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The Latest Breaking News from International Monetary Fund

Explainer: How Sri Lanka spiralled into crisis

Sri Lanka's economic crisis looks to have finally toppled President Gotabaya Rajapaksa.

Reuters

IMF, World Bank to return to in-person annual meetings in October

The International Monetary Fund and World Bank said on Tuesday they will hold 2022 annual meetings fully in person in October, marking their first major gatherings to return to pre-pandemic conditions since October 2019.

Reuters

IMF's Georgieva says Zambia, Ethiopia, Chad creditor committees to meet soon

Creditor committees for the debt restructurings of Zambia, Ethiopia and Chad are all expected to meet within the next 10 days, International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday.

Reuters

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Sri Lanka misses a leader as bailout slips further away

Investors are shifting their focus to Sri Lanka’s bilateral creditors as the resignations of President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe dim prospects for rapid aid from the International Monetary Fund (IMF).

Bangkok Post

Sri Lanka's fallen Rajapaksa dynasty is already planning its next comeback

COLOMBO: For years, Sri Lanka's Rajapaksa dynasty ruled the island nation with an iron fist, striking fear into political opponents, journalists and other perceived threats to their power. Now protesters are chasing them out of their homes, and out of power.

The Times of India

Petrol price hike, raising power tariffs: What Pakistan needs to do to obtain IMF loan

NEW DELHI: The economic crisis in Pakistan has posed severe challenges for the government as it grapples with high inflation, sliding forex reserves, a widening current account deficit and a depreciating currency.

The Times of India

Chad creditors to meet this week; IMF calls on Glencore to 'step forward'

Chad's official creditor committee will meet this week amid growing pressure from the International Monetary Fund and others for progress on the country's request for debt restructuring, two sources briefed on the matter said.

Reuters

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IMF’s Georgieva Warns against ‘Complacency’ on Global Debt Problems

IMF Managing Director Kristalina Georgieva is pushing China and other Group of 20 economies to speed up debt relief for a growing number of heavily indebted countries, warning that failure to do so could unleash a damaging "downward spiral." Georgieva told Reuters it was crucial to jumpstart the largely stalled…

Asharq Al-Awsat

Sri Lankan opposition parties plan unity government after president quits

Prime minister as well as Rajapaksa will step down after months of protests culminated in attacks on their homes

The Guardian - UK

Sri Lanka protesters staying put until president, PM leave office

Thousands occupying the presidential palace are determined to stay until both the president and PM step down officially.

Al Jazeera

Sri Lanka crisis: How did we get here and what comes next?

Protesters occupying government buildings say they will remain until the president and the prime minister step down.

Al Jazeera

Explainer-How Sri Lanka spiralled into crisis

Sri Lanka's economic crisis looks to have finally toppled President Gotabaya Rajapaksa.

Reuters

Awe and Anger in Sri Lanka’s Ransacked Presidential Palace

Sri Lankans roamed through a ransacked presidential palace on Sunday as calm returned to the commercial capital, Colombo, a day after protesters stormed the building and forced President Gotabaya Rajapaksa to announce his resignation. Prime Minister Ranil Wickremesinghe also said he would step down to allow an all-party interim government…

Asharq Al-Awsat

IMF hopes for resolution of Sri Lanka crisis to allow bailout talks

The International Monetary Fund (IMF) said it is hoping for a resolution to Sri Lanka's political turmoil that will allow a resumption of talks for a bailout package after a violent day of protests.

Reuters

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Daily Mirror

Thousands storm president's home and jump in swimming pool amid economic collapse

Rising anger in Sri Lanka has boiled over as protestors broke through police lines into the president's home amid enormous shortages of fuel, food, and medicine

Reuters

IMF executive board approves $638 million for Benin

The International Monetary Fund's (IMF) executive board has approved a $638 million extended fund and extended credit facility for Benin under a 42-month arrangement to help the West African nation address pressing financing needs, the IMF said in a statement late on Friday.

Radio France Internationale

Sri Lanka leader flees amid protests over food, fuel shortages

Sri Lanka's President Gotabaya Rajapaksa fled his official residence in Colombo Saturday, according to defence sources, as protesters stormed his compound to demand his resignation. Earlier, the government declared bankruptcy amid the country's worst food and fuel crisis since independence in 1948.

Reuters

Why Ghana has returned to the IMF

Hundreds took to the streets of Ghana's capital Accra last week to protest over its deteriorating economy. Days later, the government of one of West Africa's most prosperous nations announced it would begin formal talks with the International Monetary Fund (IMF) for support.

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Dynamite News

Sri Lanka's PM Wickremesinghe challenges JVP leader Dissanayake to revive country's economy in 6 months

Sri Lanka's Prime Minister Ranil Wickremesinghe on Tuesday challenged Janatha Vimukthi Peramuna (JVP) leader MP Anura Kumara Dissanayake to revive the country's economy in six months.

The Independent UK

Sri Lanka PM says talks with IMF difficult due to bankruptcy

Sri Lanka’s prime minister says the country's talks with the International Monetary Fund are proving complex and difficult since it is now a bankrupt nation

Al Jazeera

I can turn around Sri Lanka’s economy: PM Ranil Wickremesinghe

Sri Lanka’s newly appointed prime minister says it will take one and a half years to stabilise the crisis-hit economy.

The Conversation

Pakistan: how an economic crisis has sent prices rocketing

Pakistan’s current economic struggles exemplify the little fires everywhere set alight across the global economy by a war during a pandemic. Like others in countries dependent on imported commodities — for example Ghana and Sri Lanka — Pakistanis are seeing food and fuel prices soar. Foreign exchange reserves – used…

Al Jazeera

With no fuel and no cash, Sri Lanka grinds to a halt

Less than a day’s worth of fuel remains, says the energy minister, as the cash-strapped nation extends school closures.

Bangkok Post

Crisis to crisis: What Asia learned from the financial chaos of 1997

Twenty-five years ago this month marked the beginning of economic, political and financial market turmoil that would become known as the Asian Financial Crisis. Currencies and stock markets tumbled. Governments were overthrown. Poverty rates soared.

Asharq Al-Awsat

IMF Delegation Visits Tunisia Monday to Start Loan Negotiations

A delegation from the International Monetary Fund will visit Tunisia on Monday to start negotiations over a loan program, a central bank official told Reuters on Friday. The official added that the start of talks comes after the completion of technical talks between the IMF and Tunisia. Tunisia, which is…

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