The Asian Development Bank said Friday that it has approved $200-million concessional loan to debt-stricken Sri Lanka to help stabilize the country’s finance sector following an unprecedented economic crisis that engulfed the Indian Ocean island nation last year. The bank's announcement comes as Sri Lanka is awaiting International Monetary Fund approval for the second installment of a $2.9-billion bailout package to rescue the country from bankruptcy. The ADB said its Financial Sector Stability and Reforms Program for Sri Lanka includes two subprograms of $200 million each that would help strengthen the stability and governance of the country’s banking sector, and deepen sustainable and inclusive finance, particularly for women-led micro, small, and medium-sized enterprises.
Sri Lanka’s Parliament voted to support a proposal to restructure a staggering domestic debt in a special session Saturday as the Indian ocean island nation struggles to emerge from an unprecedented economic crisis. The parliament’s approval enables the government to go ahead with the proposed restructuring plan which is part of the prerequisites of a bailout package approved by the International Monterey Fund which has described Sri Lanka’s debt as unsustainable to help alleviate the countr
the economy while the rest of the funds will be paid out in the funds will be paid out in the next nine months. the deal is a lifeline to the country of 230 million people. pakistan had been facing a severe balance of payment prices with only enough reserves to cover barely a month of imports. that story is now live on our website so if you want to learn more about the imf bailout package for pakistan, you can go to the bbc website and click on business. pakistan is not alone in needing imf assistance. not long ago, sri lanka was in the same situation. it has been a year since its former president fled the country amid the massive economy crisis. market was deserted year ago but now it is abuzz with activity and businesses. in the country, the
Pakistan and the International Monetary Fund (IMF) have reached a preliminary agreement on a $3 billion bailout package that could help stabilize the country s economy and avert a sovereign default.