Dimuthu Attanayakeand Agencies,Courtesy The South China Morning Post Sri Lanka has been waiting since September for the IMF loan, as the broke country seeks a desperate path to recovery People have been struggling to make ends meet and afford basic supplies, with sharp increases in electricity charges and income taxes taking a toll A vendor […]

Courtesy Adaderana The International Monetary Fund’s anticipated endorsement of Sri Lanka’s reforms and debt restructuring is expected to unlock funding of about 220 billion yen ($1.6 billion) for projects suspended by Japan, people familiar with the matter said. IMF board approval, when it arrives, should help convince the Japanese government to restart several projects that […]

Courtesy Adaderana Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions. We are optimistic that Sri Lanka will be able to secure an IMF board […]

Courtesy Hiru News Sri Lanka is negotiating with India to extend a 1 billon dollar credit line by a few months, according to sources, as the island nation tries to line up funds for the rest of the year while the IMF looks set to approve a 2.9 billion dollar loan for it soon. The […]

Courtesy Hiru News IMF Managing Director Kristalina Georgieva said The International Monetary Fund welcomes the progress made by Sri Lanka in “decisive” policy actions and in obtaining financing assurances from all major creditors. IMF Chief said the IMF looks forward to presenting what will be the island nation’s 17th IMF programme to the international lender’s […]

Courtesy RTHK Sri Lanka’s president said on Tuesday that China had agreed to restructure its loans to the bankrupt island nation, clearing the final obstacle to a long-awaited International Monetary Fund bailout. An unprecedented economic crisis has seen Sri Lanka’s 22 million people suffer acute food, fuel and medicine shortages, along with extended blackouts and […]

Courtesy Adaderana The Managing Director of the International Monetary Fund (IMF) has welcomed the progress made by the Sri Lankan authorities in taking decisive policy actions and obtaining financial assurances from all major creditors including China, India and the Paris Club. In a statement, Kristalina Georgieva said she looks forward to presenting the IMG-supported program […]

Courtesy Adaderana The International Monetary Fund on Tuesday said Sri Lanka has secured financing assurances from all major bilateral creditors, paving the way for the IMF board to consider approval of a long-awaited $2.9 billion four-year bailout agreed last year. The IMF said its board will meet on March 20 to review a preliminary staff-level […]

Sugath Kulatunga In June, 2016 (IMF) approved a 36-month extended arrangement under the Extended Fund Facility (EFF) with Sri Lanka for an amount equivalent to US$1.5 billion, The program aimed to provide a policy anchor for macroeconomic stability and structural reforms, while strengthening external resiliency in a challenging global environment” To achieve these objectives, the […]

Courtesy The Daily Star Sri Lanka’s decision to raise interest rates shows the crisis-hit country’s commitment to reducing inflation quickly towards single-digit levels, the International Monetary Fund (IMF) said on Saturday. In a surprise move, the South Asia nation’s central bank raised rates by 100 basis points on Friday to battle inflation, which is at […]

Courtesy The Daily Mirror The International Monetary Fund today praised the Central Bank of Sri Lanka’s decision to raise the policy rate and said it shows its commitment to reduce inflation more quickly and firmly towards the single-digit target.” CBSL’s decision to raise the policy rate is appropriate and in line with its objectives set […]

Courtesy Adaderana Samagi Jana Balawegaya (SJB) MP Harsha de Silva has stated that although the International Monetary Fund (IMF) bailout Sri Lanka currently awaits is necessary, it is not, in fact, sufficient for the growth of the nation. Taking to Twitter, Harsha warned that Sri Lanka’s current challenge is to create growth, adding that the […]

Courtesy Adaderana The Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe, stated that Sri Lanka stands ready to unlock the International Monetary Fund (IMF) programme this month. Speaking at a press conference held this afternoon (03 March), Dr. Weerasinghe assured that all required prior actions with the IMF have been completed. […]

Courtesy Adaderana The International Monetary Fund (IMF) Mission to Sri Lanka has stated that the new tax reforms in Sri Lanka helps meet the objective of correcting the imbalance of tax revenue and expenditure.  Accordingly, they stated that the new tax rate schedule for the personal income tax helps meet this objective, adding that these […]

Courtesy Adaderana Borrowing costs hovering at two-decade highs to quell Asia’s fastest inflation rates will be in focus in Pakistan and Sri Lanka, as the crisis-gripped economies review monetary policy settings in decisions seen as key to winning multilateral bailout funds. The two monetary authorities are likely to take different tracks as price pressures have […]

