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☆ IMF says Sri Lanka debt deal could help board clear first bailout review
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The deal comes about a month after Sri Lanka's agreement with the Export-Import Bank of China covering about $4.2 billion of outstanding debt, while clearing the IMF review could trigger a second tranche of about $334 million in funds. "These understandings pave the way for the IMF Executive Board to consider completion of the first review of Sri Lanka's four-year Extended Fund Facility Arrangement," Peter Breuer, IMF's mission chief for Sri Lanka, said in a statement. "We look forward to the Executive Board taking up this review by mid-December and the continuation of our productive collaboration with Sri Lanka in the period ahead." Sri Lanka plunged into its worst financial crisis in seven decades last year after its foreign exchange reserves dwindled to record lows.

Persons: Yuri Gripas, Lanka's, Peter Breuer, IMF's, Nandalal Weerasinghe, Uditha Jayasinghe, Sudipto Ganguly, Clarence Fernandez, Steohen Coates Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, Sri, Export, Import Bank of, IMF, Asian Development Bank, World Bank, Thomson Locations: Washington , U.S, Import Bank of China, Sri Lanka's, Sri Lanka

☆ Sri Lanka reaches debt restructuring deal with creditor nations - government source
▼ + stars: | 2023-11-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

"Sri Lanka has been informed of an agreement," the source, who did not want to be identified, said. The Sri Lanka president's office and the finance ministry did not immediately respond to requests for comment. Japan co-chairs the official creditor committee, together with France and India. China is Sri Lanka's largest bilateral creditor and is an observer in the group, steering clear of joining the group as a formal member. The ADB's funds are part of a $350 million special policy-based loan that was approved in May to support Sri Lanka.

Persons: Nandalal Weerasinghe, Takafumi Kadono, Sudipto Ganguly, Jacqueline Wong, Kim Coghill Organizations: Reuters, Export, Import Bank of China, International Monetary Fund, Asian Development Bank, World Bank, ADB, Thomson Locations: COLOMBO, Sri Lanka, Japan, France, India, China, Sri Lanka's, Colombo, Sri

☆ Factbox: Developing countries in the grip of debt problems
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +8 min

In June, it clinched a $6.3 billion debt rework deal with the "Paris Club" creditor nations and its other big bilateral lender China. Another part of the domestic debt plan has faced delays, though, with a key deadline on a Treasury bond exchange delayed three times and now set for Sept. 11. Failure to complete the domestic debt overhaul by then could result in delays both in terms of IMF disbursements and talks with creditors. The government recently agreed to tackle roughly $4 billion of its domestic debt via a pension fund debt swap operation and a dollar-denominated bonds exchange. Cairo has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022.

Persons: Adnan Abidi, Nandalal Weerasinghe, Kais Saied, Nayib Bukele, William Ruto's, Donald Trump, Libby George, Marc Jones, Mark Potter Organizations: REUTERS, China, SRI, SRI LANKA Sri, Sri Lanka Development, Sri, Monetary Fund, IMF, UAE, Observers, European Union, SALVADOR, World Bank, African Development Bank, Presidential, Republican, Thomson Locations: New Delhi, India, Delhi, ZAMBIA Zambia, SRI LANKA, SRI LANKA Sri Lanka, China, GHANA Ghana, Zambia, Ghana, PAKISTAN Pakistan, Saudi Arabia, TUNISIA, North, Tunisia, EGYPT Egypt, Cairo, Salvador, KENYA, Kenya, UKRAINE Ukraine, Ukraine, Russia, LEBANON Lebanon

☆ Sri Lanka's central bank governor expects economic recovery to begin in second half
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSri Lanka's central bank governor expects economic recovery to begin in second halfNandalal Weerasinghe, governor of the Central Bank of Sri Lanka, explained that consumer confidence is coming back and the currency is appreciating. He also discussed the implementation of new reforms.

