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[1/2] A woman takes pictures of the China Development Bank booth at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. Commitments made to 100 developing nations by the Export-Import Bank of China (China EximBank) and the China Development Bank (CDB) have fallen every year since hitting a record in 2016 as the lenders scaled back financing even before the COVID-19 pandemic hit in 2020. "We expect an overall shift toward lower volume, higher quality investment from China," Kevin Gallagher, director of the university's Global Development Policy Center, told Reuters. Reuters GraphicsWORLD BANK STEPS INWhile Chinese lending has been waning, World Bank lending has ramped up, the study found. Overall, China's commitments were 83% of the $601 billion lent by the World Bank from 2008-2021.

☆ 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.

☆ India commits to help Sri Lanka on debt in prospective IMF program
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] Laborers carry sacks of flour in the main market as Sri Lankan President Ranil Wickremesinghe announced 2023 budget amid the country's economic crisis, in Colombo, Sri Lanka, November 14, 2022. REUTERS/ Dinuka Liyanawatte/File PhotoJan 23 (Reuters) - India has committed to help ease the debt burden of its crisis-stricken neighbor Sri Lanka as part of a possible International Monetary Fund-supported program, the IMF said on Monday. "Sri Lanka is engaged with other official bilateral creditors to obtain similar assurances," an IMF spokesperson said in a statement on Monday. "As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, a Fund-supported program for Sri Lanka can be presented to the IMF's Executive Board for approval that would unlock much needed financing." Sri Lanka requires the backing of China and India - its biggest bilateral lenders - to reach a final agreement with the IMF that is essential to help the country emerge from its worst financial crisis in seven decades.

Jan 19 (Reuters) - Zambia needs "desperate debt relief" and agreements under a Group of 20 restructuring vehicle are proving difficult, the World Bank's managing director of operations said on Thursday. "In the last two years, we have seen the limitations of the common framework," Axel van Trotsenburg told a panel at the World Economic Forum's annual meeting in Davos, moderated by Reuters Editor-in-Chief Alessandra Galloni. Zambia has become a test case for the G20-led "Common Framework" restructuring vehicle launched during COVID-19 to streamline debt restructuring efforts as poorer countries buckle under the fallout from the pandemic hit. "Right now we have negotiations where there is not an established debt sustainability framework. What you see in the discussions is that different creditors are challenging all the underlying assumptions," van Trotsenburg added, without specifying which creditors he was referring to.

☆ India says it is committed to boosting investment in crisis-hit Sri Lanka
▼ + stars: | 2023-01-20 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

"We count on the government of Sri Lanka to provide a more business friendly environment to create a powerful pull factor." India has told the global lender that it strongly supports Sri Lanka's debt restructuring plan, with Sri Lanka owing about$1 billion to its nearest neighbour. We extended financial assurances to the IMF to clear the way for Sri Lanka to move forward." China is Sri Lanka's largest bilateral lender and the last remaining major creditor to yet to agree to the plan. Sri Lanka owed Chinese lenders $7.4 billion, or nearly a fifth of its public external debt, by the end of last year, calculations by the China Africa Research Initiative show.

To secure egg supplies as prices rose to record highs, Malaysia's Minister of Agriculture and Food Security Mohamad Sabu visited Namakkal, in the southern Indian state of Tamil Nadu, where several leading hatcheries are based. India shipped 5 million eggs to Malaysia in December, and will ship 10 million in January and up to 15 million in February, according Kumar. The imports from India have helped Malaysia bring prices down from the record highs seen in late December. Having suffered a shortfall of 157 million eggs in November, the market gap was down to just one million in December, the Malaysian minister said in a statement earlier this week. Meantime, prices in India have shot up to a record 565 rupees ($6.96) per 100 eggs.

☆ India foreign minister visits Sri Lanka with stronger ties, China in focus
▼ + stars: | 2023-01-19 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

During his two-day visit, his third to Sri Lanka since 2021, minister Subrahmanyam Jaishankar will look to strengthen India's ties with its debt-ridden neighbour and sign several key deals. The two countries are also expected to sign a Memorandum of Understanding for a renewable power project covering three islands in Sri Lanka's north during Jaishankar's visit, two sources at Sri Lanka's power and energy ministry said. Jaishankar will meet Sri Lanka's president on Friday morning, his office confirmed. He will also hold discussions with Sri Lanka's prime minister and foreign minister, according to a statement from India's foreign ministry. "The U.S. stands ready to assist Sri Lanka to unlock IMF assistance when all creditors agree to fair and equitable treatment," Julie Chung, the U.S. ambassador to Sri Lanka, said in a tweet on Thursday.

