By Reuters Staff
2 Min Read
DUBAI (Reuters) - Oman has borrowed 600 million rials ($1.56 billion) from its sovereign fund, the Oman Investment Authority, and another 1.77 billion rials through external and internal borrowings to partly finance its 2021 budget, the finance ministry said.
The total borrowing of 2.37 billion rials is 56% of the 4.2 billion rials worth of financing required this year, the ministry said in its March fiscal performance report.
The report came as rating agency S&P Global Ratings last week affirmed its ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings on Oman.
S&P expects the increase in the Omani government’s net debt to remain elevated through 2024, but it should decelerate relative to 2020, on the back of higher oil prices and a fiscal reform plan.
A year after passage of Cares Act, watchdogs struggle to oversee trillions in coronavirus spending Updated: 1 hour ago
Print article When the $2.1 trillion Cares Act was enacted just over a year ago, Democrats in Congress, mistrustful of the Trump administration’s ethical track record, made robust policing a top priority for the gusher of new spending. The law, intended to stem the economic pain caused by the coronavirus pandemic, created new oversight bodies and directed more than $270 million to new and existing watchdogs. A House subcommittee with the power to issue subpoenas quickly got to work with queries to private corporations and government agencies.
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3 April by
Piyumi Fonseka
Sometimes a loan obtained to save a life can end up taking another life, in the debt-stricken villages of Sri Lanka. A 24-year-old mother killed her child and committed suicide two months ago due to her inability to repay a loan of Rs. 400, 000 to a micro-finance company. It is just one story out of millions of borrowers. Like more than 2.5 million other people in Sri Lanka, most of them were women; she had turned to micro credit in an effort to lift herself out of poverty.
Despite microfinance loans represent only 3% of the total loan portfolio of the sector, the impact it has made on low-income families is immense. According to Movement for Land and Agricultural Reform (MONLAR), more than 200 people had committed suicide, during the last three years or so for issues related to micro-finance loans.
By Reuters Staff
2 Min Read
LONDON, Nov 16 (Reuters) - Suriname’s government has asked creditors for a payment deferral on its two bonds, which total $675 million in size, in what analysts said could be a prelude to a broader debt restructuring.
The government of the South American nation announced the launch of a consent solicitation for its two bonds, due in 2023 and 2026, in a statement on Saturday. The consent solicitation expires on Nov. 23.
The move had been expected after Suriname said late last month that it wanted to make use of a 30-day grace period on its dollar-bond coupon payments due on Oct. 26 to talk to creditors about its debt sustainability issues.