Author Archive for IMF bailout package

IMF Executive Director Dr. K.Subramanian sees political will to carry out reforms in Sri Lanka

Thursday, January 26th, 2023

Courtesy NewsIn.Asia Colombo, January 26 (Prime Minister’s office): The International Monetary Fund (IMF) Executive Director Dr. Krishnamurthy Subramanian has said that the political will displayed by the Sri Lankan leadership to speed up reforms and implement difficult tax increases in order to revive the economy deserves appreciation. Dr Subramanian, who called on Prime Minister Dinesh […]

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China Gives Immediate Relief To Debt-Ridden Sri Lanka – Analysis

Tuesday, January 24th, 2023

By P. K. Balachandran Courtesy Eurasia News China’s EXIM Bank says in a letter to Sri Lanka that the latter need not pay back the principal and interest due on EXIM bank’s US$ 2.8 billion loan that were due in 2022 and 2023.    Reuters reported on Tuesday that the Export-Import Bank of China has told […]

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Sri Lanka hopes to complete debt restructuring in six months, says CBSL governor

Tuesday, January 24th, 2023

Courtesy Hiru News Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, the country’s central bank chief P. Nandalal Weerasinghe said on Tuesday. “There has been good progress this month with India already pledging financing assurances. We expect assurances from China […]

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China’s EXIM bank offers Sri Lanka debt extension – report

Tuesday, January 24th, 2023

Courtesy Adaderana (Reuters) – The Export-Import Bank of China has offered Sri Lanka a two-year moratorium on its debt and said it will support the country’s efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters. India wrote to the IMF earlier this month, saying it […]

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Sri Lanka expects financing assurances from China for IMF deal within days

Saturday, January 21st, 2023

Courtesy NewsIn.Asia Jan 21 (Reuters) – Sri Lanka expects to get China’s backing for its debt restructuring plan within days to help unlock a $2.9 billion loan from the International Monetary Fund, a government official said on Friday, as India pledged further support to its crisis-stricken southern neighbour. The island nation of 22 million people […]

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IMF sets tough debt sustainability goals for Sri Lanka

Wednesday, January 18th, 2023

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, January 18: The International Monetary Fund (IMF) has set debt sustainability goals for Sri Lanka for the latter to receive the IMF’s Extended Funding Facility (EFF) and get its creditors to restructure their debts.    On April 12, 2022, Sri Lanka declared that it was defaulting, when its overall loan […]

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India sends financial assurances to IMF ahead of Jaishankar’s visit

Wednesday, January 18th, 2023

Courtesy The Daily Mirror Days ahead of India’s External Affairs Minister S. Jaishankar’s visit to Sri Lanka, the neighbouring giant has sent financing assurances to the International Monetary Fund (IMF), The Hindu reported.  A top official source in Colombo has confirmed to The Hindu that the written financing assurances from India were sent to the […]

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Sri Lanka says board approval for IMF bailout likely in first quarter this year

Tuesday, January 17th, 2023

Courtesy Adaderana Sri Lanka’s Cabinet Spokesman Bandula Gunawardena has assured that positive responses have been received thus far with regards to the bailout due to be received by Sri Lanka from the International Monetary Fund (IMF). Responding to a question at the Cabinet briefing this morning (17 Jan.), the minister noted that the Minister of […]

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President says talks with India and China on debt restructuring successful

Tuesday, January 17th, 2023

Courtesy Adaderana President Ranil Wickremesinghe today invited the opposition to join hands through a new political system to provide relief to the people and free them from oppression.  He made this request while speaking in parliament today (17).  Despite the difficult economic background in the country, the President emphasized that the government is working to […]

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China says ready to work towards easing Sri Lanka’s debt burden

Tuesday, January 17th, 2023

Courtesy Adaderana China has assured that it stands ready to work with the relevant countries and institutions with regard to aiding Sri Lanka in terms of its debt.  Speaking at a press conference yesterday (16 Jan.), the Spokesman for China’s Ministry of Foreign Affairs, Wang Wenbin, noted that China has been closely following the ongoing […]

