Firefighters and startups are using AI-enabled cameras to scan the horizon for signs of smoke
Crisis-hit Sri Lanka will make a presentation to its international creditors on Friday, laying out the full extent of its economic troubles and plans for a debt restructuring and multi-billion dollar International Monetary Fund bailout.
Years of economic mismanagement combined with the Covid-19 pandemic have left Sri Lanka in its worst economic crisis since independence from Britain in 1948, causing it to default on its sovereign debt.
The country's Ministry of Finance said in a statement via legal firm Clifford Chance that an online call on Sept. 23 would be open to all its external creditors and be "an interactive session" in which participants can ask questions.
Sri Lanka's woes came to a head in July when then-President Gotabaya Rajapaksa fled the country and resigned after violent public protests.
His replacement Ranil Wickremesinghe has managed to reach a preliminary deal with the IMF that if formalised would provide the country $2.9 billion in loans over four years.
"Authorities intend to update their external creditors on the most recent macroeconomic developments, the main objectives of the reform package agreed with the IMF ... and the next steps of the debt restructuring process," the statement dated Sept. 17 said.
Debt crisis veterans cite uniquely difficult elements in Sri Lanka.
ALSO READ:
The impoverished population that forced Rajapaksa to flee still needs to accept Wickremesinghe, seen by many as of the same political ilk, and who faces a bristling opposition.
The country's borrowings are so complex that estimates of the total range from $85 billion to well over $100 billion. Perhaps most challenging of all, competing regional powers China, India and Japan must also find common ground on how to reduce debt they are owed by Colombo.
Firefighters and startups are using AI-enabled cameras to scan the horizon for signs of smoke
The tragic incident occurred around 8pm local time near Sehlau village
UAE Vice-President is looking for a minister who is passionate about serving the homeland
Amid Libya's search for the missing, rescue dogs have played a huge role
Permits are granted to entities such as health and emergency facilities, transportation hubs, public places, major tourist destinations
In May 2023, Dubai’s flagship carrier said passengers can enjoy some form of free connectivity once they sign up to Emirates Skywards
Country has been aggressively pursuing its food security and sustainability initiatives to enhance self-sufficiency
Can you attend the proceedings virtually through audio or video?