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Sri Lanka says Adani port project to continue despite US charges

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COLOMBO: Indian conglomerate Adani Group's port project in Sri Lanka will go ahead despite US charges against its founder and sudden changes to its financing, the island nation said Friday.
The article from Business Recorder discusses the ongoing economic challenges in Pakistan, focusing on the recent developments in the negotiations with the International Monetary Fund (IMF). Pakistan is seeking to revive a stalled $6.5 billion IMF bailout program to avoid defaulting on its debt. Key points include the IMF's insistence on implementing stringent economic reforms, such as increasing energy prices, reducing subsidies, and broadening the tax base. The Pakistani government has shown some compliance by increasing fuel prices and allowing the currency to depreciate, but there are still hurdles like political resistance to reforms and the need for additional financing assurances from friendly countries. The article also mentions the potential economic fallout if an agreement isn't reached, including further currency depreciation, higher inflation, and increased risk of default. The urgency of the situation is underscored by the looming deadline for Pakistan to repay significant external debts.

Read the Full Business Recorder Article at:
[ https://www.brecorder.com/news/40337424 ]


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