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 “IMF”
by Prithvi Man Shrestha in The Kathmandu Post, March 17, 2023The International Monetary Fund (IMF) has asked Nepal Rastra Bank to have some of the country’s largest commercial banks audited by international auditing firms as it is suspicious about the quality of loans provided by them, a senior central bank official said. Representatives of the IMF’s Article IV mission called for the audit to bring clarity about the state of the asset quality during a…
report in Daily Mirror, Mar 8, 2023The IMF said that since Sri Lanka has received financing assurances from all major bilateral creditors, the IMF Board will meet on March 20 for the consideration of approval for the Staff Level Agreement for financing under an Extended Fund Facility. Issuing a brief statement, the IMF stated; “Sri Lanka has now received financing assurances from all major bilateral creditors. This paves the way for consideration by the IMF’s…
By Saman Indrajith in The Island, Feb 24, 2023SBJB MP Harsha de Silva said that he had asked the Gotabaya Rajapaksa administration to seek IMF assistance in 2020. “At that time a U.S dollar was selling at Rs 200. The interest rates were around six percent. Inflation was around six percent. The situation is completely different today. Our interest rates are around 35 percent and the inflation is over 50 percent. Dollar sells at Rs…
report in Ths Island, Jan 8, 2023Sri Lanka began a fresh austerity drive Monday, freezing Government recruitment as new taxes and higher electricity prices kicked in with authorities trying to secure an IMF bailout. The Indian Ocean island nation needs to achieve debt sustainability as a precondition to a $ 2.9 billion bailout from the Washington-based lender after it defaulted in April as its economy went into crisis.The IMF has also asked Colombo to trim…
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…