https://sputnikglobe.com/20220923/sri-lankas-inflation-reaches-70-as-crisis-hit-economy-continues-to-struggle-with-high-food-prices-1101118796.html
Sri Lanka’s Inflation Reaches 70% as Crisis-Hit Economy Continues to Struggle With High Food Prices
Sri Lanka’s Inflation Reaches 70% as Crisis-Hit Economy Continues to Struggle With High Food Prices
Sputnik International
Facing depleting forex reserves, the Sri Lankan government is desperately awaiting disbursement of $2.9 billion in funds from the IMF, which would bolster the... 23.09.2022, Sputnik International
2022-09-23T10:04+0000
2022-09-23T10:04+0000
2023-04-06T12:14+0000
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Consumer inflation in Sri Lanka hit 70.2 percent for the month of August, largely driven by high prices of food items, which recorded a year-on-year increase of 84.4 percent compared to last August.Inflation in the category of non-food items in August was recorded at 57.1 percent, as compared to 52.1 percent in July, according to the latest figures released by Sri Lanka’s Department of Census and Statistics.The overall inflation rate in the month of July was recorded at 66.7 percent.Sri Lanka’s Central Bank said last month the inflation would start tapering off once it reached 70 percent. The gloomy economic figures have been released as President Ranil Wickremesinghe awaits a formal nod from the country’s foreign creditors — India, China, Japan, other countries, and private bondholders — to restructure their respective loans.The Sri Lankan government earlier this month clinched a staff-level agreement with the International Monetary Fund (IMF), under which the Western lender would disburse a $2.9 billion package to the cash-starved economy. However, the disbursement of the IMF funds is contingent upon Colombo’s foreign creditors agreeing to restructure their loans.On Thursday, ambassadors from 23 lender countries assured their support to the Sri Lankan government in restructuring their loans when they met Wickremesinghe at a forum at the president’s office in Colombo.Finance Secretary Mahinda Siriwardena told local media that officials from lender countries, including from China, India, and Japan, will hold online discussions with Colombo to make concrete plans to restructure the debt.The country of 22 million has been facing its worst economic crisis in over seven decades spurred by depleting forex reserves, leading to the island nation being unable to pay for imports of food, fuel, medicines, and other essential items.In April, Colombo announced that it would be defaulting on its foreign debt to the tune of $51 billion in view of the economic crisis.
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Sri Lanka’s Inflation Reaches 70% as Crisis-Hit Economy Continues to Struggle With High Food Prices
10:04 GMT 23.09.2022 (Updated: 12:14 GMT 06.04.2023) Facing depleting forex reserves, the Sri Lankan government is desperately awaiting disbursement of $2.9 billion in funds from the IMF, which would bolster the government’s ability to pay for imports of food and other essential items.
Consumer inflation in Sri Lanka hit 70.2 percent for the month of August, largely driven by high prices of food items, which recorded a year-on-year increase of 84.4 percent compared to last August.
Inflation in the category of non-food items in August was recorded at 57.1 percent, as compared to 52.1 percent in July, according to the
latest figures released by Sri Lanka’s Department of Census and Statistics.
The overall inflation rate in the month of July was recorded at 66.7 percent.
Sri Lanka’s Central Bank said last month the inflation would start tapering off once it reached 70 percent.
Meanwhile, official statistics released this month showed that the economy had shrunk by 8.4 percent compared to the same period last year.
The gloomy economic figures have been released as President Ranil Wickremesinghe
awaits a formal nod from the country’s foreign creditors — India, China, Japan, other countries, and private bondholders — to restructure their respective loans.
17 September 2022, 03:37 GMT
The Sri Lankan government earlier this month clinched a staff-level agreement with the International Monetary Fund (IMF), under which the Western lender would
disburse a $2.9 billion package to the cash-starved economy. However, the disbursement of the IMF funds is contingent upon Colombo’s foreign creditors agreeing to restructure their loans.
On Thursday, ambassadors from 23 lender countries assured their support to the Sri Lankan government in restructuring their loans when they met Wickremesinghe at a forum at the president’s office in Colombo.
Finance Secretary Mahinda Siriwardena told local media that officials from lender countries, including from China, India, and Japan, will hold online discussions with Colombo to make concrete plans to restructure the debt.
The country of 22 million has been facing its worst economic crisis in over seven decades spurred by depleting forex reserves, leading to the island nation being unable to pay for imports of food, fuel, medicines, and other essential items.
In April, Colombo announced that it would be defaulting on its foreign debt to the tune of $51 billion in view of the economic crisis.
