IMF team to holds talks with crisis-hit Sri Lanka on debt restructuring

Reuters via MSN ^ | August 24, 2022 | By Uditha Jayasinghe and Jorgelina do Rosario

[Oldeconomybuyer]

COLOMBO/LONDON (Reuters) - A team from the International Monetary Fund (IMF) will meet Sri Lanka's president on Wednesday for talks to finalise a bailout package, including restructuring debt of about $29 billion, amid the nation's worst financial crisis in more than seven decades.

The country's most severe financial crisis since independence from Britain in 1948 stemmed from the combined impact of the COVID-19 pandemic and economic mismanagement, stoking unprecedented protests.

For months the population of 22 million has struggled with soaring inflation, economic contraction and a severe shortage of essential items of food, fuel and medicine caused by a record slump in foreign reserves.

[Oldeconomybuyer]

No mention of the real cause of Sri Lanka’s economic collapse.

[dljordan]

The IMF will wind up owning the country.

[Magnum44]

[ProtectOurFreedom]

Doesn’t matter how irresponsible you are or how big (entire countries) or little (student education loans) you are, some government will bail you out.

[Worldtraveler once upon a time]

Simple solution, as has been done many, many times throughout the twentieth century. Abrogate the debt, and start over. Short term disruption with long term gain.

Additionally, allow Sri Lankan farmers to farm as they always had, without the :help" of the corporations of the West. Allow "liberty for all" and watch the leap in creative economic activity.

[ClearCase_guy]

There is no problem so big that the IMF can’t make it bigger.

[mewzilla]

Meanwhile...

https://asia.nikkei.com/Editor-s-Picks/Interview/Sri-Lanka-president-urges-China-to-change-tune-on-debt-as-IMF-visits

[mewzilla]

https://www.orfonline.org/expert-speak/should-india-continue-its-assistance-to-sri-lanka/

[Tilted Irish Kilt]

Oldeconomybuyer :" No mention of the real cause of Sri Lanka’s economic collapse. "

Tell Sri Lanka to bill the World Economic Forum (WEF)
It seems that WEF has all the ideas and money to collapse most of the world economies
And they can join the Netherlands for economic stupidity over 'cow farts' and ambient methane gases;
the Netherlands which will soon totally depend on other countries for their food transportation and production

[BeauBo]

Chinese communist debt trap Belt and Road projects, Chinese communist political corruption, and Chinese communist “Woke” ideology.

The term “Woke” was first used by the communists during the Cultural Revolution in China.