Report in The Guardian, Mar 21, 2023The International Monetary Fund has approved Sri Lanka’s request for a $2.9bn bailout, raising hopes for an easing of its economic crisis. The IMF’s board confirmed it had signed off on the loan, clearing the way for the release of funds and kicking off a four-year programme designed to shore up the economy. The IMF managing director, Kristalina Georgieva, warned that Colombo must continue pursuing tax reform and greater…
Posts tagged as “fund”
Report in The Kathmandu Post, June 6, 2023After the annual budget included the controversial Local Infrastructure Development Partnership Programme, popularly known as the Constituency Development Fund, the Rastriya Swatantra Party has vocally opposed the government’s move. Last Thursday, the party registered a resolution motion at the Parliament Secretariat demanding that the disputed fund be scrapped. Since the economy is in a poor shape, the state coffers will suffer further from such a disputed programme, which…
report in The Mirning, Feb 5, 2023The Sri Lankan Government has informed the Chinese Government of the expectations of the International Monetary Fund (IMF) from Sri Lanka’s key bilateral creditors in order to proceed with Sri Lanka’s planned Extended Fund Facility (EFF) with the fund, The Sunday Morning learns. A highly-placed Government source told The Sunday Morning that the Government had last week conveyed to the Chinese envoy in Sri Lanka of the IMF’s expectation…
report in The Morning online, Jan 13, 2023The International Monetary Fund (IMF) board approval for Sri Lanka’s Extended Fund Facility (EFF) is now expected in the second quarter of 2023, Standard Chartered’s Global Research report revealed. Accordingly, the prediction was made owing to delays in securing financial assurances from its bilateral creditors, the report read, adding that this could further delay negotiations with commercial creditors, which are also expected to be pushed back to the…
Bloomberg report in The Daily FT, Dec 31, 2022Debt restructuring has become an exhausting exercise for troubled nations as bilateral creditors bicker and some investors mount legal challengesBloomberg: In May, Sri Lanka defaulted on its overseas debt. Amid political upheaval and human suffering, the Indian Ocean island is still awaiting a $ 2.9 billion rescue by the International Monetary Fund. Lacking resources to buy even essentials like fuel, the economy is falling into an ever-deepening…
By Mehtab Haider in The News, Nov 29th, 2022ISLAMABAD: Pakistan and the International Monetary Fund (IMF) talks linger on as the two sides so far could not strike a broader agreement on a revised macroeconomic framework for the current financial year. It might delay in conclusion of the ninth review and release of $1 billion tranche till next calendar year 2023. Top official sources confirmed to ‘The News’ on Monday that talks with the IMF…
by Tahir Amin in Business Recorder, Nov 29, 2022ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have started virtual discussions for the ninth review under the Extended Fund Facility (EFF) programme. This was confirmed by Esther Perez Ruiz IMF country representative in Pakistan while replying to Business Recorder. The government has shared fiscal data, including flood and related expenditures, with the IMF and a team from the Fund is expected to visit Islamabad soon, the…