Chinese Power Plants in Pakistan to be Shutoff Unless Payments Made

Fourth EstateThe Sahiwal Coal Power Plant is a Chinese owned coal power plant project located in the province of Punjab in Pakistan

More than two dozen Chinese firms operating in Pakistan said that they will shut down their power plants this month unless the country will settle $1.59 billion or Rs300 billion in past due payments. Ahsan Iqbal, Pakistan’s Minister for Planning …

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Russia Avoids Debt Default on Deadline

Fourth EstateA stack of Russian Ruble banknotes.

Russia avoided defaulting on its government debts by completing required payments in US dollars just before the final deadline on March 4. An unnamed US official, quoted in a BBC report, admitted that payments have been made. The US official …

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Sri Lanka Begins Talks With China on Refinancing Debt

Sri Lanka’s government said on Tuesday that it is discussing obtaining another loan from Beijing to repay some of its debts to Chinese banks as the island nation struggles with its worst financial crisis in decades. Nalaka Godahewa, Sri Lanka’s …

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Sri Lanka Defaults on All Debts

Fourth EstateThe Sri Lanka Presidential Secrtariat. Old Parliament Building, Colombo, Sri Lanka

Sri Lanka announced on Tuesday that it is defaulting on its foreign debt of around $51 billion pending a bailout package from the International Monetary Fund amid the country’s worst economic crisis. Sri Lanka’s finance ministry said that creditors and …

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Iran and UK Confer on Bolstering Bilateral Ties

Iran’s Foreign Minister Hossein Amir Abdollahian on Thursday held a telephonic conversation with his UK counterpart Liz Truss, where the two sides agreed to bolster bilateral ties, and also discussed development in Vienna talks aimed at reviving Iran’s nuclear deal. …

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Puerto Rico Announces Largest Public Debt Restructuring in US History After Exiting Bankruptcy

Puerto Rico has announced it will restructure debts after the commonwealth exited bankruptcy. According to Financial Oversight and Management Board for Puerto Rico (FOMB), the debt restructuring will pave the way for new bonds with its creditors. The debt restructuring …

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Russian Default on Debts No Longer ‘Improbable’: IMF Head

The International Monetary Fund (IMF) sees that a Russian default on its debts has become more than likely, but would not trigger a global financial crisis, the international lender’s head said on Sunday. Impacts of the sanctions imposed by the …

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