Sri Lanka Debt

Sri Lanka said on Wednesday it had clinched a restructuring deal with India, China, and other nations, covering up to $10 billion in debt, a critical step towards recovery after a 2022 financial crash.

Sri Lanka is looking at a reduction of approximately USD 17 billion from its overall debt burden in the ongoing debt restructuring process, Foreign Minister Ali Sabry said.

Cash-strapped Sri Lanka said Wednesday it had exported tea worth $20 million to Iran to partially repay its $251 million oil debts, with Colombo saying Tehran's visiting foreign minister had expressed "satisfaction" at the deal.

The International Monetary Fund revived its $2.9 billion bailout for Sri Lanka on Tuesday after the South Asian nation clinched a debt restructuring deal with China, its biggest official lender.

India on Thursday assured Sri Lanka that it will continue to work very closely with the island nation on debt restructuring discussions and extend support for the economic recovery.

The terms of the restructuring agreed upon will provide the space for Sri Lanka to implement its reform agenda.

The External Affairs Minister also said that it is important to maintain the Indian Ocean as a free, open and inclusive space.

Sri Lankan authorities have declared a five-day closure of financial markets from Thursday ahead of a controversial move to restructure the government's domestic debt amounting to more than $51 billion.

The International Monetary Fund on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the nation.

Japan, India and France today announced a common platform for talks among bilateral creditors to coordinate restructuring of Sri Lanka's debt, a move they hope would serve as a model for solving the debt woes of middle-income economies.

Cash-strapped Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe's office said Monday on the eve of a desperately needed $2.9 billion IMF bailout.

China said on Wednesday that it would "play a positive role" in helping bankrupt Sri Lanka get through its debt crisis after agreeing to restructure its loans.

China has given assurances that it will support Sri Lanka's debt restructuring, clearing the biggest hurdle for the debt-ridden country to secure a much-needed $2.9-billion bailout package from the IMF, President Ranil Wickremesinghe said today.

The latest electricity price rise in crisis-hit Sri Lanka has left stall owner Mohammed Lafeel in a quandary: the 66% increase means he can't afford to pay for electricity but can't manage without it so goes deeper into debt to keep it on.

Sri Lanka's electricity board hiked consumer rates by up to 275 percent, officials said Thursday, the second steep increase in months as the bankrupt island nation works to secure an IMF bailout.

Sri Lanka said on Wednesday it had clinched a restructuring deal with India, China, and other nations, covering up to $10 billion in debt, a critical step towards recovery after a 2022 financial crash.

Sri Lanka is looking at a reduction of approximately USD 17 billion from its overall debt burden in the ongoing debt restructuring process, Foreign Minister Ali Sabry said.

Cash-strapped Sri Lanka said Wednesday it had exported tea worth $20 million to Iran to partially repay its $251 million oil debts, with Colombo saying Tehran's visiting foreign minister had expressed "satisfaction" at the deal.

The International Monetary Fund revived its $2.9 billion bailout for Sri Lanka on Tuesday after the South Asian nation clinched a debt restructuring deal with China, its biggest official lender.

India on Thursday assured Sri Lanka that it will continue to work very closely with the island nation on debt restructuring discussions and extend support for the economic recovery.

The terms of the restructuring agreed upon will provide the space for Sri Lanka to implement its reform agenda.

The External Affairs Minister also said that it is important to maintain the Indian Ocean as a free, open and inclusive space.

Sri Lankan authorities have declared a five-day closure of financial markets from Thursday ahead of a controversial move to restructure the government's domestic debt amounting to more than $51 billion.

The International Monetary Fund on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the nation.

Japan, India and France today announced a common platform for talks among bilateral creditors to coordinate restructuring of Sri Lanka's debt, a move they hope would serve as a model for solving the debt woes of middle-income economies.

Cash-strapped Sri Lanka is seeking a 10-year moratorium on its foreign debt, President Ranil Wickremesinghe's office said Monday on the eve of a desperately needed $2.9 billion IMF bailout.

China said on Wednesday that it would "play a positive role" in helping bankrupt Sri Lanka get through its debt crisis after agreeing to restructure its loans.

China has given assurances that it will support Sri Lanka's debt restructuring, clearing the biggest hurdle for the debt-ridden country to secure a much-needed $2.9-billion bailout package from the IMF, President Ranil Wickremesinghe said today.

The latest electricity price rise in crisis-hit Sri Lanka has left stall owner Mohammed Lafeel in a quandary: the 66% increase means he can't afford to pay for electricity but can't manage without it so goes deeper into debt to keep it on.

Sri Lanka's electricity board hiked consumer rates by up to 275 percent, officials said Thursday, the second steep increase in months as the bankrupt island nation works to secure an IMF bailout.