The International Monetary Fund executive board approved the release of the second tranche of a $2.9 billion dollar bailout package to help Sri Lanka recover from the worst economic crisis in its history. In a statement, the fund said the decision Tuesday to release $337 million came after Sri Lanka had made “commendable progress” toward debt sustainability, raising revenue, rebuilding its reserves, reducing inflation and safeguarding financial stability. In September, the IMF delayed the release of the second tranche of the four-year package, saying Sri Lanka’s economy was recovering but the country needed to improve its tax administration, eliminate exemptions and crack down on tax evasion.
Argentina will swear in libertarian economist Javier Milei as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%. Milei, 53, a former TV pundit who shot to fame with expletive-ridden tirades against rivals, China, and the pope, will take the presidential sash already showing some signs of a pragmatic and moderate shift since his election win last month. The wild-haired outsider, however, marks a major gamble for Argentina: his shock therapy economic plan of sharp spending cuts has gone down well with investors and could stabilize the embattled economy, but it risks pushing more people into hardship with over two-fifths already in poverty.
On August 27, the finance ministry approved a proposal to spend Tk 380 crore to buy 261 new vehicles for deputy commissioners (DCs) and upazila nirbahi officers (UNOs).
Banks from four Arab countries are interested in investing in Lebanon’s struggling banking sector, which was hard-hit by the small nation’s three-year economic meltdown, a top Arab banker said Thursday. Lebanon is in the throes of its worst economic crisis in its short and troubled history that has skyrocketed poverty and inflation, and crippled its bloated public sector and infrastructure. Wissam Fattouh, the Secretary General of the Union of Arab Banks, spoke to The Associated Press on the sidelines of the biggest regional banking conference held in Beirut since the historic economic crisis began in October 2019.