Author Archive for IMF bailout package

Sri Lanka’s debt repayments to be suspended until 2028

Sunday, April 7th, 2024

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 […]

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Sri Lanka settled nearly $2bn worth of foreign debt and interest, govt. says

Friday, April 5th, 2024

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 […]

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Sri Lanka: Govt-IMF Reach Agreement But Basic Question Remains

Wednesday, March 27th, 2024

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 […]

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IMF and Sri Lanka reaches staff-level agreement following second review

Thursday, March 21st, 2024

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 […]

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Critical for Sri Lanka to finalize deals with official and external private creditors in timely manner – IMF

Thursday, March 21st, 2024

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, […]

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Govt ready to make ongoing economic reforms a law – State Minister tells IMF

Wednesday, March 20th, 2024

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 […]

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Changing agreement with IMF under Opposition leader’s government a mere slogan

Saturday, January 20th, 2024

 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 […]

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Property tax will help Sri Lanka to take quantum leap to achieve IMF targets – Peter Breuer

Friday, January 19th, 2024

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 […]

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Swift completion of final agreements with official creditors critical for Sri Lanka – IMF

Friday, January 19th, 2024

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 […]

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Positive signs in Sri Lanka’s economic reforms – more to be done : IMF

Friday, January 19th, 2024

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 […]

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Treasury Secy says no more IMF medicine hereafter

Monday, January 15th, 2024

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, […]

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IMF conditions violate human rights in Sri Lanka

Thursday, January 11th, 2024

By Veeragathi Thanabalasingham Courtesy NewsIn.Asia Colombo, January 11: More than a week has passed since the dawn of the New Year. Although greetings were exchanged as per  tradition, it cannot be said that Sri Lankans greeted each other without a tinge of apprehension about what is in store for them in the new year.   […]

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Sri Lanka hoping to strike debt deal with commercial creditors within 2 months

Wednesday, January 10th, 2024

Courtesy Adaderana The governor of Central Bank of Sri Lanka (CBSL) says ‘good faith negotiations’ are in progress with commercial creditors to reach an in-principle agreement as soon as possible. Addressing a special media briefing at the CBSL premises this morning (Jan.10), Dr. Nandalal Weerasinghe said the agreement is expected to reach within the next […]

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No government can deviate from current IMF path: CB Governor

Saturday, December 30th, 2023

By Nishel Fernando Courtesy The Daily Mirror Colombo, Dec 30 (Daily Mirror) – Central Bank Governor Dr. Nandalal Weerasinghe said yesterday any government could renegotiate the programme with the International Monetary Fund (IMF) but it would be required to follow the path chosen currently to get international support. Addressing a press conference, he said if […]

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IMF agreement must be continued under any government – CBSL Governor

Friday, December 29th, 2023

Courtesy Adaderana Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandala Weerasinghe has emphasised the importance of the continuity of the Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF). Speaking at a special briefing held this afternoon (29 Dec.), Dr. Weerasinghe explained that the EFF programme should continue for the […]

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THE IMF -A LOAN SHARK; NOT HUMANITARIAN, SYMPATHETIC OR HELPFUL

Monday, December 25th, 2023

Prof. Desmond Mallikarachchi Courtesy The Daily Mirror For the pledged loan of 2.9 billion dollars to be granted, the IMF laid down a condition that two of our main profit-generating institutions namely, the insurance cooperation and the Sri Lanka Telecom (Inset) may need to be sold to private entrepreneurs in the open market ‘Colonialism has […]

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World Bank releases USD 250 Million second tranche to Sri Lanka

Wednesday, December 20th, 2023

Courtesy Hiru News The World Bank has disbursed the second tranche, amounting to USD 250 million, as part of the USD 500 million Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO). This decision comes in recognition of the ongoing satisfactory progress made by the Sri Lankan government in implementing its reform […]

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Sri Lanka projected to end 2023 with US $ 3.8bn foreign reserves: IMF

Wednesday, December 13th, 2023

Courtesy The Daily Mirror Sri Lanka’s gross foreign reserves are projected to reach US $3.8 billion by the end of 2023, according to International Monetary Fund (IMF) projections. This figure falls short by US $600 million compared to the programme request, reflecting a slowdown in reserves accumulation during the second half of the year due […]

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Sri Lanka: First Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka

Tuesday, December 12th, 2023

IMF As part of the IMF-supported arrangement Sri Lanka has undertaken significant reforms to pave the way out of a deep economic and debt crisis. The economy is showing tentative signs of stabilization, supported by rapid disinflation and a significant fiscal adjustment. Tax revenues have increased but not as much as initially projected, and reserves […]

