Sri Lanka seeking US$3 billion under IMF Extended Fund Facility

1/6/2022 4:48:00 PM

Sri Lanka seeking US$3 billion under IMF Extended Fund Facility

Sri Lanka

Sri Lanka seeking US$3 billion under IMF Extended Fund Facility

COLOMBO: Sri Lanka is in talks with the International Monetary Fund (IMF) to borrow at least US$3 billion via the lender\u0027s extended fund facility (EEF), sources familiar with the matter told Reuters. The island state\u0027s government expects another round of technical talks with the IMF in early June and hopes

COLOMBO: Sri Lanka is in talks with the International Monetary Fund (IMF) to borrow at least US$3 billion via the lender's extended fund facility (EEF), sources familiar with the matter told Reuters.The island state's government expects another round of technical talks with the IMF in early June and hopes to reach to a staff-level agreement as soon as the end of this month, two of the sources said, speaking on condition of anonymity.

A spokesperson for the IMF didn't immediately reply to a request for comment. Spokespeople for Sri Lanka's finance ministry and central bank didn't respond to a request for comment.Sri Lanka has requested a rescue plan to overcome its worst economic crisis since independence in 1948. It defaulted on some overseas debt earlier this year and is struggling to pay for imports of basics such as fuel and medicine.

Read more:
CNA »

Defu Lane workshop fire: Witness heard loud boom while watching World Cup match

A fire broke out at a vehicle workshop along Defu Lane 12, near Bartley Road East, on Friday evening. Read more at stomp.straitstimes.com Read more >>

Sri Lanka court suspends pardon for Rajapaksa loyalist, in landmark decision

Bankrupt Sri Lanka hikes taxesCOLOMBO — Cash-strapped Sri Lanka on Tuesday (May 31) announced steep, across-the-board tax hikes to shore up revenue as the country suffers its worst economic downturn and seeks an International Monetary Fund (IMF) bailout.

Bankrupt Sri Lanka hikes taxesCOLOMBO: Cash-strapped Sri Lanka on Tuesday (May 31) announced steep, across-the-board tax hikes to shore up revenue as the country suffers its worst economic downturn and seeks an IMF bailout. The value-added tax (VAT) applied on almost all goods and services was raised from 8 per Sama macam IsmailSabri60 tengah pikir nak kembalikan GST

Crisis-hit Sri Lanka hikes tax rates to maximise govt revenuesstraits_times Maximise corruption revenues- corrected it 👍

Sri Lanka appeals for farmers to plant more rice as food shortage loomsCOLOMBO: Sri Lanka wants farmers to plant more rice as part of plans to avert a severe food shortage, a top official said on Tuesday (May 31), as experts warned of a 50 per cent drop in production that would worsen the impact of its already-severe financial crisis. Sri Lanka is in the throes of its worst s

Sri Lanka women look to next World Cup after missing out on New ZealandLAHORE : Chamari Athapaththu's Sri Lanka will be keen to garner as many points as possible in the one-day series against Pakistan beginning on Wednesday as they begin the long trek towards the 2025 Women's World Cup. Sri Lanka failed to qualify for this year's tournament in New Zealand, where Australia bea

LinkedIn COLOMBO: Sri Lanka is in talks with the International Monetary Fund (IMF) to borrow at least US$3 billion via the lender's extended fund facility (EEF), sources familiar with the matter told Reuters.Copy to clipboard https://str.The value-added tax (VAT) applied on almost all goods and services was raised from 8.LinkedIn COLOMBO: Cash-strapped Sri Lanka on Tuesday (May 31) announced steep, across-the-board tax hikes to shore up revenue as the country suffers its worst economic downturn and seeks an IMF bailout.

The island state's government expects another round of technical talks with the IMF in early June and hopes to reach to a staff-level agreement as soon as the end of this month, two of the sources said, speaking on condition of anonymity. A spokesperson for the IMF didn't immediately reply to a request for comment. A three-judge bench asked the police to arrest Duminda Silva, who was facing the death penalty for a 2011 murder but was freed in June after President Gotabaya Rajapaksa granted him an amnesty. Spokespeople for Sri Lanka's finance ministry and central bank didn't respond to a request for comment.0 million rupees (S$11,400) a year to 1. Sri Lanka has requested a rescue plan to overcome its worst economic crisis since independence in 1948. He said the decision was given following an unprecedented challenge to the presidential pardon. It defaulted on some overseas debt earlier this year and is struggling to pay for imports of basics such as fuel and medicine. Prime Minister Ranil Wickremesinghe, who is also the finance minister , said Rajapaksa's tax cuts cost the state around 800 billion rupees annually and widened the budget deficit sharply.

Related: Bankrupt Sri Lanka hikes taxes An EFF programme, which would be the 17th IMF plan for the nation, requires countries to make structural economic reforms"to correct deep-rooted weaknesses", according to the IMF's website. "This decision of the Supreme Court is historic," Premachandra told AFP. Prime minister Ranil Wickremesinghe, who is also the finance minister, said Mr Rajapaksa's tax cuts cost the state some 800 billion rupees annually and widened the budget deficit sharply. These programmes normally last three years with a grace period of four-and-a-half years to start paying back the loan, once the plan is approved. A US$3 billion deal would represent almost four times the country's quota with the IMF." The killing happened during a shoot-out in the capital Colombo, between rival factions of the same political party. The IMF said last week it was in talks with Sri Lanka for a"comprehensive" reform package, but didn't specify what type of programme was being negotiated. His predecessor and the president's elder brother Mahinda stepped down after months of anti-government protests turned deadly. Prime Minister Ranil Wickremesinghe, who took office in May after mass protests forced the resignation of his predecessor, Mahinda Rajapaksa, plans to present an interim budget within weeks. Silva was injured when Lakshman's bodyguards fired back. Sri Lanka has also defaulted on its US$51 billion foreign debt.

The government announced on Tuesday a taxation overhaul to boost revenue, hiking corporate tax and raising the value added tax (VAT) rate to 12 per cent from 8 per cent with immediate effect. Sri Lanka recently appointed financial and legal advisers to kick off talks with bondholders and bilateral lenders, such as China and Japan. His release drew international condemnation, with the US ambassador saying it undermined the rule of law in the South Asian nation, which is emerging from decades of war. Mr Wickremesinghe said he was also removing several tax breaks granted to companies in recent years. Source: Reuters/nh .