INSUBCONTINENT EXCLUSIVE:
early June and hopes to reach to a staff-level agreement as soon as the end of this month, two of the sources said, speaking on condition of
to overcome its worst economic crisis since independence in 1948
It defaulted on some overseas debt earlier this year and is struggling to pay for imports of basics such as fuel and medicine.An EFF
These programmes normally last three years with a grace period of 4-1/2 years to start paying back the loan, once the plan is approved.A USD
took office in May after mass protests forced the resignation of his predecessor, Mahinda Rajapaksa, plans to present an interim budget
within weeks.The government announced on Tuesday a taxation overhaul to boost revenue, hiking corporate tax and raising the value added tax
(VAT) rate to 12% from 8% with immediate effect.Sri Lanka recently appointed financial and legal advisers to kick off talks with bondholders
and bilateral lenders, such as China and Japan.Source: Reuters-Agencies
This article first appeared/also appeared in https://adaderana.lk
