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The International Finance Corporation (IFC), the World Bank’s investment arm, said it will provide Sri Lanka with a $400 million cross-currency swap facility to help fund essential imports.The post World Bank’s IFC to provide Sri Lanka with $400 million financing appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
The International Monetary Fund (IMF) on Saturday called for ‘timely and orderly processes’ under common framework with regards to Sri Lanka’s debt resolution. The island nation faced severe economic crisis which resulted in high debt.The post IMF calls for ‘timely and orderly processes’
By Noah Berman A wave of darkness engulfed Pakistan on January 24 as its aging power grid strained to meet the country’s demand for electricity. The massive outage was the latest in a series of blackouts that have become a chronic symptom of Pakistan’s ailing and climate-vulnerable economy, under duress from devastating natural disasters, a colossal […]
Pakistan and Sri Lanka are getting close to securing bailouts from the International Monetary Fund after taking a series of steps including tax increases to boost their beleaguered economies.The post Sri Lanka and Pakistan close in on IMF deals after raising taxes – report appeared
The International Monetary Fund (IMF) remains hopeful of Sri Lankan authorities securing financing assurances from all its bilateral creditors soon, so that the Fund’s Executive Board could give its nod to unlock the envisaged US$ 2.9 billion bailout package to support the crisis-hit economy, a top
Sri Lanka is tangled in the worst financial crisis in over seven decades, triggered by a severe shortage of foreign exchange that forced the country to annouce a suspension of foreign debt repayments in April 2022.The post Sri Lanka to make $2.6 billion in loan repayments in first half of year appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Monetary Fund to avoid default. In a tweet, Ismail stated, […]
India is drafting a proposal for G20 countries to help debtor nations badly hit by the economic fallout from the pandemic and Ukraine war, by asking lenders including China, the world's largest sovereign creditor, to take a large haircut on loans.The post Exclusive: G20 host India to propose China, other creditors take haircuts on loans – sources appeared first on Sri Lanka News - Latest Bre...
Officials from China, India, Saudi Arabia and Group of Seven nations will participate in a first virtual meeting of a new sovereign debt roundtable on Friday, the International Monetary Fund said on Monday, confirming an earlier Reuters report.The post China, U.S. to participate in first meeting
Sri Lanka is to attend a virtual meeting of a new sovereign debt roundtable meeting led by the International Monetary Fund (IMF) the World Bank and India. Officials from China, India, Saudi Arabia and Group of Seven wealthy nations will participate in the meeting on Friday, Reuters reported
The economic and financial condition of Sri Lanka is very precarious at the moment. It has been facing the worst economic crisis since its independence in 1948. The Sri Lankan economy is going through a high rate of inflation, a shortage of essential commodities including fuel and medicines, and a depleted foreign exchange reserve insufficient […]
The International Monetary Fund said its approval of the $2.9 billion loan bailout of the crisis-riddled Sri Lanka will depend on the country securing assurances on debt relief from its bilateral creditors, Bloomberg reported yesterday Bloomberg quoted an IMF spokesperson who said “Sri Lanka
The International Monetary Fund said its approval for a $2.9 billion loan to bail out crisis-riddled Sri Lanka will depend on the island nation securing assurances on debt relief from its bilateral creditors.The post IMF insists on creditor assurances to unlock $2.9 Billion Sri Lanka bailout
Reforms to be introduced to end ‘media abuses’ President Ranil Wickremesinghe yesterday said that the government was not in a position to lower the taxes. Delivering his second government policy statement to inaugurate the Fourth session of the Ninth Parliament, the President said: “Some people say that the primary taxable income should be raised from […]
Sri Lanka's economy is expected to grow again from the end of this year and the government hopes the country will emerge from an economic crisis by 2026, the president said on Wednesday, as hundreds protested a recent rise in taxes amid high inflation.The post Sri Lanka flags return to growth, protesters demand tax cuts appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA...
Sri Lanka President Ranil Wickremesinghe ceremonially declared open the fourth session of the ninth Parliament and delivered the Government Policy Statement today (February 08).The post Sri Lanka President delivers Government’s policy statement in Parliament appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
[…]The post President Ranil Wickremesinghe’s Policy Statement – Full Text appeared first on Colombo Telegraph.
President Ranil Wickremesinghe told Parliament today that he will continue with his unpopular decisions. Making his throne speech, Wickremesinghe said that he is not here to be popular. He said that the unpopular decisions he takes will have positive results in the years to come. The President said that Sri Lanka expects to recover from […]
Sri Lanka is expected to repay Bangladesh a $200 million loan by September this year, Bangladesh Foreign Minister AK Abdul Momen said. Abdul Momen told reporters that Sri Lanka is gradually recovering from an economic crisis. “Sri Lanka is gradually doing better. They are recovering slowly. We have given them time till September (to repay […]
China’s government on Friday confirmed it is offering Sri Lanka a two-year moratorium on loan repayments as the Indian Ocean island nation struggles to restructure $51 billion in foreign debt that pushed it into a financial crisis.The post China confirms two-year debt moratorium offer for Sri Lanka appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka’s international bondholders group was prepared to engage with the island nation’s authorities in debt restructuring talks consistent with the parameters of the IMF Programme, their legal adviser, White & Case LLP, said.The post Sri Lanka bondholders ready for debt restructuring talks with authorities appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News...
Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection.The post ‘We’ll end up like Sri Lanka’: Pakistan stares at economic collapse as IMF visits appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka's key inflation rate eased to 54.2% in January from 57.2% in December, the country's statistics department said on Tuesday.The post Sri Lanka’s key inflation rate eases to 54.2% in January appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
Sri Lanka's Central Bank Governor Dr. Nandalal Weerasinghe said regardless of the future elections, he wants to see a continuation of the economic reform path the country has embarked on, as it is the only way to come out of the current crisis.The post Sri Lanka’s Central Bank insists on staying on reform path regardless of election outcome appeared first on Sri Lanka News - Latest Breaking ...
Sri Lankan Minister of Foreign Affairs Ali Sabry has held talks with ministers and senior officials in Saudi Arabia, as the crisis-hit island nation seeks to boost cooperation with the Kingdom and other Gulf countries.The post Sri Lanka seeks to boost ties with Saudi Arabia and Gulf nations appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
[…]The post Big Fishes In Little Ponds: The Government’s & Civil Society’s Rightward Tilt appeared first on Colombo Telegraph.
International Monetary Fund (IMF) Executive Director Dr. Krishnamurthy Subramanian has said the political will displayed by the Sri Lankan leadership to speed up reforms and implement difficult tax increases in order to revive the economy is highly appreciable, according to a statement issued
a $2.9 billion loan from the International Monetary Fund, according […]
Debt-ridden Sri Lanka on Wednesday (January 25) thanked India for issuing the necessary guarantees sought by the IMF that would help Colombo to unlock the USD 2.9 billion bailout package.The post Sri Lanka thanks India for giving assurances to IMF for USD 2.9 Billion bailout package appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
USD 3 mn Japanese grant attached to ongoing project By Shamindra Ferdinando An agreement on the much advertised cash assistance, provided exclusively to paddy farmers by the Wickremesinghe-Rajapaksa government, was finalised several weeks before then President Gotabaya Rajapaksa stepped down on July 14, 2022 amidst violent protests. The Asian Development Bank (ADB) has provided the […]