- Guard polling centres instead of boycotting election
- Paul Allen: Microsoft co-founder and billionaire dies aged 65
- Asia stocks at 17-month low as China lets yuan slip
- UK announces $22.25m support for Rohingya refugees
- IMF forecasts 7.1pc economic growth for Bangladesh in 2019
- Bangladesh ‘least committed’ to cut rich-poor gap: Oxfam
- Bhashani Univ suspends 5 BCL leaders ‘for misbehaving with teachers’
- NKorea hackers broke into banks, tried to take US$1.1b
- Oil spill threatens Meghna; unheeded for 5 days
- Haiti quake death toll rises to 15, and 300 injured
IMF delays Sri Lanka's loan discussion on political crisis
The International Monetary Fund (IMF) said on Tuesday it had delayed discussions on Sri Lanka’s next loan tranche due to the country’s political crisis.
The IMF has disbursed over $1 billion out of a $1.5 billion three-year extended fund facility (EFF) loan it agreed in 2016. The aim was to avert a financial crisis and support the economic reform agenda of the government then in power.
That government was sacked on Oct. 26 by President Maithripala Sirisena due to differences with former prime minister Ranil Wickremesinghe, who was backing social market economic policies.
Since the removal of Wickremesinghe, Sirisena has dissolved the parliament and called for a fresh election, but the Supreme Court last week ordered a suspension of that decree until it had heard petitions challenging the move as unconstitutional, reports Reuters.
In September, the IMF said its mission had made significant progress toward “reaching a staff-level agreement with the government on completing the fifth review of the EFF and discussions will continue during the annual meetings of the IMF and World Bank in October”.