Bankruptcy

Sri Lanka slips into default, central bank head agrees to stay on
The island nation fell into default for the first time in its history as the gov’t struggled to halt an economic crisis.
Published On 19 May 2022
As crisis worsens, Sri Lankan businesses want Rajapaksa to go
Several business groups in Sri Lanka have asked the president to appoint a new government and resign immediately.
Published On 12 May 2022
Tennis great Boris Becker jailed for two years in bankruptcy case
Six-time Grand Slam champion said his $50m career earnings were swallowed up by ‘expensive divorce’ and debts.
Published On 29 Apr 2022
How a powerful dynasty bankrupted Sri Lanka in 30 months
After Rajapaksa won 2019 elections, a mix of sweeping tax cuts and ill-thought-out policies have eroded nation’s cash.
Published On 28 Apr 2022

Sri Lanka’s worst financial crisis has left it struggling to pay for essentials, including food, fuel and medicines.

Reliance’s decision to back out comes after almost two years of litigation as Amazon contested the takeover.

Appointing advisers is the first step in accessing emergency funds from development banks.

IMF says Sri Lanka’s debt is unsustainable and it needs to restore debt sustainability before it can get any funds.

The IMF may consider this request due to the unique circumstances, an aide to the nation’s finance minister said.

Sri Lanka is seeking up to $4bn to pay for essentials and pay creditors, but it must show IMF a sustainable debt plan.

As Sri Lankan delegation heads to Washington, DC, to secure funds, protests calling for Rajapaksa’s ouster continue.

Colombo makes the call as foreign reserves needed to pay for imports of essentials like medicines and food dwindle.

Sri Lanka is facing its worst financial crisis in decades, and foreign exchange reserves have fallen to $2.36bn.

It’s asking the Supreme Court to order lenders and central bank to give it more time, not classify it as a defaulter.

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