Developing nations are facing a catastrophic debt crisis in the coming months as rapid inflation, slowing growth, rising interest rates and a strengthening dollar coalesce into a perfect storm that could set off a wave of messy defaults and…
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Putting equal onus on rich global north and developing global south, the Paris Club creditor nations are proposing a 10-year moratorium on Sri Lankan debt and another 15 years of debt restructuring as a formula to resolve the current…
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President Cyril Ramaphosa's political future hung in the balance on Friday )2), as South Africans wondered whether he would cling to power or resign over accusations that he sought to cover up a burglary at his farm
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State-run SriLankan Airlines will request proposals to lease up to 11 aircraft to replace those whose lease contracts are expiring over the next year, Chairman Ashok Pathirage said
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As one country after another succumbed to outbreaks this year, China kept the coronavirus at bay, buying valuable time to prepare for the inevitable: a variant of the virus so shifty and contagious that China, too, would struggle to contain…
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The depth of the Sri Lankan collapse has been stunning. Like many developing economies, it relies on imports of food, fuel and fertilizer. Russia’s invasion of Ukraine has constrained supplies and substantially raised the prices of all…
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Speaking in Parliament, President Wickremesinghe has made it clear that he will not dissolve the Parliament amidst an economic crisis. “Today people are fed up with the political parties and politics” he added that without delivering a…
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The world's poorest countries now owe $62 billion in annual debt service to official bilateral creditors, an increase of 35% over the past year, World Bank President David Malpass said on Thursday (Dec 1), warning that the increased burden…
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Sri Lanka said Thursday (Dec1) it was reorganizing its blackout-prone electricity grid to guarantee power to tourist resorts, in an effort to lure back foreign travellers after a bruising economic crisis
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Sri Lanka’s 12-month inflation in Colombo fell to 61% in November 2022 from 66% in October as price stabilized after interest rates were allowed to go up and the exchange rate was pegged around 360 to the US dollar
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