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    UK Court awards £20m Damages in favour of Nigeria against P&ID

    FG, States, LGs share ₦2.00 Trillion for month of July 2025

    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Shareholder’s resolutions at Guaranty Trust Bank’s Annual General Meeting

    GTBank gets ₦365.85 billion capital injection, meets new minimum capital requirement

    NNPC and Partners to build first methanol plant in Nigeria

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    International Energy Insurance Plc announces full and final repayment of JPY1.85 billion Coupon Bonds due 2028

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    International Energy Insurance Plc calls an emergency Board meeting

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    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

    Augusto & Co. upgrades Globus Bank Limited’s rating to A and A1

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Sri Lanka is “bankrupt” – Prime Minister

Wednesday, 6 July 2022, 5:45 pm
in News, World
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Sri Lanka is “bankrupt” – Prime Minister
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Sri Lanka Prime Ranil Wickremesinghe on Tuesday declared that the country was “bankrupt.”

The country’s energy minster Kanchana Wijesekera says that fuel supplies have run out and that it is currently in “difficult” talks with the International Monetary Fund (IMF) about bailout.

Those not working in essential services have been told by the government to work from home in order to conserve fuel and schools have been shut.

Sri Lanka has been amassing debt from China and defaulted on its debts for the first time in May. Its foreign currency reserves have run out since then.

Sri Lanka’s economy started to slide in 2020 and the government blamed Covid-19 pandemic. However, some experts blamed the nations economic woes on the government’s mismanagement.

Wickremesinghe said Sri Lanka was also in discussions with India, Japan, and China about forming an aid consortium that could intervene in the economic crisis.

“We are now participating in the negotiations as a bankrupt country. Therefore, we have to face a more difficult and complicated situation than previous negotiations,” Wickremesinghe said in parliament.

“Due to the state of bankruptcy our country is in, we have to submit a plan on our debt sustainability to (the IMF) separately,” he added. “Only when they are satisfied with that plan can we reach an agreement at the staff level. This is not a straightforward process.”

“This will be a difficult and bitter journey,” Wickremesinghe said. “But we can get relief at the end of this journey. Progress can be made.”

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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