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Sri Lanka has increased security in tourist areas following warnings from the US and Israel about potential terrorist attacks targeting popular beach resorts. The US Embassy advised citizens to avoid Arugam Bay, while Israel's National Security Council urged its citizens to leave certain coastal areas due to credible terrorism threats. The heightened security measures come after intelligence was received regarding a specific nationality of tourists being targeted, with two suspects taken into custody in connection with the alleged threats. The country's tourism industry, which had been recovering from a previous attack in 2019, is now facing new challenges as authorities work to ensure the safety of visitors. [Extracted from the article]

Sri Lanka's new government has announced that it will review a wind power deal with the Adani Group, a move that could pose a challenge for the Indian conglomerate's expansion plans. The previous administration's approval of electricity prices for Adani Green Energy Ltd.'s projects has been deemed problematic by the new government. The decision to reassess the deal aligns with President Anura Kumara Dissanayake's campaign promise to cancel the project, which he viewed as a threat to Sri Lanka's energy sovereignty. The Adani Group's proposed wind projects in Mannar and Pooneryn are also facing court challenges and complaints about transparency. [Extracted from the article]

Sri Lanka's new president, Anura Kumara Dissanayake, plans to start discussions with the International Monetary Fund (IMF) in order to establish stability in the country before implementing other initiatives. Dissanayake, a leftist political outsider, aims to reopen negotiations with the IMF over a $3 billion bailout. He dissolved the nation's parliament and called for early elections to be held on November 14th, which is seen as an attempt to strengthen his position and push through campaign promises. Dissanayake also faces the challenge of balancing the interests of China and India, two major investors in Sri Lanka. [Extracted from the article]

Sri Lanka's new leftist president, Anura Kumara Dissanayake, has taken office after winning the election by ousting the country's elites who were blamed for the nation's bankruptcy and unpopular austerity measures. Dissanayake has vowed to reopen negotiations with the International Monetary Fund (IMF) over the $3 billion bailout, which came with spending cuts and tax hikes. However, this risks delaying the disbursement of fresh loans from the IMF. Dissanayake also faces the challenge of balancing the interests of China and India in foreign policy, as well as implementing his economic pledges while maintaining stability in the economy. [Extracted from the article]

Sri Lanka's new leftist president, Anura Kumara Dissanayake, has taken office after winning the election by ousting the country's elites who were blamed for the nation's bankruptcy and harsh austerity measures. Dissanayake has vowed to work towards clean governance and reopen negotiations with the International Monetary Fund (IMF) over the $3 billion bailout. However, this move risks delaying the disbursement of fresh loans from the IMF. Dissanayake also faces the challenge of balancing the interests of China and India in foreign policy, as well as implementing his economic pledges while maintaining stability in the economy. [Extracted from the article]

Sri Lanka's new leftist president, Anura Kumara Dissanayake, has been sworn into office after winning a sweeping election. He aims to address the economic crisis in the country, which voters blamed on the elites and their harsh austerity measures linked to an IMF bailout. Dissanayake plans to reopen negotiations with the IMF and seek modifications to the existing terms. He also faces the challenge of balancing the interests of China and India, major investors in Sri Lanka. The US and India have congratulated Dissanayake and expressed their willingness to work with him to strengthen ties. [Extracted from the article]

Anura Kumara Dissanayake, a leftist political outsider, has been elected as the president of Sri Lanka. He won the election by a significant margin, defeating opposition leader Sajith Premadasa and incumbent President Ranil Wickremesinghe. Dissanayake has promised to reopen negotiations with the International Monetary Fund (IMF) over the country's $3 billion bailout, which imposed unpopular spending cuts and tax hikes. However, this move may risk delaying the disbursement of fresh loans from the IMF. Dissanayake's victory reflects the frustration of the Sri Lankan people with the political elite who caused the nation's financial crisis. He now faces the challenge of implementing his economic pledges while maintaining stability in the economy and managing the competing interests of China and India. [Extracted from the article]

Anura Kumara Dissanayake, a leftist candidate, has won the presidential election in Sri Lanka. He secured 5.74 million votes, defeating opposition leader Sajith Premadasa. Dissanayake campaigned on a platform of clean governance and combating corruption, promising to address the economic crisis and high debt that the country is facing. His win marks a victory for the anti-establishment protest movement and signals the frustration among Sri Lankans with the ruling establishment. Dissanayake now faces the challenge of implementing his economic pledges while maintaining stability in the economy and managing the IMF bailout funds. [Extracted from the article]

