- Last Update 2024-07-02 13:56:00
Sri Lanka asks for IMF bail out
Sri Lanka has made an official request for a fresh bail out package from the International Monetary Fund (IMF) to help tackle a widening balance of payment deficit.
This was confirmed by the IMF spokesperson who said that “they have received a request from the government for a programme”.
The IMF has a precautionary facility but a stand-by loan comes under a bail out package, a senior treasury official said adding that given the tight liquidity in capital markets due to the rise in global interest rates, a bail-out package from the IMF is unavoidable for Sri Lanka.
The IMF has also been requested to help reform Sri Lanka's taxation system, he said.
The defeated Rajapaksa regime had to be bailed out twice by the IMF. In 2009 Sri Lanka has obtained a bailout loan of US $2.6 billion loan to avert a balance-of-payment crisis and the country was hit by property bubble, fuel subsidy credits and a run by foreign investors on rupee bonds.
In 2011 the country had to seek IMF assistance when it has printed money printed to support fuel subsidies that generated the balance of payments crisis.(Bandula)
Comments
-
Still No Comments Posted.
Press Release
Recent News
Most Reviews
- June 29, 2024 - 876 - 0
Israeli Tourist found safe after three-day search in Trincomalee
Tamar Amitai, a 25-year-old Israeli tourist who went missing in Uppuveli, Trincomalee, was found safe after a three-day joint search operation today.
- June 28, 2024 - 314 - 0
Former MP Hirunika Premachandra sentenced to three years RI
The Colombo High Court today (28) sentenced former parliamentarian Hirunika Premachandra to three years of Rigorous Imprisonment over charges of the involvement of an abduction.
- June 26, 2024 - 191 - 0
All bilateral loans postponed until 2028; President
In his special statement, President Ranil Wickremesinghe announced that debt restructuring agreements will postpone all bilateral loan payments to foreign countries until 2028. Additionally, Sri Lanka will have until 2043 to repay these loans on concessional terms.
Related Articles
Sampanthan’s remains to lie-in-state in Parliament on Wednesday
- 01/07/2024 - 54 - 0
CoPF approves Telecommunications (Amendment) Bill
- 01/07/2024 - 65 - 0
Indian PM Modi express condolences on passing of late TNA leader Sampanthan
- 01/07/2024 - 44 - 0
Parinda took oaths as Acting AG
- 01/07/2024 - 115 - 0
Leave Comments