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 […]

Courtesy Adaderana (Bloomberg) – The International Monetary Fund is considering approving Sri Lanka’s bailout even without the formal assurance of debt-restructuring support from China, the nation’s biggest bilateral creditor, according to people familiar with the discussions. Under a rarely used policy on lending into official arrears, the IMF may consider approving Sri Lanka’s loan because […]

Courtesy Adaderana With China yet to support Sri Lanka debt restructuring based on the debt sustainability analysis (DSA) of the IMF and Paris Club, time is running out on Colombo to secure a much-needed loan to revive the nation from the present economic crisis. Sri Lanka is seeking a USD 2.9 billion-dollar loan from the […]

Courtesy Adaderana The International Monetary Fund said its approval for a $2.9 billion loan to bail out crisis-riddled Sri Lanka will depend on the island nation securing assurances on debt relief from its bilateral creditors. Sri Lanka continues to engage with official bilateral creditors to obtain financing assurances and also continues to advance domestic reforms,” […]

Courtesy ShiaTV IMF and World Bank policies are opening national markets to US-dominated \”multinational corporations\” effectively destroying the homegrown economy of poor countries all over the world from Latin America to Africa to Asia. The program was essentially about enriching a few ruling. Money Trail | IMF & World Bank: Two major levers of US […]

Courtesy Ada Derana China has hit back at the remarks made by US Under Secretary of State for Political Affairs, Victoria Nuland that the terms extended by China to Sri Lanka to unlock IMF debt relief remain insufficient. In response to a question raised at a regular press conference on Thursday (Feb. 02), Chinese Foreign […]

Courtesy ANI Beijing [China], February 2 (ANI): After US Under Secretary of State for Political Affairs Victoria Nuland during her visit to Sri Lanka said that the terms extended by China to Colombo for IMF debt relief are not enough, the Chinese Foreign Ministry has now retaliated saying that rather than commenting upon Beijing’s ties with Sri […]

Courtesy Adaderana The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion International Monetary Fund bailout, two sources with direct knowledge of the matter told Reuters. The group of bilateral lenders is set to soon” announce its support to the crisis-hit […]

Courtesy Adaderana US Under-Secretary for Political Affairs, Victoria Nuland, has stated that the United States would also like to see an agreement by the International Monetary Fund (IMF) for Sri Lanka as quickly as possible.  Speaking on the matter, however, the visiting US official noted that China’s offer pertaining to their financial assurances thus far […]

Courtesy NewsIn.Asia Colombo, January 30 (Economynext): A future Sri Lankan government under the opposition Samagi Jana Balawegaya (SJB) is not obliged to support deals with the International Monetary Fund or any other international funding agency as the current government does not have a mandate to sign such agreement. President Ranil Wickremesinghe’s government is in discussion […]

Courtesy The Morning Debt restructuring and IMF EFF delayed due to Chinese stance Govt. informed by IMF that Chinese proposal not adequate China asks Govt. to continue negotiations with Exim Bank President Ranil Wickremesinghe is expected to open a line of communication with Chinese Government leaders in order to finalise the ongoing debt restructuring negotiations […]

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 […]