September 21 was a day of many firsts in Sri Lanka. Millions of people went to the polls to vote in the first presidential elections since mass protests forced the country’s last elected president, Gotabaya Rajapaksa, from office in 2022. It also marked the first time in Sri Lanka’s history that a second round […]
Sri Lanka’s new president faces uphill battle to revive debt-ridden economy Read More »
The people of Sri Lanka have spoken. In a historic moment, Anura Kumara Dissanayake has been elected as the nation’s president, marking a new chapter in Sri Lanka’s political history. This election, deeply rooted in the widespread calls for systemic change during the 2022 Aragalaya protests, represents the will of the people and their demand
President Anura Kumara Dissanayake: Sri Lanka’s Desire to Chart a New Course. Read More »
Renegotiating the IMF agreement is imperative for Sri Lanka’s economic recovery and future stability. The current conditionalities are not aligned with best practices and pose significant risks to the country’s fiscal health and social well-being. A restructured agreement that includes substantial debt reduction, realistic fiscal targets, and respect for Sri Lanka’s sovereignty over its economic policies
Sri Lanka and IMF Renegotiations Read More »
For more information and interviews contact Tim Jones on +44 7307 620372 New analysis released today shows that Sri Lanka’s bondholders are set to be repaid significantly more than government creditors such as China, under the in-principle restructuring deal agreed in early July. The calculations by UK-based Debt Justice, together with Sri Lankan campaigners Yukthi
Sri Lanka’s bondholders to get repaid 20%-46% more than China Read More »
Put people at the centre of plans for socio-economic recovery and advancement The IMF team is in Colombo for the Second Review of the ongoing Extended Fund Facility (EFF) loan agreement with Sri Lanka and will meet with some civil society organisations and think tanks in Colombo on 19 March 2024, to receive their
CSO’s and TU’s reject cosmetic consultations of IMF Read More »
The International Monetary Fund (IMF) issued an end-of-mission press release on 27 September 2023, with its preliminary findings on economic performance and policies underpinning the first review under the IMF Extended Fund Facility (EFF) arrangement with Sri Lanka. 1 The IMF is yet to reach a staff-level agreement with Sri Lanka that would lead to
IMF lauds developments that worsens the plight of Sri Lanka’s poor Read More »
An International Monetary Fund (IMF), team was in Sri Lanka from September 14-to 27 to discuss economic and financial policies and conduct the First Review of the Extended Fund Facility program comprised of a loan of USD 2.9 billion to be disbursed over four years. The lender of last resorts was unable to reach a
Sri Lanka debt justice collective writes open letter to IMF on DDO Read More »
Independent Commission for the Reform of International Corporate Taxation (Press Release, 3 July 2023) 3 July 2023 Dear Ms. Kristalina Georgieva The Managing Director International Monetary Fund (IMF) Re: IMF assistance to Sri Lanka We are writing this open letter to you to express our concerns on the International
Open Letter to IMF Managing Director on Sri Lanka (ICRICT) Read More »
Debt-for-nature swaps have emerged as a mechanism, from the Global North to address both environmental conservation and sovereign debt challenges. While they offer a potential solution to private creditors and money markets these arrangements have sparked significant controversy due to their complexities and potential unintended consequences. There are controversies surrounding debt-for-nature swaps and key concerns associated
Unveiling the Controversies Surrounding Debt-for-Nature Swaps Read More »
Sri Lanka’s default highlights the dangers of relying on international sovereign bonds – with high interest rates – to fund development. Sri Lanka’s debt default – announced in April of last year amid foreign currency shortages that had triggered rolling blackouts, fuel queues, and street protests – has been subject to endless debate by
The Real Cause of Sri Lanka’s Debt Trap Read More »
