Articles for Lanka Debt

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis
5 months, 4 weeks ago

Sri Lanka seals debt deal with Official Creditor Committee after financial crisis

The Hindu  

In what it termed a significant milestone, Sri Lanka on Wednesday sealed a deal with the Official Creditor Committee, to restructure the debt owed to its bilateral lenders including India, and signed a separate agreement with China for debt treatment. “Sri Lanka reached a final restructuring agreement for $5.8 billion of debt with its bilateral lenders’ Official Creditor Committee in …

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'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 …

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Debt owed by Pakistan, Sri Lanka and Bangladesh to China rise to record levels: Data
7 months, 2 weeks ago

Debt owed by Pakistan, Sri Lanka and Bangladesh to China rise to record levels: Data

The Hindu  

Debt owed by various countries, especially in South Asia and Africa, to China has multiplied in recent years. In comparison, the low-and-middle-income countries’ total debt owed to the International Bank for Reconstruction and Development, a global development cooperative owned by 189 nations, was just a little higher at $223 billion. As seen in Chart 1, Pakistan’s total external debt stocks …

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China turns the tables on Wall Street
1 year ago

China turns the tables on Wall Street

Live Mint  

China is upending how the international financial system handles debt crises in the developing world. China expects bondholders to take greater losses than official creditors and for multilateral banks to forgo some of what they were owed—a reversal of the Paris Club norm, people familiar with the matter said. “The onus was on the Paris Club members that had experience …

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Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds
1 year, 5 months ago

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

The Hindu  

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

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ECONOMIC PERSPECTIVES | Pakistan likely to go the Sri Lanka way, default on external debt payments
1 year, 10 months ago

ECONOMIC PERSPECTIVES | Pakistan likely to go the Sri Lanka way, default on external debt payments

The Hindu  

Published : Feb 23, 2023 10:40 IST Across the world, many lower- and middle-income countries are struggling with balance of payments difficulties that are undermining their ability to service their external debt. “The policies the IMF prescribes when it is approached for balance of payments support in situations of stress contribute to worsening the situation in “assisted” countries. That release, …

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Sri Lanka bankruptcy to last until 2026: president
1 year, 10 months ago

Sri Lanka bankruptcy to last until 2026: president

Firstpost  

Tax increases and the removal of fuel and electricity subsidies have been unpopular among Sri Lanka’s public, already hit hard by the crisis and rampant inflation Colombo: Sri Lanka’s president said Wednesday the island nation will remain bankrupt for at least three more years as he works to repair battered government finances following an unprecedented economic crisis. I want to …

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Sri Lanka failed to show fiscal prudence, India’s help unprecedented: Jaishankar
2 years, 5 months ago

Sri Lanka failed to show fiscal prudence, India’s help unprecedented: Jaishankar

The Hindu  

The Centre told the all-party meeting on the situation in Sri Lanka that “fiscal prudence and responsible governance” are the lessons the country has to learn from the crisis in the neighbouring country and that there should not be a “culture of freebies”. Mr. Jaishankar said that the numbers had been shown without any “political intent” and to show any …

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Sri Lanka: The siege within
2 years, 8 months ago

Sri Lanka: The siege within

The Hindu  

On the night of Avurudu, the Sinhalese New Year, which falls on April 14, people poured out onto the streets of Colombo, the Sri Lankan capital, in a celebration of sorts. Yet again, on the occasion of the Tamil and Sinhala New Year, Mahinda Rajapaksa tweeted: “As the New Year dawns on our nation during one of the most challenging …

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As Sri Lanka is set to start IMF talks, what are its options?
2 years, 8 months ago

As Sri Lanka is set to start IMF talks, what are its options?

Al Jazeera  

Sri Lanka is seeking up to $4bn to pay for essentials and pay creditors, but it must show IMF a sustainable debt plan. The outlook makes a default inevitable, as acknowledged by S&P Global last week when it downgraded Sri Lanka’s credit rating and warned of another cut if the nation misses coupon payments due Monday. “When the IMF determines …

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Sri Lanka to default on external debt of $51 billion pending IMF bailout
2 years, 8 months ago

Sri Lanka to default on external debt of $51 billion pending IMF bailout

Hindustan Times  

Crisis-ridden Sri Lanka announced on Tuesday that it was defaulting on its external debt of around $51 billion pending a bailout from the International Monetary Fund, with whom talks are scheduled this month. The best action that can be taken is to restructure debt and avoid a hard default," Sri Lanka's central bank governor P Nandalal Weerasinghe said. Sri Lanka …

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