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The International Monetary Fund (IMF) stands ready to support Sri Lanka’s discussions with international bondholders and will provide a formal assessment after the parties reach a tentative agreement-in-principle, an IMF spokesperson said on Thursday. “We hope an agreement consistent with the parameters of the IMF-supported program and official creditors’ Comparability of Treatme...
Reuters reports that Sri Lanka has turned down a restructuring plan proposed by international bondholders to address its $12 billion debt, thereby endangering crucial International Monetary Fund (IMF) aid and further delaying the resolution of its ongoing two-year debt crisis.The post Sri Lanka debt restructuring stumbles as government rejects bondholders’ proposal appeared first on ONLANKA ...
Sri Lanka has failed to strike an agreement on restructuring about US$12 billion of debt with its bondholders, the Government said on Tuesday (Apr 16). “The steering committee did not agree to extension of restricted discussions,” it said in a regulatory filing. Following talks with bondholders on the sidelines of the International Monetary Fund and […]
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Sri Lanka has called for proposals from dealer managers to support its restructuring of some $12 billion of international bonds, the Finance Ministry said on Thursday, in a fresh sign that the island nation is closing in on finalizing its debt rework.The post Sri Lanka calls for debt-restructuring proposals from dealer managers appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Sto...
Sri Lanka has called for proposals from dealer managers to support its restructuring of some $12 billion of international bonds, the Finance Ministry said on Thursday, in a fresh sign that the island nation is closing in on finalizing its debt rework. Sri Lanka defaulted on its foreign debt in May 2022 as the economy […]
Sri Lanka’s cabinet has approved increasing the minimum wage by 40%, a top official said on Tuesday, to support workers struggling with living costs as the economy slowly shakes off its worst financial crisis in decades, helped by an IMF bailout. Sri Lanka’s economy collapsed in early 2022
… corruption cited as one of the three issues faced by the country Japanese Ambassador Hideaki Mizukoshi Thursday (21) urged Sri Lanka to turn the continuing economic, political and social crisis into an opportunity to achieve success. The Ambassador said that the country should take advantage of the continuing external pressure to adopt reforms, build-up […]
Global investors and Sri Lankan officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next week, Bloomberg News reported on Thursday.The post Sri Lanka to start restructuring talks with investors next week, Bloomberg News reports appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Global investors and Sri Lankan officials expect to start negotiations aimed at restructuring $12 billion in defaulted global bonds next week, Bloomberg News reported on Thursday. A steering committee, comprising of bondholders, will begin talks as they weigh a proposal from the government to rework the overseas debt that has been in default since 2022, […]
Senior U.S. diplomat Richard Verma on Friday met Sri Lankan President Ranil Wickremesinghe and Foreign Minister Ali Sabry in Colombo, and discussed Sri Lanka's economic recovery and progress on its IMF program, the U.S. State Department said.The post Senior U.S. official discusses Sri Lanka’s IMF program in Colombo appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka's economy is expected to keep growing in 2024 and gradually reach its potential over the medium term, according to the Central Bank's latest report on monetary policy.The post Central Bank of Sri Lanka says annual economic growth expected to turn positive in 2024 appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
By DR. C. S. WEERARATNA A trade deficit typically occurs when a country does not produce enough goods for its citizens. When production cannot meet demand as in Sri Lanka, there is a need to import thereby widening the trade deficit. A persistent trade deficit is detrimental to a country’s economy because it is financed […]
Sri Lanka has approved gradually lifting some limits on converting rupees to foreign exchange for outward remittances and the new directions will be presented to parliament for approval, cabinet spokesperson Bandula Gunawardane said on Tuesday.The post Sri Lanka approves lifting some limits on rupee conversion for outward remittances appeared first on ONLANKA - Sri Lanka Latest Breaking News and T...
Sri Lanka expects to attract about US$5 billion in foreign funds in the next two years once it is able to finalise the restructuring of its overseas debt, the country’s foreign minister said on Monday (February 5).The post Sri Lanka eyes US$5 billion in foreign funds after debt restructure appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka expects to attract about US$5 billion in foreign funds in the next two years once it is able to finalise the restructuring of its overseas debt, the country’s foreign minister said on Monday (Feb 5). The nation defaulted on its overseas debt in May, 2022 after a severe shortage of foreign exchange reserves […]
Sri Lanka's consumer price inflation rate jumped to 4.2% year-on-year in December driven by rising food prices, official data showed on Monday, although it remains well below record high levels seen at the height of the country's financial crisis.The post Rising food prices drive Sri Lanka inflation up to 4.2% in December appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
By Prof. Amarasiri de Silva Sri Lanka, renowned for its rich cultural heritage and diverse landscapes, is grappling with an unprecedented macroeconomic crisis. This crisis has given rise to acute shortages and sharp increases in the prices of essential products, creating a complex web of challenges. At the heart of this multifaceted crisis lies a […]
China’s consumer price index (CPI) fell by 0.3 per cent year on year in December, marking a third consecutive monthly decline amid fears of deflationary risks Concerns have risen that China is facing similar issues to Japan’s so-called lost decades of stagnation China’s falling consumer prices in the fourth quarter have plunged full-year inflation to […]
by Dr Amali Wedagedara In Sri Lanka, public policy lost in the neoliberal haze treats the market as a cure for all ills. Not only is the market omnipresent, but it is also omniscient and omnipotent. The charm of the ‘market’ that research and advocacy lobbyists are creating is so alluring that only a few […]
By M. Rodwan Abouharb Associate Professor in International Relations, UCL and Bernhard Reinsberg Reader in Politics, University of Glasgow Sri Lanka received a bailout from the International Monetary Fund (IMF) in March amid soaring inflation, debt and a sovereign default. In exchange for US$3 billion (£2.4 billion), the government committed to spending cuts and tax […]
Sri Lanka's central bank is considering moving towards a single policy rate mechanism to ensure better signaling of its monetary policy stance, Governor P. Nandalal Weerasinghe said on Wednesday.The post Sri Lanka central bank to consider a single policy rate mechanism appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Japan restated the importance for early completion of signing of a Memorandum of Understanding (MoU) between Sri Lanka and creditor nations on debt restructuring, after an agreement was reached in principle late last year.The post Japan urges early signing of debt MoU between Sri Lanka and creditors appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
Sri Lanka said on Wednesday it expects its foreign exchange reserves to rise above $4 billion this month, their highest level since the island nation plunged last year into its worst economic crisis since independence in 1948.The post Sri Lanka sees forex reserves exceeding $4 billion after fresh funding appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.
[An article based on the Keynote Address delivered by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, recently at the Annual Research Symposium 2023 of the University of Colombo] Introduction Inflation affects every aspect of our lives; it is a force that shapes our purchasing power, influences our financial decisions, and […]
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Sri Lanka's economy grew by 1.6% in the quarter from July to September, official data showed on Friday, as the country claws its way back from its worst financial crisis in more than seven decades following a record fall in foreign exchange reserves.The post Sri Lanka’s economy returns
The second review of Sri Lanka's $2.9 billion bailout with the IMF could be completed in the first half of 2024, provided it manages to meet debt restructuring and revenue targets set under the programme, an official said on Wednesday.The post Sri Lanka’s second review of $2.9 billion IMF bailout possible in first half of 2024 – official appeared first on ONLANKA - Sri Lanka Latest Bre...
The International Monetary Fund (IMF) said its executive board cleared the first review of Sri Lanka's about $3 billion bailout on Tuesday, providing about $337 million in funds to help tackle the fallout from the country's worst financial crisis in decades.The post IMF board approves first review