Loan request – Tedxyouth Caltech http://tedxyouthcaltech.com/ Mon, 09 May 2022 09:25:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tedxyouthcaltech.com/wp-content/uploads/2021/10/icon-5-120x120.png Loan request – Tedxyouth Caltech http://tedxyouthcaltech.com/ 32 32 Abramovich refuses loan request for Chelsea sale https://tedxyouthcaltech.com/abramovich-refuses-loan-request-for-chelsea-sale/ Fri, 06 May 2022 12:30:42 +0000 https://tedxyouthcaltech.com/abramovich-refuses-loan-request-for-chelsea-sale/ Roman Abramovich has denied reports he will seek repayment of a £1.5bn loan for the sale of Chelsea. The Russian billionaire put the Premier League club up for sale on March 2, insisting he would not recall the loan he had accrued during his 19-year reign and that all proceeds from the sale of the […]]]>

Roman Abramovich has denied reports he will seek repayment of a £1.5bn loan for the sale of Chelsea.

The Russian billionaire put the Premier League club up for sale on March 2, insisting he would not recall the loan he had accrued during his 19-year reign and that all proceeds from the sale of the club would go to victims of the war in Ukraine.

Abramovich was subsequently sanctioned by the British government and the European Union for his links with Russian President Vladimir Putin, forcing Chelsea to operate under a special licence.

This license expires on May 31, with fears over the club’s future if a sale does not take place before the end of the month.

The report states “Abramovich says the sanctions prevented him from being able to write off this debt.”
Other reports suggested that Abramovich had asked bidders to raise their bids by an additional £500 million to support war victims.

A statement posted on the Chelsea website said; “Mr Abramovich’s intentions regarding donating the proceeds from the sale of Chelsea to charity have not changed,” a spokesperson for Abramovich said in a statement.
“Mr. Abramovich hasn’t asked for any loan repayments, such suggestions are entirely false – just like the suggestions that Mr. Abramovich raised the price of the club at the last minute.

“As part of Mr Abramovich’s aim to find a good goalkeeper for Chelsea FC, however, he has encouraged every candidate throughout this process to commit to investing in the club – including the Academy , the women’s team, the necessary redevelopment of the stadium as well as maintaining the work of the Chelsea Foundation.

According to the press release, the funds from the sale will be frozen and “subject to a legal procedure governed by the authorities”.

However, Abramovich’s goal is for the money to go to a newly created charitable foundation.
Chelsea are expected to aim for a world record price for a sports club of around £2.5billion.
US bank Raine began the process of selling the club with the bid submitted by Los Angeles Dodgers co-owner Todd Boehly receiving preferred bidder status.

Boehly has joined forces with Dodgers co-owner Mark Walter, British businessman Jonathan Goldstein, Swiss billionaire Hansjorg Wyss and US investment firm Clearlake Capital.
Earlier on Thursday, the Chelsea Supporters Trust (CST) called for a quick and transparent sale to secure the club’s future.
CSE said; “It is essential that the sale of Chelsea is completed quickly and transparently.
“We urge the current owners, Raine and the UK Government to ensure this happens.

“Any delay in this process could jeopardize the future of Chelsea – all parties must ensure the sustainability and future of the club.”

Under the terms of their licence, Chelsea are currently unable to offer new contracts to existing players or sign players from other clubs.

SuperSport/Mercy Chukwudiebere

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Delta explains new N150 billion loan request approved by lawmakers https://tedxyouthcaltech.com/delta-explains-new-n150-billion-loan-request-approved-by-lawmakers/ Fri, 29 Apr 2022 10:18:33 +0000 https://tedxyouthcaltech.com/delta-explains-new-n150-billion-loan-request-approved-by-lawmakers/ The President of the Okowa College of Commissioners and State Commissioner for Finance, Sir Fidelis Tilijie and his counterpart at the Ministry of Information, Mr. Charles Aniagwuexplained the reasons for the loan granted by Zenith Bank, an indigenous commercial bank. They explained that the Okowa administration was encouraged to seek legislative approval of the loan […]]]>

The President of the Okowa College of Commissioners and State Commissioner for Finance, Sir Fidelis Tilijie and his counterpart at the Ministry of Information, Mr. Charles Aniagwuexplained the reasons for the loan granted by Zenith Bank, an indigenous commercial bank.

