Current affairs is a type of broadcast journalism in which important news items are addressed extensively and in real-time. This is in contrast to typical news broadcasts, which emphasise news stories given for uncomplicated presentation as fast as possible, generally with minimal analysis.

Recent Current Affair: Sri Lanka defaults on all its $51 billion external debt

Sri Lanka, which is currently grappling with its worst economic crisis, announced a default on all its external debt worth $51 billion, on April 12, 2022. Sri Lanka called it a “last resort” after running out of foreign exchange. The Finance Ministry stated that it was done to ensure fairness and equality for the country’s creditors.

In recent times Sri Lanka has been facing a severe shortage of basic goods like food and medicine. This has been compounded by a daily electricity blackout. The economic and political uncertainty has caused many people to take to the streets and protest the government. The country has suspended all all-normal debt services for the time being. Any new credit facility after April 12 will be serviced normally. Such amounts shall bear interest during the interim period at the normal contractual rate applicable to that credit.

The Sri Lankan government has requested holders of all affected debts to capitalize any amount of principal or interest falling due during this interim period at an interest rate not higher than the normal contractual rate applicable to that credit until a restructuring proposal can be presented to the creditors. All debt payments after 5pm local time on April 12 will be considered capitalized and added to the outstanding principle. Any creditor who wishes to be paid back in Sri Lankan Rupees can contact the Finance Ministry up to a month after the amount is due.

The Ministry will also be ready to execute a short-form instrument confirming capitalizing of maturing amounts as described for creditors that may require such documentation for regulatory purposes. The Sri Lankan Government has also approached the International Monetary Fund for assistance in an economic bailout. The nation has also sought financial help from other multilateral partners to help in the economic crisis.

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