Courtesy Adaderana Sri Lanka must tighten monetary policy, raise tax and adopt flexible exchange rates to address its debt crisis, a senior International Monetary Fund (IMF) official said on Tuesday. The country of 22 million people has requested loans from the IMF as it struggles to pay for imports amid crushing debt and a sharp […]

Courtesy The Daily Mirror Sri Lanka’s ongoing negotiations with the IMF will unavoidably impact its discussions with China for securing US $ 2.5 billion, China’s Ambassador Qi Zhenhong said.  In an interactive dialogue with a team of journalists, he said China was closely monitoring the negotiations to know the terms and conditions . He said debt […]

Courtesy https://borneobulletin.com April 26, 2022 COLOMBO (AFP) – Crisis-hit Sri Lanka’s stock exchange halted again yesterday after a nearly 13 per cent plunge, derailing the bourse’s tentative re-opening after a two-week break aimed at forestalling a market collapse. The island nation is grappling with its worst economic downturn since independence in 1948, with months of […]

By Haridass Sankar* Courtesy EurasiaReview Sri Lanka is undergoing a severe economic crisis and is at the risk of devolving into a failed state. The country’s foreign reserves are fast depleting, falling from $5 billion in 2019 to 1.8 billion in 2021, despite high inflation and a debt-to-GDP ratio of 110 per cent. From health to defence, […]

Darini Rajasingham-Senanayake In Cherry Blossom lined Washington DC in the glare of global media last week Sri Lanka became the poster child of the International Monetary Fund’s (IMF), Spring Meetings. The strategic Indian Ocean island’s pathetic plight featured on major media and television channels that craft the global narrative, with images of people in queues […]

Deena Kamel Courtesy The National News Discussions emphasised the need for implementing a ‘credible and coherent’ strategy to restore macroeconomic stability. The International Monetary Fund said it had fruitful technical discussions” with Sri Lanka on its request for a loan programme, as the island nation grapples with a severe economic crisis that has sparked protests […]

Courtesy Business Standard This comes as India’s southern neighbour deals with its worst-ever economic crisis. Sri Lanka could be given temporary classification as a lower-income country — from the current middle-income status — to help it restructure its debt. And, it should also be given emergency funding similar to the one granted to Ukraine. These […]

Courtesy Hiru News IMF team for Sri Lanka completes initial technical discussions on an IMF-supported program and have issued a statement. The Statement:Washington, DC: During the 2022 IMF and World Bank Spring Meetings in Washington, D.C., IMF Managing Director Kristalina Georgieva and other senior members of IMF management met with a Sri Lankan delegation, led […]

Courtesy Adaderana (Reuters) – The International Monetary Fund said on Saturday it held fruitful technical discussions” with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country. Sri Lanka, an island country of 22 million people, is struggling to pay for imports amid […]

Darini Rajasingham-Senanayake, In Cherry Blossom lined Washington DC in the glare of global media last week Sri Lanka became the poster child of the International Monetary Fund’s (IMF), Spring Meetings. The strategic Indian Ocean island’s pathetic plight featured on major media and television channels that craft the global narrative, with images of people in queues […]

Courtesy Adaderana The International Monetary Fund said on Saturday that its staff held fruitful technical discussions” with Sri Lankan authorities on the crisis-wracked country’s request for an IMF-supported loan program this week. The Fund said in a statement that the discussions included the need for Sri Lanka to implement a credible and coherent strategy” to restore macroeconoimc […]

Frances Coppola Courtesy Forbes The IMF has just published a new review of Argentina’s economy. It is grim reading. Argentina is in trouble: economic conditions have worsened considerably since the last IMF review, back in June 2018. But the review also reveals that the IMF could be in even bigger trouble. It is repeating the same mistakes […]

Courtesy Business Standard India has extended the duration of the $400-million currency swap facility which had been concluded with the island nation in January.

Courtesy The Daily Mirror The International Monetary Fund said discussions with Sri Lanka on a potential IMF loan program are at an early stage and any deal would require “adequate assurances” that the island country’s debts can be put on a sustainable path. In a statement emailed to Reuters, IMF Sri Lanka Mission Chief Masahiro […]

Courtesy Adaderana Sri Lanka may take nearly three weeks to appoint advisers to guide an overhaul of its debt, according to the country’s finance chief, a move seen as key to unlock emergency funds needed to ease its worsening economic crisis. The country is aiming to choose financial and legal advisers in 15 to 20 […]

Courtesy Adaderana The World Bank says it is ready to provide emergency support to Sri Lanka and protect the vulnerable people amidst the unprecedented economic crisis in the country. World Bank Vice President for South Asia Hartwig Schafer said he held talks with Sri Lankan Finance Minister Ali Sabry and Governor of the Central Bank […]

Courtesy Hiru News World Bank’s Vice President for the South Asia Region Hartwig Schafer states that he met Finance Minister Ali Sabry and CBSL Governor Nandalal Weerasinghe and discussed actions to address the economic crisis, support stabilization and recovery, and protect the vulnerable people in Sri Lanka

Courtesy Hiru News Sri Lanka’s government Treasury Bill yields increased to 24.36% at the auction today (20). Rs 97.5 billion was offered by CBSL and Rs 48 billion was accepted. The weighted average yield Rate was 23.21 % for 91 days 24.77% for 182 days and & 24.36% for 364 day Treasury bills.

