Browsing Tag

Ranil Wickremesinghe

5 posts

Sri Lankan leader seeks to disarm India’s China fears

Sri Lanka’s president visits India amidst concerns over China’s influence and economic crisis, as India aids the island nation while maintaining its own interests in the region. Debt restructuring and infrastructure projects are key topics in discussions between the two nations.

Sri Lanka leader warns hard times to follow IMF bailout

Sri Lanka’s president has warned of more economic pain as the country undertakes strict austerity measures to restore its finances after an IMF bailout deal. The deal, which was lauded as a milestone, is only the first step in a difficult journey that will require structural reforms, including tax hikes, anti-corruption laws, and the sale of state-owned companies. The country defaulted on its foreign debt last year, leading to shortages of food, petrol, and electricity, among other issues. Trade unions have opposed the austerity program, with strikes affecting the health and transport sectors.

Sri Lanka banks on IMF deal to tap frozen billions

Sri Lanka hopes that an IMF bailout approved in September 2020 will be finalised, allowing foreign aid for projects suspended since last year to be unfrozen. Government spokesman Bandula Gunawardana said that approval of the $2.9bn bailout, which will be considered at a board meeting on 20 March, would immediately release billions of dollars in bilateral aid and loans that have been frozen since the country defaulted on its external debt last April.

Sri Lanka president says China agrees to restructure loans

China has agreed to restructure its loans to Sri Lanka, clearing the final hurdle to an IMF bailout. The IMF is expected to release the first tranche of its $2.9bn rescue package within the month.