Latest Foreign debt News

Sri Lankan president calls Russian leader seeking fuel

Jul. 06, 2022 07:38 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka's President Gotabaya Rajapaksa said Wednesday that he had a telephone call with Russian leader Vladimir Putin to request credit support to import fuel for the island nation that is facing its worst economic crisis in memory. “Had a very...

Sri Lanka's crisis rings alarm for other troubled economies

Jul. 06, 2022 00:23 AM EDT

BANGKOK (AP) — Sri Lanka is desperate for help with weathering its worst crisis in recent memory. Its schools are closed for lack of fuel to get kids and teachers to classrooms. Its effort to arrange a bailout from the International Monetary Fund has been hindered by the severity of its financial...

Sri Lanka PM says talks with IMF difficult due to bankruptcy

Jul. 05, 2022 06:39 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s negotiations with the International Monetary Fund on a bailout are more complex and difficult than before because it is a bankrupt nation, the country’s prime minister said Tuesday. Prime Minister Ranil Wickremesinghe told lawmakers that...

With no fuel and no cash, Sri Lanka keeps schools closed

Jul. 03, 2022 20:32 PM EDT

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...

Sri Lanka crisis gives India chance to gain sway vs China

Jun. 30, 2022 01:13 AM EDT

NEW DELHI (AP) — Sri Lanka's strategic location has attracted outsized interest in the small island nation from regional giants China and India for more than a decade, with Beijing and its free-flowing loans and infrastructure investments widely seen as having gained the upper hand in the quest...

EXPLAINER: How a G-7 ban on Russian gold would work

Jun. 28, 2022 07:10 AM EDT

WASHINGTON (AP) — Russia appears to have defaulted on its foreign debt for the first time since the 1917 Bolshevik Revolution, and the U.S. and its allies are taking aim at the former Soviet Union's second largest export industry after energy — gold. On Tuesday, the Group of...

EXPLAINER: What's the impact of a Russian debt default?

Jun. 27, 2022 18:32 PM EDT

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. Moscow owed $100 million in...

EXPLAINER: What's the impact of a Russian debt default?

Jun. 26, 2022 17:18 PM EDT

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. The country faces a Sunday night deadline to meet a 30-day...

A world apart, Lebanon and Sri Lanka share economic collapse

Jun. 24, 2022 00:10 AM EDT

BEIRUT (AP) — Lebanon and Sri Lanka may be a world apart, but they share a history of political turmoil and violence that led to the collapse of once-prosperous economies bedeviled by corruption, patronage, nepotism and incompetence. The toxic combinations led to disaster for both:...

Sri Lankan president's brother quits; UN launches aid appeal

Jun. 09, 2022 10:47 AM EDT

COLOMBO, Sri Lanka (AP) — Basil Rajapaksa, the younger brother of Sri Lanka's president and the country's former finance minister, said he resigned from Parliament on Thursday amid mounting criticism of his role in the island nation's economic crisis, as the United Nations launched an appeal for...