debt restructuring
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Sri Lanka Advances Debt Restructuring

New Bonds to Replace Defaulted Sovereign Notes

ByEditor

Sri Lanka is advancing its debt restructuring process by issuing new bonds to replace $12.55 billion of defaulted sovereign bonds. This marks a critical step in addressing its $43 billion foreign debt crisis. As announced by the Ministry of Finance, bondholders can swap their holdings for new securities until December 12, 2024. President Anura Kumara…

Sri Lanka’s Cabinet approves restructuring of international sovereign bonds
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Sri Lanka’s Cabinet approves restructuring of international sovereign bonds

Bydaily reporter

The Cabinet of Ministers has approved the proposal for the restructuring of international sovereign bonds by way of swapping existing bonds for new bonds in accordance with the parameters indicated in the debt sustainability analysis conducted by the International Monetary Fund (IMF). In June 2024, the Government of Sri Lanka reached a final agreement on…

Sri Lankan Government to Uphold IMF Fiscal and Debt Targets
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Sri Lankan Government to Uphold IMF Fiscal and Debt Targets

Bydaily reporter

The new Sri Lankan government has reaffirmed its commitment to the International Monetary Fund (IMF)-supported program, in-terms of achieving fiscal and debt targets, said Krishna Srinivasan, the IMF Director for the Asia Pacific Department. Srinivasan noted that following the new government’s inauguration, an IMF mission visited Sri Lanka and held productive discussions with the president…

High-Level IMF Team Meets Sri Lankan Government to Discuss Economic Reforms
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High-Level IMF Team Meets Sri Lankan Government to Discuss Economic Reforms

Bydaily reporter

A high-level delegation from the International Monetary Fund (IMF) arrived in Sri Lanka to engage with the newly formed government led by President Anura Kumara Dissanayake. The primary objective of the visit was to initiate discussions on the progress of the IMF Program and necessary steps towards the release of the fourth tranche of the…

S.Jaishankar
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Two High-Level Visits to Sri Lanka This Week

India and IMF

ByEditor

Sri Lanka is set to host two significant diplomatic engagements this week, marking the first high-level interactions with newly elected President Anura Kumara Dissanayake. Indian External Affairs Minister, S. Jaishankar, will visit Colombo for the first high-level engagement between India and Sri Lanka following President Dissanayake’s election. This visit is crucial for reaffirming India’s commitment…

imf lanka c news sinhala
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IMF Welcomes Sri Lanka, Bondholders Agreement-in-Principle

Bydaily reporter

The International Monetary Fund has welcomed the announcement of an agreement in principle between Sri Lanka and international bondholders’ representatives, subject to confirmation on comparability of treatment by Sri Lanka’s Official Creditors Committee. “This represents significant progress in Sri Lanka’s debt restructuring process,” said a spokeperson for the IMF. The spokesperson added that the IMF…

IMF next review after presidential election – Julie Kozak
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IMF next review after presidential election – Julie Kozak

Bydaily reporter

The International Monetary Fund (IMF) emphasized that Sri Lanka’s upcoming presidential elections are for the people to decide. During a press briefing, Julie Kozack, the IMF’s Spokesperson, explained that discussions on the next review of Sri Lanka’s economic program will take place after the elections, once a new government is in place. Kozack reiterated that…

imf
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IMF ‘Conditions’ for Sri Lanka’s Second Tranche of EFF: Addressing Popular Criticisms

ByEditor

The Sri Lankan government’s submission to the International Monetary Fund (IMF) for the 2024 Article IV Consultation and the Second Review under the Extended Fund Facility (EFF) has been met with significant criticism. Many argue that the stringent conditions imposed by the IMF exacerbate the country’s economic challenges, disproportionately affecting the poor and vulnerable. Critics…