They explained that the Okowa administration was encouraged to seek legislative approval of the loan in the context of the accrued liabilities provided by the Federation account under the 13% diversion fund for oil producing states. federation oil.

The finance commissioner said that following an agreement reached with the federal government on the reimbursement of years of wrongfully deducted funds belonging to the beneficiary oil-producing states, Delta should receive two tranches of 257.6 billion. naira and more than 130 billion naira over the next five or six years.

Therefore, in order to avoid the probable depreciation of the value of funds expected from the Federal Government in light of the constant rates of inflation, the State Government has decided to extend a loan of N150 billion to enable the government to further alleviate the enormous inherited burden. by the Okowa administration.

The finance commissioner said the funds totaling N270.6 billion should have been received a long time ago, but because the federal government could not pay all of the bulk money, the oil-producing states have reached an agreement for part of it to be paid. within three years and the other party within five years.

Tilijie said:After reducing the government debt profile from 151 billion naira to 72 billion naira, it is important that we have so many more contracts that we have awarded within the given time frame and because this is of the close of a particular term, it has become very important that we ensure these legacy projects, including the new Secretary of State building, are fully paid for before we leave office.

Apart from the fact that we pay former contractors, we also ensure that even newly awarded contracts, which we call legacy projects, are also completed on time..

The governor is also very aware that retirees are suffering. When we took office in 2015, the total pension arrears were N35 billion and we tried to reduce these arrears..

The state government has approved payment of 300 million naira per month for pensions due and just recently it was increased to 500 million naira per month..

To further reduce these past pension obligations, from the facility we will spend N20 billion on unpaid state pensions and N10 billion on the Office of Local Governments as a grant to enable them to reduce payments as well overdue to local government retirees..

Tilijie assured that the bridging loan facility would be used cautiously to offset debts owed to many contractors with certificates for various completed projects, especially the “Okowa Administration Legacy Projects”, including the Casaba State Secretariat Complex, the Orere River Bridge, the Ode-Itsekiri Bridge, the Koka Junction Asaba Flyover and Interchange, the Bridge over the Ethiope River at Obiaruku, the Owa-Alero drainage canals and the projects being implemented at the three new universities.

The completion of the strategic Asaba-Ughelli dual carriageway which crosses Ogwashi-Uku, Kwale, Isoko to Ughelli from the state capital is also captured.

Around N50 billion of the requested loan would also go towards paying state pensioners’ entitlements and further assisting the Local Government Office.

Part of the N150 billion loan would also be used to fund the Warri/Effurun drainage project, the finance commissioner said, explaining that the loan facility was really soft in nature as it was offered on the basis of said loan fund. accumulated derivation wrongly retained. of the Delta and other beneficiary states, which serves as a defined and sustainable source of revenue to cover the loan facility.

He added that the government does not discount the unpaid funds expected from the Federation account at 100% because the Okowa administration is aware of the next administration in 2023, saying it is a way to save money. for the new government and to ensure that the current government left only an insignificant amount of debt.

The State House of Assembly, headed by the Speaker, the Hon. Sheriff Oborevworion Monday gave Governor Okowa the go-ahead to secure the N150 billion commercial bank bridge loan facility.

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Delta explains new N150 billion loan request approved by lawmakers https://tedxyouthcaltech.com/delta-explains-new-n150-billion-loan-request-approved-by-lawmakers-2/ Thu, 28 Apr 2022 07:00:00 +0000 https://tedxyouthcaltech.com/delta-explains-new-n150-billion-loan-request-approved-by-lawmakers-2/ Omon-Julius Onabu in Asaba The Delta state government on Wednesday explained the reasons behind its request for the N150 billion loan facility sent to the state House of Assembly by Governor Ifeanyi Okowa on Monday, raising concerns that the money can be spent by the government on activities related to the upcoming general elections in […]]]>

Omon-Julius Onabu in Asaba

The Delta state government on Wednesday explained the reasons behind its request for the N150 billion loan facility sent to the state House of Assembly by Governor Ifeanyi Okowa on Monday, raising concerns that the money can be spent by the government on activities related to the upcoming general elections in the country. .

