The International Monetary Fund says that economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago. The IMF says the country’s inflation has come down from a peak of 70% in 2022 to 5.
Peter Breuer, International Monetary Fund Mission Chief for Sri Lanka, speaks at a press conference in Colombo, Sri Lanka, Thursday, March 21, 2024. Peter Breuer, International Monetary Fund Mission Chief for Sri Lanka, speaks at a press conference in Colombo, Sri Lanka, Thursday, March 21, 2024. Peter Breuer, International Monetary Fund Mission Chief for Sri Lanka, speaks at a press conference in Colombo, Sri Lanka, Thursday, March 21, 2024.
Sri Lanka’s year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.5%, the IMF said. The Indian Ocean nation declared bankruptcy in April 2022 with more than $83 billion in debt — more than half of it to foreign creditors. On Wednesday, the IMF said that a team of its officials had reached an agreement with Sri Lankan authorities on the second review of economic reforms. Once the agreement is approved by the IMF executive board, Sri Lanka would have access to the latest tranche of $337 million, for a total so far of about $1 billion.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF says the economic situation in debt-stricken Sri Lanka is gradually improvingThe International Monetary Fund says that economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago
Read more »
Pakistan and IMF reach preliminary deal to release $1.1 billion from bailout fund, IMF saysPakistan and the International Monetary Fund have reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following dayslong talks in Islamabad. Officials said Pakistan will receive the final tranche from the bailout that was approved by the IMF in July to save the nation from defaulting on its debt repayments.
Read more »
As economy looks up, can Sri Lanka revive its social welfare programme?Two years after a financial meltdown sparked mass protests and brought down the federal government, the island nation is in much better shape, though major challenges remain.
Read more »
Bangladesh batsman Towhid Hridoy fined 15% of match fee for outburst during T20 against Sri LankaBangladesh batsman Towhid Hridoy was fined 15% of his match fee for breaching the ICC Code of Conduct during the third T20 International against Sri Lanka on Saturday. Bangladesh suffered a 28-run defeat in the third game to lose the series 2-1.
Read more »
IMF approves final tranche of $3 billion Pakistan bailout fundDeal releases $1.1 billion, preventing a potential debt default on Pakistan's debt repayments amidst economic crises.
Read more »
08.03.2019A poet-anthropologist from India recalls a checkpoint encounter in Sri Lanka, just months after the Easter Sunday bombings.
Read more »