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Sri Lanka's central bank is set to streamline its monetary policy by adopting a single benchmark interest rate, the Overnight Policy Rate, effective from the next update on Wednesday. This change replaces the existing dual-rate system and aims to enhance the clarity and effectiveness of monetary policy management.
Adani Group faces escalating challenges as U.S. authorities indict its founder on bribery and fraud charges, leading to a significant selloff in its stocks and bonds. Major partners, including TotalEnergies and the Kenyan government, have halted investments, while the U.S. International Development Finance Corp reviews its agreements with the conglomerate. The situation has prompted scrutiny from Indian regulators and calls for further investigation into the group's financial practices.
Sri Lanka's central bank is poised to lower interest rates by a quarter percentage point on Wednesday. This move aims to stimulate economic growth as the country continues its recovery from an ongoing financial crisis.
A US agency is conducting due diligence on a $500 million loan for an Adani Group-backed port development in Sri Lanka amid bribery allegations against the conglomerate's founder and executives. The US International Development Finance Corp. has not yet finalized the agreement.
Junk bonds in emerging markets are experiencing a significant rally, with a Bloomberg index indicating a 15% surge this year, the largest since 2016. Countries like Argentina, Sri Lanka, and Ghana are being rewarded for their economic reforms and recovery from defaults. However, this rally may be a temporary phase before potential new distress as 'Trumponomics' unfolds.
The IMF has approved the third review of Sri Lanka's $2.9 billion bailout, releasing approximately $333 million, which brings total funding to around $1.3 billion. While signs of economic recovery are emerging, the country must still address a $12.5 billion bondholder debt restructuring and a $10 billion debt rework with bilateral creditors, including Japan, China, and India. The World Bank projects a 4.4% growth for Sri Lanka this year, marking the first increase in three years.
The International Monetary Fund (IMF) has approved the third review of Sri Lanka's $2.9 billion bailout package. However, the organization cautioned that the country's economy continues to face significant vulnerabilities.
Sri Lanka, once a leader in free-market capitalism in South Asia, shifted its economic policies under J.R. Jayewardene after he gained power in 1977. His administration implemented significant reforms that dismantled the leftist policies of the previous two decades, marking the country's first steps towards economic liberalization, supported by Western governments wary of Soviet influence.
Gautam Adani, chairman of the Adani Group, was indicted in New York for a $250 million bribery scheme linked to solar energy contracts, causing a significant drop in his companies' shares. This follows a tumultuous year marked by allegations of fraud from Hindenburg Research, which initially led to a $6 billion loss in Adani's net worth. Despite these challenges, Adani's shares recovered somewhat by the end of 2023, and he regained his status as Asia's richest person in January 2024.
India is expanding its mobile-payment linkages with several countries, according to a senior official from the Reserve Bank of India. Current arrangements include partnerships with Sri Lanka, Bhutan, and Nepal, with ongoing discussions for collaborations with the UAE and other neighboring nations.
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Sri Lanka adopts single benchmark interest rate for monetary policy management
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