Courtesy Adaderana The National People’s Power presidential candidate Anura Kumara Dissanayake reiterated that the conditions of the International Monetary Fund (IMF) are not unfavourable to the country. Joining a business community conference held in Colombo, Dissanayake reassured that an NPP government will uphold the current agreement with the IMF. Now all the international relations of […]

Courtesy Hiru News Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka, has cautioned that political or social uncertainties, or reversals of recent achievements, could significantly disrupt the country’s economic reform agenda. He warned that such disruptions could lead to deviations from the planned policy trajectory, potentially resulting in severe and lasting […]

IMF Communications Department Sri Lanka, Colombo – August 2, 2024: An International Monetary Fund (IMF) mission team led by Senior Mission Chief Mr. Peter Breuer visited Sri Lanka from July 25 to August 2, 2024, to discuss recent macroeconomic developments and progress in implementing economic and financial policies under the authorities’ economic reform program supported by […]

by Ifham Nizam Courtesy The Island Dr. Ahilan Kadirgamar ‘On a research project on debt restructuring and economic recovery of Sri Lanka following the default in April 2022, I have found that the IMF program is further aggravating the crisis. The IMF’s Debt Sustainability Analysis, with targets such as, a primary budget surplus of 2.3% […]

Charles Abugre and Fellow Eminent Economists Courtesy Networkideas.org There should be a change of orientation in dealings with the IMF and Sri Lanka’s creditors. The aim must be to protect the living standards of the people and to promote the growth of the economy in ways that expand incomes, create good-quality jobs, and improve the […]

Courtesy Adaderana President Ranil Wickremesinghe has announced that the debt restructuring process will include USD 5 billion in loan interest relief from bilateral creditors and a USD 3 billion debt write-off from commercial creditors providing the country with a total relief of USD 8 billion. Wickremesinghe revealed this while addressing the ‘Urumaya’ Freehold Land Deed […]

Courtesy hurriyetdailynews Sri Lanka‘s private creditors have accepted a 28 percent haircut on $12.5 billion in sovereign bonds, the government announced on Thursday, meeting a key condition of an IMF bailout. After two days of talks in Paris with most international sovereign bond (ISB) holders, Colombo clinched the final step in restructuring private, bilateral and domestic debt. […]

Courtesy Adaderana (Bloomberg) — Sri Lanka and creditors reached agreement on the terms for a $12 billion bond restructuring, bringing the South Asian nation closer to completing its debt overhaul two years after it defaulted.  Bondholders and the nation agreed to a framework for a deal that includes notes linked to economic performance and a […]

Courtesy Kuwait Times COLOMBO: Sri Lanka will save $5 billion following the restructuring of its bilateral debt, much of which is owed to China, through slashed interest rates and longer repayment schedules, the president said Tuesday. The island nation defaulted on its foreign borrowings in 2022 during an unprecedented economic crisis that precipitated months of food, […]

Courtesy Adaderana Minister of Foreign Affairs and President’s Counsel Ali Sabri, has stated that the successful debt sustainability process with bilateral creditors will provide Sri Lanka with an advantage of approximately US $ 17 billion. The minister also stated that this situation will facilitate successful negotiations regarding international sovereign debts. Minister of Foreign Affairs Ali […]

Courtesy Adaderana Sri Lanka’s agreements with China and other creditor nations to restructure about $10 billion in bilateral debt brought it a step closer towards restoring debt sustainability, the International Monetary Fund (IMF) said on Thursday. The island nation signed deals with China and other creditor nations to restructure about $10 billion in bilateral debt […]

Ada Derana

Courtesy Adaderana Sri Lanka signed debt treatment agreements with the Export-Import Bank of China (EXIM) in Beijing, a short while ago, to restructure USD 4.2 billion of debt, the President’s Media Division said.  The Framework Agreement related to this was signed between Sri Lanka and China in Colombo, Sri Lanka.  This restructuring provides significant debt […]

Courtesy Adaderana The Cabinet of Ministers has approved the signing of debt restructuring agreements with Paris Club and other stakeholders, Cabinet Spokesperson, Minister Bandula Gunawardana said. Speaking during the Cabinet press briefing held today (25), Minister Gunawardana said the relevant agreements will be signed tomorrow (26). A Sri Lankan delegation comprising the Secretary of the […]

Courtesy Adaderana The Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe says that Sri Lanka will record positive annual economic growth in 2024 for the first time since the economic crisis.  Joining Ada Derana’s current affairs program At HydePark”, the CBSL chief highlighted the need to persist along the narrow positive economic […]

The Telegraph Online (India) The second review of the IMF’s Extended Fund Facility under the USD 2.9 billion bailout of Sri Lanka has been set for June 12 Sri Lanka’s macroeconomic policy reforms have started to “bear fruit” and the country is expected to reach agreements with external commercial creditors soon, the IMF has said […]