Courtesy Hiru News Chinese Premier Li Keqiang told the head of the International Monetary Fund that China is open to participating in multilateral efforts to help heavily indebted nations in a constructive manner. China is willing to take part in resolving relevant countries debt issues, Li said in a phone call with IMF Managing Director […]

Courtesy Adaderana Premier Li Keqiang told the head of the International Monetary Fund that China is open to participating in multilateral efforts to help heavily indebted nations in a constructive manner,” China Central Television reported.  China is willing to take part in resolving relevant countries’ debt issues,” Li said in a phone call Wednesday with […]

Courtesy Adaderana China says it will continue to support relevant countries and international financial institutions to jointly play a positive role in helping Sri Lanka navigate the situation, ease its debt burden and achieve sustainable development. Chinese Foreign Ministry spokesperson Mao Ning made this remark in response to a question raised during a regular press […]

By Bandula Sirimana/Business Times Colombo, February 26: Although the total government external debt amounts to US$ 35.052 billion as at end of September 2022, only bilateral debt is considered for the debt restructuring process to release the IMF Extended Fund Facility, The bilateral creditors including China, India, Japan and Paris club member countries have expressed […]

By Shivanthi ranasinghe Courtesy Ceylon Today Last week, there was a buzz over the unfounded report that the IMF may consider approving the USD 2.9 billion Extended Fund Facility (EFF), even without China’s assurances. This was politely refuted by the IMF Asia and Pacific Department Director Krishna Srinivasan, for he thinks the ideal way would be […]

Courtesy Adaderana The International Monetary Fund (IMF) on Saturday called for ‘timely and orderly processes’ under common framework with regards to Sri Lanka’s debt resolution. The island nation faced severe economic crisis which resulted in high debt. In a statement issued after conclusion of G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s […]

Courtesy Adaderana President Ranil Wickremesinghe has stated that the country’s economy cannot afford the release of funds on an ad hoc basis, owing to its ongoing economic crisis. Taking to Twitter, the Head of State said We are facing an economic crisis, and we need to plan our spending carefully. Budgets are made for the […]

Courtesy The Daily Mirror EXIM Bank of China (Export-Import Bank) submitted a comprehensive program in its financial support document on January 19 to ‘strongly support’ Sri Lanka’s debt restructuring process with the International Monetary Fund (IMF) and it includes short, mid and long-term measures for debt treatment, a diplomatic source from the Chinese embassy said. […]

Courtesy Adaderana There are some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option. India’s G20 presidency comes at a time when its South Asian neighbours Sri Lanka, Bangladesh and Pakistan […]

Courtesy Adaderana Samagi Jana Balawegaya (SJB) Patali Champika Ranawaka has written to the International Monetary Fund (IMF) office in Sri Lanka, questioning whether the recently introduced electricity tariffs and the fuel price hike is in accordance with the IMF criteria. Accordingly, the relevant letter was sent by Ranawaka, in his capacity as the Chairman of […]

Courtesy The Daily Mirror After months of struggle and challenges, Sri Lanka has been successful in fulfilling the 15 tasks set by the International Monetary Fund (IMF), and now awaits for the verdict if enough has been done to unlock the bailout, the government said. President Ranil Wickremesinghe confirmed that only last week​ the final […]

Courtesy Hiru News The Cabinet of Ministers at its meeting on Monday approved to service of 2.6 billion dollars in debt payments due in the first half of this year, whilst vesting the authorisation powers to the Treasury Secretary to provide the necessary funds. Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting […]

Courtesy The Morning Claims opportunity to do business with foreign countries may also disappear Says current tax policy is no normal tax policy but a rescue operation The current tax policy in Sri Lanka is not a normal tax policy but a rescue operation, and any disruption to this process will result in Sri Lanka […]

AHILAN KADIRGAMAR AND DEVAKA GUNAWARDENA  Courtesy Himal South Asia Decades of looking to the IMF for salvation has yielded only crises. Sri Lanka’s economic crisis demands urgent relief measures for a desperate citizenry and a new, self-sufficient model of development Sri Lanka has been subject to a great lie: the IMF solution! For close to […]

Courtesy Adaderana The Export-Import Bank of China has provided Sri Lanka with a debt extension, China’s Foreign Ministry said on Monday, noting that China is willing to negotiate a medium- and long-term debt disposal plan with the country in a friendly manner, and do its best to promote Sri Lanka’s debt sustainability. The remarks come […]