Sleepless in Kyiv: Families take shelter underground amid Russian strikes
Several nights a week, Daria Slavytska packs a stroller with blankets, food, and a yoga mat. Then she heads into the Kyiv subway with her two-year-ol...
The IMF has approved the third review of Sri Lanka's $2.9 billion bailout, releasing $333 million in funding. While signs of economic recovery emerge, the country still faces critical debt restructuring challenges to move forward with the programme.
The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the South Asian economy remains vulnerable. In a statement, the global lender confirmed it would release approximately $333 million, bringing the total funding to around $1.3 billion, as signs of an economic recovery emerge.
However, Sri Lanka must still complete a $12.5 billion bondholder debt restructuring and a $10 billion debt rework with bilateral creditors, including Japan, China, and India, to progress with the programme, according to the IMF. The bailout, secured in March of the previous year, helped stabilise the economy after Sri Lanka plunged into its worst financial crisis in over seven decades in 2022.
Maintaining tax revenue and continuing reforms of state-owned enterprises will be critical in achieving the primary surplus target of 2.3% of GDP next year, said IMF Senior Mission Chief Peter Breuer, concluding his delegation’s visit to the capital, Colombo. "The authorities have committed to staying within the guardrails of the programme," Breuer stated. "We have agreed on a package for them to achieve their priorities and objectives and, as soon as that is submitted to parliament, the fourth review process will proceed."
Sri Lanka's new president, Anura Kumara Dissanayake, announced this week that an interim budget would be presented to parliament in December. He hopes to complete the debt restructuring by the end of December.
During the crisis, a severe dollar shortage sent inflation soaring to 70%, the currency plummeted to record lows, and the economy contracted by 7.3% at its worst, followed by a 2.3% decline last year. Recently, the rupee has risen by 11.3%, and inflation has disappeared, with prices falling by 0.8% last month.
The World Bank forecasts Sri Lanka’s economy will grow by 4.4% this year, marking the first increase in three years.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Two Harry Potter actresses, Emma Watson and Zoe Wanamaker, have each received a six-month driving ban after separate speeding offences, both sentenced on the same day at a Buckinghamshire court.
U.S. markets closed mostly flat Friday, capping a third winning week out of four.
U.S. President Donald Trump signed the GENIUS Act into law on Friday, creating the first U.S. regulatory framework for dollar-backed stablecoins and marking a major win for the crypto industry.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
As some top global banks scale back climate efforts, India is moving forward with mandatory rules for lenders to report and manage climate-related financial risks.
The Indian rupee is expected to open stronger on Friday, supported by gains in other Asian currencies and a temporary pause in the U.S. dollar index’s upward trend.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment