, a key step toward unlocking a second instalment of a $2.9 billion package from International Monetary Fund aimed at rescuing the island nation from a dire economic crisis. The finance ministry said in …

At Indian Ocean conference in Colombo, Jaishankar raises dangers of unviable debt, projects
1 year, 2 months ago

At Indian Ocean conference in Colombo, Jaishankar raises dangers of unviable debt, projects

The Hindu  

India wants to be a “friend to the world”, the voice of the global south, and will work to ensure a free, open and inclusive Indian Ocean region, said External Affairs Minister S. Jaishankar, speaking at the annual meeting of the 23-member Indian Ocean Rim Association being held in Colombo, where he also raised the “dangers” of unsustainable debt. After …

Second tranche of IMF bailout to Sri Lanka may be delayed; talks with govt to continue: official
1 year, 2 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, 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 …

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 …

China reiterates support for Sri Lanka’s debt relief ahead of crucial IMF review
1 year, 4 months ago

China reiterates support for Sri Lanka’s debt relief ahead of crucial IMF review

The Hindu  

China has pledged help for Sri Lanka’s debt challenge yet again,even as theRanil Wickremesinghe government tries to finalise the terms of restructuring its foreign loans with bilateral creditors. Chinese Foreign Minister Wang Yi on Wednesday “vowed that China will help Sri Lanka effectively address the challenges of financial debt”, according to a statement from the office of Prime Minister Dinesh …

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, …

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 …

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 …

Sri Lankan Speaker Abeywardena thanks India for help during financial crisis, says 'you saved us'
1 year, 5 months ago

Sri Lankan Speaker Abeywardena thanks India for help during financial crisis, says 'you saved us'

The Hindu  

Describing New Delhi as a "close associate" and a "trustworthy friend" of Colombo, Sri Lanka's Parliament Speaker Mahinda Yapa Abeywardena on Friday thanked India for the financial assistance it extended to the island nation when it reeled under an unprecedented economic crisis last year. In his address at the gala dinner reception hosted for delegates of the Indian Travel Congress …

Cash-strapped Sri Lanka gets parliamentary nod for domestic debt restructuring plan
1 year, 5 months ago

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

The Hindu  

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

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 …

The key points of Sri Lanka’s plan to restructure domestic debt
1 year, 5 months ago

The key points of Sri Lanka’s plan to restructure domestic debt

Al Jazeera  

Central bank of crisis-hit country outlines measures to restructure local debt as part of efforts to meet conditions of IMF bailout. The Central Bank of Sri Lanka has unveiled a far-reaching domestic debt restructuring plan aimed at restoring stability in the crisis-hit country. The long-awaited restructuring is needed to help Sri Lanka reach the IMF programme’s goal of reducing overall …

Sri Lanka to restructure domestic debt amid challenges
1 year, 5 months ago

Sri Lanka to restructure domestic debt amid challenges

The Hindu  

Sri Lanka will shut down its banks and financial sector for five days beginning Thursday, ahead of an extraordinary weekend debate in Parliament on the government’s plan to restructure its domestic debt. In May, the IMF pointed to “tentative signs of improvement” in Sri Lanka, while underscoring the need for timely restructuring agreements with the island’s creditors ahead of the …

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. …

Sri Lanka cuts policy rates to reduce inflation and boost economic recovery
1 year, 6 months ago

Sri Lanka cuts policy rates to reduce inflation and boost economic recovery

The Hindu  

On June 1, Sri Lanka’s Central Bank slashed the policy interest rates by 250 basis points, the first since the “historic contraction” of the island nation’s economy in 2022, saying it will reduce high inflation and provide an impetus for growth. The Monetary Board of the Central Bank of Sri Lanka decided to cut the policy rate by 250 basis …

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 …

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 …

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