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☆ Sri Lanka completing pre-requisites for IMF aid - President
▼ + stars: | 2023-02-04 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, Feb 4 (Reuters) - Sri Lanka is completing the pre-requisites to unlock a $2.9 billion bailout from the International Monetary Fund (IMF) and expects rapid approval from the global lender, President Ranil Wickremesinghe said on Saturday. "We are successfully completing the difficult stage required to get support from the International Monetary Fund. We expect to get their consent without delay," Wickremesinghe said in his address to the nation to mark the 75th Independence Day. Sri Lanka is currently focused on getting financing assurances from key bilateral creditors China and Japan. Sri Lanka's central bank estimates an economic turnaround in the second half of 2023 and inflation to reach single digits by the end of this year.

☆ Sri Lanka marks independence anniversary amid economic woes
▼ + stars: | 2023-02-04 | by ( ) www.cnbc.com time to read: +3 min

Sri Lanka's President Ranil Wickremesinghe attends the the country's 75th Independence Day celebrations at Galle Face Green in Colombo, Sri Lanka February 4, 2023. COLOMBO, Sri Lanka (AP) — Sri Lanka marked its 75th independence anniversary on Saturday as a bankrupt nation, with many citizens angry, anxious and in no mood to celebrate. Cyril Gamini called this year's ceremony commemorating independence from British rule a "crime and waste" at a time when the country is experiencing such economic hardship. Sri Lanka is effectively bankrupt and has suspended repayment of nearly $7 billion in foreign debt due this year pending the outcome of talks with the International Monetary Fund. A group of activists began a silent protest on Friday in the capital, condemning the government's independence celebration and failure to ease the economic burden.

☆ Sri Lanka economy could shrink by -3.5% to -4%, president says
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Jan 28 (Reuters) - Sri Lanka's economy could contract by -3.5 or -4.0% in 2023 after shrinking -11% last year, President Ranil Wickremesinghe said on Saturday. "From 2024, we will take this economy to positive growth. Speaking at a religious event, he said: "The growth rate of the economy in 2022 was -11% and could be -3.5 or -4.0% this year." "No one can prevent the country from falling into crisis again similar to May and June last year," Wickremesinghe said. Reporting by Uditha Jayasinghe; writing by Rupam Jain; editing by Jason Neely and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

[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.

☆ 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.

☆ Sri Lanka's economy shrinks 11.8% in second-worst quarterly performance
▼ + stars: | 2022-12-15 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, Dec 15 (Reuters) - Sri Lanka's economy shrank 11.8% in the July-September quarter from a year ago, government data showed on Thursday, the second-worst quarterly contraction ever for the country going through a severe financial crisis. Economic mismanagement and the impact of the COVID-19 pandemic have left Sri Lanka short of dollars for essential imports including food, fuel, fertilisers and medicine. "This is the second-worst contraction Sri Lanka has experienced in a quarter after a 16.4% contraction in the second quarter of 2020," said Dimantha Mathew, head of research at First Capital. Sri Lanka's central bank estimates the economy will contract by about 8% in 2022. The economy had contracted 8.4% year-on-year in the second quarter, one of the worst performances in the island of 22 million people.

☆ Sri Lanka announces budget aimed at clinching IMF deal, sees recovery by end-2023
▼ + stars: | 2022-11-14 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +1 min

COLOMBO, Nov 14 (Reuters) - The crisis-hit Sri Lankan economy can turnaround by end of 2023 if budget policies, which are not limited to the International Monetary Fund's recommendations, are followed, President Ranil Wickremesinghe said in the budget speech on Monday. IMF recommendations have only been looked at to stabilise the economy, Wickremesinghe, who is also the country's finance minister, told parliament, delivering the first annual budget since he took office in July. The budget is likely to include specific measures aimed at reducing the government's deficit and persuading the International Monetary Fund to provide a desperately needed bailout package. Wickremesinghe said the government plans to reduce debt to less than 100% of GDP over the medium term and achieving economic growth of 7%. Reporting by Uditha Jayasinghe; Writing by Swati Bhat; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Sri Lanka budget to seek recovery for crisis-hit economy
▼ + stars: | 2022-11-14 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

President Ranil Wickremesinghe's first full-year budget to parliament will include measures aimed at helping Sri Lanka restructure its debt, increase revenues and trim spending as it works on the bailout with the International Monetary Fund, analysts say. "This is a budget that is being presented at a time Sri Lanka is facing an unprecedented crisis," said State Minister for Finance Ranjith Siyambalapitiya. The World Bank estimates Sri Lanka's economy will contract by 9.2% this year and 4.2% in 2023. Unable to pay for critical imports, Sri Lanka struggled to buy essentials such as fuel, and the public faced soaring inflation, a rapidly depreciating currency and sharply shrinking growth. Spending cuts will likely to be tricky, given Sri Lanka's large public workforce and high debt.

