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This handout photo released by Sri Lankan Prime Minister’s Office on March 27, 2024 shows Sri Lanka’s PM Dinesh Gunawardena (left) with Chinese President Xi Jinping, before a meeting in Beijing. | Photo Credit: AFP China has said it would continue to support Sri Lanka, as the crisis-hit island nation’s Prime Minister on March 30…
Read More “China reaffirms financial support for Sri Lanka” »
Dinesh Gunawardena. File | Photo Credit: AP Sri Lankan Prime Minister Dinesh Gunawardena arrived at Beijing on March 25 for a six-day official visit during which he will hold talks with Chinese President Xi Jinping and Premier Li Qiang on ways to further deepen bilateral ties. “Mr. Gunawardena was received on his arrival by Chinese…
Read More “Sri Lankan Prime Minister Dinesh Gunawardena arrives on six-day visit to China” »
South Sudan has severely limited economic growth and development. The International Monetary Fund (IMF) has released a report highlighting the world’s poorest countries based on GDP per capita adjusted for purchasing power parity (PPP). While GDP is a measure of a country’s total economic output, PPP takes into account the cost of living, providing a…
Pakistan’s Prime Minister Shehbaz Sharif. | Photo Credit: AP Taking a tough stance, India has batted for “stringent monitoring” of any emergency funds provided by the International Monetary Fund (IMF) to its financially beleaguered neighbour Pakistan, stressing that such funds must not be redeployed towards defence bills or repayment of loans from other countries. India’s…
Read More “Ensure Pakistan does not divert loans to foot defence bills: India to IMF” »
Sri Lankan President Ranil Wickremesinghe. File | Photo Credit: AP Sri Lanka hopes to avoid repaying debt till December 2027 after the completion of the ongoing restructuring process and repay them in the period running up to 2042, President Ranil Wickremesinghe said on March 5, as he defended his unpopular reform plans to revive the…
Read More “Sri Lanka hopes to clinch debt repayment moratorium: President Ranil Wickremesinghe” »
Wang Wenbin. File | Photo Credit: ANI Sri Lanka on October 11 welcomed China’s tentative agreement to a debt restructure, as the island nation works to restore its ruined finances after suffering its worst-ever economic crisis. The government defaulted on its $46 billion debt last year at a time when months of food and fuel…
Read More “Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure” »
The World Bank’s chief economist warned Wednesday that interest rate hikes could spell trouble for countries struggling to deal with debt. The U.S. Federal Reserve, the European Central Banks and others have raised rates and warned that they could remain high longer than expected in order to bring down elevated inflation. The International Monetary Fund…
Read More “World Bank says high rates threaten some countries” »
Image used for representational purpose only. File | Photo Credit: Reuters Pakistan has rejected a report claiming that it sold arms and ammunition to Ukraine in order to secure a crucial bailout package from the International Monetary Fund (IMF). Foreign Office Spokesperson Mumtaz Zahra Baloch on September 18 rejected as “baseless and fabricated” the Intercept…
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H.J.M Seneviratne cuts yellow paddy stems that dried following drought, at his paddy field in Anamaduwa, Sri Lanka. | Photo Credit: Reuters H.J.M Seneviratne (63) slices through yellowed paddy stems dried out by a drought that has destroyed more than 95% of his crop and is threatening crisis-hit Sri Lanka’s summer rice harvest. The island’s…
Read More “Drought dents Sri Lanka’s economic hopes, farmers’ livelihood” »
IMF delegates participate in a news conference on the IMF release of the World Economic Outlook Update, at IMF headquarters in Washington, DC, on July 25, 2023. | Photo Credit: AFP The IMF on July 25 projected a growth rate of 6.1% for India in 2023, which is a 0.2 percentage point upward revision compared…
Read More “IMF projects Indian economy to grow at 6.1% in 2023” »