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.

‘No second chance’ to save Sri Lanka, central banker warns

Central bank chief Nandalal Weerasinghe warns that Sri Lanka’s economic crisis is its last chance for recovery, after facing years of mismanagement and debt. With an IMF bailout in progress, Weerasinghe emphasizes the need for strict reforms and warns that failure could spell the end for the nation’s economy.

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.

Strike grips Sri Lanka as unions protest IMF bailout

Sri Lanka saw hospitals, ports, and banks crippled by a nationwide strike over high-income taxes imposed as a precondition for an IMF bailout. Armed troops were deployed, but protests continued despite a ban, and talks with authorities failed. The IMF is expected to release a $2.9 billion loan in nine tranches over four years to help Sri Lanka, which has seen an unprecedented economic crisis since late 2021.

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.

India’s troubled Adani invests in bankrupt Sri Lanka

COLOMBO, SRI LANKA — Cash-strapped Sri Lanka on Thursday announced its first…