The President of the Okowa College of Commissioners and State Commissioner for Finance, Sir Fidelis Tilijie, and his counterpart in the Ministry of Information, Mr Charles Aniagwu, explained the reasons for the loan granted by Zenith Bank, a commercial bank native.

They explained that the Okowa administration was encouraged to seek legislative approval of the loan in the context of the accrued liabilities provided by the Federation account under the 13% diversion fund for oil producing states. of the federation.

The finance commissioner said that following an agreement reached with the federal government on the reimbursement of years of wrongfully deducted funds belonging to the beneficiary oil-producing states, Delta should receive two tranches of 257.6 billion. naira and more than 130 billion naira over the next five or six years.

Therefore, in order to avoid the probable depreciation of the value of funds expected from the Federal Government in light of the constant rates of inflation, the State Government has decided to extend a loan of N150 billion to enable the government to further alleviate the enormous inherited burden. by the Okowa administration.

The finance commissioner said the funds totaling N270.6 billion should have been received a long time ago, but because the federal government could not pay all the bulk money, the oil-producing states have reached an agreement for part of it to be paid. within three years and the other party within five years.

Tilijie said, “After reducing the government debt profile from 151 billion naira to 72 billion naira, it is important that we have so many more contracts that we have awarded within the given time frame and because t is the close of a particular term, it has become very important that we ensure that these legacy projects, including the new Secretary of State building, are fully paid for before leaving office.

“Apart from the fact that we pay former contractors, we also ensure that even newly awarded contracts, which we call legacy projects, are also completed on time.

“The governor is also very aware that retirees are suffering. When we took office in 2015, the total pension arrears were N35 billion and we tried to reduce these arrears.

“The state government has approved payment of N300 million per month for pensions due and just recently it was increased to N500 million per month.

“To further reduce these past pension obligations, from the facility we will spend N20 billion on unpaid state pensions and N10 billion on the Office of Local Governments as a grant to enable them to also reduce the outstanding payments to local government pensioners.

Tilijie assured that the bridging loan facility would be used cautiously to offset debts owed to many contractors with certificates for various completed projects, especially “Okowa administration legacy projects”, including the State Secretariat Casaba, the Orere River Bridge, the Ode- Itsekiri Bridge, Koka Junction Asaba Flyover and Interchange, Ethiope River Bridge in Obiaruku, Owa-Alero Drainage Canals and Ongoing Projects execution in the three new universities.

The completion of the strategic Asaba-Ughelli dual carriageway which crosses Ogwashi-Uku, Kwale, Isoko to Ughelli from the state capital is also captured.

Around N50 billion of the requested loan would also go towards paying state pensioners’ entitlements and further assisting the Local Government Office.

Part of the N150 billion loan would also be used to fund the Warri/Effurun drainage project, the finance commissioner said, explaining that the loan facility was really soft in nature as it was offered on the basis of said loan fund. accumulated derivation wrongly retained. of the Delta and other beneficiary states, which serves as a defined and sustainable source of revenue to cover the loan facility.

He added that the government does not discount the unpaid funds expected from the Federation account at 100% because the Okowa administration is aware of the next administration in 2023, saying it is a way to save money. for the new government and to ensure that the current government left only an insignificant amount of debt.

The state House of Assembly, led by Speaker, Honorable Sheriff Oborevwori, on Monday gave Governor Okowa the go-ahead to secure the N150 billion commercial bank bridge loan facility.

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Controversy follows Okowa’s N150B loan request – The Sun Nigeria https://tedxyouthcaltech.com/controversy-follows-okowas-n150b-loan-request-the-sun-nigeria/ Wed, 27 Apr 2022 18:54:21 +0000 https://tedxyouthcaltech.com/controversy-follows-okowas-n150b-loan-request-the-sun-nigeria/ By Paul Osuyi, Asaba Delta State Governor Ifeanyi Okowa’s request for a N150 billion discount facility is causing controversy in the oil-rich state. Governor Okowa is seeking the green light from the state House of Assembly to secure the said facility with Zenith Bank as lead arranger. But the state’s opposition All Progressive Congress (APC) […]]]>

By Paul Osuyi, Asaba

Delta State Governor Ifeanyi Okowa’s request for a N150 billion discount facility is causing controversy in the oil-rich state.

