Monday, 15 July 2024

South Asian Update
South Asian Update
Sri Lanka committed to repaying debt within 2027-2042 schedule

Sri Lanka committed to repaying debt within 2027-2042 schedule

President Ranil Wickremesinghe declared on Wednesday that Sri Lanka remains steadfast in its commitment to repaying its debt within the designated 2027-2042 schedule. He emphasized that successful debt restructuring negotiations are anticipated to reduce annual external debt payments to 4% of the country`s GDP.

Sri Lanka votes on new law to regulate online content

Sri Lanka votes on new law to regulate online content

Lawmakers in Sri Lanka are poised to vote on a social media regulation bill, drawing criticism from opposition figures and activists who argue that it could stifle free speech.

Bangladesh election win reflects trust in Sheikh Hasina: Sri Lankan President

Bangladesh election win reflects trust in Sheikh Hasina: Sri Lankan President

Sri Lankan President Ranil Wickremesinghe commended the electoral success of the Bangladesh Awami League, citing it as a clear demonstration of the Bangladeshi people`s trust and confidence in Prime Minister Sheikh Hasina`s capable leadership.

Sri Lanka implements tax hike ahead of foreign debt deal

Sri Lanka implements tax hike ahead of foreign debt deal

Sri Lanka has introduced a new 18 percent value added tax (VAT) on fuel, mobile phones, and computers starting from Monday. 

Sri Lanka’s economy records first growth after debt default
Sri Lanka’s economy records first growth after debt default

Sri Lanka`s economy has shown signs of growth in the September quarter, marking a significant turnaround since the nation faced a debt default due to a foreign exchange shortage last year, as stated by the country`s central bank on Saturday.

Sri Lanka reaches debt restructuring agreement with creditor nations
Sri Lanka reaches debt restructuring agreement with creditor nations

Sri Lanka has been informed that a debt-restructuring agreement with creditor nations has been reached but the official confirmation letter from the creditor committee is yet to arrive.

Sri Lanka’s Parliament approves new anti-corruption bill

Sri Lanka’s Parliament approves new anti-corruption bill

In a significant move aimed at combating the ongoing economic crisis, Sri Lanka`s Parliament has granted approval to a crucial anti-corruption legislation on Wednesday.

Sri Lanka approves domestic debt restructuring plan

Sri Lanka approves domestic debt restructuring plan

Sri Lanka`s parliament approved a domestic debt restructuring plan on Saturday that is crucial to continue a 2.9 billion US dollar bailout from the International Monetary Fund (IMF).

Sri Lanka receives first tranche of IMF bailout

Sri Lanka receives first tranche of IMF bailout

Sri Lanka has received the first tranche of its bailout package from the International Monetary Fund (IMF), President Ranil Wickremesinghe told parliament. 

Sri Lanka says positive news coming from IMF

Sri Lanka says positive news coming from IMF

Sri Lanka is on the verge of getting `very positive news` from the International Monetary Fund (IMF) on a 2.9 billion dollar programme, a government minister said on Tuesday. 

Sri Lanka Increased power prices by 66% hoping to gain IMF support

Sri Lanka Increased power prices by 66% hoping to gain IMF support

Sri Lanka raised power prices by 66 percent on Thursday, in a move the government hopes will persuade the International Monetary Fund (IMF) to provide a bailout for its crisis stricken economy. 

Sri Lanka seen returning to growth by year-end: President Ranil

Sri Lanka seen returning to growth by year-end: President Ranil

Sri Lanka`s economy is likely to grow again from the end of this year and the government wants the country to exit bankruptcy by 2026, President Ranil Wickremesinghe told parliament on Wednesday. 

China offers debt aid to crisis-hit Sri Lanka

China offers debt aid to crisis-hit Sri Lanka

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.

IMF not expected to discuss Sri Lanka this year

IMF not expected to discuss Sri Lanka this year

The executive board of the International Monetary Fund (IMF) is not expected to formally approve Sri Lanka`s 2.9 billion US dollar bailout before year-end, a key step required for the embattled country to receive funding, two sources familiar with the matter said. 

Sri Lanka’s Ex President Rajapaksa returns home

Sri Lanka’s Ex President Rajapaksa returns home

Sri Lanka s deposed President Gotabaya Rajapaksa has returned home weeks after fleeing the crisis-hit country_ officials said. The 73-year-old former President landed in the capital_ Colombo_ on a Singapore Airlines flight from Thailand in the early hours of Saturday_ local media reports said.

Sri Lankan president says IMF accord pushed back after unrest

Sri Lankan president says IMF accord pushed back after unrest

Sri Lankan President Ranil Wickremesinghe said on Saturday that an deal with the International Monetary Fund (IMF) has been pushed back to September due to the unrest over the past weeks_ the Associated Press reported. President Wickremesinghe_ in his first speech since he was elected by parliament_ said even