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India formally notifies support to restructure Sri Lanka’s debt – report

Tuesday, January 17th, 2023

Courtesy Adaderana India formally notified that it would support Sri Lanka’s debt restructuring plan, clearing a major hurdle for the bankrupt nation to unlock a $2.9 billion bailout from the International Monetary Fund, Bloomberg reported citing a person with knowledge of the matter. India, one of Sri Lanka’s major bilateral creditors, gave its assurances late […]

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Sri Lankan IMF deal blocked by debt problems, governor says

Friday, January 13th, 2023

Dan Hardie Courtesy Central Banking Sri Lanka will not receive an International Monetary Fund loan until it reaches debt agreements with China and India, its central bank governor said. The IMF reached staff-level agreement with Sri Lanka on a $2.9 billion package in September, but its executive board has not yet approved the loan. The […]

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Statement by academics on dealing with Sri Lankan debt, January 2023

Thursday, January 12th, 2023

debtjustice.org.uk Sri Lanka, along with many other low- and middle-income countries, has experienced a series offinancial shocks due to both external and internal factors. Global forces have caused food and energyimport costs to soar and interest rates to rise, even as the currency has devalued significantly. Theseshocks, along with a history of policy mismanagement—and specifically […]

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Sri Lanka’s central bank urges China and India to reduce its debts

Thursday, January 12th, 2023

By Ben Chu Economics editor, Newsnight Courtesy BBC Sri Lanka’s central bank has urged China and India to agree a write-down of their loans as soon as possible. The crisis-hit Indian Ocean state defaulted on its debt repayments and negotiated a $2.9bn (£2.4bn) bailout. But the International Monetary Fund will not release the cash until […]

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Board approval for IMF bailout expected in 2023 Q2 – report

Thursday, January 12th, 2023

Courtesy Adaderana The International Monetary Fund (IMF) board approval for Sri Lanka’s Extended Fund Facility (EFF) is now expected in the second quarter of 2023, Standard Chartered’s Global Research report revealed. Accordingly, the prediction was made owing to delays in securing financial assurances from its bilateral creditors, the report read, adding that this could further […]

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Points to ponder on debt restructuring and cancellation

Wednesday, January 11th, 2023

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, January 11: Given debt-ridden Sri Lanka’s difficulty in getting creditors to agree to haircuts and the problem it has in meeting the IMF’s onerous conditions, the subject of debt servicing has gained public attention across the world. Recently, a group of 182 international academics issued a statement on the question […]

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Sri Lanka’s Lenders Should Cancel Debt, Academics Say in Letter

Sunday, January 8th, 2023

Courtesy Bloomberg (Bloomberg) — Sri Lanka’s bondholders aren’t living up to their obligations and should cancel debt to allow the country to get out of its economic crisis, a group of international academics said in a letter. Private creditors own almost 40% of the country’s external debt, mostly in the form of International Sovereign Bonds, […]

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Sri Lanka expecting IMF’s extended fund facility in first half of this year – President

Friday, January 6th, 2023

Courtesy Adaderana President Ranil Wickramasinghe says that the government expects to receive India’s response regarding Sri Lanka’s debt restructuring at the end of this month. The President stated that the negotiations with China regarding debt restructuring have recommenced. The President revealed this during a discussion held today (06) with newspaper editors and electronic media news […]

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SLPP MP asks FM for clarification

Tuesday, December 27th, 2022

By Shamindra Ferdinando Courtesy The Island 21-A prerequisite for IMF loan: Foreign Minister Ali Sabry, PC, owed an explanation as regards his claim that the International Monetary Fund (IMF) had demanded the enactment of 21 Amendment to the Constitution as a prerequisite for the finalisation of USD 2.9 bn Extended Fund Facility Arrangement (EFFA) with […]

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Why is Sri Lanka’s deal with IMF getting delayed?