Persons: Weerasinghe Organizations: Central Bank of Sri Locations: Central Bank of Sri Lanka

☆ Sri Lanka's central bank says more rate cuts are needed for economy to 'bounce back'
▼ + stars: | 2023-07-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

watch nowDebt-ridden Sri Lanka may need to cut interest rates again to further boost growth in its economy, according to the head of its central bank. Nandalal Weerasinghe, governor of the Central Bank of Sri Lanka, told CNBC Friday that there will be more rate cuts to come, even after the central bank lowered its policy rate for a second consecutive month from 12% to 11% on Thursday. Asked if additional rate cuts will be needed, the governor answered: "Of course." He pointed to falling inflation rates in the Sri Lankan economy. Sri Lanka's total debt has exceeded $83 billion, the Associated Press reported, including foreign debt of $41.5 billion and $42.1 billion of domestic debt.

Persons: Nandalal Weerasinghe, Weerasinghe, CNBC's, Ishara, Kodikara, Stocks Organizations: Central Bank of Sri, CNBC, Afp, Getty, Sri, International Monetary Fund, Colombo, Associated Press Locations: Sri Lanka, Central Bank of Sri Lanka, Sri, Colombo

☆ Factbox: Sri Lanka asks foreign investors for a 30% haircut in debt restructure
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +5 min

The domestic debt restructure is needed to help the country reach the IMF programme goal of reducing overall debt to 95% of GDP by 2032. WHAT WILL THE DOMESTIC DEBT RESTRUCTURING INCLUDE? "We are asking foreign debt holders for a 30% haircut but that is still under discussion," Weerasinghe said. This will be implemented in Phase 2 of the domestic debt restructuring. Aiming to contain any potential market volatility, Sri Lanka declared a five-day holiday from June 29 to July 3.

Persons: Read, Nandalal Weerasinghe, Weerasinghe, Mahinda Siriwardana, CBSL, Uditha Jayasinghe, Shilpa Jamkhandikar, Kim Coghill, Emelia Organizations: International Monetary Fund, IMF, Sri Lanka Development, Bank of Sri, Treasury, Sri, Thomson Locations: Colombo, Sri Lanka, Britain, Bank of Sri Lanka, China, Japan, India

☆ Sri Lanka targets 30% haircut for international, domestic dollar bonds
▼ + stars: | 2023-06-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +5 min

The government also aims to rework its foreign debt with bondholders and bilateral creditors including China, Japan and India. Under the domestic debt revamp, holders of locally issued dollar-denominated bonds, such as Sri Lanka Development Bonds (SLDBs), will be given three options, Weerasinghe said. "We are asking foreign debt holders for a 30% haircut but that is still under discussion," Weerasinghe said. "Sri Lanka is under enormous pressure to restructure as quickly as possible and get its economy back on track, they need funds to import a lot of goods to reinvigorate their key tourism industry," Lutz Roehmeyer, fund manager at Capitulum Asset Management, who holds Sri Lanka international bonds. "A 30% haircut is too little given the shape the country's economy is in."

Persons: Nandalal Weerasinghe, Gotabaya Rajapaksa, Weerasinghe, Lutz Roehmeyer, Uditha Jayasinghe, Rosario, Karin Strohecker, Shilpa Jamkhandikar, Himani Sarkar, Kim Coghill, Simon Cameron, Moore, Toby Chopra Organizations: Saturday International, International Monetary Fund, IMF, Sri Lanka Development, Capitulum Asset Management, Sri Lanka, World Bank, Sri, Jorgelina, Thomson Locations: COLOMBO, Sri Lanka, Britain, China, Japan, India, United States

☆ Central Bank of Sri Lanka governor says downward trend in inflation behind surprise rate cut
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentral Bank of Sri Lanka governor says downward trend in inflation behind surprise rate cutNandalal Weerasinghe, governor of the Central Bank of Sri Lanka says surprise rate cut was 'corrective', to help support economic growth.

