Country defaults over Covid-19 and Ukraine ...News

Sri Lanka says it needs its scarce dollar reserves to purchase essential goods Crisis-hit Sri Lanka said it was halting payments on its foreign debt as its dwindling reserves of dollars were needed to purchase food and fuel. “We have come to a situation where the ability to service our debt is very low. That’s why we decided to go for a preemptive default,” the newly appointed central bank governor, Nandalal Weerasinghe, announced during a briefing on Tuesday. The payments on the South Asian country’s foreign debt would be suspended “on a temporary basis,” pending a bailout from the International Monetary Fund (IM

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Country defaults over Covid-19 and Ukraine ...News

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