Anura Kumara Dissanayake, a leftist politician in Sri Lanka, is leading in the presidential election with 41.4% of the vote, according to the Daily Mirror. However, it is likely that the election will head for a run-off as no candidate has reached the required 50% of the vote. Dissanayake's coalition has promised to fight corruption and address the economic crisis in the country. The election is the first since an economic crisis two years ago, and investors are concerned about the potential impact on Sri Lanka's debt restructuring and IMF funds. [Extracted from the article]

Anura Kumara Dissanayake, a leftist politician in Sri Lanka, has taken an early lead in the presidential election. With nearly 1.5 million votes counted, Dissanayake has 49.8% of the vote, followed by opposition leader Sajith Premadasa with 25.8% and incumbent President Ranil Wickremesinghe with 16.4%. A candidate needs to win 50% of the vote to be declared the winner, otherwise a run-off will be held. The election is the first since an economic crisis two years ago, and Dissanayake's coalition has promised to fight corruption and address the country's economic issues. [Extracted from the article]

Sri Lanka is currently counting votes in a presidential election that will have significant implications for the country's economy and its $3 billion bailout from the International Monetary Fund (IMF). The election follows an economic crisis and debt default that led to political unrest and the removal of the former leader. The three leading contenders are incumbent President Ranil Wickremesinghe, opposition leader Sajith Premadasa, and leftist politician Anura Kumara Dissanayake. Voter turnout was high at 75%, and the Election Commission reported that it was one of the most peaceful voting days in the country's history. The election outcome may result in a run-off, and investors are concerned about potential financial market turmoil if the IMF loan program is affected. [Extracted from the article]

Anura Kumara Dissanayake, a leftist politician in Sri Lanka, has taken an early lead in the presidential election. With 55.9% of the vote, Dissanayake is ahead of the incumbent President Ranil Wickremesinghe and opposition leader Sajith Premadasa. A candidate needs to win 50% of the vote to be declared the winner. Dissanayake's coalition has promised to fight corruption, scrutinize loan deals, and renegotiate a $3 billion bailout loan from the International Monetary Fund. The election is the first since an economic crisis two years ago, and investors are concerned about possible delays in debt restructuring and the disbursement of funds from the IMF. [Extracted from the article]

Namal Rajapaksa, a member of the influential Rajapaksa family, is running for president of Sri Lanka in the upcoming elections. The Rajapaksa clan's party, Sri Lanka Podujana Peramuna, named Namal as their candidate, signaling their attempt to regain power after the country's economic crisis and debt default in 2022. Namal will be running against incumbent President Ranil Wickremesinghe, opposition leader Sajith Premadasa, and Anura Kumara Dissanayake. The election, scheduled for September 21, will be the first since the economic crisis, and nearly 20 candidates have placed deposits to contest the polls. [Extracted from the article]

Sri Lanka's ruling Podujana Peramuna party has announced Namal Rajapaksa as their candidate for the upcoming presidential election on September 21. Rajapaksa, a member of the influential Rajapaksa family, will be running against incumbent President Ranil Wickremesinghe, main opposition leader Sajith Premadasa, and Anura Kumara Dissanayake, who is supported by the socialist Janatha Vimukthi Peramuna party. This election comes after a historic debt default in May 2022, which led to a decline in living standards and widespread unrest, resulting in Namal's uncle, Gotabaya Rajapaksa, fleeing the country and resigning. [Extracted from the article]

Sri Lanka has received initial approval for the next loan tranche from a $3 billion International Monetary Fund (IMF) bailout program. The staff-level agreement for the second review of the program grants the nation access to approximately $337 million, pending approval from the IMF's executive board. The funding is contingent on the implementation of prior actions, completion of financing assurances, and progress on debt restructuring. Sri Lanka, which fell into a historic sovereign default two years ago, remains reliant on IMF aid to address its nearly $7 billion external financing needs this year. The IMF emphasized the importance of sustaining reform momentum for lasting recovery and inclusive economic growth. Investors are optimistic about Sri Lanka's prospects, with the currency strengthening and dollar bonds performing well. Negotiations are expected to begin next week to restructure $12 billion in defaulted global bonds, and Sri Lanka has already reached an initial restructuring deal with official creditors, including India, China, and the Paris Club. [Extracted from the article]

Sri Lanka has received initial approval for the next loan tranche from a $3 billion International Monetary Fund (IMF) bailout program. The staff-level agreement grants the nation access to approximately $337 million, pending approval from the IMF's executive board. This funding is contingent on the implementation of prior actions, completion of financing assurances, and progress on debt restructuring. Sri Lanka, which fell into a historic sovereign default two years ago, remains reliant on IMF aid to address its nearly $7 billion external financing needs. The IMF's support is crucial for restoring economic growth in the country, which has been severely impacted by the pandemic and the debt crisis. [Extracted from the article]

