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ISLAMABAD (Reuters) -The disbursement of $1.1 billion by the International Monetary Fund (IMF) will help Pakistan achieve greater economic stability, Prime Minister Shehbaz Sharif said on Tuesday, amid discussions for a new loan programme. The funding was the second and final tranche of Pakistan's $3 billion standby arrangement with the IMF which it secured last summer to help avert a sovereign default. "The disbursement will bring more economic stability in Pakistan," Sharif said in a statement from his office, adding that the standby arrangement was important in saving the South Asian nation from defaulting on its external liabilities. ....
Prime Minister Dinesh Gunawardena said Premier Li Qiang had promised Beijing would also help the South Asian nation’s debt restructuring process continuously. ....
Sri Lanka's central bank cut interest rates Tuesday as the prime minister visited China seeking a debt restructuring deal crucial to maintaining an IMF bailout."We are in the final stages of restructuring our foreign debt and the prime minister is in China for this purpose," Gunawardana told reporters in Colombo. ....
Sri Lanka's cabinet has approved increasing the minimum wage by 40%, a top official said on Tuesday, to support workers struggling with living costs as the economy slowly shakes off its worst financial crisis in decades, helped by an IMF bailout. Sri Lanka's economy collapsed in early 2022 after its foreign exchange reserves dwindled to record lows triggering soaring inflation, currency depreciation and a default on its foreign debt. Revision of the minimum wage from 12,500 rupees ($42) to 17,500 rupees was approved by cabinet to support people living in poverty, said cabinet spokesman and Transport Minister Bandula Gunawardana. ....