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.
Ever since the Love Is Blind: UK episode dropped, there has been a collective meltdown online over the separation of Pakistan-origin Kal Pasha and Indian-origin Sarover Kaur Aujla.
ED has accused Amtek promoter Arvind Dham of controlling web of nearly 500 shell companies operating as a layered structure, with up to 15 levels of indirect ownership, to divert funds.
Bengaluru-based CeNS designs accurate, portable, and cheap sensor using surface-enhanced Raman spectroscopy. It could significantly reduce risks at vulnerable choke points.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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