Sri Lanka has received initial approval from the International Monetary Fund (IMF) for the release of the next loan installment from its $3 billion bailout program. The agreement is subject to certain provisions and is part of Sri Lanka's efforts to restore economic growth after being impacted by the pandemic and debt crisis. The country is also in negotiations with global investors to restructure $12 billion in defaulted global bonds. The IMF's executive board must approve the loan tranche, and progress in debt restructuring is a condition for the funding. [Extracted from the article]

Sri Lanka has reportedly sent a new proposal to its dollar bondholders through its adviser Lazard as part of its efforts to restructure its defaulted debt. The details of the proposal have not been disclosed. Government representatives may travel to London soon to meet with Sri Lanka's commercial creditors. Completing the restructuring of Sri Lanka's $27 billion foreign debt is crucial for the country to continue receiving financing from the International Monetary Fund. The government has already reached restructuring agreements with official creditors and holders of its local debt. [Extracted from the article]

Sri Lanka has reportedly sent a new proposal to its dollar bondholders through its adviser Lazard as part of its efforts to restructure its defaulted debt. The details of the proposal have not been disclosed. The completion of the debt restructuring is crucial for Sri Lanka to continue receiving financing from the International Monetary Fund. The government has already reached restructuring agreements with official creditors and holders of its local debt. [Extracted from the article]

Sri Lanka's parliament has passed a controversial law that gives the government extensive powers to regulate social media and online speech. The Online Safety Bill allows the establishment of a commission with the authority to order the removal of prohibited posts and take legal action against publishers of illegal content. The law has faced opposition from legislators who argue that it will undermine democracy and the country's nascent internet economy. The Asian Internet Coalition, representing firms such as Google and Apple, has expressed concerns about the bill's provisions. The law comes into effect ahead of presidential elections in Sri Lanka. [Extracted from the article]

Sri Lanka's central bank chief has shared the terms of a $4.2 billion debt deal with China with other creditors, including the International Monetary Fund (IMF), in order to pave the way for more loans from the IMF. The debt deal with China had raised concerns about transparency, but now that the details have been shared, Sri Lanka hopes that the official creditors committee, led by Japan, India, and the Paris Club of nations, will propose an agreement to restructure Sri Lanka's debt. This would allow the IMF to approve a payout of $330 million before the end of the year. Sri Lanka is working towards a debt restructuring agreement with its creditors to continue receiving funds under a $3 billion bailout package with the IMF. The country's central bank governor, Nandalal Weerasinghe, expressed optimism about the progress being made and the stabilization of the economy. [Extracted from the article]

Sri Lanka's central bank chief has announced that the government has shared the terms of a $4.2 billion debt deal with China with other creditors, including the International Monetary Fund (IMF). This move is seen as a positive step towards restructuring Sri Lanka's debt and securing more loans from the IMF. The recent debt deal with China had raised concerns about transparency, but the details of the agreement have now been shared with the creditor committee and the IMF. Sri Lanka is working towards a debt restructuring agreement to stabilize its economy after a major crisis last year. [Extracted from the article]

Sri Lanka's president, Ranil Wickremesinghe, has set ambitious tax revenue goals in his budget for next year, which analysts say may be difficult to achieve. This raises concerns about the country's loan program with the International Monetary Fund (IMF). Sri Lanka is still dependent on IMF inflows to maintain its foreign-exchange reserves, and it is already struggling to meet its revenue targets for this year. The government aims to increase revenue through a higher value-added tax rate, a crackdown on tax evasion, and the sale of state assets. Wickremesinghe also projected a surge in borrowing to capitalize banks and pay off foreign debt. The president's budget includes measures to boost government workers' pay and state pensions ahead of next year's election, which is seen as an attempt to shore up support. However, economists warn that meeting the IMF's spending and revenue targets while keeping voters happy will be a challenging balancing act. [Extracted from the article]

Sri Lanka's president, Ranil Wickremesinghe, has announced an increase in pay for government workers and state pensions in an effort to gain support ahead of next year's election. The country's economy is recovering from its worst crisis in 70 years, and tax revenue is expected to rise by over 47% next year. Wickremesinghe faces the challenge of meeting spending and revenue targets set by the International Monetary Fund while keeping voters satisfied. The government aims to narrow the budget deficit through higher tax revenue, but meeting revenue targets may be difficult. Sri Lanka defaulted on its debt in May 2022 and is currently negotiating a debt restructuring deal with creditors. The IMF has projected a 15% shortfall in revenue for this year, and Sri Lanka must achieve a primary fiscal surplus of 2.3% by 2025 and reduce debt to GDP from 128% last year under the IMF program. Wickremesinghe emphasized the importance of continuing reforms to avoid economic decline. The government is targeting a budget deficit of 7.6% of GDP in the next fiscal year, compared to 8.5% this year. The budget includes salary increases, pensions, and subsidies to support lower middle-income families. [Extracted from the article]

