April 17, 2022
1 min read

Lanka seeks IMF bailout

Sri Lanka has been undergoing a serious economic crisis and foreign reserves stand below $2 billion…reports Asian Lite News

The Sri Lankan government has sent a delegation to the International Monetary Fund (IMF) for discussions over ways to get the lender’s loans.

The delegation, led by Finance Minister Ali Sabry, also includes Governor of the Central Bank, Nandalal Weerasinghe was sent on Sunday. The delegation is to visit the IMF headquarters and hold discussions in the next few days.

Sabry told media they expect to receive around $4 billion from the IMF in five tranches if the discussions are successful, Xinhua news agency reported.

Sri Lanka has been undergoing a serious economic crisis and foreign reserves stand below $2 billion.

Sri Lanka’s Finance Ministry said on Tuesday that the government had decided to suspend normal debt servicing of all affected debts for an interim period till it puts together an orderly and consensual restructuring programme supported by the IMF.

ALSO READ-The long road to Lanka’s $52 billion debt default

Previous Story

Ammunition plant destroyed in Kiev

Next Story

Shehbaz Sharif writes to PM Modi, seeks peaceful ties

Latest from -Top News

The UK’s Net Zero Journey

Achieving net zero is not just a technological but also a political and cultural undertaking, writes Hasil Farooque In 2019, the United Kingdom officially committed itself to eradicate all greenhouse gas emissions

Bangladesh’s Dark Side Unveiled in Geneva

Organised by diaspora activists, the exhibit exposed rising rights abuses in Bangladesh post-Hasina…reports Asian Lite News In a bid to spotlight the deteriorating human rights situation and rising persecution of minorities in

India Outpaces Peers in Morgan Stanley Outlook

Global investment firm reaffirms India’s status as top-performing economy in latest growth outlook…reports Asian Lite News India is set to retain its position as the fastest-growing economy among nations tracked by Morgan

Debt deals, austerity still rule Colombo

IMF approves $350 million t ranche as island nation sees early signs of recovery, but challenges persist amid ongoing reforms and rising public discontent….reports Asian Lite News The International Monetary Fund (IMF)
Go toTop

Don't Miss

India abstains from UNHCR vote on China, Lanka

Since January this year, India has “provided unprecedented assistance” to

Pakistan on its knees before IMF

The cash-strapped country is undertaking key measures to secure a