report in The Island, July 7, 2023Fitch Ratings on Wednesday downgraded Sri Lanka’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘C’ from ‘CC’.It said the issue ratings on local-currency bonds had also been downgraded to ‘C’ from ‘CC’. Fitch also affirmed the Long-Term Foreign-Currency (LTFC) IDR at ‘RD’ (Restricted Default) and the Country Ceiling at ‘B-‘.Fitch said that the downgrade of Sri Lanka’s LTLC IDR reflects its view that a sovereign local-currency debt restructuring…
Posts tagged as “default”
by Alan Rappeport in The NY Times, Apr 15, 2023WASHINGTON — China, under growing pressure from top international policymakers, appeared to indicate this week that it is ready to make concessions that would unlock a global effort to restructure hundreds of billions of dollars of debt owed by poor countries. China has lent more than $500 billion to developing countries through its lending program, making it one of the world’s largest creditors. Many of those…
By Ansar Abbasi in The News, Feb 16, 2023ISLAMABAD: Political leaders on both sides of the political divide showed unprecedented unity on two occasions during the last few years but were not prepared to sit together, even to save the country from default. In 2019, the then PTI-led coalition government gave three-year extension to the then army chief General (retd) Qamar Javed Bajwa. After the Supreme Court’s surprised intervention seeking enactment of a law to…
By Mosharraf Zaidi in The News, January 17, 2023The writer is an analyst and commentatorThe polycrisis in Pakistan rages on. Urgent questions agitate the condition of the Pakistani. A sovereign default may not be imminent, but an existential economic crisis has raged for months, perhaps years – depending on who is measuring what. How long before economic difficulties cause major social unrest in Pakistan? The dissolution of the Punjab Assembly means that an already frayed…
report in The Daily FT, Dec 9, 2022President Ranil Wickremesinghe yesterday called on the Parliament to form a Select Committee to investigate monetary and fiscal policy failures that led to sovereign default on foreign debt and economy to bankruptcy. “If the House agrees I can appoint a Presidential Commission of Inquiry,” he told the House joining the debate on 2023 Budget. “Otherwise have a Select Committee. The Parliament has powers to do that. You all…