(Bloomberg) -- Sri Lanka is close to reaching a vital staff-level agreement with the International Monetary Fund to get funding, while it's also assessing debt restructuring terms from foreign holders of its dollar bonds, according to junior Finance Minister Shehan Semasinghe. On the bondholder proposal, Sri Lanka's adviser Lazard "will look at it and evaluate comparability", said Semasinghe. [Extracted from the article]

"While South Asia is making steady progress, most countries in the region are not growing fast enough to reach high-income thresholds within a generation", Martin Raiser, World Bank's vice president for South Asia, said in a statement. However, the outlook for Sri Lanka "is clouded by significant uncertainty, and downside risks exist", said Richard Walker, World Bank's senior country economist in Colombo. (Bloomberg) -- The World Bank lowered its economic growth forecast for South Asia for next year, although still expects it to be the fastest-growing emerging market region. [Extracted from the article]

(Bloomberg) -- Sri Lanka sought to calm investors over volatility in its currency after the rupee fell the most in Asia last month, with a central bank official saying there isn't significant pressure from current-account flows in the near term. Sri Lanka's rupee tumbled more than 5% in July to become Asia's worst-performing currency from being the best in the first half of the year. [Extracted from the article]

Other measures include: Limit on capital transaction remittances through business foreign currency accounts was raised to $100,000 from $20,000 Limits on individuals migrating abroad for the first time was increased to $50,000 from $30,000 --With assistance from Malavika Kaur Makol. (Bloomberg) -- Sri Lanka eased restrictions on the foreign-exchange market to allow companies and individuals to send more dollars abroad. [Extracted from the article]

(Bloomberg) -- Sri Lanka eased restrictions on the foreign-exchange market to allow companies and individuals to send more dollars abroad. Other measures include: Limit on capital transaction remittances through business foreign currency accounts was raised to $100,000 from $20,000 Limits on individuals migrating abroad for the first time was increased to $50,000 from $30,000 ©2023 Bloomberg L.P. [Extracted from the article]

Sri Lanka's dollar bonds due 2030 were indicated climbing 2.1 cents after rallying as much as 4.6 cents earlier to about 43.8 cents on the dollar on Friday. (Bloomberg) -- Sri Lanka is seeking to restructure about $19.8 billion of local bills and bonds, equivalent to half of its domestic debt load, as the government seeks to ease its payment burden. [Extracted from the article]

Sri Lanka's dollar bonds due 2030 rallied 4.6 cents to about 47 cents on the dollar on Friday. (Bloomberg) -- Sri Lanka is seeking to restructure about $19.8 billion of local bills and bonds, equivalent to half of its domestic debt load, as the government seeks to ease its payment burden. [Extracted from the article]

(Bloomberg) -- Sri Lanka is seeking to restructure about $19.8 billion of local bills and bonds as part of its plan to change the terms of its debt load. Sri Lanka is seeking to restore debt sustainability in line with a $3 billion International Monetary Fund bailout program it secured in March. [Extracted from the article]

The domestic debt restructuring plan will also be discussed by the parliament's committee on public finance on June 29 and 30. (Bloomberg) -- Sri Lanka's commercial banks have been excluded from the nation's local debt restructuring strategy, according to a person familiar with the matter, in a decision that may calm fears of instability in the financial system. [Extracted from the article]

(Bloomberg) -- Sri Lanka is on the final lap of unveiling its debt restructuring strategy, highlighting a key step in the nation's efforts to pull its economy from the worst crisis in seven decades. The restructuring blueprint is key to cash-strapped Sri Lanka striking a deal with its creditors, as the island nation seeks to balance demands of domestic institutions, foreign bondholders and bilateral creditors. [Extracted from the article]

(Bloomberg) -- Sri Lanka is on the final lap of unveiling its debt restructuring strategy, highlighting a key step in the nation's efforts to pull its economy from the worst crisis in seven decades. The restructuring blueprint is key to cash-strapped Sri Lanka striking a deal with its creditors, as the island nation seeks to balance demands of domestic institutions, foreign bondholders and bilateral creditors. [Extracted from the article]

