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.
Related
31 Jul 2022
The International Monetary Fund (IMF) has cut its global growth forecast to 3.2% amid high inflation and the war in Ukraine, and warned the world could be "teetering on the edge of global recession."
28 Jul 2022
Economic instability has Indian investors and exporters worried about receiving payments. The Indian government is doing what it can to help keep essential goods moving.
28 Jul 2022
As unrest over the economic crisis continues, lawmakers have extended the executive's emergency powers. Meanwhile, Singapore extended former Sri Lankan President Gotabaya Rajapaksa's permission to stay.
21 Aug 2022
Sri Lanka has granted permission for the Chinese space-tracking vessel Yuan Wang 5 to dock at a port that China runs. The Hambantota port is the southernmost in Sri Lanka and has raised the concern of India.
29 Aug 2022
Double disappointment for Sri Lanka as the T20 cricket team is soundly beaten by Afghanistan, a month after losing hosting responsibilities of the Asia Cup tournament to the United Arab Emirates.
2 Sep 2022
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.
3 Sep 2022
Zambia took a crucial step closer on Wednesday to restructuring its debts and rebuilding its ravaged economy. The International Monetary Fund said in a statement that it had approved a $1.3 billion, 38-month loan program with the southern African country.
16 Sep 2022
Sri Lanka is facing its worst economic crisis in decades. Around 30% of Sri Lankans are coping with food insecurity, and one out of four are skipping meals regularly.
30 Oct
Earlier this week the IMF said sub-Saharan Africa faced its “most challenging environment in years”, with the region's pandemic recovery disrupted by surging inflation, rising interest rates and a global slowdown.
23 Oct
Runaway inflation and soaring food prices have compelled Ghana and Zambia to seek bailouts from the International Monetary Fund. This week, traders across Ghana closed shop to protest the worsening economy.
24 Oct
“Around 6.3 million people in Sri Lanka are food insecure. That means they are not able to access nutritious diet on a regular basis, out of which around 5.3 million people are either reducing meals or skipping meals,” Abdur Rahim Siddiqui, WFP's Sri Lanka country director, said in an interview with VOA.
Latest
1 hour ago
Remittance flows to Africa are a driver of recovery in the continent. Such transactions are still expensive but digital services are spurring on the market.
1 hour ago
The US dollar dominates the world of international trade and has a leading position in global foreign reserves. But could the Chinese Yuan or cryptocurrencies pose a challenge? This edition of Business Beyond considers the pros and cons of having a single currency with so much power.
1 hour ago
Jeff Woodke, an American aid worker who was held hostage by militants in Niger for more than six years, has been released, along with French journalist Olivier Dubois, who was kidnapped by militants in 2021 in neighboring Mali. Woodke and Dubois appeared together before reporters in Niger's capital Niamey on Monday.
1 hour ago
The US human rights report has no immediate implications but supports calls for prosecuting allegations of war crimes, after finding all parties to the two-year war complicit.
2 hours ago
The declassified materials are believed to point at links between the COVID outbreak and a Chinese laboratory. Biden vowed not to disclose information deemed harmful to national security.
2 hours ago
With food and fuel prices soaring and a currency in freefall, many young Nigerians are worried they will never experience financial stability. But is the situation really hopeless? We ask young entrepreneurs and business owners in Abuja how they are securing their future against the odds.