Radi

The European Union (EU) and the US urged Sri Lanka’s political fraternity to cooperate, focus and work quickly’ to achieve a peaceful, democratic and orderly transition amid the island nation’s worst economic and political crisis in decades while India expressed solidarity towards this end.

Debt-ridden Ceylon Petroleum Corporation (CPC) is to be restructured as the entity is faced with severe cash flow problems with no rupees or dollars to continue its operations, top senior officials disclosed.

Sri Lanka’s five key state owned business enterprises (SOBEs) posted losses amounting to Rs. 931 billion rupees in the first four months of 2022, official data shows, with a collapse of a soft-peg due to aggressive open market operations of the central bank contributing to most losses.

Even in the wake of mass uprising, mayhem in governance and uncertainty The International Monetary Fund(IMF) has not given up hopes in extending its assistance to Sri Lanka.

Sri Lanka has suspended interest payment on a 175 million US dollar sovereign guaranteed bond of the national carrier and loans taken to build a China-backed airport and expand a runway at the main airport, a Finance Ministry report said.