(Bloomberg) -- Cash-strapped Sri Lanka will announce its domestic debt restructuring strategy this week, in a crucial step toward striking a deal with the island nation's creditors. The plan wouldn't hurt deposit values and ensure financial system stability, Weerasinghe said, allaying fears of the move crippling the country's banking system. [Extracted from the article]

The government will present a comprehensive plan for treating the island nation's foreign as well as local debt, P. K. G. Harischandra, director of economic research at the central bank, said late Tuesday, without explaining the delay. (Bloomberg) -- Sri Lanka pushed back the release of its debt restructuring plan to investors to the middle of May from this month. [Extracted from the article]

(Bloomberg) -- Sri Lanka pushed back the release of its debt restructuring plan to investors to the middle of May from this month. Sri Lanka will hold debt restructuring talks with Paris Club members together with India, while discussing with China separately, Wickremesinghe said. [Extracted from the article]

(Bloomberg) -- Sri Lanka's plan for a voluntary restructuring of its domestic debt is finding few takers from local banks worried about a hit to their capital, raising the risk of a delay in the country's financial rescue. The country's biggest challenge after securing a $3 billion bailout from the International Monetary Fund in March is to reach a restructuring deal with creditors that would make its debt sustainable in the eyes of the Washington-based lender. [Extracted from the article]

Sri Lanka is now conducting an asset quality review of banks with ADB's support, and is discussing reforms to improve governance and financial sustainability for the power sector, Chen said. ADB is trying to mobilize funds below the already concessional Ordinary Capital Resources facilities that Sri Lanka currently has access to, Chen said. (Bloomberg) -- The Asian Development Bank is considering more concessionary funding for Sri Lanka and support for green bond issues as part of its assistance to help the South Asian nation recover from its worst economic crisis in decades. [Extracted from the article]

(Bloomberg) -- The Asian Development Bank is considering more concessionary funding for Sri Lanka and support for green bond issues as part of its assistance to help the South Asian nation recover from its worst economic crisis in decades. Sri Lanka is now conducting an asset quality review of banks with ADB's support, and is discussing reforms to improve governance and financial sustainability for the power sector, Chen said. [Extracted from the article]

Sri Lanka is expected to win final approval later Monday for about $2.9 billion in bailout funds from the IMF, a key step for the bankrupt nation to revive its economy from the worst crisis in decades. READ: Sri Lanka Bondholders Tell IMF They Are Ready for Debt Talks Sri Lanka wants to start talks with private creditors as fast as possible after the IMF approval is won, state minister of finance Shehan Semasinghe said, without elaborating. (Bloomberg) -- Sri Lanka's private creditors are considering a proposal to swap defaulted bonds with new securities that would have cash flow linked to the nation's future growth, according to people familiar with the matter. [Extracted from the article]

(Bloomberg) -- The International Monetary Fund's anticipated endorsement of Sri Lanka's reforms and debt restructuring is expected to unlock funding of about 220 billion yen ($1.6 billion) for projects suspended by Japan, people familiar with the matter said. A spokesperson for JICA in Tokyo confirmed the importance of IMF decisions, while declining to elaborate on their effects on Japanese projects in Sri Lanka. Resumption of JICA funding will help bolster development financing for the crisis-ridden nation that is looking to turn a corner from its worst economic crisis. [Extracted from the article]

(Bloomberg) -- The International Monetary Fund plans to decide on a $2.9 billion bailout for Sri Lanka after China gave assurances that it will support the nation's debt restructuring, clearing the biggest hurdle for approval. It's been six months since the IMF board approved $1.3 billion in loan to the southern African nation after China gave financing assurances in July together with other bilateral creditors. [Extracted from the article]

China, Sri Lanka's largest bilateral creditor, gave written assurance for the debt restructuring via the Export-Import Bank of China on Monday, President Ranil Wickremesinghe told the parliament on Tuesday. (Bloomberg) -- China has given assurances that it will support Sri Lanka's debt restructuring, clearing the biggest hurdle for the South Asian nation to secure a $2.9 billion bailout from the International Monetary Fund this month. [Extracted from the article]

(Bloomberg) -- Sri Lanka's rupee rallied by the most in over three decades and stocks surged as China's support for the nation's debt plan and the central bank's move to scrap the currency trading band boosted optimism over an International Monetary Fund bailout. The central bank last week widened the currency trading band three times, sparking a rally in the rupee. [Extracted from the article]

(Bloomberg) -- China has given assurances that it will support Sri Lanka's debt restructuring, potentially clearing the biggest hurdle for the South Asian nation to secure a $2.9 billion bailout from the International Monetary Fund. China's backing completes the support Sri Lanka needs from creditor nations for the IMF board to approve the loan that was agreed upon by the Fund staff in September. [Extracted from the article]