IMF said its executive board approved nearly $3 billion bailout for Sri Lanka. President’s office said the programme will enable it to access up to $7 billion in overall funding.
The increase is the latest measure to clinch a $2.9 billion loan from IMF to tackle a crisis that evolved from pandemic, rising oil prices and populist tax cuts by previous govt.
The Presidential office said that while the status change to 'low income country' won't happen, they will request eligibility for loans offered by International Development Association.
Previously, Sri Lanka was placed in the lower-middle economy category. The categorisation as a 'low income' country would ease access to concessional funding, the cabinet spokesman said.
The global financial body eyes creditor assurances as it prepares a visit to the island nation, and says the country's 'public debt is assessed as unsustainable'.
Speaking at IIT Delhi, USAID administrator Samantha Power Wednesday hailed New Delhi as an 'impactful development leader' and 'a friend to the world's poor'.
High Commissioner of India to Sri Lanka Gopal Baglay added that New Delhi will also work with the island nation’s new govt to facilitate talks for a bailout package from the IMF.
A day after Ranil Wickremasinghe takes oath as President, protestors at a site in Galle Face reportedly ‘attacked’, ‘taken away’. Incident receives international condemnation.
Despite growing passenger volume, 11 out of 14 carriers reported losses in 2023-24. IndiGo recorded profit of Rs 8,167 crore, which reduced to Rs 7.253 crore in 2024-25.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
None of Pakistan’s PMs has lasted 5 years. That the current PM has given Asim Munir 5 years shows that of all military dictatorships history has seen, Pakistan’s is most creative.
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