[ad_1] Colombo: Sri Lanka’s Parliament on Friday approved the much-needed USD 3 billion IMF bailout package to revive the island’s economy which was hit hard by a catastrophic economic and humanitarian crisis sparked by years of mismanagement and the raging pandemic. Last month, the International Monetary Fund (IMF) approved theContinue Reading
[ad_1] “Biden has been a steady hand through this financial crisis,” Sen. Elizabeth Warren (D-Mass.), one of the party’s most scathing critics of the banking industry, said in an interview. “It reinforces the steadiness of his approach internationally.” It’s a surprising potential boon to Biden’s economic record. The political responseContinue Reading
[ad_1] Washington: US Treasury Secretary Janet Yellen on Sunday said that the federal government will not provide a bailout for Silicon Valley Bank’s investors after the bank was abruptly shuttered, but said financial regulators are “concerned” about the impact to depositors and working to address their needs, media reports said.Continue Reading
[ad_1] The bank had $209 billion in assets, and many of its depositors were Silicon Valley-backed startups and health-care businesses — many of them small businesses, Yellen said. Some have payrolls to meet this week. But although the collapse is concerning, Yellen emphasized that the American banking system is “safeContinue Reading
[ad_1] Islamabad: Pakistan’s Finance Minister Ishaq Dar vowed on Thursday that the government was “absolutely committed” to completing the current USD 7 billion bailout programme with the IMF, once again indicating that the cash-strapped country could sign the staff-level agreement with the global lender this week. The Pakistan government isContinue Reading
[ad_1] ATHENS — Former Greek Finance Minister Yanis Varoufakis was attacked in central Athens late on Friday, suffering a broken nose, cuts and bruises. The assault, which his party DiEM25 described as a “brazen fascist attack,” took place while Varoufakis was dining in the central Exarchia district with party membersContinue Reading
[ad_1] Washington: Cash-strapped Pakistan and the IMF have failed to reach a staff-level agreement on a much-needed USD 1.1 billion bailout package aimed at preventing the country from going bankrupt. After 10 days of talks here, discussions between the two sides remained inclusive, with the Washington-based global lender saying thatContinue Reading
[ad_1] Colombo: China has given debt-ridden Sri Lanka the financing assurances required by the IMF to unlock a USD 2.9 billion bailout package for the country, days after India strongly backed the island nation’s efforts to secure the loan from the global lender to recover from its worst-ever economic crisis.Continue Reading