☆ Child nutrition drops in Sri Lanka amid economic crisis
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

The island nation of 22 million people is struggling with soaring prices, including of food, largely caused by its worst economic crisis since it gained independence in 1948. More than 43.4% of the country's children under 5 years of age are suffering from nutrition problems, according to the report released in October, with 42.9% suffering from some form of undernutrition. Around 1.4 million children under the age of five were registered with the country's Public Health Midwives body and the report surveyed just under that number. In 2021, 8.2% of children below five were found to be wasting away while 7.4% had stunted growth. "In 2022, percentages of children under 5 years with any form of undernutrition (growth faltering, underweight, wasting and stunting) has increased compared to 2021," the report says.

COLOMBO, Jan 18 (Reuters) - India has told the International Monetary Fund that it strongly supports Sri Lanka's debt restructuring plan as the island nation seeks a $2.9 billion loan from the global lender, according to a letter seen by Reuters. "We hereby confirm our strong support for Sri Lanka's prospective (loan) program and commit to supporting Sri Lanka with financing/debt relief consistent with restoring Sri Lanka's public debt sustainability," Indian finance ministry official Rajat Kumar Mishra told the IMF chief in a letter dated Jan. 16. Sri Lanka owes India around $1 billion that will come under the debt restructuring plan, a source familiar with the matter told Reuters earlier this week. New Delhi separately provided Sri Lanka with about $4 billion in rapid assistance between January and July last year, including credit lines, a currency swap arrangement and deferred import payments. Sri Lanka owed Chinese lenders $7.4 billion - nearly a fifth of its public external debt - by the end of last year, according to calculations by the China Africa Research Initiative (CARI).

Zambia has become a test case for the G20-led 'Common Framework' restructuring vehicle launched during the COVID-19 pandemic, but differences with some of its main creditors about the debt relief required means progress has been slow. Its vast swathes of national parks are home or migration routes for some of Africa's most impressive wildlife including lions and elephants. "We will be considering all debt restructuring options that are in the framework (G20 Common Framework)which falls within the DSA (debt sustainability analysis) parameters... and that are acceptable to all parties," the ministry's response added. KAZA conservation areaCOMMON FRAMEWORKWWF's Zambia country head, Nachilala Nkombo, told Reuters that the most recent talks with the government took place last month. Sri Lanka, another Common Framework restructuring country, has said that it would like to do a debt-for-nature swap and with Zambia still hoping to wrap up its deal this year it would likely set a precedent.

☆ India tells IMF it backs Sri Lanka's debt restructuring plan, source says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

[1/2] A medical worker talks to a vendor selling household goods and food for patients and their family members, outside Apeksha Hospital, Colombo, Sri Lanka, August 11, 2022. Sri Lanka's finance ministry did not immediately respond to a request for comment. Sri Lanka owes India around $1 billion that will come under the debt restructuring plan, the source said. "Talks with bilateral lenders including India and China to restructure Sri Lanka's debt are progressing well and we are hopeful of finalising support from the IMF in the first quarter of 2023," Sri Lanka's cabinet spokesperson, Bandula Gunawardana, told reporters on Tuesday. The IMF has stressed the importance of joint talks involving three of Sri Lanka's main bilateral creditors - China, Japan and India.

☆ Sri Lankan court orders ex-leader to pay victims of 2019 Easter bombings
▼ + stars: | 2023-01-13 | by ( The Associated Press | ) www.nbcnews.com time to read: +2 min

COLOMBO, Sri Lanka — Sri Lanka’s Supreme Court ruled Thursday that inaction by the country’s former president and four others led to Easter Sunday bomb attacks in 2019 that killed nearly 270 people and ordered them to pay compensation for violating the basic rights of the victims and their families. A seven-judge bench of the top court ordered former President Maithripala Sirisena to pay 100 million rupees ($273,300) from his personal funds. It also ordered the police chief, two top intelligence officials and the secretary to the ministry of defense at the time to pay a total of 210 million rupees ($574,000). “This dismal failure on the part of former President Sirisena resulted in disastrous consequences for this country. A presidential commission earlier recommended criminal procedures against Sirisena for alleged negligence, but it has not been followed up.

