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Sri Lanka's new government on Tuesday announced that it has ratified the agreement for debt restructuring sealed in the previous regime for USD 14.2 billion compulsory to maintain debt sustainability by the IMF through an exchange of new bonds for the existing bonds. The development comes days after the National People's Power (NPP) government on Saturday got the International Monetary Fund (IMF) approval for a staff-level agreement to secure the fourth tranche of the nearly USD 3 billion bailout package, something that President Anura Kumara Dissanayake backed despite his pre-presidential election rhetoric to renegotiate with the global lender to water down tough conditions. The debt restructuring agreement was reached in the last week of the then President Ranil Wickremesinghe's regime in September, days before the presidential polls. A final consensus on restructuring debt by the members of the Official Credit Committee (OCC) of major bilateral creditors in June 2024. In ...
Rural households are increasingly depending on borrowed money to meet everyday consumption needs, a practice that is not sustainable in the long run
The US Treasury yields slipped on Thursday ahead of inflation reports that are pivotal for the Federal Reserve's higher-for-longer rate strategy
'Central banks will occupy an ever-more important position in the economic and security life of nations, if history is any guide'
A corporate presentation notes the "consistent shareholder returns" from more than $11 billion in dividends over the past decade
The Delhi government has begun a special audit of the DJB amid the water works agency's rising debt and shrinking revenues, sources said on Tuesday. The Finance department of the Delhi government conducting the special audit will also look into alleged instances of fund diversion by the Delhi Jal Board (DJB) from capital heads to other works, they said. The audit will find out how a corpus of Rs 12, 712 crore provided in the last five years was utilised by the DJB even as its debt has soared to around Rs 70,000 crore from over Rs 26,000 crore in 2018, sources said. The DJB, apart from production and distribution of water and disposal of sewerage, also looks after Yamuna cleaning in the city. It is currently executing various projects worth Rs 18,000 crore, official sources said. They said it has come to knowledge that the DJB in the past diverted funds under capital heads to meet its pending bills for various projects. Out of Rs 1,557 crore provided to it this year for various work
Vedanta Resources, is battling a host of rating downgrades triggered by worries over outstanding dues - $6.4 billion as of May - according to the company
It won't be easy. Country Garden doesn't benefit much from the government's latest measures, at least not immediately
'India as G20 chair has given confidence to Third World'
Since the sector's debt crisis unfolded in mid-2021, companies accounting for 40% of Chinese home sales have defaulted, most of them private property developers
Pakistan needs a "constructive relationship" with the global financial institutions if it wants to avoid a default, the former chief of the cash-strapped country's central bank has said. The remarks by Reza Baqir, the former governor of the State Bank of Pakistan came as he addressed the final session of the Pakistan Literature Festival, held on Saturday in London. He said that if there is a default, Pakistan will go through a painful, protracted process. Pakistan's chances for the revival of the current USD 6.5 billion International Monetary Fund programme have almost diminished before it expires on June 30. Out of the USD 6.5 billion packages, the IMF has not yet disbursed USD 2.6 billion to Pakistan. I am concerned because our relationship with the international financial community has not improved over the last few months. The deterioration comes in terms of substance and communication. If we want to avoid default, we have to have a constructive relationship with those who are
The prospects of a global economic recovery remain dim amid supply chain disruptions, prolonged debt crisis and pressures on energy, food and fertiliser security, External Affairs Minister S Jaishankar said on Monday, calling for a united global approach to deal with the challenges. In an address at the G20 Development Ministers' conclave here, he also said that India has put forward an ambitious seven-year action plan for accelerating progress on the Sustainable Development Goals (SDGs) that presented an integrated and inclusive roadmap for G20 actions. The roadmap focuses on digital public infrastructure and fostering data for development, investing in women-led development and energy transition to protect the planet. "The world today faces unprecedented and multiple crises -- from the pandemics to the disruptions in supply chains, from the impact of conflict to climate events, our era is becoming more volatile and uncertain by the day," Jaishankar said. "Added to this is the ...
The company chalks up its current debt predicament to aggressive distressed-debt investors who, in its view, were never supposed to be able to buy the loan
This comes after Anil Agarwal-owned holdco raised brand fee to 2% of turnover for its India biz
In New York, a cohort of debt-relief activists and US state politicians are pushing for a more-permanent solution: a law that would overhaul the process of restructuring sovereign debt
The Common Framework should be replaced, he said, in the strongest terms used by a World Bank official. "It's not the right machinery"
Indian companies are doing better than peers, but business is slowing down
UN Secretary-General Antonio Guterres is asking the G20 finance ministers meeting in Bengaluru to take bold steps to reform the international development banks and find ways to solve the debt crisis
More than a decade after one debt-ceiling standoff led to a sovereign US rating downgrade, financial-market turmoil and a weakened economic recovery
The Prime Minister made these comments in his opening remarks at the concluding session of the virtual "Voice of Global South" summit