For Sri Lanka’s ruling establishment and its backers, March 20 was a good news day. The International Monetary Fund (IMF) finally responded to the government’s distress call following the collapse of the debt-ridden economy last year, by approving a $3 billion loan aimed at restoring economic stability and growth. “Sri Lanka will no longer be … Read more
Representational image only. | Photo Credit: Reuters The International Monetary Fund (IMF) on March 21 cleared a $3 billion-Extended Fund Facility (EFF) for Sri Lanka, potentially unlocking more loans for the debt-ridden island nation, struggling to recover from last year’s economic meltdown. “The objectives of the EFF-supported programme are to restore macroeconomic stability and … Read more
Sri Lankan president Ranil Wickremesinghe. File Photo | Photo Credit: AP Sri Lanka’s request for a $2.9-billion bailout was approved by the IMF on Monday, the cash-strapped South Asian nation’s President Ranil Wickremesinghe announced. “We are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to $7.0 billion in … Read more
External Affairs Minister S. Jaishankar. | Photo Credit: ANI External Affairs Minister S. Jaishankar’s visit to Colombo on Thursday will focus on “supporting Sri Lanka” in its current economic crisis, government sources said, adding that talks are ongoing in the field of energy security, food security, currency swap arrangements as well as talks about restructuring … Read more
Sri Lankan President Ranil Wickremesinghe. File | Photo Credit: AFP President Ranil Wickremesinghe has instructed his Ministries to slash 5% of their estimated expenditure allocated in this year’s Budget as Sri Lanka’s Treasury was facing an acute shortage of funds, exacerbating fears that the cash-strapped country’s economic crisis could be even worse than previously anticipated. … Read more
Ranil Wickremesinghe said that the government will appoint a committee to seek how best to integrate the Tamils of Hill Country origin further into the Sri Lankan society Ranil Wickremesinghe said that the government will appoint a committee to seek how best to integrate the Tamils of Hill Country origin further into the Sri Lankan … Read more
Sri Lanka’s inflation surged to 70.2 per cent in August from 66.7 per cent a month ago as the island nation is grappling with the worst economic crisis, according to official data released on Thursday. The National Consumer Price Index (NCPI) which determines how much people spend on a selected basket of goods and services … Read more
India and Sri Lanka held the first round of talks here last week on restructuring the bilateral official debt of the island nation facing economic crisis, according to an official statement on Tuesday. The discussions symbolise India’s support to early conclusion and approval of a suitable IMF Programme for Sri Lanka, for which financing assurances … Read more
Sri Lanka’s former prime minister Mahinda Rajapaksa and ex-finance minister Basil Rajapaksa on Thursday gave an undertaking to the Supreme Court through their lawyers that they will not leave the crisis-hit country until the Fundamental Rights petition filed against them is heard on Friday, a media report said on Thursday. A five-judge bench of Lankan … Read more
ri Lanka has virtually run out of petrol and diesel after several expected shipments were delayed indefinitely, the energy minister said Saturday while apologising to motorists for the worsening fuel crisis. Kanchana Wijesekera said oil cargoes that were due last week did not turn up while those scheduled to arrive next week will also not … Read more