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IMF board approves first review of Sri Lanka’s nearly $3 billion bailout

Tuesday, December 12th, 2023

Courtesy The Straits Times COLOMBO – The International Monetary Fund (IMF) said its executive board cleared the first review of Sri Lanka’s about $3 billion bailout on Tuesday, providing about $337 million in funds to help tackle the fallout from the country’s worst financial crisis in decades. The South Asian island nation is recovering from […]

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Sri Lanka says Official Creditor Committee agreed in principle to restructure $5.9bn of debt

Wednesday, November 29th, 2023

Courtesy Adaderana The Sri Lankan government has announced that it has reached an agreement in principle with its Official Creditor Committee (OCC) on the financial terms of a debt treatment.  Issuing a statement, the Ministry of Finance, Economic Stabilization and National Policy stated that the agreement in principle covers approximately US$ 5.9bn of outstanding public […]

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Terms of China debt deal shared with official creditors’ committee: CB Governor

Saturday, November 18th, 2023

Courtesy The Daily Mirror COLOMBO (Daily Mirror) – Sri Lanka is expected to make further headway with regard to restructuring its foreign debt and securing the second tranche of the International Monetary Fund (IMF) loan, as the government has disclosed the terms of the US $ 4.2 billion debt deal with China Exim Bank to […]

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Sri Lanka leans on IMF and China as crucial budget test looms

Thursday, October 26th, 2023

MUNZA MUSHTAQ, Courtesy Nikkei Asia President Wickremesinghe faces growing public frustration ahead of elections A market in Colombo on Oct. 20. Sri Lanka’s government is due to present next year’s budget in mid-November.   © Reuters COLOMBO — Sri Lanka’s cash-strapped government is breathing slightly easier after a week that brought an agreement on more support from the […]

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Lanka should aim for revenues of 12-pct of GDP, avoid shortfalls: IMF

Sunday, October 22nd, 2023

Courtesy The Island Peter Breuer Sri Lanka should aim to get state revenues more than 12 percent of gross domestic product and avoid revenue shortfalls next year, International Monetary Fund Senior Mission Chief Peter Breuer said. Sri Lanka projected revenues (including non-tax) of 3,408 billion rupee (11.3 -pct of GDP) and the IMF 3,286 billion […]

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Sri Lanka reaches IMF staff-level agreement on first review

Thursday, October 19th, 2023

Courtesy Adaderana The International Monetary Fund (IMF) team Sri Lankan authorities have reached a staff-level agreement on economic policies to conclude the first review of the 48-month EFF-supported program. Accordingly, Sri Lanka will have access to SDR 254 million (about US$330 million) in financing once the review is approved by IMF Management and IMF Executive […]

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SL’s progress with IMF ‘speedier’ than most countries under G20 framework: Indian Finance Minister

Saturday, October 14th, 2023

Courtesy Adaderana Indian Finance Minister Nirmala Sitharaman has commended the progress Sri Lanka has made thus far with regard to the resolutions under their agreement with the International Monetary Fund (IMF). Speaking at the IMF – World Bank meet on India’s Group of 20 (G20) presidency, particularly in response to a question raised regarding the […]

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Landmark US$ 4.2 bn debt restructuring China Exim Bank assures help

Thursday, October 12th, 2023

Courtesy The Daily News Key milestone for PROMPT economic recovery The government yesterday said that it has reached an agreement on the key principles and indicative terms of a debt treatment with the Export-Import Bank of China (Exim Bank). The Finance Ministry said that the agreement in principle covers around US$ 4.2 Bn of outstanding […]

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Sri Lanka bondholders sent $12 billion debt rework proposal to government -sources

Thursday, October 12th, 2023

Courtesy CNA LONDON : Sri Lanka’s private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure, said two sources with direct knowledge of the matter. The country of 22 million people tipped into its […]

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China assures continued support to ease Sri Lanka’s debt burden

Wednesday, October 11th, 2023

Courtesy Adaderana China has assured that it remains ready to work together with all relevant international financial institutions to jointly play a positive role in helping Sri Lanka ease its debt burden and achieve sustainable development. Speaking during his regular press briefing on Tuesday (10), China’s Foreign Ministry Spokesman Wang Wenbin explained that as Sri […]

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Sri Lanka’s talks with creditors ongoing, unaware of specific deals – IMF

Wednesday, October 11th, 2023

Courtesy Adaderana Discussions between Sri Lanka and all its creditors are ongoing, though the International Monetary Fund has not been informed about any specific agreements, its mission chief for the country said on Wednesday. We will need to assess the entire package of agreements in its totality to assess consistency with IMF debt targets,” Peter […]

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