Breaking News
1. Poland & France Poke Putin; Allow Ukraine To Use Their Weapons To Attack Russia      2. Cutting-edge tech to the rescue of year-old boy at SGPGIMS      3. LG letter on heatwave meant to defame, not help Delhi govt: Minister Saurabh Bharadwaj      4. Vijay Varma reacts to Gajendra Chauhan's recent statement on Payal Kapadia      5. The Panda Party is back on as giant pandas will return to Washington's National Zoo by year's end      6. Kailash Satyarthi - “We need to globalise compassion”      7. Coaches Of Goods Train Derail At Palghar, Affect Rail Schedule      8. VP Jagdeep Dhankhar Pays Tribute To Former PM Chaudhary Charan Singh On His Death Anniversary      9. Bus Overturns On Delhi-Mumbai Expressway Near Dausa      10. Fire Breaks Out At Parking Lot In Delhi, Several Cars Gutted      11. 21 Killed In Fresh Israeli Strike On Displacement Camp In West Rafah      12. Flesh Found In Septic Tank Of Flat Where Bangladesh MP Was Likely Killed      13. Dhruv Rathee's cryptic post day after Swati Maliwal blames 'popular YouTuber'      14. Pak "Violated" Lahore Agreement Signed With India In 1999: Nawaz Sharif      15. Pune Porsche accident: Maharashtra Congress demands CBI probe, Devendra Fadnavis' resignation      16. PM Modi to hold rally in Jharkhand and Kolkata; Rahul, Akhilesh in Varanasi today      17. Israeli PM Netanyahu acknowledges ‘tragic mistake’ after Rafah camp strike      18. IndiGo Flight Gets Bomb Threat At Delhi, Fliers Exit Through Emergency Door      19. Pune Porsche crash: Govt forms three-member panel after arrest of two doctors of Sassoon Hospital      20. Woman who accused Yediyurappa of sexually assaulting her daughter dies: Police     

Sri Lankan President Hopeful Of Overcoming The Economic Recession: Imf Sends Green Signal To $3 Billion In Bailout

  • Posted on March 22, 2023
  • News
  • By Akta Yadav
  • 283 Views
png_20230322_162707_0000-FDzrmPZamp.png
Sri Lankan President Hopeful of Overcoming The Economic Recession:-


At times when it seemed almost impossible for Sri Lanka to turn the tide and overcome the economic collapse, International Monetary Fund has sparked new hopes in the hearts of every netizen of the small island. The Sri Lankan crisis was nothing short of the debacles in Greece, Zimbabwe, etc., but the turnaround is more than expected this time than it was in the past 4 years.


According to reports, IMF approved a $3 billion bailout for the struggling nation in Southern Asia. The money is expected to facilitate improvements, if not wash away the whole catastrophe.


Sri Lankan President Hopeful of Overcoming The Economic Recession
Sri Lankan President Hopeful of Overcoming The Economic Recession

Sri Lankan President Ranil Wickremesinghe, while addressing the Parliament, made the announcement. He also stated that the first installment involving $330 million of the total $3 billion bailout is already released by the IMF.


The Sri Lankan President Ranil Wickremesinghe also mentioned that the officials would hold new rounds of talks with investors in the third week of April in a bid to overcome the economic collapse. 


Sri Lanka hit rock bottom in 2019, and despite several reforms and monetary aid, failed to get back on its feet. Almost every factor that could contribute to the failure of a country's economic system was visible in Sri Lanka!


Right from account deficits and hyperinflation to the fall in the value of the currency and huge looming debts, the economy couldn't help but fail over time. Adding to the woes, Covid-19 and the "all organic" reforms put a seal to the deal!


Experts, however, believe that the Sri Lankan crisis isn't an overnight event but a "collapse in the making" for years! 


Sri Lankan President Hopeful of Overcoming The Economic Recession
Sri Lankan President Hopeful of Overcoming The Economic Recession

Nevertheless, President Wickremesinghe is hopeful that the money coming in aid for the Sri Lankan crisis will help the country overcome the horrors and enable the government to build a safe and secure environment for future generations. If the money lent by IMF and other investors would be enough would be interesting to see in the upcoming months. 

https://theikariajuice.com/affiliates

For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.









Author
No Image
Author
Akta Yadav

You May Also Like