Courtesy The Daily Mirror Down to 1, 000-2, 000 a day from 4, 000-5, 000 SL welcomed 43, 761 tourists from April 1 to 18 Cumulative tourist arrivals up to April 18 at 329,095 Sri Lanka’s tourist arrival rate has started to witness a dip in the month of April due to the ongoing economic […]

Vikas Dhoot Courtesy The Hindu NITI Aayog member Ramesh Chand says ‘mind–boggling’ farm subsidies make sector dependent on State ‘crutches’ India could end up facing a Sri Lanka–type economic crisis if it doesn’t shun the culture of freebies” and subsidies in sectors like agriculture, NITI Aayog member Ramesh Chand warned, stressing that the mind–boggling” support measures for farmers has made […]

Courtesy The Daily Mirror Finance Minister Ali Sabry and Sri Lankan delegation meeting Indian Finance Minister N. Sitharaman and a top level Indian economic delegation at IMF Headquarters in Washington IMF says will consider request for RFI even though outside the standard of circumstances Commends SL for the steps already taken in the direction of […]

Courtesy Livemint.com NEW DELHI : With Sri Lanka buffeted by economic headwinds, Indian apparel exporters are beginning to receive orders from the UK, EU, and even Latin American countries where Indian textiles had little or no presence. Textiles and garments contributed nearly half of Sri Lanka’s exports but fuel shortages amid its worst financial crisis and […]

XINHUA COLOMBO (XINHUA) – The International Monetary Fund (IMF) commended the steps already taken by Sri Lanka to stabilise its economy, the Sri Lankan Finance Ministry said in a press release yesterday. The ministry said Finance Minister Ali Sabry met with IMF Managing Director Kristalina Georgieva on Monday at the IMF headquarters. The IMF assured […]

Courtesy NewsIn.Asia Colombo, April 14 (Hindustan Times/newsin.asia): Sri Lanka has sought India’s assistance in garnering international support to secure bridge financing as it enters negotiations with the International Monetary Fund (IMF) for a bailout programme to cope with the island nation’s worst economic crisis in decades, according to a statement from the Sri Lankan high […]

Greece Case Study OXFAM CASE STUDY Among EU nations, Greece has been hardest hit by the impact of thefinancial crisis. Two years ago, in June 2011, The Economist evaluatedthe EU‟s actions towards Greece and said that a new rule seemed tohave been adopted: „if a plan doesn‟t work, stick to it‟.1 Two years laterthere is […]

Courtesy EasternEye Protesters, gathered at the entrance of Sri Lankan President Gotabaya Rajapaksa’s office, eat while sitting along a road, in Colombo on April 14, 2022, during the Sinhala and Tamil New Year. Severe shortages of food and fuel, alongside lengthy electricity blackouts, have led to weeks of widespread anti-government demonstrations. (Photo by ISHARA S. […]

Courtesy Adaderana EXCLUSIVE: Sri Lanka’s new finance minister, Ali Sabry, says the country plans to start talks with the IMF on April 18 to secure as much as $4 billion in aid for the economy. He also signaled optimism in getting financial support from China and India https://t.co/oUksMp7ea6 pic.twitter.com/uIzYwe2aEK— Bloomberg (@business) April 14, 2022 Sri Lanka needs between […]

Courtesy The Telegraph India The island nation, hit by its worst economic crisis since independence and on the brink of its first debt default, has been asking friendly nations for credit lines, food and energy. India is willing to commit up to another $2 billion in financial assistance to Sri Lanka while also supporting the […]

Courtesy Channelnesasia COLOMBO: The International Monetary Fund (IMF) on Wednesday (Apr 13) said that it supported Sri Lanka’s plans to engage in “collaborative dialogue” with creditors, a day after the country unilaterally suspended external debt payments amid a severe economic crisis. “We assessed Sri Lanka’s debt to be unsustainable and that the country’s fiscal efforts […]

Courtesy The Island Also seeks financial help from other partners to alleviate the suffering of masses The Ministry of Finance (MOF) yesterday announced the new the policy of the government concerning the servicing of Sri Lanka’s external public debt pending the completion of the government’s discussions with the International Monetary Fund (IMF) and the preparation […]