NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Sri Lanka To Default On Debt, No Money For Fuel: Energy Minister.

Sri Lanka To Default On Debt, No Money For Fuel: Energy Minister

Sri Lanka currently has no dollars to pay for petrol shipments, said Energy Minister. (File)

Colombo:

Sri Lanka is expected to be placed into default by rating agencies on Wednesday after the non-payment of coupons on two of its sovereign bonds, while the energy minister said the country had run out of money to pay for fuel.

An economic crisis unprecedented in the country's history since independence in 1948 has led to a critical shortage of foreign exchange, that saw it miss two coupon payments on sovereign bonds on April 18.

Sri Lanka has already said it is unable to make the coupon payments, and a 30-day grace period ends on Wednesday.

S&P has said the ratings on the bonds, maturing in 2023 and 2028, have already been cut to 'default' and the country's overall rating could be further cut to 'D' on confirmation of the non-payment after the grace period ends.

Sri Lanka currently has no dollars to pay for petrol shipments, Power and Energy Minister Kanchana Wijesekera told parliament, appealing to people to stop queuing for the next two days.

A petrol shipment has been at Colombo port since 28 March but the government has been unable pay, he added.

"There aren't enough dollars available to open letters of credit," he said.

"We are working to find funds but petrol will not be available at least until the weekend. The very small reserve stock of petrol is being released for essential services like ambulances," he said.

Prime Minister Ranil Wickremesinghe said on Wednesday the country had secured $160 million in bridge financing from the World Bank, but it was not clear if the funds could be used for fuel payments.

"The statistics have gone haywire," he said. "But the reality is we don't even have $1 million."

Hit hard by the pandemic, rising oil prices and populist tax cuts, Sri Lanka's dire economic situation has led to spiralling inflation and shortages of essential supplies, bringing thousands of onto the streets in protest.

Violence between pro and anti-government factions and police left nine dead and more than 300 injured last week, and was followed by the resignation of former prime minister Mahinda Rajapaksa.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

The best tools for building user interfaces, these tools help you do it faster and more efficiently, eliminating the need to reinvent the wheel ove...
Останні новини
Canadian MP calls for convincing UN to deploy mission at ZNPP.

Canadian MP calls for convincing UN to deploy mission at ZNPP.

It is necessary to convince the United Nations to send its mission to the Zaporizhia Nuclear Power Plant, while the member states should determine who is ready to deploy forces to stabilize the situation and make Russia pull its military from the ...

UkrInform

Armed man takes hostages at bank demanding his frozen savings.

Armed man takes hostages at bank demanding his frozen savings.

An armed man demanding deposits frozen by his bank took an unspecified number of hostages on Thursday at the Federal Bank of Lebanon, a security source and a Reuters witness said. Lebanese banks have limited withdrawals of hard currency for most d...

Ex-Trump attorney: What Trump fears the most about the FBI search.

Ex-Trump attorney: What Trump fears the most about the FBI search.

Michael Cohen, who was Donald Trump's personal attorney for almost a decade, says that Trump feels trapped because if an informant has tipped off the FBI, that person probably has more incriminating information. #CNN #News

Hunter Biden laptop repairman calls out FBI's double standard.

Hunter Biden laptop repairman calls out FBI's double standard.

Laptop repairman John Paul Mac Isaac joined 'Fox & Friends First' to discuss why he believes there is a double standard within the DOJ following the FBI's Mar-a-Lago raid. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News C...

LGBT Soldiers in Ukraine – Fighting for Their Homeland and Their Rights.

LGBT Soldiers in Ukraine – Fighting for Their Homeland and Their Rights.

A military medic, a soldier and an unmanned aircraft operator, a mortar platoon: they all want Ukraine to legalize same-sex marriages Originally published at -

1 52

Ukraine Refugees Help Ease Britain’s Labor Shortage.

Ukraine Refugees Help Ease Britain’s Labor Shortage.

The war has given Ukrainians fleeing the conflict a chance to obtain work permits in Britain Originally published at -

German Chancellor Scholz not keen on banning all Russians from receiving visas for the EU - DW News.

German Chancellor Scholz not keen on banning all Russians from receiving visas for the EU - DW News.

German Chancellor Olaf Scholz on Thursday said that Russia's attack on Ukraine was the biggest challenge facing Germany and the world at the present time. Scholz said that as the war was "Putin's war," he was not at all keen on banning all Russian...