Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package
1 year, 9 months ago

Sri Lanka says ‘positive news’ coming from IMF on $2.9 billion package

The Hindu  

Sri Lanka is on the verge of getting “very positive news” from the International Monetary Fund on a $2.9 billion programme, a government minister said on Tuesday, while a senior source said it had also won debt restructuring support from China. Sri Lankan President Ranil Wickremesinghe’s office said he would deliver a special statement in parliament on Tuesday to “explain to the nation the current state of the economy and progress on IMF negotiations”. “Sri Lanka is on the verge of getting very positive news from the IMF,” the junior finance minister, Shehan Semasinghe, told parliament. “The IMF programme is essential for us and Sri Lanka has worked very hard since last September to secure it.” A senior Sri Lankan government official said the Export-Import Bank of China had written to the IMF supporting Sri Lanka’s debt restructuring programme, which is critical to securing final approval for the loan.

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History of this topic

How Dissanayake’s Delhi visit is a show of India's diplomatic deftness
Trending News
6 days, 22 hours 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, 4 days ago

Sri Lanka To Ink Debt Deals By Year's End: Economic Development Deputy Minister

Deccan Chronicle  

Colombo: Cash-strapped Sri Lanka vowed Thursday to complete its long-delayed foreign debt restructure within the month before a 2025 budget adhering to strict revenue targets set by the International Monetary Fund. Economic Development Deputy Minister Anil Jayantha Fernando said debt restructuring had been delayed by more than two years, costing the country an additional 1.7 billion dollars in accumulated interest. …

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 …

‘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 …

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

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

The Hindu  

The International Monetary Fund on Tuesday said it will discuss the timing of the next review of Sri Lanka’s loan programme and looks forward to working with the new government headed by President Anura Kumara Dissanayake. “We look forward to working together with President Dissanayake and his team towards building on the hard-won gains that have helped put Sri Lanka …

IMF expresses willingness to collaborate with Sri Lanka's new president on economic recovery
3 months ago

IMF expresses willingness to collaborate with Sri Lanka's new president on economic recovery

China Daily  

COLOMBO - The International Monetary Fund has expressed its eagerness to collaborate with Sri Lanka's newly elected President Anura Kumara Dissanayake, said the IMF on Tuesday. "We look forward to working closely with President Dissanayake and his administration to build on the significant progress made, which has helped steer Sri Lanka toward economic recovery after one of its worst financial …

Xi says wants to deepen BRI cooperation with Sri Lanka under new leader
3 months ago

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

The Hindu  

Chinese President Xi Jinping on Monday said he hoped to broaden cooperation with Sri Lanka under his Belt and Road infrastructure initiative as he congratulated the island nation's new leader Anura Kumara Dissanayake. "I attach great importance to the development of China-Sri Lanka relations and am willing to work with Mr. President to continue our traditional friendship enhance mutual political …

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

JVP victory and its effect on the Lankan economy

Hindustan Times  

The victory of Anura Kumara Dissanayake, leader of the Marxist-Leninist Janatha Vimukthi Peramuna, has the potential to destablise Sri Lanka’s fragile economy. Having become the first Asian nation in at least three decades to default on its sovereign debt in April 2022, Sri Lanka’s economy had been painfully restored to stability by outgoing President Ranil Wickremasinghe, while remaining vitally dependent …

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 September 21, its first since declaring bankruptcy in 2022
4 months, 3 weeks ago

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

The Hindu  

Sri Lanka’s presidential polls will be held on September 21, the Election Commission said on Friday. Some 17 million voters will have their first chance of electing the country’s leader, after a mass people’s uprising ousted former President Gotabaya Rajapaksa two years ago. His office announced making a cash deposit at the Commission for his candidacy as an independent, although …

Sri Lanka 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 …

'Procedural issues' delaying Sri Lanka debt deal: IMF
6 months, 1 week ago

'Procedural issues' delaying Sri Lanka debt deal: IMF

The Hindu  

Sri Lanka's planned foreign debt restructure after an unprecedented economic crisis has been delayed by "procedural issues" in negotiations with bilateral creditors including China, the International Monetary Fund said on June 14. The Washington-based lender of last resort this week gave Sri Lanka the latest tranche of a rescue package designed to help repair the island nation's ruined finances after …

