Sri Lanka needs between $3 billion and $4bn this year to pull itself out of an unprecedented economic crisis and plans to start talks with the International Monetary Fund for help, says Finance Minister Ali Sabry.
The country is looking at making a “decent case” before the IMF to help preserve the economy, Mr Sabry said. Talks are scheduled to begin in Washington on April 18 and he expects emergency relief funds a week later, if things go well.
“Our appeal to them is to release it as soon as possible,” Mr Sabry said, adding that President Gotabaya Rajapaksa’s government still enjoys a majority in parliament and hence the rightful authority to engage with the lender.
He indicated some funds the nation is seeking will come from other lenders and governments besides the IMF, but didn’t provide a breakdown.
Mr Sabry, along with newly appointed central bank governor Nandalal Weerasinghe, is a key member of Mr Rajapaksa’s team for bailout talks with the IMF. The funds are crucial to the success of a debt restructuring process initiated by the island nation this week after suspending some outstanding loan and interest payments.
Mr Sabry also sought to reassure investors of the nation’s intent to repay loans.
“What we have very categorically stated, across the board, is that we will honour our debt,” he said. “The commitment is there, the desire is there, but we don’t immediately have the funds to disburse.”
The IMF’s involvement should help negotiations with bond holders, Citigroup Global Markets analysts Donato Guarino and Johanna Chua wrote in a note to clients. They see Sri Lanka asking investors to take a haircut of 50 per cent on interest payments, and 20 per cent on the principal, with an exit yield of 11 per cent.
Sri Lanka is looking at bridge financing options and is confident it can secure aid from countries including China and India, Mr Sabry said. That effort would be accompanied by fiscal reforms to curtail expenditure and boost revenues, he said.
Citizens exasperated by double-digit inflation amid a shortage of everything from fuel to food and power cuts for as long as 13 hours have taken to the streets, seeking President Rajapaksa’s ouster, as well as that of his brother, Prime Minister Mahinda Rajapaksa.
The president used a customary greeting to the nation ahead of the local new year festival being observed on Thursday to appeal for “unity and better understanding” as protests in front of his secretariat at the central business district entered the sixth day.
The stats: 2017 Jaguar XJ
Price, base / as tested Dh326,700 / Dh342,700
Engine 3.0L V6
Transmission Eight-speed automatic
Power 340hp @ 6,000pm
Torque 450Nm @ 3,500rpm
Fuel economy, combined 9.1L / 100km
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
More coverage from the Future Forum
The%20specs
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Friday's schedule in Madrid
Men's quarter-finals
Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time
Roger Federer (4) v Dominic Thiem (5) from 7pm
Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm
Stan Wawrinka v Rafael Nadal (2) from 11.30pm
Women's semi-finals
Belinda Bencic v Simona Halep (3) from 4.30pm
Sloane Stephens (8) v Kiki Bertens (7) from 10pm
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
SUCCESSION%20SEASON%204%20EPISODE%201
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The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
Favourite spot in Abu Dhabi: Saadiyat beach
2021 World Triathlon Championship Series
May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
'The Predator'
Dir: Shane Black
Starring: Olivia Munn, Boyd Holbrook, Keegan-Michael Key
Two and a half stars
FULL%20RESULTS
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst