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China has given assurances that it will support Sri Lanka’s debt restructuring, clearing the biggest hurdle for the South Asian nation to secure a $2.9 billion bailout from the International Monetary Fund (IMF).The post China gives assurances to the IMF that it will support Sri Lanka’s debt
Colombo sees the Adani projects in Sri Lanka as a “government to government kind of deal”, said Sri Lankan Foreign Minister MUM Ali Sabry, as it was the Indian government that had identified the Adani group for infrastructure projects including Northern Sri Lanka wind power project.The post Adani investment has come in, we are not panicking about projects: Ali Sabry appeared first on Sri Lanka New...
Sri Lanka’s Central Bank raised it benchmark lending rate to 16.5 percent, the highest in 22 years, due to pressure from the International Monetary Fund, the banking regulator said.The Friday’s rate increase by 100 basis points for both the Standing Deposit facility Rate and the Standing Lending
The Monetary Board of the Central Bank of Sri Lanka (CBSL), at its meeting held on 03 March 2023, decided to raise the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points to 15.50 percent and 16.50 percent, respectively, effective from the close of […]
Sri Lanka's central bank raised interest rates in an unexpected move on Friday in a bid to help the country secure a bailout package from the International Monetary Fund (IMF) to stabilise its crisis-hit economy.The post Sri Lanka unexpectedly raises rates to fulfil IMF bailout requirements
Sri Lanka widened the trading band for its currency for a second time this week, as policymakers sought to undertake a financial reform needed to secure a bailout from the International Monetary Fund, Bloomberg has reported. As a result of this the rupee has appreciated, according to Bloomberg.The
China has assured it will play a positive role to help Sri Lanka restructure its debt. Chinese Foreign Ministry Spokesperson Mao Ning said that the Export-Import Bank of China has provided a financing support document to the Ministry of Finance, Economic Stabilization and National Policies of Sri Lanka, saying the Bank is going to provide […]
Sri Lankan rupee appreciated yesterday (February 28) on improved sentiments over the current and future foreign exchange conditions in the domestic market after the announcement that International Finance Corporation (IFC) is willing to provide a US$ 400 million worth of swap facility for three commercial banks to support essential imports.The post Sri Lanka Rupee appreciates after almost a year i...
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 $400 million financing appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.
By Noah Berman A wave of darkness engulfed Pakistan on January 24 as its aging power grid strained to meet the country’s demand for electricity. The massive outage was the latest in a series of blackouts that have become a chronic symptom of Pakistan’s ailing and climate-vulnerable economy, under duress from devastating natural disasters, a colossal […]
Pakistan and Sri Lanka are getting close to securing bailouts from the International Monetary Fund after taking a series of steps including tax increases to boost their beleaguered economies.The post Sri Lanka and Pakistan close in on IMF deals after raising taxes – report appeared
The International Monetary Fund (IMF) remains hopeful of Sri Lankan authorities securing financing assurances from all its bilateral creditors soon, so that the Fund’s Executive Board could give its nod to unlock the envisaged US$ 2.9 billion bailout package to support the crisis-hit economy, a top
According to President Ranil Wickremesinghe, the current tax policy in Sri Lanka is not a normal tax policy, but rather a rescue operation. He warned that if this process is disrupted, Sri Lanka will not be able to join the International Monetary Fund (IMF) program and may lose the opportunity
Sri Lanka today sought international support to expedite a response from the International Monetary Fund (IMF) on funding and assistance. Foreign Minister Ali Sabry briefed the Head of Missions of the Paris Club member nations and the HOM of India at the Foreign Ministry today. The Governor
Monetary Fund (IMF) program […]
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.
The Export-Import Bank of China has provided Sri Lanka with a debt extension, China’s Foreign Ministry said on Monday, noting that China is willing to negotiate a medium- and long-term debt disposal plan with the country in a friendly manner, and do its best to promote Sri Lanka’s debt sustainability.The post China already offers Sri Lanka debt extension: Chinese Foreign Ministry appeared first on...
The International Monetary Fund is considering approving Sri Lanka’s bailout even without the formal assurance of debt-restructuring support from China, the nation’s biggest bilateral creditor, according to people familiar with the discussions.The post IMF said to discuss Sri Lanka loan approval
The International Monetary Fund is considering approving Sri Lanka’s bailout even without the formal assurance of debt-restructuring support from China, the nation’s biggest bilateral creditor, according to people familiar with the discussions. Under a rarely used policy on lending into official
Sri Lanka and India will sign a pact to link their power grids and start negotiations on an upgraded trade agreement within two months, a Sri Lankan diplomat said on Wednesday, as the island nation seeks a way out of its worst economic crisis in decades.The post Sri Lanka, India to sign power grid linking pact within two months – envoy appeared first on Sri Lanka News - Latest Breaking News ...
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...
Debt-stricken Sri Lanka is fast-tracking efforts to seal a stalled trade pact with Thailand in order to boost trade and tourism, and improve the foreign currency shortage that has led to its worst economic crisis, a government minister said on Tuesday.The post Sri Lanka to fast-track trade pact with Thailand amid crisis appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA...
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
With both India and Sri Lanka celebrating 75 years of bilateral relations, External Affairs Minister Dr. S. Jaishankar’s recent visit to Sri Lanka bears the utmost significance. It could be regarded as a prelude to deepening the existing healthy ties and taking them to another level on the occasion of Sri Lanka’s 75th anniversary of […]
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.