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Tuesday, June 28, 2022
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    HomeBusinessLIVE news updates: Sri Lanka cannot use $1.5 bn China help on...

    LIVE news updates: Sri Lanka cannot use $1.5 bn China help on IMF concerns

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    Live news updates: Bankrupt Sri Lanka can’t tap a $1.5 billion credit line from Beijing as China is concerned the International Monetary Fund may force delays in repayment. “There is a condition in relation to the months of import cover that we need to have in order to be able to draw on that money,” said Indrajit Coomaraswamy, a former central bank of Sri Lanka governor who is advising the government. It’s difficult for China to waive off the condition “because this is a three-year swap, it might be termed a loan and there may be pressure from IMF and others to include it in the stock of debt that we reschedule and therefore clearly that would be a disadvantage to the Chinese,” he said.

    Union Minister of Home Affairs Amit Shah will be the chief guest at the launch of the Khelo India Youth Games 2021 in Panchkula, Haryana, on Saturday. This is the fourth edition of the Khelo India Youth Games – the biggest nationwide grassroots level sports competition in India, started by the central government in 2018.

    Aam Aadmi Party (AAP) leader Manish Sisodia said here on Friday that he is ready to face investigation by any agency.

    The issue was raised after AAP leader and Delhi Health Minister Satyendra Jain was arrested by the Enforcement Directorate (ED) in a PMLA case. “I am not afraid of any agency. In the past, I faced CBI investigation, but they could not find anything against me,” Sisodia said.

    Pakistan’s foreign exchange reserves fell below $10 billion, threatening to spill over into a fullblown economic crisis unless policy makers secure a loan from the International Monetary Fund. The stockpile decreased by $366 million in the week ended May 27 to stand at $9.72 billion, the central bank said in a statement on its website. That’s roughly a 50 per cent drop from August and enough to pay for less than two months of imports.

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