Sri Lanka cuts interest rates as IMF delays loanCourtesy www.bssnews.netCOLOMBO, Oct 5, 2023 (BSS/AFP) – Crisis-hit Sri Lanka cut interest rates by100 basis points Thursday as the second instalment of an IMF bailout was heldup after the government missed several loan conditions. However, the international lender noted that Sri Lanka had, among otherthings, fallen short of the agreed revenue targets and needed to increase taxcollection. Sri Lanka was also yet to finalise a restructuring plan with its private andbilateral lenders after defaulting on its $46 billion external debt in Aprillast year. CBSL said it hoped the latest rate cut, which comes on top of two in June andJuly, would help revive the economy. Last year, Sri Lanka ran out of cash to pay for even the most essentialimports, leading to shortages of food, fuel and medicines.

Source: Bangladesh Sangbad Sangstha October 05, 2023 22:50 UTC