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Sri Lanka Implements Five-Day Bank Holiday for Debt Restructuring
Sri Lanka began a five-day bank holiday to restructure its domestic debt of USD 42 billion amid its worst economic crisis since independence, with the cabinet approving a central bank proposal to be put to parliament during the closure. Central Bank Governor Nandalal Weerasinghe said the process was expected to conclude while markets are closed, as the country relies on World Bank and IMF support including a USD 3 billion bailout.
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Sri Lanka Implements Five-Day Bank Holiday for Debt Restructuring
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USD 42 billiondomestic debtMaldives RepublicSri Lanka has initiated a five-day bank holiday to restructure its domestic debt, which currently stands at USD 42 billion.
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USD 500 millionWorld Bank budgetary support allocationMaldives RepublicOut of the USD 700 million World Bank grant, USD 500 million will be allocated to budgetary support, addressing immediate fiscal challenges.
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USD 200 millionWorld Bank livelihood allocationMaldives RepublicThe remaining USD 200 million will be utilised to enhance income and livelihood opportunities for the marginalised and vulnerable sections of the population
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USD 3 billionIMF bailout packageMaldives RepublicAdditionally, the International Monetary Fund (IMF) provided a USD 3 billion bailout package, which was seen as a crucial lifeline for Sri Lanka.
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approximately $330 millionIMF amount disbursed to Sri LankaMaldives RepublicThe IMF has now disbursed approximately $330 million to Sri Lanka, with the remaining amount scheduled to be released in instalments over four years.
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Sri Lanka initiated a five-day bank holiday to restructure its domestic debt.five-day bank holidaySri LankaMaldives RepublicSri Lanka has initiated a five-day bank holiday to restructure its domestic debt, which currently stands at USD 42 billion.
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The cabinet approved a restructuring proposal from the central bank.Maldives RepublicThe cabinet, led by President Wickremesinghe, has approved a restructuring proposal from the central bank.
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The restructuring proposal will be presented to parliament for approval.during the extended bank holidayMaldives RepublicThis proposal will be presented to parliament for approval during the extended bank holiday.
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The IMF announced that Sri Lanka had obtained financing assurances from its major creditors, including China and India.In MarchMaldives RepublicIn March, the IMF announced that Sri Lanka had obtained financing assurances from its major creditors, including China and India.
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