COLOMBO, Sri Lanka (AP) — Cash-strapped Sri Lanka on Sunday extended school closures for one week because there isn't enough fuel for teachers and parents to get children to classrooms, and the energy minister appealed to the country's expatriates to send money home through banks to finance new oil purchases.
WASHINGTON (AP) — Russia appears to have defaulted on its foreign debt for the first time since the 1917 Bolshevik Revolution, and the U.S.
LONDON (AP) — Russia has defaulted on its foreign debt for the first time since the Bolshevik Revolution more than a century ago, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine.
Russia is poised to default on its foreign debt for the first time since the 1917 Bolshevik Revolution, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine.
COLOMBO, Sri Lanka (AP) — It has been nearly three weeks since Ranil Wickremesinghe took over as prime minister of Sri Lanka with a daunting mandate to pull the crisis-weary country from the brink of an economic abyss that threatens to tear it apart.
MOSCOW (AP) — Russia said Monday it may use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts.
The Vedomosti business daily quoted Finance Minister Anton Siluanov as saying that Russia will offer the holders of its Eurobond obligations to accept a payment system bypassing Western financial infrastructure.
Russia says it will pay dollar-denominated foreign debt in rubles, a move that is likely to be seen by foreign investors as a default.
The U.S. Treasury Department led by Janet Yellen allowed a license to expire Wednesday that permitted Russia to keep paying its debtholders through American banks.
Russia appeared to dodge default on its foreign debt by dipping into its scarce dollar reserves.
COLOMBO, Sri Lanka (AP) — Businesses were closed, teachers absent and public transportation interrupted as Sri Lankans heeded a call for a general strike Thursday to pressure the president to step down over a growing economic and political crisis.
COLOMBO, Sri Lanka (AP) — Sri Lanka’s government said Tuesday it is discussing obtaining another loan from Beijing to repay some of its debt to Chinese banks after China told the nearly bankrupt island nation it was not in favor of restructuring existing loans.
COLOMBO, Sri Lanka (AP) — Sri Lanka will receive $300 million to $600 million from the World Bank over the next four months to buy medicine and other essential items, the country’s finance minister said Friday, as the Indian ocean island suffers its worst economic crisis in decades.
COLOMBO, Sri Lanka (AP) — Sri Lanka's president acknowledged Monday that he made mistakes that led to the country's worst economic crisis in decades and pledged to correct them.
President Gotabaya Rajapaksa made the admission while speaking to 17 new Cabinet ministers he appointed Monday as he and his powerful family seek to resolve a political crisis resulting from the country’s dire economic state.
COLOMBO, Sri Lanka (AP) — Sri Lanka is suspending its repayment of foreign debt, including bonds and government-to-government borrowing, pending the completion of a loan restructuring program with the International Monetary Fund to deal with the island nation’s worst economic crisis in decades, the government announced Tuesday.
BOSTON (AP) — The credit ratings agency Standard & Poor's has downgraded its assessment of Russia’s ability to repay foreign debt, signaling rising prospects that Moscow will soon default on external loans for the first time in more than a century.
NEW YORK (AP) — Russia said Wednesday that it made a debt payment in rubles this week, a move that may not be accepted by Russia’s foreign debt holders and could put the country on a path to an historic default.
COLOMBO, Sri Lanka (AP) — Sri Lanka has paid $500 million due on sovereign bonds from its badly depleted foreign reserves despite calls by experts to defer the payment and use the sum to import essential foods and medicine.
PARIS (AP) — Creditor countries agreed to cancel $14.1 billion of Sudan’s international debts, praising its economic reforms and efforts to fight poverty.
In a statement Friday, the Paris Club of creditor nations also announced that it rescheduled Sudan’s remaining $9.4 billion in debt to the group, and held out the possibility of more debt relief in the future.
CAIRO (AP) — The World Bank and the International Monetary Fund announced that Sudan has met the initial criteria for over $50 billion in foreign debt relief, another step for the East African nation to rejoin the international community after nearly three decades of isolation.