Sri Lanka set for IMF bailout amid historic economic crisis
02 September 2022 | 10:09 am
The International Monetary Fund says a first agreement has been reached on a $2.9 billion loan to the bankrupt country. Sri Lanka is facing its worst economic crisis in more than 70 years.
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Sri Lanka's financial woes have caused severe food and fuel shortages, runaway inflation, and prolonged blackouts. The resulting public outrage forced then-president Gotabaya Rajapaksa to flee the country and resign.
The funds will be used to support post-war reconstruction and Ukraine's path to joining the European Union. Meanwhile, Xi Jinping departed Moscow after a high-profile meeting with Vladimir Putin. DW has the latest.
The International Monetary Fund (IMF) and Kyiv have reached a staff-level agreement for a $15.6 billion loan which should be finalised in the coming weeks.
The West African nation is facing one of its worst economic crises in decades. Soaring inflation is compounding the sufferings of many Ghanaians who now have to dig deeper into their pockets to afford essential goods.
The $5.4 billion set for disbursement brings the total lent to the Latin American country under the Extended Fund Facility to $28.9 billion. Argentina is the target of the IMF's largest assistance program.
IMF predicts five-year economic dip, with low-income countries hardest hit. We look at why the IMF's predicted economic growth of just 3 percent, the lowest forecast since 1990, could hurt developing nations most.
During its annual Spring Meeting in Washington, the International Monetary Fund has revised its forecasts upward to 7 percent for global inflation this year and 4.9 percent in 2024. Those figures, above the target rate of 2 percent, will be contributing factors in slowing down growth, including for developing economies.
Brazilian President Luiz Inacio Lula da Silva has praised the Shanghai-based New Development Bank (NDB) on his trip to China, saying it "frees emerging countries from submission to traditional financial institutions".
The West African nation has been under financial strain stemming from the rolling impact of the pandemic, the war in Ukraine, and a range of other global economic trends.
With the UN's refugee agency bureau on the verge of closing, those in limbo fear their already grave situation is about to get worse.
The deal would provide much needed relief to Pakistan, which has been on the verge of default. The IMF board has yet to confirm the agreement.
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