Sri Lanka defaulted on its foreign debt in April 2022 as the country plunged into its worst economic downturn since independence because of a major shortage in foreign currency reserves.
Unions say the strikes will continue until the government responds to their demand to reverse the new taxes.
Sri Lanka is facing its worst economic crisis in decades and a shortage of dollars has disrupted imports of essentials, though the situation has improved from last year when protesters ousted its president.
Sri Lanka expects approval from the International Monetary Fund to start the disbursal of $2.9 billion in the third or fourth week of this month, President Ranil Wickremesinghe says.
International Monetary Fund asks for more time for negotiations with Islamabad over deal that would unlock $1.1 billion in much-needed funds for the country, officials say.
President Ranil Wickremesinghe said rapid approval from the global lender was expected as Sri Lanka marked its 75th independence anniversary as a bankrupt nation.
Years of financial mismanagement and political instability have damaged Pakistan’s economy, worsened by a global energy crisis and devastating floods that submerged a third of the country last year.
The Cologne-based German Economic Institute says businesses expect production disruptions despite the cooling of gas prices affected by the conflict between Russia and Ukraine.
Estimated $4 billion package will go to the country's reserves while the rest will come in the form of oil and other commodities, as country struggles financially.
With two consecutive quarters of falling GDP, Russian economy continues to contract, but it has so far survived Western sanctions over its Ukraine offensive better than many economists expected.
Sri Lanka's parliament passed a constitutional amendment with two-thirds majority aimed at trimming presidential powers and beefing up anti-corruption safeguards.
Heavily indebted Tunisia has secured a $1.9 billion loan while Egypt is close to finalising a deal.
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