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☆ Why a strong U.S. dollar is bad for 'the rest of the world'
▼ + stars: | 2023-01-09 | by ( Tom Chitty | ) www.cnbc.com time to read: +1 min

The U.S. dollar is the world's dominant currency and plays a key role in global trade. While that may seem like good news to Americans, it's bad news for much of the world. The rest of the world despises how dominant the dollar is, yet they go to the U.S. dollar, because there really isn't much of an alternative," said Eswar Prasad, an economist at the Brookings Institution and professor and Cornell University. Besides being the go-to currency for international financial transactions, commodities such as oil are also bought and sold in U.S. dollars. Watch the video above to learn about how a strong dollar contributed to an economic and political crisis in Sri Lanka.

Although international travel may not return immediately to pre-pandemic levels, companies, industries and countries that rely on Chinese tourists will get a boost in 2023, according to analysts. Elsewhere in the world, Cambodia, Mauritius, Malaysia, Taiwan, Myanmar, Sri Lanka, South Korea and Philippines are also likely to benefit from the return of Chinese tourists, according to research by Capital Economics. Saxon said he expected China’s outbound international travel to fully recover by the year end. “Generally, individuals are pragmatic and countries will welcome Chinese tourists due to their spending power,” he said, adding that countries may remove restrictions quickly when the Covid situation improves in China. “It will take time for international tourism to get going, but it will come rushing back, when it happens.”

☆ Sri Lanka beat India to leave T20 series squared
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Sri Lanka skipper Dasun Shanaka and opener Kusal Mendis scored half-centuries before their bowlers put the brakes on the Indian batting unit to seal a 16-run win in the second Twenty20 international and level the series at 1-1 on Thursday. Dilshan Madushanka then dismissed Rahul Tripathi for five to leave India reeling. Earlier, Mendis got Sri Lanka off to an excellent start with his knock of 52 as he combined with Pathum Nissanka in an 80-run opening stand. The third and final T20I of the series will be played in Rajkot on Saturday. The teams will then meet in a three-match one-day international series.

☆ How 2022 shocked, rocked and rolled global markets
▼ + stars: | 2022-12-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

The main drivers have been the war in Ukraine, combined with rampant inflation as global economies broke out of the pandemic, but China remained shackled by it. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 17% and 25% respectively in dollar terms. Ten-year Treasury yields jumped to 1.8% from less than 1.5%, knocking 5% off MSCI's world stocks index (.MIWD00000PUS) in January alone. The Fed has delivered an eye-watering 400bps of rate hikes and the European Central Bank, a record 250bps, despite saying this time last year it was unlikely to budge. "What has gone in global markets this year has been traumatic," said EFG Bank Chief Economist and ex-Deputy Governor of Ireland's central bank, Stefan Gerlach.

☆ India wicketkeeper Rishabh Pant injured in car crash
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

[1/2] Cricket - Fifth Test - England v India - Edgbaston, Birmingham, Britain - July 1, 2022 India's Rishabh Pant celebrates reaching his century Action Images via Reuters/Jason CairnduffNEW DELHI, Dec 30 (Reuters) - India wicketkeeper Rishabh Pant was hospitalised on Friday after being involved in a car crash, his Indian Premier League (IPL) team said. His IPL team Delhi Capitals said the crash was in the northern state of Uttarakhand. "Rishabh Pant met with an accident between Manglaur and Narsan in Haridwar district," they said in a tweet. "Praying for Rishabh Pant. Pant was part of the India test squad that sealed a 2-0 series victory over Bangladesh this month.

Below are the events, trends and topics investors expect to shape the outlook for emerging markets next year. "The economic downturns along with the aggressive monetary tightening and geopolitical and commodity shocks that induce them will be temporarily painful in financial and emerging markets," said David Folkerts-Landau, group chief economist at Deutsche Bank. Globally, the war has transformed energy markets and inflation pressures, food security and geopolitical risk perception - factors that are often more keenly felt in emerging economies. "There's not actually a lot of debt maturing next year," said Carmen Altenkirch, emerging markets sovereign analyst at Aviva Investors. 6/ TURKEY ELECTIONSPresident Tayyip Erdogan could face the biggest political challenge of his two decades in power as Turks head to the ballot box in the most high-profile vote in emerging markets.