☆ COP27: What they are saying at the climate summit
▼ + stars: | 2022-11-08 | by ( Sri Lanka Zimbabwe Adds Quotes Leaders Of Poland | ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - World leaders, policymakers and delegates from nearly 200 countries are at the COP27 U.N. climate summit in Egypt, where they hope to keep alive a goal to avert the worst impacts of climate change. Profligate producers of fossil fuels have benefited from extortionate profits at the expense of human civilization. EMMERSON DAMBUDZO MNANGAGWA, PRESIDENT OF ZIMBABWE"Those mostly responsible for the climate crisis must listen and prioritize climate finance to help prevent disasters and climate victims recover. Developed nations should be giving leadership to work on climate challenges rather than abdicating their responsibilities. It is no secret that climate financing has missed the target….

☆ Hundreds march in crisis-hit Sri Lanka protesting tax hikes, crackdowns
▼ + stars: | 2022-11-02 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

[1/3] Demonstrators shout at Sri Lankan police officers during an anti-government protest by trade unions, student movements, and civil organisations, including the main opposition parties, amid the country's economic crisis, in Colombo, Sri Lanka, November 2, 2022. We need solutions and we will keep fighting for them," Ceylon Teacher's Union Secretary Joseph Stalin said. Widespread protests in July resulted in former President Gotabaya Rajapaksa fleeing the country and resigning after protesters stormed his office and residence. read moreProtesters carrying national and black flags shouted slogans of "Ranil go home," during the march and called for new elections. They also accused the government of using draconian anti-terrorism legislation to crack down on protest leaders and jail two of them.

☆ 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.

☆ Crisis-hit Sri Lanka — which ran out of fuel earlier this year — snaps up cheap Russian oil for the first time ever
▼ + stars: | 2022-10-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Sri Lanka has been buying large amounts of Russian crude since March 2022. Three months ago, Sri Lanka said it was sending an official delegation to Russia to negotiate oil deals amid a crippling fuel shortage. But it's just one of the emerging markets dealing with economic crises now lining up to buy discounted Russian oil. It's unlikely that Sri Lanka had ever purchased Russian crude before March this year, Kpler's lead crude analyst Viktor Katona said. The US has banned Russian crude and the European Union set to implement an oil embargo on Russian oil by the end of the year.

☆ Sri Lanka to keep 'middle-income' status but seek concessional loans
▼ + stars: | 2022-10-11 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com Register"Sri Lanka will remain a middle-income country," the office said in a statement. "We will request the World Bank to grant the country eligibility to obtain loans offered by the International Development Association (IDA)." The local World Bank office in Colombo had no immediate comment on the Sri Lankan request. It said it would continue its discussions with Sri Lanka and that the "key priority" was to move ahead with debt restructuring and economic reforms to put the country's growth back on track. Sri Lanka reached a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout in September but has to put its debt on a sustainable path before the funds can be disbursed.

☆ Sri Lanka looks to revive free trade deal with Singapore
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSri Lanka's President Ranil Wickremesinghe looks on during an interview with Reuters at Presidential Secretariat, amid the country's economic crisis, in Colombo, Sri Lanka August 18, 2022. REUTERS/ Dinuka LiyanawatteCOLOMBO, Sept 27 (Reuters) - Sri Lanka will step up efforts to revive a stalled free trade pact with Singapore, President Ranil Wickremesinghe told the city state's premier on Tuesday, his office said in a statement. The free trade pact signed in January 2018 was suspended because of objections from Sri Lankan opposition parties and professional bodies. Sri Lanka proposed more than a dozen amendments in May 2021 but talks have largely stalled. Register now for FREE unlimited access to Reuters.com RegisterReporting by Uditha Jayasinghe; Writing by Shilpa Jamkhandikar; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Sri Lanka to unveil debt restructuring plan to creditors
▼ + stars: | 2022-09-23 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Sri Lanka's President Ranil Wickremesinghe looks on during an interview with Reuters at Presidential Secretariat, amid the country's economic crisis, in Colombo, Sri Lanka August 18, 2022. The government has already held preliminary restructuring talks with neighbour India and diplomats based in Colombo. "Sri Lanka is focused on trying to get the IMF deal finalised by December or early next year." Sri Lanka's foreign currency debt was $47.3 billion as of end-2021 and local-currency debt at $53.6 billion, according to an update from the Ministry of Finance in August. The foreign currency debt includes $13 billion in international sovereign bonds held largely by private creditors, such as asset managers BlackRock (BLK.N) and Ashmore (ASHM.L).

