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March 22, 2023 12:17 PM IST The IMF has released the first tranche of about $330 million, part of a nearly $3 billion bailout approved by it on Monday, Wickremesinghe told parliament.
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March 22, 2023 06:52 AM IST Upon receiving the funds from the IMF, the monetary authority can buy foreign exchange and provide the government an equivalent amount of rupees to spend, Weerasinghe told Bloomberg on Tuesday.
- March 21, 2023 09:35 AM IST
International Monetary Fund's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (about USD 3 billion), according to a statement.
- March 21, 2023 12:42 PM IST
The IMF noted that the risks to implementation of the programme are "exceptionally high"
- March 17, 2023 03:27 PM IST
The Sri Lankan government in May last year declared a debt default on over USD 51 billion in foreign loans — a first in the country’s history. Weerasinghe made the statement on Thursday while talking about a proposed bill aimed to provide autonomy to the Central Bank without any undue influence from the fiscal authorities or the government.
- March 10, 2023 04:23 PM IST
The opposition party has been persistent on its attack on the government, weeks after Adani Group stocks took a beating on the bourses in the wake of US-based short seller Hindenburg Research making a litany of allegations, including fraudulent transactions and share-price manipulation, on the conglomerate headed by industrialist Gautam Adani.
- March 08, 2023 06:13 AM IST
The credit line is to due to expire on March 17 with Sri Lanka having used only about two-thirds of it, mainly for medicines and food, said the sources and another person familiar with the matter.
- March 07, 2023 10:17 AM IST
The bailout will pave the way for more funding and set the bankrupt nation’s debt restructuring on a steadier path since last year’s default
- March 03, 2023 05:07 PM IST
Sri Lanka is betting big on India as a source market as it sees large demand coming from corporate and leisure segments. One of the top hotel chains of Sri Lanka is seeing strong wedding related demand from India.
- March 03, 2023 09:56 AM IST
The two-wheeler maker has exposure to geographies that are in economic and political turmoil
- February 25, 2023 09:35 PM IST
During the meeting which ended on Saturday, the two sides reviewed the defence and security cooperation, the Indian High Commission said.
- February 24, 2023 11:48 AM IST
The wind power plant in Mannar will operate at a capacity of 250 MW (megawatt) while the wind power plant in Pooneryn will operate at a capacity of 100 MW.
- February 22, 2023 11:30 PM IST
A group of Adani officials are in Colombo to evaluate multiple projects with Sri Lanka. The conglomerate is also involved in building a $700 million terminal project at Sri Lanka's largest port.
- February 21, 2023 05:20 PM IST
”When a country goes bankrupt, it has to go to the International Monetary Fund. Apart from that, there is no other organisation in the world that provides aid when a country goes bankrupt,” Wickremesinghe said.
- February 15, 2023 04:04 PM IST
India has provided some $4 billion in assistance to its southern neighbour since the crisis hit early last year, but Sri Lanka is now seeking to enhance trade and investments as it moves to close a $2.9 billion loan from the International Monetary Fund, the country's envoy to New Delhi told Reuters.
- February 08, 2023 04:30 PM IST
The island of 22 million has been battling its worst economic turmoil since independence from Britain in 1948, which has forced it to default on loans and seek a bailout of $2.9 billion from the International Monetary Fund (IMF).
- February 08, 2023 03:18 PM IST
In a major policy address, Wickremesinghe also told Parliament that talks with the IMF to unlock a USD 2.9 billion bailout package are in the final stages.
- February 08, 2023 11:18 AM IST
Sri Lanka declared bankruptcy last year and defaulted on its USD 51 billion foreign loans for the first time since independence from Britain in 1948. India has played a significant role in aiding the island nation over the last year to tide over the economic crisis.
- February 07, 2023 06:25 PM IST
We had a meeting yesterday and it was decided that anyone wanting to take away scrap metal from the wreck would have to pay taxes after obtaining a licence for import and export. Additionally, the customs duties and a cess tax of 10 per cent must also be paid, state minister of finance Ranjith Siyambalapitiya said.
- February 06, 2023 10:03 PM IST
The country has introduced system to ensure the power ministry stays connected with the finance ministry and the central bank to discuss and get an estimate on what to set aside for energy imports, Kanchana Wijesekera said.
- February 04, 2023 12:44 PM IST
The main Independence Day event was attended by foreign dignitaries, including India’s Minister of State for External Affairs V Muraleedharan. Wickremesinghe presided over the ceremony which featured a military parade with a 21-gun salute.
- January 31, 2023 05:15 PM IST
With this partnership, Reliance and Maliban will "develop unique value propositions that will strengthen Reliance Consumer Products Limited (RCPL) portfolio in the biscuit segment," the company said in a statement.
- January 28, 2023 08:54 PM IST
Wickremesinghe, who also holds the finance ministry portfolio, said that 2022 overall economic growth was larger than the expected at - 8 per cent and in 2023 the growth rate could hover somewhere around - 3.5 per cent to - 4 per cent.
- January 27, 2023 08:04 PM IST
The order of prorogation of parliament will come into effect from midnight on Friday, a statement said.
- January 25, 2023 04:21 PM IST
Also, External Affairs Minister S Jaishankar during his recent visit to Colombo gave the required assurances to Sri Lanka's top leadership for the much-needed IMF bailout package, becoming the first major lender to publicly back the island nation's efforts to recover from its worst-ever economic crisis.