Governor Okowa is seeking the green light from the state House of Assembly to secure the said facility with Zenith Bank as lead arranger.

But the state’s opposition All Progressive Congress (APC) party kicked in, describing the governor’s action as an attempt to rack up debt for the next administration.

APC, in a statement by Secretary of State for Publicity, EV Onojeghuo, Esq, said the amount was huge, adding that the demand for the facility comes as the Okowa-led administration has no more than about a year.

Onojeghuo said the purpose of the facility, which the governor said was to complete legacy projects and pay off retiree debt, was ghosted.

He said the Okowa administration was mortgaging the future of the state, insisting the loan was a complete fraud.

But the state government, in a quick reaction, said the facility makes it state accruals that were underremitted by the federal government as part of the 13% diversion funds to producing states. of oil.

Finance Commissioner Fidelis Tilije told a press conference in Asaba that the total amount owed to Delta State in accumulated accrued liabilities was N257 billion, explaining that the current administration was reasonable to take about 60% for development purposes.

Tilije, accompanied by his news counterpart, Charles Aniagwu, said the facility would be repaid in five years through payroll deductions from federal allocations to the state.

“When we finally take the proceeds from this discount facility, we will tie it to FAAC receivables, so the bank is not dealing with Delta State in terms of recovering the loan, it is deducted at source and the refund is made,” he said.

He explained that the facility would be used to complete the ongoing legacy projects of the Okowa administration, adding that 20 billion naira would go towards payment of unpaid pension arrears, while another 1 billion naira would be advanced to the Bureau. local government to also clear some of the pension arrears at this level.

For his part, Aniagwu said that the facility is not for politics but for the development of the state, noting that if the present does not take measures to recover the accrued liabilities, the value will continue to decline with the weather.

“It needs to be applied to those projects today so that even when that money comes in, you would have earned today’s value, rather than sitting back and letting the money run out in terms of value.

“That money is something that started as far back as 2010 way before now, and you know the value of the money at that time and you know that FG is not giving us that money back based on the value at that time. .

“If we too decided to continue to wait, who knows what the value would be in the next two or three years. We have therefore made this decision in the best interests of our people and we believe it is the most reasonable thing to do at this time,” Aniagwu said.

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IMF says talks on Sri Lanka’s loan request ‘successful’; The World Bank prepares an aid program https://tedxyouthcaltech.com/imf-says-talks-on-sri-lankas-loan-request-successful-the-world-bank-prepares-an-aid-program/ Sun, 24 Apr 2022 08:24:07 +0000 https://tedxyouthcaltech.com/imf-says-talks-on-sri-lankas-loan-request-successful-the-world-bank-prepares-an-aid-program/ Reuters, Washington Sun Apr 24 2022 2:24 PM Last updated on: Sun Apr 24 2022 2:33 PM Protesters representing four religions, Hinduism, Islam, Christianity and Buddhism, take part in a demonstration against Sri Lankan President Gotabaya Rajapaksa, outside the presidential secretariat, amid the country’s economic crisis, in Colombo, Sri Lanka, April 18, 2022. Photo: Reuters […]]]>

Protesters representing four religions, Hinduism, Islam, Christianity and Buddhism, take part in a demonstration against Sri Lankan President Gotabaya Rajapaksa, outside the presidential secretariat, amid the country’s economic crisis, in Colombo, Sri Lanka, April 18, 2022. Photo: Reuters

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Protesters representing four religions, Hinduism, Islam, Christianity and Buddhism, take part in a demonstration against Sri Lankan President Gotabaya Rajapaksa, outside the presidential secretariat, amid the country’s economic crisis, in Colombo, Sri Lanka, April 18, 2022. Photo: Reuters

The International Monetary Fund said on Saturday it had “fruitful technical discussions” with Sri Lanka over its loan request, while the World Bank said it was preparing an emergency aid package for the crisis-stricken country.

Sri Lanka, an island nation of 22 million people, is struggling to pay for its imports amid a crippling debt crisis and a sharp drop in foreign exchange reserves that has fueled runaway inflation. Prolonged power cuts and shortages of fuel, food and medicine have sparked protests across the country.

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Sri Lankan Finance Minister Ali Sabry traveled to Washington this week to speak to the IMF, World Bank, India and others about financial assistance to his country, which suspended payments on part of its $51 billion foreign debt.

