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 […]

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 […]

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 […]

Courtesy The Daily Mirror The International Monetary Fund (IMF) has recommended sixteen priority actions in its recently released Governance Diagnostic Assessment (GDA) on Sri Lanka to address systematic and severe governance weaknesses and deep-rooted corruption vulnerabilities across State functions in order to unlock the country’s growth potential. Sri Lanka became the first country in Asia […]

Courtesy News18 Sri Lanka’s largest bilateral creditor China, is likely going to help the cash-strapped country in effectively addressing the debt challenges as it has to finalise the external and internal debt for restructuring of $41 billion by September before the International Monetary Fund’s (IMF) first review, reported PTI. The IMF is set to conduct […]

Courtesy The Daily Mirror It has been five months since Sri Lanka entered the board-level agreement with the International Monetary Fund (IMF) on its 17th programme. Month-to-month progress has been tracked in the public domain by the IMF Tracker (https://manthri.lk/en/imf_tracker ), a platform maintained by Verité Research.The IMF Tracker identifies programme commitments that have been […]

Courtesy Adaderana The central bank (CBSL) governor says Sri Lanka will have to go through another Domestic Debt Optimization (DDO) strategy if the targets of the current plan are not achieved. Dr. Nandalal Weerasinghe also noted that the DDO strategy announced by the government is strong enough to restore the country’s debt sustainability. He made […]

Courtesy Hiru News Sri Lanka’s forthcoming review of the USD 3 billion International Monetary Fund (IMF) bailout package “should go through” given the falling inflation, appreciation of the rupee and build-up of foreign reserves says Prof. Krishnamurthy Subramanian, representative at the IMF Executive Board for Sri Lanka, India, Bangladesh and Bhutan. Sri Lanka stands a […]

Courtesy Adaderana Sri Lanka stands a strong chance of passing the first review of its $3 billion bailout given falling interest rates and a build-up of foreign reserves, according to the nation’s representative on the International Monetary Fund executive board. The South Asian country’s efforts to achieve debt sustainability in line with IMF stipulations are […]

Courtesy Adaderana U.S. Treasury Secretary Janet Yellen said on Sunday she was eager” to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. At a press conference before a meeting of Group of 20 finance ministers and […]

By Shyam Nuwan Ganewatta Courtesy The Island The IMF in 2020 told nations around the world that they should maintain a budget deficit to tackle the effects of COVID-19, however, two years later, the IMF insists that this would lead to chaos, Dr. Howard Nicholas, senior lecturer at Erasmus University – Rotterdam, and International Institute […]

Courtesy Adaderana The International Monetary Fund (IMF) says it has not discussed any plans for a digital services tax with the Sri Lankan authorities in the current program. In a statement, a spokesperson for the global lender further clarified that it has not provided any recommendation on whether or not Sri Lanka should sign on […]

By Sanath Nanayakkare Courtesy The Island Banks, which pay taxes over 50%, least affected If the Employees’ Provident Fund (EPF) and other pension funds did not wish to participate in the proposed domestic debt restructuring process, there will be an application of higher annual income tax of 30%, Central Bank Governor Dr. Nandalal Weerasinghe said […]

Courtesy The Daily Mirror Sri Lanka is showing a “strong commitment” to implementing economic reforms but must continue this momentum amid a challenging economic environment, International Monetary Fund Deputy Managing Director Kenji Okamura said on Thursday. In a statement at the conclusion of his visit to Columbo, Okamura said continued open dialogue with Sri Lanka’s […]

Courtesy The Daily Mirror India has done more for Sri Lanka than the International Monetary Fund (IMF), Union Minister for External Affairs Dr S Jaishankar stressed on Saturday. The Modi government, he underlined, is working on developing an extended neighbourhood” that involves islands in the Indian Ocean, Gulf countries and nations in South-East Asia. What […]

Courtesy Adaderana President Ranil Wickremesinghe today (May 25) expressed his appreciation for the support extended by Japan to Sri Lanka for the economic recovery process. He conveyed this during the bilateral talks with Japanese Prime Minister Fumio Kishida in Tokyo. We have made remarkable headway as far as the debt restructuring talks are concerned,” Reuters […]

Courtesy Kuwait Times COLOMBO: The International Monetary Fund asked Sri Lanka Tuesday to speed its debt restructuring and warned any delays could undermine efforts to overcome the country’s worst economic crisis. Sri Lanka expected a quick deal with creditors shortly after defaulting on its $46 billion foreign debt in April last year, but restructuring talks began […]

Courtesy Adaderana Upon completion of their mission to Sri Lanka, the International Monetary Fund (IMF) team says that keeping up the economic reform momentum and ensuring timely implementation of the IMF-supported programme’s commitments are key for Sri Lanka to emerge from the economic crisis. The mission discussed recent economic developments and the implementation of the […]

BY EDWARD THEOPHILUS People of Sri Lanka could express views on the credit programs provided to the country if anyone investigates the condition of credit facilities, it is possible to understand the condition of credit facilities.  Although the International Monetary Fund provides credit facilities to member countries, it is not a social service organisation, as […]

Courtesy Adaderana Director of the Asia and Pacific Department of the International Monetary Fund (IMF) Krishna Srinivasan says that Sri Lanka’s economy is expected to contract by 3 percent in 2023, before registering a modest growth of 1.5 percent in 2024. Mr. Srinivasan made this remark during a special press briefing in Colombo on Monday […]

Courtesy Hiru News An International Monetary Fund team will Sri Lanka from May 11 to 23, with its Asia Pacific Department Chief Krishna Srinivasan also joining from May 12 to 15. The IMF said the visit will be part of regular consultations ahead of the first review mission later this year. The IMF’s first review […]

Courtesy Adaderana China attended as an observer the first meeting of Sri Lanka’s creditor nations on Tuesday, offering policymakers some hope Beijing will become more engaged in talks to resolve debt woes of low- and middle-income countries across the world. The meeting, within a new framework launched in Washington D.C. in April that creditors hope […]

Courtesy Adaderana Minister of Foreign Affairs Ali Sabry has spoken on Sri Lanka’s debt restructuring process, stating that encouraging signs have been seen thus far, although Sri Lanka is not ‘completely out of the woods’. In an interview with Channel News Asia (CNA), the Minister said there is a glimmer of hope for us, but […]