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.
Research paper, however, finds lowest indebtedness level among Muslims at 12.3% & highest among Hindus at 14.9%. Overall national financial inclusion level at 87.2%, indebtedness at 14.7%.
Fresh details of operation conducted by IAF, Army have come out in gazette notification giving citations of those who were awarded Vir Chakra for their bravery.
On 21 Oct, a buzz went up that the govt had released full list of gallantry award recipients along with Op Sindoor citations. I put an AI caddy on the job. It took me into a never-ending rabbit hole.
COMMENTS