The World Bank’s emergency response program includes $10 million to be made available immediately for the purchase of essential medicines, funds transferred from its ongoing COVID-19 health preparedness project, a spokesperson said. word of the World Bank.

The global lender, which along with the IMF held its spring meetings this week, did not provide a full value for its package, but Sabry said on Friday that around $500 million in aid was being considered.

The World Bank spokesperson said the program would leverage existing Bank-funded projects and reallocate funds to rapidly provide medicine, school meals and cash transfers to poor and vulnerable households.

Support to provide cooking gas, basic foodstuffs, seeds and fertilizers and other basic necessities is also being discussed, the spokesperson said, adding that the World Bank was “deeply concerned” about the situation in Sri Lanka.

The IMF said in a statement on Saturday that the talks between its staffs focused on the need for Sri Lanka to implement “a credible and coherent strategy” to restore macroeconomic stability, strengthen its social safety net and protect the poor. poor and vulnerable during the current crisis. crisis.

“The IMF team welcomed the authorities’ plan to engage in a collaborative dialogue with their creditors,” IMF mission chief in Sri Lanka Masahiro Nozaki said in a statement after the country took steps to explore a restructuring of some $12 billion of sovereign bonds.

Sabry told reporters on Friday that talks with the IMF were focused on a more traditional Expanded Financing Facility program, but $3 billion to $4 billion in bridge financing was needed while that could be finalized. Read more

The IMF has said Sri Lanka’s debt must be placed on a sustainable path before it can provide new loans to Colombo – a process that could require lengthy negotiations with China and the country’s other creditors. Read more

Sabry said on Friday that in addition to the IMF loan and World Bank assistance, Sri Lanka was discussing with India bridging financing of around $1.5 billion to help continue imports. essential, and added that he had also approached China, Japan and the Asian Development Bank to help.

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IMF says it had ‘fruitful’ talks with Sri Lanka over loan request https://tedxyouthcaltech.com/imf-says-it-had-fruitful-talks-with-sri-lanka-over-loan-request/ Sun, 24 Apr 2022 02:08:00 +0000 https://tedxyouthcaltech.com/imf-says-it-had-fruitful-talks-with-sri-lanka-over-loan-request/ The International Monetary Fund (IMF) said on Saturday it had “fruitful technical discussions” with Sri Lankan authorities over the island nation’s request for an IMF-backed loan program this week. IMF Managing Director Kristalina Georgieva met with a Sri Lankan delegation at the 2022 Spring Meetings of the IMF and World Bank in […]]]>

The International Monetary Fund (IMF) said on Saturday it had “fruitful technical discussions” with Sri Lankan authorities over the island nation’s request for an IMF-backed loan program this week.

IMF Managing Director Kristalina Georgieva met with a Sri Lankan delegation at the 2022 Spring Meetings of the IMF and World Bank in Washington, DC.



The Sri Lankan delegation was led by Finance Minister Ali Sabry and Central Bank of Sri Lanka Governor Nandalal Weerasinghe. The IMF team for Sri Lanka had initial technical discussions on an IMF-supported program with the delegation.

“From April 18 to 22, the Sri Lankan delegation and the IMF team had fruitful technical discussions on the authorities’ request for an IMF-supported program. The discussions focused on recent economic and financial developments in the Sri Lanka, the need to implement a credible program and coherent strategy to restore macroeconomic stability, and the importance of stronger social safety nets to mitigate the negative impact of the current economic crisis on the poor and vulnerable” , the IMF said in a statement.

The international lender welcomed the authorities’ plan to engage in a collaborative dialogue with their creditors.

“Going forward, the IMF team will support Sri Lanka’s efforts to weather the current economic crisis by working closely with the authorities on their economic program and engaging with all other stakeholders to a quick resolution to the crisis,” the statement added. .

Sri Lanka is grappling with an economic crisis considered to be the worst since the country gained independence in 1948. Due to power shortages, parts of Sri Lanka are experiencing power cuts.

