Essential Middle East explores the crisis that has resulted in the rise of bank heists in Lebanon.
While the $2.9bn agreement will provide some relief, its disbursement is still many months away.
The second such IMF visit is on Wednesday as Sri Lanka scrambles to lock in $3bn to pave its way out of the crisis.
The country’s debt burden is considered ‘unsustainable’ leading the lender to seek assurances from creditors.
Policy makers are assessing effects of interest hikes this year on cooling price growth, amid an unprecedented crisis.
The move comes as inflation hit a record 54.6 percent and food inflation galloped to 80.1 percent.
The IMF has said Sri Lanka needs to whittle down existing debt to ‘sustainable’ levels before it can receive any aid.
Gov’t decided on Monday to limit fuel to essential services until July 10 and told residents to stay home.
The two sides have agreed on the budget and fiscal measures but still need to agree on a set of monetary targets.
In a lawsuit, the bondholder said the default is being ‘orchestrated by officials at the highest levels of government’.
Colombo hopes the IMF visit, overlapping with debt restructuring talks, will yield a quick staff-level agreement.
Crypto enthusiasts say it’s the only solution to the cash crunch that was created when the Taliban took over.
Rajapaksa says he won’t stand for re-election but wants to fix financial mess rather than ‘go as a failed president’.
Sri Lanka’s IT sector is trying to retain talent with dollar-linked salaries as young professionals look to exodus.
