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, […]

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.   […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]