Sri Lanka’s external debt is estimated at $51 billion.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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IMF says it had ‘fruitful’ technical talks with Sri Lanka over loan request https://tedxyouthcaltech.com/imf-says-it-had-fruitful-technical-talks-with-sri-lanka-over-loan-request/ Sat, 23 Apr 2022 17:43:00 +0000 https://tedxyouthcaltech.com/imf-says-it-had-fruitful-technical-talks-with-sri-lanka-over-loan-request/ The International Monetary Fund said on Saturday that its staff had had “fruitful technical discussions” with Sri Lankan authorities over the crisis-ridden country’s request for an IMF-backed loan program this week. The Fund said in a statement that the discussions included the need for Sri Lanka to implement “a credible and coherent […]]]>

The International Monetary Fund said on Saturday that its staff had had “fruitful technical discussions” with Sri Lankan authorities over the crisis-ridden country’s request for an IMF-backed loan program this week.

The Fund said in a statement that the discussions included the need for Sri Lanka to implement “a credible and coherent strategy” to restore macroeconomic stability, strengthen its social safety net and protect the poor and vulnerable during the current crisis. .



“The IMF team welcomed the authorities’ plan to engage in a collaborative dialogue with their creditors,” IMF mission chief in Sri Lanka Masahiro Nozaki said in a statement.

The indebted island nation of 22 million people is struggling to pay for its imports after a sharp drop in foreign exchange reserves helped fuel soaring inflation. Prolonged power outages and shortages of fuel and medicine have sparked protests across the country.

Sri Lankan Finance Minister Ali Sabry and new central bank governor P. Nandalal Weerasinghe spent this week in Washington to discuss with the IMF, World Bank, India and other countries on financial aid to the country, which is already struggling with $51 billion in foreign investment. debt.

Sabry told reporters on Friday that talks with the Fund were focused on a more traditional expanded funding facility program, but that $3 billion to $4 billion in bridge funding was needed while that could be finalized.

The IMF has said Sri Lanka’s debt must be placed on a sustainable path before it can provide new loans to Colombo – a process that could require lengthy negotiations with China and the country’s other creditors.

Sabry said on Friday that Sri Lanka was discussing with India bridge financing of around $1.5 billion to help continue essential imports, and was discussing a $500 million package with the World Bank. to help provide cash transfers to the country’s poor.

Sri Lanka has also approached China, Japan and the Asian Development Bank for help, he said.

(Reporting by David Lawder; Editing by Daniel Wallis and Leslie Adler)

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

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IMF to start talks with Sri Lanka on loan request in coming days https://tedxyouthcaltech.com/imf-to-start-talks-with-sri-lanka-on-loan-request-in-coming-days/ Thu, 31 Mar 2022 15:57:00 +0000 https://tedxyouthcaltech.com/imf-to-start-talks-with-sri-lanka-on-loan-request-in-coming-days/ People line up to buy kerosene due to domestic gas shortages following the country’s economic crisis, at a gas station in Colombo, Sri Lanka March 18, 2022. REUTERS/Dinuka Liyanawatte Join now for FREE unlimited access to Reuters.com Register WASHINGTON, March 31 (Reuters) – The International Monetary Fund will begin discussions with Sri Lankan authorities on […]]]>

People line up to buy kerosene due to domestic gas shortages following the country’s economic crisis, at a gas station in Colombo, Sri Lanka March 18, 2022. REUTERS/Dinuka Liyanawatte

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WASHINGTON, March 31 (Reuters) – The International Monetary Fund will begin discussions with Sri Lankan authorities on a possible loan program in the coming days, IMF spokesman Gerry Rice said on Thursday as the Asian country seeks to avoid a serious economic crisis.

Rice said talks would continue when Sri Lankan Finance Minister Basil Rajapaksa visits Washington for the IMF and World Bank spring meetings next month.

A 70% drop in foreign exchange reserves since January 2020 has left Sri Lanka struggling to pay for essential imports, including food and fuel, leading to growing unrest and even military deployments at gas stations.

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“The Sri Lankan authorities have expressed interest in an IMF-backed financial program,” Rice said at a regular IMF briefing. “We expect to begin these discussions on the program with the Sri Lankan authorities … approximately within the next few days.”

Rice said the IMF would update its forecast for Sri Lanka when it releases its new World Economic Outlook next month, but gave no further details.

He confirmed that Rajapaksa would travel to Washington next month for talks with IMF officials, as Reuters reported last week. Read more

Sri Lanka – which has to pay around $4 billion in debt this year – will also seek World Bank help after entering an IMF program, Reuters reported, citing two sources familiar with the matter.

