Latest Foreign debt News

Flood-ravaged Pakistan contests ratings downgrade by Moody's

Oct. 07, 2022 11:55 AM EDT

ISLAMABAD (AP) — Pakistan on Friday contested a downgrading of its rating by Moody’s Investors Service, insisting it has adequate reserves and financing to pay back foreign debt despite the worst flooding in its history. Such downgrades tend to shake the confidence of investors...

Sri Lanka begins crucial debt restructuring talks with China

Oct. 06, 2022 06:45 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s president said Thursday his government has started debt restructuring discussions with China, an important step toward finalizing an International Monetary Fund rescue of the island nation from a severe economic crisis. President Ranil...

Amnesty: Creditors should provide debt relief to Sri Lanka

Oct. 05, 2022 07:36 AM EDT

COLOMBO, Sri Lanka (AP) — International creditors should provide debt relief to Sri Lanka to alleviate suffering as its people endure hunger, worsening poverty and shortages of basic supplies, Amnesty International said in a statement Wednesday. For months, Sri Lanka has been in...

Inflation, unrest challenge Bangladesh's 'miracle economy'

Sep. 23, 2022 01:55 AM EDT

DHAKA, Bangladesh (AP) — Standing in line to try to buy food, Rekha Begum is distraught. Like many others in Bangladesh, she is struggling to find affordable daily essentials like rice, lentils and onions. “I went to two other places, but they told me they don’t have supplies....

IMF set to provide $2.9 billion to help crisis-hit Sri Lanka

Sep. 01, 2022 04:42 AM EDT

COLOMBO, Sri Lanka (AP) — The International Monetary Fund announced Thursday it has reached a preliminary agreement to provide Sri Lanka with $2.9 billion over four years to help it recover from its worst economic crisis. The arrangement will help restore financial and...