Courtesy Adaderana Sri Lanka and a group of creditors are in advanced talks over a deal aimed at restructuring the nation’s debt with bilateral lenders, according to people familiar with the matter. The government and members of the official creditor committee, which includes India, Hungary and the Paris Club, are exchanging draft versions of the […]

By KELUM BANDARA Courtesy The Daily Mirror Colombo, April 20 (Daily Mirror) – The representatives of bondholders who hold around 50 per cent of Sri Lanka’s outstanding international sovereign bonds (ISB), during closed-door interactions with the representatives of Sri Lankan political parties, have expressed fear whether any debt restructuring agreement will be honoured in case of a […]

Courtesy NewsIn.Asia Colombo Colombo, April 17 (Reuters) – Sri Lanka on Tuesday rejected international bondholders’ proposal to restructure more than $12 billion in debt, putting at risk critical International Monetary Fund support and delaying its efforts to resolve a two-year-long debt crisis. Some of the proposal’s baseline” assessments and a lack of a contingency option […]

Courtesy Adaderana Sri Lanka and a group of its creditors are in final negotiations to suspend debt repayments until 2028, Nikkei has learned, as country creditors including Japan seek to prevent China’s influence from expanding in the debt-ridden island. Negotiations [with the creditor nations] have concluded. We are hoping that it [a detailed announcement] will […]

Courtesy Adaderana Mr. Rajith Keerthy Tennakoon, President Director General of Community Affairs says that after between President Ranil Wickremesinghe’s assumption of office and February 2024, the Sri Lankan government has settled a total of USD 1909.7 million in foreign debt and interest payments. He also highlighted that from 21 July 2022 to February 2024, the […]

By Pranjal Pandey Courtesy Eurais Review Sri Lanka’s economic crisis has worsened due to IMF deals, causing social unrest, unemployment, poverty, and food insecurity, and posing significant challenges for its people. The International Monetary Fund (IMF) announced on March 21, 2024, that it has reached a staff-level agreement with Sri Lanka regarding the next phase of […]

Courtesy Adaderana IMF staff and the Sri Lankan authorities have reached staff-level agreement on economic policies to conclude the second review of the 4-year EFF-supported program and the 2024 Article IV Consultation.  Once the review is approved by IMF Management and completed by the IMF Executive Board, Sri Lanka will have access to SDR 254 […]

Courtesy Adaderana Acknowledging that the independence of the Central Bank of Sri Lanka (CBSL) is an ‘absolutely key pillar’ under its program, the International Monetary Fund (IMF) has said that it is important to maintain a high degree of transparency to explain how the CBSL’s decisions are benchmarked. These remarks were made by Peter Breuer, […]

Courtesy Adaderana Sri Lanka’s State Minister of Finance Shehan Semasinghe has assured that the economic reforms being implemented will not be disrupted by the coming elections and that the government is ready to make the ongoing reforms a law of the country. The State Minister had stated this during a discussion with the IMF’s Executive […]

 By CHATURANGA PRADEEP SAMARAWICKRAMA Courtesy The Daily Mirror Avissawella, Jan 20 (Daily Mirror) – statement made by the Opposition Leader about changing the agreement by the International Monetary Fund (IMF) with Sri Lanka is a mere slogan, Finance State Minister Ranjith Siyambalapitiya said. He said the Opposition Leader had made a statement that he will change […]

Courtesy Adaderana Although Sri Lanka’s macro economy is gradually stabilizing, the country’s economic recovery process is still in the ‘infancy level’ and has yet to reach the broader population, says Peter Breuer, the Senior Mission Chief of the International Monetary Fund (IMF) to Sri Lanka. Mr. Breuer has also expressed that property tax will help […]

Courtesy Adaderana The International Monetary Fund (IMF) says it is critical for Sri Lanka to swiftly complete the final agreements with the official creditors and reach a resolution with the external private creditors. IMF mission team, led by Senior Mission Chief Peter Breuer, was in Sri Lanka from January 11-19 to discuss recent macroeconomic developments […]

Courtesy Hiru News Colombo, January 19, 2024 – An International Monetary Fund (IMF) mission led by Peter Breuer visited Sri Lanka from January 11 to 19, 2024, to assess recent macroeconomic developments and progress in implementing economic and financial policies under the Extended Fund Facility (EFF) arrangement. At the conclusion of the mission, Peter Breuer […]

Courtesy The Island Treasury Secretary Mahinda Siriwardena before the House Committee probing bankruptcy (pic courtesy Parliament) Secretary to the Treasury Mahinda Siriwardena recently told the Parliamentary Select Committee (PSC), tasked with investigating causes for the financial bankruptcy declared by the government and to report to Parliament and submit its proposals and recommendations in this regard, […]