Debt Justice
– Sovereign debt
– Domestic debt
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 »
Microfinance and Credit Regulatory Authority mooted first in 2012 as the Microfinance Regulatory and Supervisory Authority (MRSA) has seen daylight. But could it be the solution it is purported to be, i.e., regulate money lending and microfinance business and provide protection for the customers of money lending and microfinance business? While the socio-economic and political
Microfinance and Credit Regulatory Authority – A fatal flaw 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 »
Funding Universal Child Benefit through innovative external debt restructuring “There can be no keener revelation of a society’s soul than the way in which it treats its children.” – Nelson Mandela, 1995 Sri Lanka defaulted on its external debt obligations amid a deep economic crisis last year. Across the country, the majority of
Debt-for-Nurture Swaps: Sri Lanka’s Children Need Help Read More »
The government’s proposed domestic debt restructuring plan is going to be devastating for the most marginalized working people, like plantation and garment workers The domestic debt restructuring plan announced by the Government last Wednesday and passed by parliament on Saturday, targets only one significant domestic financial asset, namely retirement funds. Far reaching changes to the
Dispossession by Domestic Debt Restructuring 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 »
The IMF Board approved a 48-month extended arrangement under the Extended Fund Facility (EFF) of SDR 2.286 billion (about $ 3 billion) to support Sri Lanka’s economic policies and reforms. The Sri Lanka Government and business elite have welcomed the approval of the 17th IMF program, despite the failures of every one of the previous
IMF Deal: Facts behind the hype Read More »
Without a major course correction in its economic trajectory and a significant “haircut” on its external debt, the country will likely be knocking on the door for another IMF pact. It could face another default in a few years. The International Monetary Fund (IMF) executive board’s approval of loans is being celebrated in the elite
Sri Lanka’s IMF Agreement Will Not Alter the Trajectory of a Collapsing Economy 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 »