Saturday, December 24th, 2022

Courtesy NewsIn.Asia Dec 23 (The Hindu) – Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund (IMF), according to Sri Lanka’s Central Bank Governor P. Nandalal Weerasinghe, The Hindu reported. In September, the IMF reached a staff level agreement with Sri […]

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Sri Lanka awaiting assurances from India, China – CBSL Governor

Thursday, December 22nd, 2022

Courtesy Adaderana In an interview with The Hindu, Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe stated that Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund (IMF). “We have shared all the information possible with our […]

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China agreed to form global sovereign debt ‘roundtable’ – IMF chief

Saturday, December 17th, 2022

Courtesy Adaderana Chinese officials have agreed to participate in a global sovereign debt roundtable” that would include a wide variety of stakeholders, including private sector creditors, International Monetary Fund chief Kristalina Georgieva said on Thursday. Georgieva told an event hosted by the IMF that she was feeling a bit more optimistic” about the prospects for […]

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IMF not expected to discuss Sri Lanka before year-end – sources

Wednesday, December 14th, 2022

Courtesy Adaderana The executive board of the International Monetary Fund is not expected to formally approve Sri Lanka’s $2.9 billion bailout before year-end, a key step required for the embattled country to receive funding, two sources familiar with the matter said. Seeking a way out of its worst economic crisis in decades, Sri Lanka reached […]

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We are almost there with IMF bailout – CBSL Governor

Saturday, December 10th, 2022

Courtesy The Island The IMF could finalise Sri Lanka’s financing package within three weeks of the country’s main bilateral creditors formally informing the IMF that they would help Sri Lanka restructure its debt, Governor of the Central Bank, Dr. Nandalal Weerasinghe, said on Thursday appearing on a TV programme. Dr. Weerasinghe said that Sri Lanka […]

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IMF chief Georgieva cites ‘fruitful exchange’ with China on debt issues

Saturday, December 10th, 2022

Courtesy Adaderana (Reuters) – International Monetary Fund chief Kristlina Georgieva said she had a fruitful exchange” with her Chinese counterparts this week on her repeated calls for accelerating debt treatments for countries like Zambia and Sri Lanka. Georgieva, World Bank President David Malpass and other financial leaders met in person in China’s Anhui province this […]

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CBSL governor hopeful of securing creditor assurances in December

Thursday, December 8th, 2022

Courtesy Adaderana Central Bank Governor Dr. Nandalal Weerasinghe says that Sri Lanka can expect approval for the USD 2.9 billion International Monetary Fund (IMF) Rapid Financing Instrument in January next year, as creditor assurances from countries including China and India can be obtained this month. Joining ‘@HydePark’ current affairs programme on Ada Derana 24, the governor […]

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China calls for joint efforts to ease Sri Lanka’s debt burden

Tuesday, December 6th, 2022

Courtesy Hiru News China hopes relevant countries & international financial institutions will work with China to play a positive role in helping Sri Lanka overcome the difficulties. Chinese FM Spokesperson said China attaches high importance to Sri Lanka’s challenges. China hopes relevant countries and international financial institutions will work with China to play a positive […]

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Coordinated assistance program required for Sri Lanka’s recovery – WB, ADB, IMF, AIIB

Tuesday, December 6th, 2022

Courtesy Hiru News Following a lengthy round table discussion with WB, ADB, IMF, AIIB in Colombo this morning, it was agreed that a coordinated assistance program supported by the multilateral financial institutions is vital for Sri Lanka to recover from the present economic difficulties. World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) […]

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China calls for joint efforts to ease Sri Lanka’s debt burden

Monday, December 5th, 2022

Courtesy Adaderana (Xinhua) — China hopes relevant countries and international financial institutions will work with China to play a positive role in helping Sri Lanka overcome the current difficulties. Chinese foreign ministry spokesperson Mao Ning made the remarks when asked to comment on media reports that an International Monetary Fund (IMF) team will travel to […]

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Paris Club for 10-year moratorium on Colombo debt, global north and south to take haircut

Saturday, December 3rd, 2022

Courtesy  Hindustan Times With Sri Lanka still to initiate a dialogue with the Xi Jinping regime, chances of the IMF executive board approving an extended fund facility of USD 2.9 billion to deeply indebted island nation this month are virtually non-existent. The question is who will give the bridge funding till the IMF meeting in […]

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