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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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) […]

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 […]

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 […]