- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
RBGPF | 100% | 58.93 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
CMSC | -0.16% | 24.74 | $ | |
VOD | -0.52% | 9.69 | $ | |
RELX | -1.46% | 46.61 | $ | |
GSK | -2.81% | 38.37 | $ | |
NGG | -2.7% | 66.97 | $ | |
RIO | -1.42% | 69.83 | $ | |
CMSD | -0.16% | 24.89 | $ | |
SCS | -1.98% | 12.62 | $ | |
BTI | -2.45% | 35.11 | $ | |
AZN | -2.12% | 77.93 | $ | |
BCC | -0.9% | 138.29 | $ | |
JRI | -0.6% | 13.3 | $ | |
BCE | -1.77% | 33.84 | $ | |
BP | 0.28% | 32.46 | $ |
World Bank refuses new funding for bankrupt Sri Lanka
The World Bank said Friday it would not offer new funding to Sri Lanka unless the bankrupt island nation carried out "deep structural reforms" to stabilise its crashing economy.
Sri Lanka has suffered an unprecedented downturn with its 22 million people enduring months of food and fuel shortages, rolling blackouts and rampant inflation.
The South Asian nation defaulted on its $51-billion foreign debt in April and huge protests earlier this month forced then president Gotabaya Rajapaksa to flee the country and resign.
The World Bank said it was concerned about the impact of the crisis on Sri Lanka's people but was not ready to give funds until the government had bedded down necessary reforms.
"Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka," the lender said in a statement.
"This requires deep structural reforms that focus on economic stabilisation, and also on addressing the root structural causes that created this crisis."
The World Bank said it had already diverted $160 million from existing loans to finance urgently needed medicines, cooking gas and school meals.
Sri Lanka is currently in bailout talks with the International Monetary Fund but officials say the process could take months.
The island nation has run out of foreign exchange to finance even the most essential imports, and chronic shortages have inflamed public anger.
Motorists stay in long queues for days to get rationed petrol and government officials have been told to work from home to reduce commuting and save fuel.
The UN World Food Programme estimates the crisis has forced five out of every six Sri Lankan families to buy lower-quality food, eat less or in some cases skip meals altogether.
The crisis came to a head on July 9, when tens of thousands of protesters stormed Rajapaksa's residence, forcing the president to flee to Singapore and resign.
His successor, Ranil Wickremesinghe, has declared a state of emergency and vowed a tough line against "trouble-makers", with several activists who helped lead the mass demonstrations arrested this week.
O.Hansen--CPN