India repays world bank loan

The Central Bureau of Investigation (CBI) on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate group ABIL group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Wadhawan of DHFL, officials said. The CBI suspects that illicit funds were routed through several real estate companies based in Maharashtra, they said. The agency had carried out searches at the premises of noted builders of the State on April 30 to further probe on this aspect of the case, they said. Premises of ABIL and Mr. Bhosale were also searched during the operation. The CBI has now arrested Mr. Bhosale in a 2020 case against Mr. Kapoor and Mr. Wadhawan among others for alleged corruption. The CBI had recently arrested Sanjay Chhabria of Radius Developers in the case. The agency has alleged that Mr. Kapoor entered into a criminal conspiracy with Mr. Wadhawan for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to … [Read more...] about CBI arrests ABIL group chairman Avinash Bhosale in Yes Bank-DHFL scam case

Sri Lankan President Gotabaya Rajapaksa on Thursday expressed hope that bridging finance from Japan would help the island nation get over its current economic crisis, as he urged "international friends" to extend support and solidarity" to his country at this "very difficult time”. Addressing the 27th International Conference on the Future of Asia in Tokyo, Japan, via video call, the President said he hoped for an early deal with Japan as negotiations were underway concerning bridging loans. “Japan remains one of Sri Lanka’s key development partners, and we hope that the negotiations now underway regarding bridging funds from Japan will conclude soon, and support Sri Lanka as we try to stabilise our economy and our nation," the President said. Bridge financing is a form of temporary, intermediate funding intended to cover short-term expenses until long-term funding is secured. Mr. Rajapaksa outlined the difficulties faced by Sri Lanka since the COVID-19 pandemic. "The … [Read more...] about Sri Lankan President Rajapaksa hopeful of getting bridging funds from Japan

Since Sri Lanka’s public debt is assessed as “unsustainable”, the IMF has said that it requires “sufficient assurance” from the country that it will restore debt sustainability during the debt restructuring process, a media report on Friday quoted the global crisis lender as saying. “The (IMF) team welcomes the appointment of financial and legal advisors to engage in a collaborative dialogue with their creditors. It is an important step towards restoring public debt sustainability,” the EconomyNext website cited the International Monetary Fund as saying after the end of technical level negotiations between the crisis-hit country's officials and the IMF team. Also Read India, Japan to work together to help Sri Lanka during crisis “Since Sri Lanka’s public debt is assessed as unsustainable, approval by the Executive Board of an IMF-supported programme for the country would require adequate assurances that debt sustainability will be restored,” the IMF said. The … [Read more...] about Sri Lanka crisis | “Require adequate assurances” on Sri Lanka’s debt sustainability restoration: IMF

The Tamil Nadu government on Thursday said it would raise ₹2,000 crore through sale of 10-year bonds. This will be the first market borrowing done by the State in the current fiscal year 2022-23. The auction would be conducted by the Reserve Bank of India (RBI) on May 31, the State Finance Department said in a statement. As per the information released by RBI, the State government had indicated that it would borrow ₹23,500 crore in the first quarter (April-June) of fiscal 2022-23. States, including Tamil Nadu, borrow from the market through auction of bonds known as State Development Loans (SDL). The Centre has allowed States to borrow 3.5% of their Gross State Domestic Product (GSDP) in 2022-23. An additional borrowing of 0.5% of GSDP is allowed, based on fulfilment of power sector reforms and further based on their contributions into the National Pension System for government employees. Additionally, there has been a change in guidelines with respect to the Centre granting … [Read more...] about Tamil Nadu to raise ₹2,000 crore on May 31