Reuters – The latest bid by the world’s leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. Standoffs between major Western-backed lenders like the International Monetary Fund (IMF) and the world’s…
Reuters – Japan, India and France on Thursday announced a common platform for talks among bilateral creditors to coordinate restructuring of Sri Lanka’s debt, a move they hope would serve as a model for solving the debt woes of middle-income economies. It remains uncertain, however, whether Sri Lanka’s biggest bilateral creditor – China – will…
Reuters – Global creditors, debtor nations and international financial institutions on Wednesday agreed ways to jumpstart and streamline long-stalled debt restructuring efforts, including through improved data sharing and clearer timetables. The World Bank, International Monetary Fund and India, current president of the Group of 20 (G20) major economies, issued a joint statement after the first…
Reuters – Japan, France and India will announce a new platform for creditors to coordinate restructuring of Sri Lanka’s debt, Japanese Finance Minister Shunichi Suzuki said on Wednesday, adding it would be “very nice” if China were to join the effort. As chair of this year’s Group of Seven (G7) meeting, Japan has put efforts…
(Bloomberg) — Sri Lanka expects China to support its effort to restructure debts and help it begin repaying its obligations, according to the nation’s central bank governor. The country also aims to quickly complete negotiations with official and commercial creditors, Nandalal Weerasinghe said in an interview with Bloomberg Television in Washington, where he’s attending the…
(Bloomberg) — The Asian Development Bank is considering more concessionary funding for Sri Lanka and support for green bond issues as part of its assistance to help the South Asian nation recover from its worst economic crisis in decades. The Manila-based lender’s immediate priority in 2023 is to continue work on overall economic stability and…
Political parties can decide whether to support their country or not -Says Mr Sagala Ratnayake During a discussion with Ambassadors and High Commissioners of Foreign Missions on 10th April, Mr. Sagala Ratnayake, Chief of Staff to the President and Senior Adviser on National Security, announced that the President has presented the International Monetary Fund’s (IMF)…
(Reuters) – Sri Lanka’s sovereign lenders have yet to inform the government how they will engage with the country to restructure its $7.1 billion of debt and whether they will form an official committee or engage in bilateral talks, the central bank governor told Reuters in an interview on Tuesday. The island nation aims to…
“On March 24, 2023, the U.S. District Court for the Southern District of New York denied Sri Lanka’s motion to dismiss the Amended Complaint in Hamilton Reserve Bank Ltd. v. The Democratic Socialist Republic of Sri Lanka, No. 22 Civ. 5199 (S.D.N.Y.). Plaintiff Hamilton Reserve Bank had commenced the action on June 21, 2022, initially seeking damages…
Minister of Power and Energy Kanchana Wijesekera has assured that there will be no shortage of coal to operate the Norochcholai Power Plant, despite recent speculation in this regard by both the Ceylon Electricity Board (CEB) and the media. Taking to Twitter, the Minister gave a detailed breakdown of how many stocks of coal cargo…
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