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

Election crucial for Sri Lanka's future: President Ranil Wickremesinghe

The Hindu  

Sri Lankan President Ranil Wickremesinghe has said that the Presidential elections scheduled to be held later this year will determine the island nation's success and failure rather than the individual triumphs or losses, according to a media report on June 12. Addressing a policy reform discussion on June 11, Mr. Wickremesinghe said, "The outcome of the upcoming election is not …

Sri Lanka has made 'strong progress' on debt restructuring front: IMF
6 months, 2 weeks ago

Sri Lanka has made 'strong progress' on debt restructuring front: IMF

The Hindu  

“Sri Lanka’s macroeconomic policy reforms have started to “bear fruit” and the country is expected to reach agreements with external commercial creditors soon,” the IMF has said ahead of the second review of its $2.9 billion bailout programme to the cash-strapped country. Addressing a press conference on June 7, International Monetary Fund Communication Department Director Julie Kozack asserted that Sri …

China, Sri Lanka forging stronger bonds
8 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, …

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 …

IMF reaches agreement with Pakistan on releasing last tranche of $3 billion bailout package
9 months ago

IMF reaches agreement with Pakistan on releasing last tranche of $3 billion bailout package

India TV News  

Washington: The International Monetary Fund on Wednesday announced that it has reached a staff-level agreement with cash-strapped Pakistan for the release of $1.1 billion tranche, the last of the $3 billion financial bailout package, as the global moneylender noted that Pakistan's inflation was above target and economic growth remained modest, reported the Express Tribune. “The IMF team has reached a …

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

Sri Lanka’s Financial Crisis Gradually Easing: Ranil Wickremesinghe

News 18  

Cash-strapped Sri Lanka is “gradually” emerging from its worst economic crisis after the austerity of an IMF bailout, the president said Sunday in a speech to mark independence day. Sri Lanka saw months of civil unrest at the peak of the economic crisis, culminating in the ouster of then-president Gotabaya Rajapaksa when thousands of protesters stormed his home. The International …

Pulling Sri Lanka out of the abyss
10 months, 3 weeks ago

Pulling Sri Lanka out of the abyss

The Hindu  

On January 9, 2024, the United National Party proposed incumbent Ranil Wickremesinghe as the national presidential candidate for the elections. The first review by the IMF Board in December 2023 rated Sri Lanka’s performance as “satisfactory” meaning total IMF disbursement will be $670 million. A joint venture project between India’s Adani Group and Sri Lanka’s John Keells Holdings seeks to …

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

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

Associated Press  

COLOMBO, Sri Lanka — Debt-stricken Sri Lanka’s economic reform program is yielding the first signs of recovery, but the improvements still need to translate into improved living conditions for its people, the International Monetary Fund said Friday. “The economic reform program implemented by the Sri Lankan authorities is yielding the first signs of recovery,” said Pete Breuer, the IMF’s senior …

Sri Lanka says debt restructure finalised by April
11 months, 1 week ago

Sri Lanka says debt restructure finalised by April

The Hindu  

Sri Lanka's bankrupt government said Friday that a foreign debt restructure would be finalised by the beginning of April, after signs the economy was emerging from its worst crisis on record. The IMF released a $337-million second tranche of its four-year loan last month after Colombo secured an "in principle" debt agreement with China, Sri Lanka's biggest bilateral lender. Mr. …

Sri Lanka Slaps Taxes on Fuel, Mobiles on New Year to Raise Revenue ahead of Foreign Debt Deal
11 months, 3 weeks ago

Sri Lanka Slaps Taxes on Fuel, Mobiles on New Year to Raise Revenue ahead of Foreign Debt Deal

News 18  

Sri Lanka slapped a new 18 percent value added tax on fuel, mobile phones and computers from Monday to raise desperately needed revenue ahead of a foreign debt restructuring. An earlier VAT of 15 percent on other consumer goods was also increased to 18 percent as the government sought to shore up its finances while Sri Lanka emerges from its …

World Bank happy with Sri Lanka reforms, releases second tranche of $250 million
1 year ago

World Bank happy with Sri Lanka reforms, releases second tranche of $250 million

The Hindu  

Citing “continued satisfactory progress” in Sri Lanka's reform programme, the World Bank on Wednesday announced the release of the second tranche of $250 million to the cash-strapped country which will help stabilise the economy. The World Bank had pledged $500 million in budgetary support and released its first tranche in June to cash-strapped Sri Lanka, which has a total foreign …

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

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

Firstpost  

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

Sri Lanka will get the second tranche of a much-need bailout package from the IMF
1 year ago

Sri Lanka will get the second tranche of a much-need bailout package from the IMF

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

IMF clears second tranche of $337 million for Sri Lanka
1 year ago

IMF clears second tranche of $337 million for Sri Lanka

The Hindu  

The International Monetary Fund has cleared the second tranche — of about $337 million — of the Extended Fund Facility to Sri Lanka, based on the debt treatment plan drawn up by the crisis-battered island nation and its bilateral creditors. They are an important milestone putting Sri Lanka’s debt on the path towards sustainability,” a senior official in Washington DC …

Sri Lanka reaches agreement with India, Paris Club on debt treatment
1 year ago

Sri Lanka reaches agreement with India, Paris Club on debt treatment

The Hindu  

Sri Lanka has reached an “agreement in principle” with India and the Paris Club group of creditors including Japan, on a debt treatment plan that will help the crisis-hit island nation tap the next tranche of the International Monetary Fund’s nearly-$3 billion recovery package. “The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with …

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 …

Sri Lanka confirms major debt deal with China
1 year, 2 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 …

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure
1 year, 2 months ago

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure

The Hindu  

Sri Lanka on October 11 welcomed China's tentative agreement to a debt restructure, as the island nation works to restore its ruined finances after suffering its worst-ever economic crisis. The government defaulted on its $46 billion debt last year at a time when months of food and fuel shortages were making life a misery for Sri Lanka's 22 million people. …

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 …

Over half of Sri Lanka’s population ‘multidimensionally vulnerable’: UNDP study
1 year, 3 months ago

Over half of Sri Lanka’s population ‘multidimensionally vulnerable’: UNDP study

The Hindu  

The crushing economic crisis in Sri Lanka last year has left more than half of the island’s population “multidimensionally vulnerable”, according to a national citizens’ survey led by the United Nations Development Programme. GROUND ZERO | In Sri Lanka, a long and rocky road to economic recovery The findings of UNDP’s study, carried out in partnership with the ‘Citra Social …

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 …

ECONOMIC PERSPECTIVES | IMF’s urgent loan to Pakistan driven by the West’s paranoia over China
1 year, 4 months ago

ECONOMIC PERSPECTIVES | IMF’s urgent loan to Pakistan driven by the West’s paranoia over China

The Hindu  

Published : Aug 10, 2023 11:00 IST - 6 MINS READ On July 14, the shaky government of a debt-stressed Pakistan won itself a surprising reprieve from the IMF. Pakistan’s government has also succeeded in getting fund flows from “friendly” nations—$3.7 billion from bilateral partners such as Saudi Arabia and the UAE—and a roll-over of around $4 billion in loan …

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, …

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman
1 year, 4 months ago

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman

The Hindu  

As a large creditor to Sri Lanka, China is welcome to join the effort steered by Japan, India and France to help the island nation cope with its debt distress, Finance Minister Nirmala Sitharaman said on Saturday. Terming multilateral development banks’ reforms and debt-relief measures for many stressed economies as the top two finance track priorities for India during its …

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 …

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 …

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 …

World Bank approves $700 million for crisis-hit Sri Lanka
1 year, 5 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 …

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 …

World Bank doles out $700 million to cash-strapped Sri Lanka
1 year, 5 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, …

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 …

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