debtjustice.org.uk Sri Lanka, along with many other low- and middle-income countries, has experienced a series offinancial shocks due to both external and internal factors. Global forces have caused food and energyimport costs to soar and interest rates to rise, even as the currency has devalued significantly. Theseshocks, along with a history of policy mismanagement—and specifically […]

By Ben Chu Economics editor, Newsnight Courtesy BBC Sri Lanka’s central bank has urged China and India to agree a write-down of their loans as soon as possible. The crisis-hit Indian Ocean state defaulted on its debt repayments and negotiated a $2.9bn (£2.4bn) bailout. But the International Monetary Fund will not release the cash until […]

Courtesy Adaderana The International Monetary Fund (IMF) board approval for Sri Lanka’s Extended Fund Facility (EFF) is now expected in the second quarter of 2023, Standard Chartered’s Global Research report revealed. Accordingly, the prediction was made owing to delays in securing financial assurances from its bilateral creditors, the report read, adding that this could further […]

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, January 11: Given debt-ridden Sri Lanka’s difficulty in getting creditors to agree to haircuts and the problem it has in meeting the IMF’s onerous conditions, the subject of debt servicing has gained public attention across the world. Recently, a group of 182 international academics issued a statement on the question […]

Courtesy Bloomberg (Bloomberg) — Sri Lanka’s bondholders aren’t living up to their obligations and should cancel debt to allow the country to get out of its economic crisis, a group of international academics said in a letter. Private creditors own almost 40% of the country’s external debt, mostly in the form of International Sovereign Bonds, […]

Courtesy Adaderana President Ranil Wickramasinghe says that the government expects to receive India’s response regarding Sri Lanka’s debt restructuring at the end of this month. The President stated that the negotiations with China regarding debt restructuring have recommenced. The President revealed this during a discussion held today (06) with newspaper editors and electronic media news […]

By Shamindra Ferdinando Courtesy The Island 21-A prerequisite for IMF loan: Foreign Minister Ali Sabry, PC, owed an explanation as regards his claim that the International Monetary Fund (IMF) had demanded the enactment of 21 Amendment to the Constitution as a prerequisite for the finalisation of USD 2.9 bn Extended Fund Facility Arrangement (EFFA) with […]

Courtesy NewsIn.Asia Dec 23 (The Hindu) – Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund (IMF), according to Sri Lanka’s Central Bank Governor P. Nandalal Weerasinghe, The Hindu reported. In September, the IMF reached a staff level agreement with Sri […]

Courtesy Adaderana In an interview with The Hindu, Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe stated that Sri Lanka is waiting for financing assurances from its bilateral creditors, including India and China, to tap support from the International Monetary Fund (IMF). “We have shared all the information possible with our […]

Courtesy Adaderana Chinese officials have agreed to participate in a global sovereign debt roundtable” that would include a wide variety of stakeholders, including private sector creditors, International Monetary Fund chief Kristalina Georgieva said on Thursday. Georgieva told an event hosted by the IMF that she was feeling a bit more optimistic” about the prospects for […]

Courtesy Adaderana The executive board of the International Monetary Fund is not expected to formally approve Sri Lanka’s $2.9 billion bailout before year-end, a key step required for the embattled country to receive funding, two sources familiar with the matter said. Seeking a way out of its worst economic crisis in decades, Sri Lanka reached […]

Courtesy The Island The IMF could finalise Sri Lanka’s financing package within three weeks of the country’s main bilateral creditors formally informing the IMF that they would help Sri Lanka restructure its debt, Governor of the Central Bank, Dr. Nandalal Weerasinghe, said on Thursday appearing on a TV programme. Dr. Weerasinghe said that Sri Lanka […]

Courtesy Adaderana (Reuters) – International Monetary Fund chief Kristlina Georgieva said she had a fruitful exchange” with her Chinese counterparts this week on her repeated calls for accelerating debt treatments for countries like Zambia and Sri Lanka. Georgieva, World Bank President David Malpass and other financial leaders met in person in China’s Anhui province this […]

Courtesy Adaderana Central Bank Governor Dr. Nandalal Weerasinghe says that Sri Lanka can expect approval for the USD 2.9 billion International Monetary Fund (IMF) Rapid Financing Instrument in January next year, as creditor assurances from countries including China and India can be obtained this month. Joining ‘@HydePark’ current affairs programme on Ada Derana 24, the governor […]

Courtesy Hiru News China hopes relevant countries & international financial institutions will work with China to play a positive role in helping Sri Lanka overcome the difficulties. Chinese FM Spokesperson said China attaches high importance to Sri Lanka’s challenges. China hopes relevant countries and international financial institutions will work with China to play a positive […]

Courtesy Hiru News Following a lengthy round table discussion with WB, ADB, IMF, AIIB in Colombo this morning, it was agreed that a coordinated assistance program supported by the multilateral financial institutions is vital for Sri Lanka to recover from the present economic difficulties. World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) […]

