Sri Lanka seeks $1 billion loan from China amid debt woes
COLOMBO, Sri Lanka (AP) — Sri Lanka is negotiating a $1 billion loan from China to construct a highway linking the capital Colombo to the hilly resort city of Kandy, even as the heavily-indebted South Asian island nation makes arrangements to pay down $5.9 billion in foreign loans this year.
Finance Ministry spokesman M.R. Hasan said Saturday that he's waiting to hear whether terms of the loan for the highway project have been approved.
Sri Lanka considers big China loan to repay foreign debts
COLOMBO, Sri Lanka (AP) — Sri Lanka is considering a $300 million loan offer from the Bank of China as it prepares to repay foreign debts this year, a Finance Ministry official said.
The government has appointed a three-member committee to negotiate the deal, according to Finance Ministry spokesman M.R. Hasan.
The loan is repayable in three years, he said Wednesday.
Sri Lanka passes stopgap, plans full budget vote in February
COLOMBO, Sri Lanka (AP) — Sri Lanka's finance ministry said Monday that it will present next year's full budget in February after the parliament approved a 1.77-trillion-rupee ($9.39 billion) stopgap measure to cover public expenditures over the first four months of 2019, averting a government shutdown January 1.
Sri Lanka had been engulfed in a political crisis since late October after President Maithripala Sirisena sacked the country's prime minister, Ranil Wickremesinghe, and cabinet.
New premier Imran Khan pledges to restore Pakistan’s economy
ISLAMABAD (AP) — Prime Minister Imran Khan said in his first televised speech in office that Pakistan is in the worst economic condition it has seen and pledged to cut government spending, end corruption and repatriate public funds.
A day after he was sworn in, Khan promised reforms across all fields. "I want to see Pakistan a great country" with social services for the poor, Khan said.
CAIRO (AP) — Egypt's foreign debt has climbed more than 10 percent in less than a year, reaching $88.2 billion in March, the central bank said Monday, despite a raft of painful austerity measures aimed at cutting government spending.
Foreign debt is 11.6 percent higher than in June of last year, but the central bank said the debt to GPD ratio is still within "safe limits according to international standards," at 36.8 percent.
CAIRO (AP) — Egypt's foreign debts reached around $82.9 billion, for the period ending December 2017, rising by 4.9 percent compared to six months earlier, the Central Bank of Egypt revealed in a report on Wednesday.
The CBE, however, maintains that the foreign debt to gross domestic product ratio is "still within the safe limits according to international standards", standing at 36.1 percent. Egypt's foreign debts reached $67.3 billion in December 2016.
Venezuela talks focus on elections, financial crisis
SANTO DOMINGO, Dominican Republic (AP) — Venezuela's socialist government and its opposition sought Friday to jumpstart negotiations on resolving the country's economic and political crisis, pressured by international sanctions and a looming presidential election.
Venezuela says it will seek to restructure foreign debt
CARACAS, Venezuela (AP) — President Nicolas Maduro announced Thursday that he will begin restructuring Venezuela's foreign debt, calling it the best way to get around U.S. financial sanctions that he said are crippling the oil-dependent nation.
But in a sign that he may be trying to avoid an ugly fight with Wall Street, Maduro also ordered state-run oil company PDVSA to make one last $1.2 billion bond payment in full before attempting to postpone future foreign payments.
Egypt plans to plug budget gaps with more foreign debt
CAIRO (AP) — Egypt's Finance Minister says the country will face a $10 to $12 billion budget shortfall for the current 2017-18 fiscal year, and plans expanded foreign debt issuance to overcome it.
Finance Minister Amr el-Garhy told participants at the annual Euromoney Egypt Conference on Monday that economic reforms were ongoing.