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Business News›News›Newsblogs›Sri Lanka Crisis News Live updates: Sri Lanka announces defaulting on all its external debt pending IMF bailout
LIVE BLOG
Economic Times | 12 Apr, 2022 | 01:03PM IST
Sri Lanka Crisis News Live updates: Sri Lanka announces defaulting on all its external debt pending IMF bailout
Sri Lanka News: Crisis-stricken Sri Lanka Tuesday announced it would default on its $51 billion external debt pending a bailout from the International Monetary Fund.
The finance ministry said creditors, including foreign governments that had lent to the South Asian nation, were free to capitalise any interest payments due to them from Tuesday afternoon or opt for payback in Sri Lankan rupees.
The island nation of 22 million people has been hit by prolonged power cuts, with drugs, fuel and other items running short, bringing angry protesters out on the streets and putting President Gotabaya Rajapaksa under mounting pressure.
The finance ministry said creditors, including foreign governments that had lent to the South Asian nation, were free to capitalise any interest payments due to them from Tuesday afternoon or opt for payback in Sri Lankan rupees.
The island nation of 22 million people has been hit by prolonged power cuts, with drugs, fuel and other items running short, bringing angry protesters out on the streets and putting President Gotabaya Rajapaksa under mounting pressure.
!1 New UpdateClick here for latest updates
Tirupati stampede: Officials say situation is normal now
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Atleast Three injured in stampede in Tirupati
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Russia says it destroyed ammo depots in two Ukrainian regions
The Russian defence ministry said on Tuesday that its missiles had destroyed ammunition depots in Ukraine's Khmelnytskyi and Kyiv regions. The ministry said Russian forces had struck an ammunition depot and hangar at the Starokostiantyniv airbase in the Khmelnytskyi region, as well as an ammunition depot near Havrylivka north of the capital Kyiv.
Union Ministry of Education seeks report from JNU over unrest in the university campus on the occasion of Ram Navami
Russia revises forecasts, GDP to fall more than 10% in 2022
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The Russian economy is expected to encounter double-digit economic contraction and inflation this year after Moscow sent tens of thousands of troops to Ukraine on Feb. 24 and the west imposed unprecedented financial and economic sanctions against Russia.
The Russian economy is expected to encounter double-digit economic contraction and inflation this year after Moscow sent tens of thousands of troops to Ukraine on Feb. 24 and the west imposed unprecedented financial and economic sanctions against Russia.
Jharkhand High Court has taken suo motu cognizance of Deoghar ropeway incident, orders inquiry in the matter
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Need to focus on essential imports: Sri Lankan central bank governor
"We need to focus on essential imports and not have to worry about servicing external debt," Governor P. Nandalal Weerasinghe said. "This will be on a temporary basis until we come to an agreement with creditors and with the support of a programme with the IMF," said Weerasinghe, who took office last week amid growing public unrest triggered by the economic crisis.
Sri Lanka to temporarily suspend foreign debt payments: Central bank governor
"It has come to a point that making debt payments are challenging and impossible. The best action that can be taken is to restructure debt and avoid a hard default," Governor P. Nandalal Weerasinghe told reporters. The governor said the action was being taken in good faith, emphasizing that the country of 22 million people had never defaulted on its debt payments.
Lanka defaults on external debts
The Sri Lankan govt has announced it would default on its $51 billion external debt pending a bailout from the International Monetary Fund. The finance ministry said creditors, including foreign governments that had lent to the South Asian nation, were free to capitalise any interest payments due to them from Tuesday afternoon or opt for payback in Sri Lankan rupees.
The Sri Lankan govt in a press release said that it is suspending normal debt servicing of all affected debts for an interim period.
Sri Lanka suspends foreign debt payments
"It has come to a point that making debt payments are challenging and impossible. The best action that can be taken is to restructure debt and avoid a hard default," Central Bank Governor P. Nandalal Weerasinghe told reporters.
Sri Lanka announces defaulting on all its external debt
EC seesks report on violence in Bengal during bypolls
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Nokia to exit the Russian market
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PM Narendra Modi inaugurates the hostel and education complex of Shri Annapurnadham Trust at Adalaj, Gujarat via video conferencing.
Supreme Court stays conviction of Congress leader Hardik Patel
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Goa Congress leader arrested in extortion case
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UK says fighting in eastern Ukraine to intensify over the next 2-3 weeks
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BJP leader Kirit Somaiya and son Neil are untraceable: Maharashtra govt
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India’s Cumulative COVID-19 Vaccination Coverage exceeds 185.90 Cr
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Violence breaks out in Asansol
TMC workers allegedly attacked BJP cadres. "TMC people attacked us, hurled stones at our convoy. Police doing nothing," Agnimitra Paul, who is BJP candidate for the seat, has alleged.
Russia aims to take Mariupol
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Active COVID cases currently at 10,889
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Canada imposes new sanctions on Russian defence sector
According to a news release issued by Foreign Affairs Ministry, these new measures will impose restrictions on 33 entities in the Russian defence sector.These entities have provided indirect or direct support to the Russian military, the news release said.
Since Febraury 24 when the Russia-Ukraine conflict began, Canada has imposed sanctions on more than 700 individuals and entities from Russia, Ukraine and Belarus. Canada's latest sanctions will impose asset freezes and prohibitions on listed entities, the release said.
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Death toll in Jharkhand's cable car mishap climbs to 3
The death toll in Jharkhand's Deoghar cable car accident climbed to three after a person fell down from helicopter while being airlifted on Monday evening.The accident took place on Sunday evening after two cable cars in a ropeway collided with each other at Trikut hills in Jharkhand's Deoghar district even as the Indian Air Force on Monday continued its operation to rescue starnded tourists.
Nearly two-thirds of Ukraine's children have fled homes
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Ukraine Live: Seven bodies found in ruined town near Kyiv
Ukraine recovered the bodies of seven people buried in the rubble of two destroyed high-rise housing blocks in the town of Borodyanka near Kyiv on Monday, the state emergencies service said. More than two hundred rescue workers have been scrambling to find missing residents since Ukraine retook the city west of Kyiv after Russian troops began pulling back from the region late last month. So far, the bodies of 19 people have been found in the destroyed buildings, the state emergencies service said in a statement.
Ukraine getting ready for offensive in the east
Ukraine said on Monday it expects Russia to begin an offensive soon in the eastern Donbas region as Moscow shifts its focus to seizing territory there after its invasion force was driven from the gates of Kyiv this month.
Russia's main target in Donbas is the port of Mariupol, where thousands are believed to have died under a near-seven week siege. Russia is amassing thousands of troops in the area for a new assault, Ukrainian President Volodymyr Zelenskiy said.
Russia's main target in Donbas is the port of Mariupol, where thousands are believed to have died under a near-seven week siege. Russia is amassing thousands of troops in the area for a new assault, Ukrainian President Volodymyr Zelenskiy said.