☆ Factbox: Sri Lanka set to begin talks to restructure debt of $30 bln
▼ + stars: | 2022-09-22 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

WHY THE NEED TO RESTRUCTURE DEBT? That in turn requires negotiation with private creditors and two-way lenders. That includes $13 billion in international sovereign bonds held largely by private creditors, such as asset managers BlackRock (BLK.N) and Ashmore (ASHM.L). The Paris Club informal group of creditor nations that includes India and Japan holds $4.9 billion of Sri Lanka's debt, and China about $5 billion more. Sri Lanka is the first middle-income country to default after the COVID-19 pandemic.

☆ India starts debt-restructuring talks with Sri Lanka, vows support
▼ + stars: | 2022-09-20 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

A man travels in a train as the Colombo harbour is seen, amid the country's economic crisis in Colombo, Sri Lanka, April 20, 2022. "The discussions held in a cordial atmosphere symbolise India's support to early conclusion and approval of a suitable IMF programme for Sri Lanka," the High Commission said. Reuters reported last week, citing sources, that India did not plan to provide fresh financial support to Sri Lanka, as the island's battered economy had begun to stabilise. read moreThe High Commission said India had ongoing development projects worth about $3.5 billion in Sri Lanka, whose president earlier this month asked his officials to resolve obstacles to projects backed by India. President Ranil Wickremesinghe has said Sri Lanka will turn a free trade agreement with India into a comprehensive economic and technological partnership.

☆ The world's most powerful are gathered in London for Queen Elizabeth II's funeral. Here's who is — and isn't — there
▼ + stars: | 2022-09-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Wpa Pool | Getty Images Entertainment | Getty ImagesHundreds of global dignitaries are gathered in London Monday to attend the funeral of Queen Elizabeth II, marking a level of ceremony unseen in the U.K. for decades. Britain's King Charles III waves as he's driven down the Mall in London on September 19, 2022, ahead of the State Funeral Service of Britain's Queen Elizabeth II. - Leaders from around the world will attend the state funeral of Queen Elizabeth II. President of United States Joe Biden and Jill Biden arrive for the State Funeral of Queen Elizabeth II at Westminster Abbey on September 19, 2022 in London, England. Japan's Emperor Naruhito and his wife Empress Masako arrive at Westminster Abbey in London on September 19, 2022, for the State Funeral Service for Britain's Queen Elizabeth II.

☆ Sri Lanka to present debt restructuring, IMF bailout plans to creditors
▼ + stars: | 2022-09-18 | by ( ) www.reuters.com time to read: +2 min

A vendor prepares Sri Lankan notes to bundle them at a shop in Colombo July 3, 2013. REUTERS/Dinuka LiyanawatteLONDON, Sept 18 (Reuters) - Crisis-hit Sri Lanka will make a presentation to its international creditors on Friday, laying out the full extent of its economic troubles and plans for a debt restructuring and multi-billion dollar International Monetary Fund bailout. Debt crisis veterans cite uniquely difficult elements in Sri Lanka. The country's borrowings are so complex that estimates of the total range from $85 billion to well over $100 billion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marc Jones; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: World leaders to attend Queen Elizabeth's funeral
▼ + stars: | 2022-09-12 | by ( ) www.reuters.com time to read: +6 min

Canadian Prime minister Justin Trudeau and Sophie Gregoire Trudeau attend the funeral of Her Majesty Queen Elizabeth II in Westminster Abbey. Jack Hill/Pool via REUTERSRegister now for FREE unlimited access to Reuters.com RegisterLONDON, Sept 19 (Reuters) - Queen Elizabeth's state funeral will take place in London on Monday and a host of world leaders, royalty and other dignitaries will attend. Countries that have not been invited include Syria and Venezuela because London does not have normal diplomatic relations with those states. Britain has also not invited representatives from Russia, Belarus or Myanmar after it imposed economic sanctions on those countries. Related ContentFactbox: Plans for Queen Elizabeth's state funeral on MondayFactbox: Comments from crowds in London on Queen ElizabethFactbox: World leaders to attend Queen Elizabeth's funeralFactbox: Order of service for Queen Elizabeth's state funeralWindsor Castle, Queen Elizabeth's home and now final resting placeWestminster Abbey - traditional church for royals in life and death(This story was refiled to correct spelling of first name of Belize governor general)Register now for FREE unlimited access to Reuters.com RegisterCompiled by Farouq Suleiman and Kate Holton Editing by Deepa Babington and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

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