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Reporting by Andrea Shalal Editing by Bernadette Baum

Our standards: The Thomson Reuters Trust Principles.

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IMF to start talks with Sri Lanka on loan request in coming days https://tedxyouthcaltech.com/imf-to-start-talks-with-sri-lanka-on-loan-request-in-coming-days-2/ Thu, 31 Mar 2022 14:52:20 +0000 https://tedxyouthcaltech.com/imf-to-start-talks-with-sri-lanka-on-loan-request-in-coming-days-2/ WASHINGTON (Reuters) – The International Monetary Fund will begin discussions with Sri Lankan authorities on a possible loan program in the coming days, IMF spokesman Gerry Rice said on Thursday, as the Asian country seeks to avoid a serious economic crisis. Rice said talks would continue when Sri Lankan Finance Minister Basil Rajapaksa visits Washington […]]]>

WASHINGTON (Reuters) – The International Monetary Fund will begin discussions with Sri Lankan authorities on a possible loan program in the coming days, IMF spokesman Gerry Rice said on Thursday, as the Asian country seeks to avoid a serious economic crisis.

Rice said talks would continue when Sri Lankan Finance Minister Basil Rajapaksa visits Washington for the IMF and World Bank spring meetings next month.

A 70% drop in foreign exchange reserves since January 2020 has left Sri Lanka struggling to pay for essential imports, including food and fuel, leading to growing unrest and even military deployments at gas stations.

“The Sri Lankan authorities have expressed interest in an IMF-backed financial program,” Rice said at a regular IMF briefing. “We expect to initiate these discussions on the program with the Sri Lankan authorities … approximately within the next few days.”

Rice said the IMF would update its forecast for Sri Lanka when it releases its new World Economic Outlook next month, but gave no further details.

He confirmed that Rajapaksa would travel to Washington next month for talks with IMF officials, as Reuters reported last week.

Sri Lanka – which has to pay around $4 billion in debt this year – will also seek World Bank help after entering an IMF program, Reuters reported, citing two sources familiar with the matter.

(Reporting by Andrea Shalal; Editing by Bernadette Baum)

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IMF to start talks with Sri Lanka on loan request in coming days | Investment News https://tedxyouthcaltech.com/imf-to-start-talks-with-sri-lanka-on-loan-request-in-coming-days-investment-news/ Thu, 31 Mar 2022 07:00:00 +0000 https://tedxyouthcaltech.com/imf-to-start-talks-with-sri-lanka-on-loan-request-in-coming-days-investment-news/ WASHINGTON (Reuters) – The International Monetary Fund will begin discussions with Sri Lankan authorities on a possible loan program in the coming days, IMF spokesman Gerry Rice said on Thursday, as the Asian country seeks to avoid a serious economic crisis. Rice said talks would continue when Sri Lankan Finance Minister Basil Rajapaksa visits Washington […]]]>

WASHINGTON (Reuters) – The International Monetary Fund will begin discussions with Sri Lankan authorities on a possible loan program in the coming days, IMF spokesman Gerry Rice said on Thursday, as the Asian country seeks to avoid a serious economic crisis.

Rice said talks would continue when Sri Lankan Finance Minister Basil Rajapaksa visits Washington for the IMF and World Bank spring meetings next month.

A 70% drop in foreign exchange reserves since January 2020 has left Sri Lanka struggling to pay for essential imports, including food and fuel, leading to growing unrest and even military deployments at gas stations.

“The Sri Lankan authorities have expressed interest in an IMF-backed financial program,” Rice said at a regular IMF briefing. “We expect to initiate these discussions on the program with the Sri Lankan authorities … approximately within the next few days.”

Rice said the IMF would update its forecast for Sri Lanka when it releases its new World Economic Outlook next month, but gave no further details.

He confirmed that Rajapaksa would travel to Washington next month for talks with IMF officials, as Reuters reported last week.

Sri Lanka – which has to pay around $4 billion in debt this year – will also seek World Bank help after entering an IMF program, Reuters reported, citing two sources familiar with the matter.

(Reporting by Andrea Shalal; Editing by Bernadette Baum)

Copyright 2022 Thomson Reuters.

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