[1/3] 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. India's foreign ministry did not respond to questions from Reuters on its plans and strategic aims in Sri Lanka. New Delhi has long been concerned about China's clout in its neighbourhood, including Nepal, Bangladesh and Sri Lanka. "And as far as Sri Lanka is concerned, we don't want to contribute to any escalation of tension between any countries." "Sri Lanka has clearly benefited from being the closest neighbour to the most powerful country in the region.

☆ At least 20 reported dead as Rohingya boats land in Indonesia
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

PIDIE, Indonesia, Dec 27 (Reuters) - At least 20 Rohingya have died at sea in recent weeks, the U.N. refugee agency (UNHCR) said on Tuesday, as boats carrying hundreds of the persecuted Muslims landed in Indonesia while others were believed to be adrift in the Indian Ocean. Chris Lewa of the Arakan Project, which provides support to Rohingya, said the boat was the same as one earlier reported missing and feared to have sank. Some activists believe the lifting of COVID restrictions around Southeast Asia, a favoured destination for the Rohingya, could be a factor. The group is the latest in a series of boat landings and rescues around the region in recent weeks. There were 57 other Rohingya who reached Aceh on Sunday, while two other boats carrying a combined 230 people landed in November.

☆ At least 180 Rohingya feared dead after ‘unseaworthy’ boat goes missing
▼ + stars: | 2022-12-26 | by ( ) www.nbcnews.com time to read: +1 min

NEW DELHI — At least 180 ethnic Rohingya stranded at sea for weeks after leaving Bangladesh in November are feared dead, as their rickety boat is thought to have sunk this month, the United Nations refugee agency (UNHCR) said. Citing unconfirmed reports, the agency said the “unseaworthy” boat probably sank after it went missing in the sea. In Buddhist-majority Myanmar, most Rohingya Muslims are denied citizenship and are seen as interlopers, illegal immigrants from South Asia. Last week, two Myanmar Rohingya activist groups said up to 20 people died of hunger or thirst on a boat that was stranded at sea for two weeks off India’s coast. Earlier this month, the Sri Lankan navy rescued 104 Rohingya adrift off the Indian Ocean island’s northern coast.

[1/2] Rohingya refugees rescued by fishermen are seen on a boat behind a patrol boat near the coast of Seunuddon beach in North Aceh, Indonesia, June 24, 2020. In Buddhist-majority Myanmar, most Rohingya are denied citizenship and are seen as illegal immigrants from South Asia. Nearly 200 Rohingya are feared dead or missing at sea this year already. "We hope against hope that the 180 missing are still alive somewhere out there", said UNHCR spokesperson Babar Baloch. Two boats carrying a total of 230 Rohingya refugees, including women and children, landed on the shores of Indonesia's Aceh province in November, while this month, Sri Lanka's navy rescued 104 Rohingya adrift off the Indian Ocean island's northern coast.

☆ At least 180 Rohingya feared dead - U.N. refugee agency
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Dec 25 (Reuters) - At least 180 ethnic Rohingya stranded at sea for weeks after leaving Bangladesh in November are feared dead, as their rickety boat is thought to have sunk this month, the United Nations refugee agency (UNHCR) said. Citing unconfirmed reports, the agency said the "unseaworthy" boat probably sank after it went missing in the sea. More than 1 million Rohingya refugees from Myanmar are living in crowded camps in Muslim-majority Bangladesh, including tens of thousands who fled Myanmar after its military conducted a deadly crackdown in 2017. In Buddhist-majority Myanmar most Rohingya Muslims are denied citizenship and are are seen as interlopers, illegal immigrants from South Asia. Earlier this month, the Sri Lankan navy rescued 104 Rohingya adrift off the Indian Ocean island's northern coast.

☆ Sri Lanka's cancer patients struggle amid economic chaos
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +6 min

The 32-year-old vegetable farmer was diagnosed with lung cancer in 2021 and started receiving treatment earlier this year just as Sri Lanka's economy went into free-fall. Amid crippling fuel scarcity and weeks of unrest, Kumarasinghe said he was unable to travel the 155 km (96 miles) between his home and Sri Lanka's main cancer hospital on the outskirts of the country's largest city, Colombo, for treatment. Kumarasinghe is among hundreds of cancer patients who have had their treatment upended by Sri Lanka's worst economic crisis since independence from Britain in 1948. Hospitals countrywide have struggled to contend with severe drug shortages, which have worsened over the last eight months, a representative of Sri Lanka's largest doctors union told Reuters. Sri Lanka's health ministry and senior health officials did not respond to calls from Reuters.

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