teensexonline.com
8.7 C
Jammu
Friday, February 7, 2025
HomeFeatured StoriesSri Lanka’s sovereign default process has begun, says Rating Agency

Sri Lanka’s sovereign default process has begun, says Rating Agency

Date:

Related stories

Pakistan exposes itself yet again, with forked tongue on Kashmir, terrorism

Two gatherings, 100 kilometres apart in Pakistan-Occupied Kashmir (POK)...

“China’s severe travel restrictions on Uyghurs violating international rights,” says Human Rights Watch

The Chinese government is maintaining severe restrictions, conditions, and...

USPS temporarily suspends some inbound parcels from China amid Trump trade war

The United States Postal Service (USPS) announced a temporary...

FICCI & Expo City Dubai Forge Partnership Ahead of 2025 Asia Pacific Cities Summit

In a significant move to strengthen international urban cooperation,...

Two of the world’s largest credit rating agencies have warned that Sri Lanka is about to default on its debts. Fitch Ratings lowered its assessment of Island nation, saying a sovereign default process has begun. Agency’s latest rating puts Sri Lanka at near default and indicated that its payment capacity is irrevocably impaired.

On other hand, S&P Global Ratings made a similar announcement and said that a default is now a virtual certainty. The ratings agency said it was waiting for more details on Sri Lanka’s debt restructuring plan, or confirmation that its government had failed to pay its creditors.

Earlier, this week, Sri Lanka said it will temporarily default on its foreign debts as it faces its worst economic crisis in more than 70 years.

Meanwhile, faced with mass protests over major power cuts and the soaring cost of food and fuel, officials urged Sri Lankans working abroad to send money home.

The new governor of the country’s central bank appealed for donations in sterling, US dollars and euros on Wednesday.

Latest stories