COLOMBO is heaving a sigh of relief two years after the island's economy crashed, compelling the government to declare bankruptcy and immediately suspend repayments on multilateral and bilateral loans. It was an economic horror story-and still is-despite bilateral creditors finally reaching an agreement on June 26 to restructure debt. Sri Lanka's total debt stood at $92.43 billion in 2022, half of it to foreign creditors. So, debt restructuring offers respite as the island economy struggles for recovery, and may pave the way for creditor nations to resume projects or invest anew. But the economic and socio-political woes are far from over.
Under the Memorandum of Understanding (MoU), Sri Lanka's loan repayments stand postponed until 2028 and there is provision to settle some bilateral loans by 2043. This immediately reduces the crushing weight of multilateral debt, but all these extensions mean Sri Lanka continues to remain in the clutches of those it owes money to. Then there are the commercial loans that are up for renegotiation. In such a backdrop, there could be truly little to celebrate.
Diese Geschichte stammt aus der July 01, 2024-Ausgabe von The New Indian Express.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der July 01, 2024-Ausgabe von The New Indian Express.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Harmanpreet & Co seek quick turnaround against Pakistan
FIELDING and fitness are of the highest priority,\" Amol Muzumdar said on the eve of his first-ever T20I series as a head coach of India.
MORE PRIDE, LESS PREJUDICE
One of the best bowlers in the world, Australia's Schutt opens up to Kalyani Mangale about her journey as a queer athlete, how perspectives have changed after becoming a mother and more...
Sarthak clinches maiden national crown
PUNE'S Sarthak Chavan (TVS Racing), enjoying the best season of his fledgling career yet, scripted history when he became the youngest ever, at 17, to seal the title in the premier Pro-Stock 301-400cc Open class as the fifth and final round of the MRF MMSC fmsci Indian National Motorcycle Racing Championship 2024 - Powered by STORM headed towards a grand climax on Saturday.
Sreejesh 2.0: Veteran set for fresh test as jr team coach
THE last match PR Sreejesh played for the country, he captured a bronze medal at the Olympics.
India grapplers doubtful for Sr and U23 Worlds
PARTICIPATION of Indian wrestlers in the U23 and Senior World Championships scheduled in Tirana, Albania looks doubtful due to ongoing scuffle between the Wrestling Federation of India and government.
Household debt up 26% CAGR since '20
FINANCIAL liabilities/indebtedness of the households, which nearly doubled to 5.6% of GDP in FY23, have grown at a compounded annual growth rate of 26% between FY20 and FY23 as against 17% in the pre-pandemic decade, while their savings grew at a much lower 9%, down from 11%, shows an analysis.
ABHINANDAN LODHA FLOATS 'PLOTS-ONLY' REALTY MODEL
IN the old days, especially in the smaller cities and towns, a 'developer' meant the chap who had the pluck to convert some agricultural land to 'residential use'.
How will China stimulus impact India
CHINA'S effort to revive its economy via a financial and monetary stimulus package is perceived to have a strong impact on India - positive as well as negative.
Hezbollah loses contact with Nasrallah successor
Hashem Safieddine unreachable after Israeli strike targeting him
SBI declares MTNL loan as NPA due to payment default
THE State Bank of India (SBI) has declared loans given to state-owned Mahanagar Telecom Nigam Limited (MTNL) as a sub-standard non-performing asset (NPA) due to default in re-payment.
