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A year after angry Sri Lankans stormed the president's residence and forced his ouster during a meltdown of the economy, the island's streets are calm, there are no serpentine queues at fuel stations...
COLOMBO (Reuters) - Sri Lanka's parliament approved a domestic debt restructuring plan on Saturday that is crucial to continue a $2.9 billion bailout from the International Monetary Fund (IMF).
COLOMBO (Reuters) -Sri Lanka's key inflation rate eased sharply to 12% in June from 25.2% in May, the statistics department said on Friday, showing a glimmer of recovery for the crisis-ridden economy. Soaring inflation has battered the economy for more than a year after a severe foreign exchange crisis set off the Indian Ocean island's worst financial crisis in seven decades.
The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March. About $500 million of the funds will be allocated for budgetary support while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis.
Sri Lanka is asking foreign investors in its international sovereign bonds to take a 30% haircut and is seeking similar concessions from holders of its other dollar-denominated bonds as it seeks to restructure its massive debt, its central bank governor said on Thursday. The government will also exchange treasury bills into long-term bonds as part of a domestic debt restructuring programme, Nandalal Weerasinghe told a press conference as he unveiled details of the long-awaited plan, which will cover part of the island nation's $42 billion domestic debt. Sri Lanka is struggling with its ...