Courtesy Adaderana (Xinhua) — China hopes relevant countries and international financial institutions will work with China to play a positive role in helping Sri Lanka overcome the current difficulties. Chinese foreign ministry spokesperson Mao Ning made the remarks when asked to comment on media reports that an International Monetary Fund (IMF) team will travel to […]

Courtesy  Hindustan Times With Sri Lanka still to initiate a dialogue with the Xi Jinping regime, chances of the IMF executive board approving an extended fund facility of USD 2.9 billion to deeply indebted island nation this month are virtually non-existent. The question is who will give the bridge funding till the IMF meeting in […]

Prof. Asoka Bandarage Courtesy Asia Times  On September 1, 2022, debt-trapped Sri Lanka reached a preliminary agreement with the International Monetary Fund (IMF) for a 48-month Extended Fund Facility of $2.9 billion, which hardly covers the country’s outstanding debt, nor its immediate survival needs. Nevertheless, IMF structural adjustment requires the country to meet its familiar […]

Courtesy Adaderana

Courtesy Adaderana The stabilisation and recovery of the country’s economy is currently the Central Bank of Sri Lanka’s (CBSL) key objective, CBSL Governor Dr. Nandalal Weerasinghe said.  Speaking at the International Conference on the Roadmap for Economic Recovery of Sri Lanka held in Colombo today (Nov 30), he attributed the ongoing economic crisis to an […]

වෛද්‍ය වසන්ත බණ්ඩාර Lanka Lead News මහ බැංකුවේ හිටපු සහ නව ප‍්‍රධානීන් මෙන්ම ඔවුන්ට එරෙහිව නඩු පවරන විශ්වවිද්‍යාල ආචාර්යවරුන් ද එකම කරුණක් පිළිබදව විවිධ පරස්පර මත පලකරති. ඔවුන්ගේ ප‍්‍රකාශවල සම්ප‍්‍රයුක්තය වන්නේ නව මහ බැංකු අධිපතිවරයාට පෙර ධුරය දැරූ අධිපතිවරයා විසින් රුපියල අවප‍්‍රමාණය වීමට ඉඩ නොදී පවත්වා ගැනීම නිසා සහ ඒ සඳහා ඩොලර් සංචිත වෙළෙදපොළට නිකුත් […]

උපුටා ගැන්ම  හිරු පුවත් උද්ධමනය ස්ථාවර මට්ටමක් දක්වා ළඟා කරගැනීම එකවර සිදු නොවන බවත් ඒ සඳහා තවත් වසර එක හමාරක පමණ කාලයක් ගතවනු ඇති බවත් මහ බැංකු අධිපති ආචාර්ය නන්දලාල් වීරසිංහ පවසනවා. මේ අතර මහබැංකු අධිපතිවරයා ඊයේ සිදුකළ චෝදනාවක් සම්බන්ධයෙන් හිටපු මහ බැංකු අධිපති අජිත් නිවාඩ් කබ්රාල් අද ප්‍රතිචාර දැක්වූවා. තම කෘතිය නොකියවා ඒ සම්බන්ධයෙන් […]

By Shirani Ranasinghe Courtesy Ceylon Today As forex became tight, leading to disruptions in the supply of essentials and other imports, people began to take to the streets. The queues became longer and so did the crescendo of the anti-government protests. In a bid to control the situation, the Gotabaya Administration did a sudden U-turn in […]

Courtesy The Daily Mirror Budget proposals for 2023 has been compiled within the framework of economic program recommended by the International Monetary Fund (IMF), President Ranil Wickremesighe informed Parliament today. The President came out with this information in response to questions raised by the opposition MPs on the budget in the House. What we will […]

Courtesy Hiru News President Ranil Wickremesinghe held discussions on debt management with the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, Finance Minister of Ghana Ken Ofori-Atta and Speaker of the People’s Majlis of the Maldives Mohamed Nasheed on the sidelines of COP27. President Ranil Wickramasinghe says that they expect to reach an […]

Courtesy Adaderana Senior Advisor to the President on National Security and Chief of Staff of the President Sagala Ratnayake recalled that Faris Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka was amazed with the action policy and the vision of President Ranil Wickremesinghe which was revealed during their meeting recently. The […]

Courtesy Adaderana Senior Advisor to the President on National Security and Chief of Staff of the President Sagala Ratnayake recalled that Faris Hadad-Zervos, the World Bank (WB) Country Director for Maldives, Nepal and Sri Lanka was amazed by the action policy and the vision of President Ranil Wickremesinghe which was revealed during their meeting recently. […]

Courtesy Adaderana Chinese Ambassador to Sri Lanka, Qi Zhenhong has reiterated China’s continued assistance to Sri Lanka in overcoming the country’s debt crisis. Qi Zhenhong has given this assurance during an extensive discussion held with State Minister of Finance Shehan Semasinghe yesterday (Nov 07) on Sri Lanka’s debt issue. In a tweet, the Chinese Embassy […]

Courtesy The Hindustan Times  Sri Lanka will miss the December deadline for securing an IMF loan as main bilateral debtor China was involved in 20th party congress and had little time for holding debt restructuring talks with Colombo. The next meeting of IMF executive board is in March 2023. Sri Lanka is headed for major […]