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Is Sri Lanka on track to access funds from the IMF? - newsfirst.lk - China - city Beijing - Japan - India - Sri Lanka - Washington
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Is Sri Lanka on track to access funds from the IMF?
Sri Lanka, which is under an ongoing economic crisis, is headed for another major turbulence as the country will not be able to secure the much-needed IMF loan in December as its ally and debtor China is yet to initiate a dialogue on debt restructuring with Colombo.A report in the Hindustan Times quoting financial analysts based in Washington said that Sri Lanka will miss the IMF deadline and will have to wait till March next year to secure a loan of $2.9 billion, as Beijing was involved in the 20th National Party Congress.The next meeting of the IMF executive board is in March 2023, Sri Lanka will most likely have to wait until then for IMF Board approval, and access to the funds.Why is China's involvement so important to access IMF funds?Sri Lanka is now considered a country that defaulted on its external debt because the island nation lacked foreign reserves for debt servicing.According to the Central Bank of Sri Lanka and the Finance Ministry, Sri Lanka's total debt was $36 billion at the end of 2021.Of this total debt, Colombo owes some 52% in bilateral credit to China, 19.5% to Japan, and 12% to India.One of the main conditions for Sri Lanka to tap the USD 2.9 Billion funding from the International Monetary Fund is debt reconciliation and restructuring.Bilateral means transactions between two countries, and there is an institution that operates with the support of the International Monetary Fund to talk about bilateral debt, and this is called the Paris Club.Sri Lanka has obtained a large number of loans from Japan, India, and China, and among them, only Japan is a member of the Paris Club.India is openly supporting Sri Lanka's engagement with the IMF, and avenues are open for Sri Lanka to discuss debt
Category 4 Hurricane Fiona to track near Bermuda before pummeling Atlantic Canada - fox29.com - Canada - county Atlantic - Bermuda
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Category 4 Hurricane Fiona to track near Bermuda before pummeling Atlantic Canada
slam into Atlantic Canada this weekend as a powerful post-tropical cyclone.Fiona remains a Category 4 hurricane in the western Atlantic with maximum sustained winds around 130 mph, an intensity it first achieved early Wednesday, which makes Fiona the Atlantic's strongest hurricane of the 2022 season so far.Any hurricane that is rated Category 3, 4 or 5 on the Saffir-Simpson Hurricane Wind Scale is classified as a major hurricane.As of early Thursday morning, Hurricane Fiona was centered less than 500 miles southwest of Bermuda and was moving north-northeastward at 13 mph, a track which will take the major hurricane near Bermuda and then into Atlantic Canada.HOW TO WATCH FOX WEATHER ON TVTracking Hurricane Fiona.(FOX Weather) Bermuda has been placed under a Hurricane Warning.A Hurricane Warning means sustained winds of 74 mph or higher are expected within the warning area and is typically issued 36 hours before the anticipated first occurrence of tropical-storm-force winds (39-plus mph). These high winds are likely to be accompanied by storm surge, coastal flooding and/or river flooding.According to the National Hurricane Center, Hurricane or Tropical Storm Watches will likely be required for portions of Atlantic Canada by later Thursday morning.WHAT TO DO WHEN HURRICANE OR TROPICAL STORM WATCHES AND WARNINGS ARE ISSUED FOR YOUR TOWNA Hurricane Warning is in effect for Bermuda.(FOX Weather) According to the FOX Forecast Center, the peak impacts in Bermuda are expected between Thursday night and Friday morning as the center of Hurricane Fiona passes to the west of the archipelago.Those impacts in Bermuda will include hurricane-force winds (74-plus mph) and 2 to 4 inches of rain, as well as large, pounding surf and storm
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