Thursday, August 18, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News

IMF asks Sri Lanka to restructure debt before bailout

AFPbyAFP
April 20, 2022, 1:00 pm
in News, World News
Reading Time: 2 mins read
A A
73
SHARES
Share on FacebookShare on TwitterShare on Email

The International Monetary Fund said on Wednesday that it has asked cash-strapped Sri Lanka to “restructure” its huge foreign debt before a bailout programme could be finalised as anti-government protests escalated across the island.

Anti-government demonstrators flash their mobile phone lights during a silent protest near the president’s office in Colombo on April 19, 2022, to pay tribute to a protestor reportedly shot by the police during a demonstration against the government over the nation’s crippling economic crisis. AFP

Sri Lanka opened talks with the IMF in Washington this week after announcing its first ever default on external borrowings.

The South Asia country is in the grip of its worst economic crisis since independence in 1948 and has been rocked by a wave of protests over food and fuel shortages.

“When the IMF determines that a country’s debt is not sustainable, the country needs to take steps to restore debt sustainability prior to IMF lending,” the Fund’s country director Masahiro Nozaki said in a statement.

“Approval of an IMF-supported program for Sri Lanka would require adequate assurances that debt sustainability will be restored.”

ADVERTISEMENT

The IMF said talks with Sri Lanka were still at an “early stage,” but it was “very concerned” about the economic situation and the hardships suffered by people, especially the poor and vulnerable.

Earlier this year, the IMF warned Sri Lanka’s approximately $51 billion foreign debt was unsustainable.

Colombo’s existing debt also means the country cannot apply for emergency financing, the IMF said.

Sources in the country’s finance ministry have made it clear that debt restructuring will require creditors to accept a “haircut” — a reduction in the value of their assets — or agree to longer repayment periods.

Nearly two weeks ago, the government nearly doubled key interest rates and allowed the currency to depreciate faster, hoping the move would encourage foreign currency inflows.

On Monday, President Gotabaya Rajapaksa conceded that Sri Lanka should have gone to the IMF “much earlier”. 

The country is short of dollars to finance even the important essentials, including food, fuel and medicines. Widespread shortages have sparked nationwide protests that turned violent on Tuesday.

One man was shot dead and 29 others were wounded in clashes in a central town, while tens of thousands continued demonstrations outside the president’s office in Colombo demanding his resignation.

Tags: Debteconomic crisisIMFSri Lanka
ADVERTISEMENT
AFP

AFP

Related Posts

High-ranking Japan, China officials hold 7-hour talks

byAFP
August 18, 2022, 6:20 pm
0
132
Southwoods nails Seniors’ Fil golf crown

Japan’s national security adviser met China’s top diplomat for talks that lasted seven hours and covered topics including Taiwan and...

Read more

Remains of two children found in auctioned suitcases

byAFP
August 18, 2022, 6:15 pm
0
134
Southwoods nails Seniors’ Fil golf crown

New Zealand police on Thursday confirmed that human remains found in two suitcases bought at an Auckland auction were of...

Read more

Russia: No heavy weapons at nuke plant

byAFP
August 18, 2022, 6:10 pm
0
133
Southwoods nails Seniors’ Fil golf crown

Russia’s defence ministry said Thursday that its forces did not have heavy weapons deployed at Ukraine’s Zaporizhzhia nuclear power plant,...

Read more

Afghan mosque blast death toll now 21

byAFP
August 18, 2022, 6:05 pm
0
134
Southwoods nails Seniors’ Fil golf crown

A blast which ripped through a mosque packed with worshippers in the Afghan capital Kabul killed at least 21 people...

Read more

16 dead in China flash flooding

byAFP
August 18, 2022, 6:00 pm
0
131
Southwoods nails Seniors’ Fil golf crown

Sixteen people have been killed and dozens are missing in flash flooding in northwest China after a sudden downpour triggered...

Read more

South Korean skaters begin bans after drink-driving crash

byAFP
August 18, 2022, 1:00 pm
0
145
South Korean skaters begin bans after drink-driving crash

Four South Korean speed skaters, including three-time Olympic medallist Kim Min-seok, have accepted competition bans of up to 18 months...

Read more

Stories you may like

  • People …are talking about Liza Soberano

    Supermodel son is Philippine bet in Manhunt International

    12352 shares
    Share 4941 Tweet 3088
  • How love kept Zoey Taberna alive

    10362 shares
    Share 4145 Tweet 2591
  • Another oil price rollback likely as world economy further stalls

    1475 shares
    Share 590 Tweet 369
  • Judgments and their execution

    1300 shares
    Share 520 Tweet 325
  • SMART/MVP-PH Team joins ‘22 Asian Taekwondo Championship

    1121 shares
    Share 448 Tweet 280

Print Edition

View More

Recent Posts

  • Baka puwede pa? Azkals in the 2023 Asian Cup
  • Private sector support
  • Developers’ courtesy call
  • Shaniah Rollo is here to stay
  • Search is on for inaugural Mister Asia-Pacific Philippines
  • Hit Koreanovelas air back-to-back on GMA Telebabad 
  • ‘Idol PH’ makes history as first local show to launch NFTs
  • People are talking about ‘Mars Ravelo’s Darna’

Advertisement

Latest News

Hit Koreanovelas air back-to-back on GMA Telebabad 

byManila Standard Showbiz
August 18, 2022, 8:30 pm
0
130
People are talking about ‘Mars Ravelo’s Darna’

GMA Heart of Asia brings good vibes to its loyal viewers as well-loved Korean dramas The Red Sleeve and About...

Read more

‘Idol PH’ makes history as first local show to launch NFTs

byManila Standard Showbiz
August 18, 2022, 8:20 pm
0
134
People are talking about ‘Mars Ravelo’s Darna’

ABS-CBN’s Idol Philippines marks history in the entertainment industry as it becomes the first Filipino program to launch non-fungible tokens...

Read more

People are talking about ‘Mars Ravelo’s Darna’

byManila Standard Showbiz
August 18, 2022, 8:10 pm
0
135
People are talking about ‘Mars Ravelo’s Darna’

‘Mars Ravelo’s Darna’  Decades after the critically-acclaimed comic artist released Darna, Filipinos across the country and the world continue to...

Read more

Why the skin is worth investing in

byKate Adajar
August 18, 2022, 8:00 pm
0
133
French design aesthetics on a smartphone

“Kate, how often do you apply sunscreen?,” Dr. Kaycee Reyes-Bacani, founder and owner of Luminisce Skin Clinic, asked me in...

Read more

Tech brand encourages public to ‘make your green mark’

byJoba Botana
August 18, 2022, 7:50 pm
0
130
French design aesthetics on a smartphone

By Joba Botana When I was asked if I wanted to watch a Parokya ni Edgar concert, my first thought...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App