A plan to prevent another developing-country debt crisis is now at the root of the latest financial troubles destabilizing economies from Ghana to Sri Lanka and Pakistan. In Pakistan, interest payments on local-currency debt are expected to eat up more than half the government’s revenue this year, seven times what it will spend on its dollar debt. In a series …
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 …
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 …
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 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 …
Some of the world’s poorest economies embraced borrowing in their own currencies as a shield from painful swings in the US dollar. Debt issued by emerging-market governments and companies in their local currency reached $12.5 trillion in 2021, according to data from Bank of America that excludes China’s enormous borrowings in the yuan. The country’s finance minister said last month …
