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The Latest Breaking News from International Monetary Fund

Explained: How Sri Lanka fell into debt trap, defaulted on foreign payments

NEW DELHI: Grappling with its worst economic crisis since the country got independence in 1948, Sri Lanka on Tuesday announced a default of $51 billion on foreign debt.

The Times of India

South Asian Country Defaults On $51B External Debt Amid Concerns Of Food, Fuel Shortages

Amid the deepening financial crisis in the country, Sri Lanka defaulted on its $51 billion foreign debt, pending a bailout from the International Monetary Fund, with whom the talks are scheduled for the end of this month.

Benzinga

Sri Lanka halts debt repayment pending IMF bailout plan

Sri Lanka's government says it is suspending its repayment of foreign debt, including bonds and government-to-government borrowings, pending the completion of a loan restructuring program with the International Monetary Fund to deal with the island nation’s worst economic crisis in decades

The Independent UK

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Sri Lanka unilaterally suspends external debt payments, says it needs money for essentials

Sri Lanka's central bank said on Tuesday it had become "challenging and impossible" to repay external debt, as it tries to use its dwindling foreign exchange reserves to import essentials like fuel.

Reuters

IMF sets up administered account to allow donors to fund Ukraine

Ukraine's finance ministry on Monday welcomed the creation of a special new account set up by the International Monetary Fund to give bilateral donors and international organizations a secure way to send financial resources to war-torn Ukraine.

Reuters

BlackRock urged to delay debt repayments from crisis-torn Zambia

Anti-poverty campaigners say world’s largest fund manager refuses to reduce or delay payments on Zambia’s debt

The Guardian - UK

India’s role in a disordered world

New Delhi can play an important role in shaping a new, more democratic, world order

The Hindu

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Sri Lanka can overcome economic crisis provided Central Bank is allowed to run independently: Governor

COLOMBO: Exuding confidence in overcoming the unprecedented economic crisis, the newly appointed Governor of the Central Bank of Sri Lanka, Nandalal Weerasinghe said that one of the ways to overcome the current crisis situation is to allow the Central Bank to function independently.

The Times of India

India eradicates ‘extreme poverty’ via PMGKY: IMF paper

A new (International monetary fund) IMF paper released on Tuesday, titled ‘Pandemic, Poverty, and Inequality: Evidence from India’ reveals that ‘extreme poverty was maintained below 1% in 2020 due to Pradhan Mantri Garib Kalyan Ann Yojana (PMGKY).

The Hindu

New Lebanese Parliament Will Act on IMF Deal, PM Adviser Says

A set of reforms the IMF wants Lebanon to enact before approving a funding deal for the country will largely be left for a new parliament to study, an adviser to the prime minister said on Friday, suggesting little may be done before a May 15 national election. The IMF…

Asharq Al-Awsat

Sri Lanka doubles interest rates to tame inflation; stabilise economy

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

Reuters

Lebanon: Salameh Hopes IMF Conditions Are Met to Secure Program

Lebanese central bank governor Riad Salameh said on Friday he hoped prior conditions set by the International Monetary Fund (IMF) in a staff-level agreement with Lebanon would be met in order to secure IMF board approval of a program. The IMF said on Thursday it had reached a draft funding…

Asharq Al-Awsat

Will Fighting Inflation in America Cause a Debt Crisis Abroad?

How the Fed Shapes the Global Economy

Foreign Affairs

Is struggling Sri Lanka salvageable?

Last Sunday -- with two notable exceptions -- Sri Lanka's cabinet resigned en masse in protest against the government's handling of the worst economic crisis to hit the island in decades, which has sparked widespread rioting, unrest, and arson attacks on police property.

Bangkok Post

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The Independent UK

Lebanon reaches tentative deal with IMF on economic policies

Lebanon and the International Monetary Fund have reached a tentative agreement on comprehensive economic policies that could eventually pave the way for unlocking billions of dollars in loans to the crisis-hit country

Asharq Al-Awsat

IMF, Lebanon Reach Staff-level Funding Deal, Subject to Reforms

The International Monetary Fund (IMF) said on Thursday it had reached a staff-level agreement with Lebanon for a four-year extended fund facility that would however only get full approval from the fund if Beirut enacts a series of reforms. An agreement with the IMF is seen as vital for Lebanon…

Reuters

IMF, Lebanon reach draft funding deal, subject to reforms

The International Monetary Fund (IMF) said on Thursday it had reached a draft funding agreement with Lebanon - but that Beirut needed to enact a batch of economic reforms first before its board decided whether to approve the deal.

Al Jazeera

Pakistan political crisis: Rupee falls to an all-time low

The rupee hit 188.14 to the US dollar as the country’s top court prepared to deliver a verdict.

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Reuters

Sri Lanka calls for $1 billion debt restructure as crisis rages

Sri Lanka must urgently seek funds from multilateral lenders and aim to restructure a debt payment due in July, its outgoing finance minister said on Thursday, pleading for political stability amid the country's worst economic crisis in decades.

Financial Times

Financial warfare: will there be a backlash against the dollar?

The sanctions freezing Russia’s foreign currency reserves have created an incentive for countries to bypass the US currency

Reuters

In stunning reversal, protests leave Sri Lanka's ruling dynasty teetering

In 2020, Mahinda Rajapaksa won elections to become Sri Lanka's prime minister, serving under his brother and president Gotabaya. In 2021, another sibling, Basil, was named finance minister, tightening the family's hold on power.

The Times of India

IMF report lauds India's 'Ann Yojna' for averting extreme poverty during pandemic

NEW DELHI: India has averted the rise in extreme poverty through the food security scheme, Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), according to the International Monetary Fund report.

The Times of India

IMF paper lauds India's 'Ann Yojna' for averting extreme poverty

NEW DELHI: India has averted the rise in extreme poverty through the food security scheme, Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), according to the International Monetary Fund report.

The Hindu

Gotabaya loses majority in parliament

Over 40 MPs including from allies of ruling SLPP alliance sat as a separate block

The Independent UK

Call for greater focus on developing Covid vaccines that block transmission

Experts have warned that the pandemic could ‘reverberate’ around the world for years to come.

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