Persons: Weerasinghe Organizations: Email Central Bank of Sri, Central Bank of Sri Locations: Email Central Bank of Sri Lanka, Central Bank of Sri Lanka

The financially strapped South Asian country will also start formal negotiations for the debt it owes to bilateral creditors and overseas bondholders after the domestic debt operation, aiming to complete those parallel debt talks by September. Central bank and treasury officials said they expected that "exploring options for a domestic debt operation" will help achieve much-needed liquidity relief, including both local currency T-Bills and T-Bonds. Government officials told investors that only T-Bills held by the central bank would be considered for a debt rework, while a voluntary domestic debt operation was expected for the holders of $24 billion of T-Bonds. Sri Lanka is struggling with its worst economic crisis in more than seven decades. To that end, Sri Lanka has already frozen public recruitment and has hiked taxes and power tariffs by 66% this year.

☆ Central Bank of Sri Lanka governor discusses IMF $2.9 billion package
▼ + stars: | 2023-03-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF support will help Sri Lanka build reserves to a more comfortable level: Central bank chiefNandalal Weerasinghe, governor of the Central Bank of Sri Lanka, discusses the country's $2.9 billion bailout package from the International Monetary Fund.

☆ Sri Lanka to announce debt restructuring strategy in April - cenbank chief
▼ + stars: | 2023-03-09 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

The bailout is the culmination of months of negotiations as Sri Lanka looks to emerge from its worst economic crisis in more than seven decades. Weerasinghe said the country would expedite negotiations with commercial creditors and announce the debt restructuring strategy in consultation with them, before finalising the debt restructuring terms. Currently, Sri Lanka has to repay about $6 billion annually until 2029, President Ranil Wickremesinghe told parliament on Tuesday, but Weerasinghe said this amount will be reduced post-debt restructuring. Sri Lanka also has a $1.5 billion swap arrangement with China but that can only be used if domestic reserves support three months of imports. Weerasinghe also said that inflation is likely to come down faster than earlier forecast, even by the central bank.

☆ IMF board poised to approve $2.9 bln Sri Lanka bailout
▼ + stars: | 2023-03-07 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, March 7 (Reuters) - The International Monetary Fund on Tuesday said Sri Lanka had secured financing assurances from all its major bilateral creditors, paving the way for the IMF board to consider approval of a long-awaited $2.9 billion four-year bailout. Sri Lanka would get access to the first tranche of money shortly after board approval, sources close to the talks said. "Sri Lanka has now received financing assurances from all major bilateral creditors," Krishna Srinivasan, director of the IMF's Asia and Pacific Department (APD) said in a statement. Central bank Governor P. Nandalal Weerasinghe said last week that Sri Lanka had fulfilled its conditions with the rate hike and he was hopeful the IMF bailout would be approved this month. The IMF said the board's approval would help catalyze financing from other creditors, including the World Bank and the Asian Development Bank.

The bank raised its standing deposit facility rate and standing lending facility rate by 100 basis points each to 15.50% and 16.50%, respectively, it said in a statement. The country is awaiting approval of a $2.9 billion IMF bailout package as it endures its worst financial crisis since independence from Britain in 1948. The central bank raised rates by a record 950 basis points last year to tame inflation and then kept them steady until Friday's 100 basis point increase. "There have been some differences between the CBSL and IMF staff on the inflation outlook," the Central Bank of Sri Lanka (CBSL) said in its statement. But depends on whether the market reads this as positive for getting IMF (bailout) in March."

[1/2] Drivers push auto rickshaws in a line to buy petrol from a fuel station amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29, 2022. Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. At the end of 2020, China EximBank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," China's letter said. DEBT SUSTAINABILITYIn a letter directly addressed to the IMF, India said last week that the financing or debt relief provided by Export-Import Bank of India would be consistent with restoring debt sustainability under the IMF-supported program.

Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. According to the letter, the Export-Import Bank of China said it was going to provide an extension on the debt service due in 2022 and 2023 as an immediate contingency measure based on Sri Lanka's request. At the end of 2020, China EXIM bank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," the letter said. Sri Lanka's foreign and finance ministries did not immediately respond to questions from Reuters.

☆ Sri Lanka hopeful of completing debt restructuring in six months, says cenbank chief
▼ + stars: | 2023-01-24 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, Jan 24 (Reuters) - Sri Lanka is committed to meeting all its debt repayments and is hoping to complete debt restructuring negotiations in the next six months, the country's central bank chief P. Nandalal Weerasinghe said on Tuesday. India last week told the IMF that it strongly supports Sri Lanka's debt restructuring plan. The biggest uncertainty is the timeframe for the debt restructuring. It is only after debt sustainability is assured can Sri Lanka return to a sustainable growth path," he added. Sri Lanka's National Consumer Price Index (NCPI) (LKNCPI=ECI) eased year-on-year to 59.2% in December, after a 65% rise in November, data on Monday showed.

☆ Sri Lanka's national consumer price inflation eases to 65% in Nov
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - Sri Lanka's National Consumer Price Index (NCPI) (LKNCPI=ECI) eased year-on-year to 65% in November after a 70.6% jump in October, the statistics department said on Wednesday. Central Bank of Sri Lanka Governor Nandalal Weerasinghe predicted that if the current trend of monetary policy was followed, inflation could drop to 4%-5% by the end of next year. read moreThe NCPI captures broad retail price inflation across the island nation and is released with a lag of 21 days every month. The Colombo Consumer Price Index (CCPI) (LKCCPI=ECI), released at the end of each month, is more closely monitored. It acts as a lead indicator for broader national prices and shows how inflation is evolving in the biggest city of Colombo.

☆ Sri Lanka holds debt restructuring talks with bilateral creditors
▼ + stars: | 2022-11-03 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

"The IMF programme and economic reform agenda will reconstitute Sri Lanka's financial buffers," Weerasinghe said in the emailed statement. "I thank the official creditors for joining this productive meeting where we were able to discuss Sri Lanka's current financial position and progress on reforms." Sri Lanka defaulted on its foreign debt for the first time in May. Japan, India and China are Sri Lanka's largest bilateral creditors, while China's EximBank accounts for about $3.8 billion in loans extended to Colombo to fund large scale infrastructure projects. Earlier on Thursday, S&P Global Ratings lowered ratings on multiple Sri Lanka bonds to its lowest rating "D", from "CC", following missed interest payments on Sept. 14 and 28.

☆ Sri Lanka consumer inflation hits record 73.7% in September
▼ + stars: | 2022-10-21 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Annual food price inflation picked up to 85.8% from 84.6% in August, while prices of non-food items rose 62.8%. Sri Lanka's Central Bank Governor Nandalal Weerasinghe predicted earlier on Thursday that inflation in the island nation is peaking, with price rises likely to ease this month. read moreThe NCPI captures broader retail price inflation and isreleased with a lag of 21 days every month. The more closely monitored Colombo Consumer Price Index(CCPI) (LKCCPI=ECI), released at the end of each month, rose69.8% in August. It acts as a leading indicator for nationalprices and shows how inflation is evolving in Sri Lanka'sbiggest city.

Sri Lanka is struggling with its worst economic crisis in more than seven decades, which has led to shortages of essentials and the ouster of a president. BILATERAL DEBT TALKSSri Lanka also needs to renegotiate debt with bilateral creditors such as China, Japan and India. As a middle-income country, according to the World Bank, Sri Lanka is not able to engage in talks with bilateral creditors under the G20 common framework for debt treatments. Sri Lanka's total foreign currency debt of $38.7 billion amounts to 48.2% of GDP, the latest IMF report showed in March. The central bank governor said that the country has paid Sri Lanka Development Bonds in both dollar and local currency.

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