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Sri Lanka temporarily suspends foreign debt payments

12 April 2022 12:24 pm - 19     - {{hitsCtrl.values.hits}}

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The Finance Ministry today announced it would default on its US$51 billion external debt pending a bailout from the International Monetary Fund.

The finance ministry said creditors, including foreign governments that had lent to the South Asian nation, were free to capitalise any interest payments due to them from Tuesday afternoon or opt for payback in Sri Lankan rupees.

 

 

Pix by Kithsiri de Mel

 

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  Comments - 19

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  • BE FAIR Tuesday, 12 April 2022 12:30 PM

    Apoi, whats going to happen now

    Siva shanker Thirunavukkarasu Tuesday, 12 April 2022 01:16 PM

    Good decision , need long way to go.

    vithura Tuesday, 12 April 2022 08:15 PM

    MR

    gee Tuesday, 12 April 2022 08:51 PM

    Good idea, take out loans and dont pay them, perfect!

    Athk69 Tuesday, 12 April 2022 09:04 PM

    Giving these lenders the option of receiving interest payment in LKR is a good way of reducing the excess and newly printed money that currently in circulation, off the market. And restore some respectability to the LKR.

    asoka Tuesday, 12 April 2022 09:20 PM

    Don't pay the Chinese. pay everyone else.

    sss Wednesday, 13 April 2022 03:01 AM

    I thought "investments" in MR's name bearing big projects are bringing in lot of dollars lol

    Jude Wednesday, 13 April 2022 03:53 AM

    Now someone is using The kidney!! Huh!! Why kidney??? 'Coz don't have brains,!! Yeah!!

    Ranaweera Wednesday, 13 April 2022 04:06 AM

    So this means no more loans possible. So more trouble ahead.

    Nish Wednesday, 13 April 2022 04:14 AM

    People should never view this decision as an overall positive one. Whilst now SL has no other option, a country not paying a debt severely affects it credibility and re-borrowing capacity in future. No one will be willing to lend money to a borrower who is unlikely to pay it back. The single most one thing SL must do is to clamp down on rampant corruption, right from politicians to public servants. Problem is that most of any loans, foreign aids or grants given to SL vanish via corrupt means to politicians and public servants. Public servants in SL are not blame free and they are as corrupt as the politicians. In this conflict, puplic servants have gone relatively blame free, and they should not. A complete system change is required in SL.

    Ralaharamy Wednesday, 13 April 2022 04:23 AM

    Are we on the way towards a "Failed State?" Is this another way of saying "Our coffers are empty."

    Francis Kurukulasuriya Wednesday, 13 April 2022 05:15 AM

    Sri Lanka is on the verge of insolvency. The last resort action needs honest and truthful and rapid negotiations with the IMF and all other creditors. The Central Bank, Auditor General, Chief Justice, Attorney General must be given authority to become an interim administration on behalf of the GoSL from now on in its financial affairs. From 1948 to 2022 many cooks have spoiled soup!

    Ranjit Wijesinha Wednesday, 13 April 2022 06:18 AM

    people responsible need to pay?

    Ranaweera Wednesday, 13 April 2022 07:06 AM

    Thank you Nish for anlazing the situation in its right perspective rather than blaming of one person (who is hated by some ethnic groups) . Everyone dead and living who ran this country are responsible. Every one robbed the country including public servants. Blaming one family or a person will not help, it will help for the rest if the rogues to grab power which they cannot get by votes .

    Silva. R Wednesday, 13 April 2022 07:57 AM

    Sovereign default = lack of credibility= inability to borrow in the future = degraded devalued = Sri Lanka. Sri Lanka is the illigitimate child of soo many politicians ruling this country from the 70s! Now left to survive on itself after using its identity!!!

    sl Wednesday, 13 April 2022 08:13 AM

    official way to say that our country is bankrupt

    Mithula Wednesday, 13 April 2022 08:29 AM

    Why can’t MR bring part of his wealth $18 Billion and settle our $ 7 Billion debut. This money does not belong to him it’s the funds looted from public.

    Bandu Wednesday, 13 April 2022 08:37 AM

    Nish : Include the Private Sector that financed these scoundrels and continue to bribe them. Francis: Certainly not the ATT GEN who is a lackey and abused in open court but only cringes.

    dickie bird Wednesday, 13 April 2022 03:01 PM

    Its only possible as now SL is firmly in the grip of the IMF/WB. Now we do what they say not do what they do.


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