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Sri Lanka struggles to find fuel suppliers
... given fuel rations. The government asked about one million public employees to work from home until further notice. A delegation from the US Treasury and State Departments arrived in Colombo for a three-day visit on Sunday to assess the situation. An international Monetary Fund team is already in Sri Lanka for talks on a possible $3 billion bailout package.
Updated: 06/27/2022
Don’t count out Canada stocks yet, say strategists
... commodity strategist believes that a deep contraction in Russian oil could cause a full-blown 1980 s style oil crisis, pushing Brent well past $150 bbl, they said. Food security is going to be another strength for Canada in the second half. The UN and the International Monetary Fund have warned of a food crisis and the prices for agricultural products are up 24% year to date. Canada is uniquely positioned with both energy and food security, as well as political stability, which we believe is critical in the 2020 s with increased ...
Updated: 06/26/2022
Sri Lanka sends ministers to Russia, Qatar to try to secure oil
... Secretary of State for South and Central Asia Kelly Keiderling . The embassy said it had committed $158.75 million in new funding in the past two weeks to help Sri Lankans. Four of five people in the nation of 22 million have reduced their food intake ... ... mere lack of fuel, gas, electricity, and food. The government declared in April it was defaulting and is negotiating with the International Monetary Fund for a possible bailout, because of the fact that it is unable to repay $51 billion of foreign debt....
Updated: 06/26/2022
Sri Lanka faces petrol, diesel run out of fuel
... shortage of foreign exchange to finance the most essential imports, including food, fuel and medicines, and is appealing for international handouts. Wijesekera said that the state-owned Ceylon Petroleum Corporation was unable to say when fresh oil supplies ... ... The government declared it is defaulting in April, but is trying to get a possible bailout with the International Monetary Fund , because it's not able to repay its $51 billion debt.
Updated: 06/26/2022
Sri Lanka reduces foreign currency possession to $10,000
... currency possession by an individual from $15,000 in a desperate move to shore up its fast-depleting forex reserve required to fund the import of essentials, including food and fuel. Sri Lanka has reduced the limit of foreign currency possession by an ... ... including food and fuel. Sri Lanka is facing a severe forex crisis that forced the island nation to declare a default of its international debt in April, becoming the first Asia-Pacific country in decades to default on foreign debt. The Foreign Exchange ...
Updated: 06/25/2022
BIS warns of ‘systemic’ risk of central banks
The Bank for International Settlements said that recent implosions in the criptocurrencies markets indicate that long-detayed digital money ... ... exists. Any form of money that isn't credible is lacking credibility without a government-backed authority that can use reserves funded by taxes. Carstens said all of the weaknesses pointed out before have pretty much materialised. The music analysts estimate ...
Updated: 06/25/2022
IMF cuts U.S. growth forecast but predicts recession
On Friday, the International Monetary Fund slashed its U.S. economic growth forecast as aggressive Federal Reserve interest rate hikes cool demand, but predicted that the United States would narrowly avoid a recession. On Friday, the International Monetary Fund slashed its U.S. economic ...
Updated: 06/25/2022
IMF official says any recession in U.S. may look like in 2000
WASHINGTON Reuters - If the United States falls into a recession, it would likely be relatively short, with only modest increases in unemployment, and may look like U.S. downturns in the early 2000s, an International Monetary Fund official said on Friday. WASHINGTON Reuters - If the United States falls into a recession, it would likely be relatively short, with only modest increases in unemployment, and may look like U.S. downturns in the early 2000s, an International Monetary ...
Updated: 06/24/2022
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