AN IMF delegation was in Sri Lanka Monday (14) for talks on the island's worsening economic crisis, with the public suffering through months of food, fuel and medicine shortages.
A lack of foreign currency has left traders unable to pay for vital imports in what authorities concede is the south Asian nation's worst financial crisis since independence from Britain in 1948.
Long queues outside gas stations and rolling blackouts have become the norm, while record inflation has caused serious hardship among the island's 22 million people by repeatedly pushing up the cost of groceries, transport and pharmaceuticals.
A senior staffer from the International Monetary Fund "will hold talks" with president Gotabaya Rajapaksa and his brother, finance minister Basil Rajapaksa, a spokesman for the leader said.
Sri Lanka's government is divided on seeking a bailout, but the international lender said it was "ready to discuss options if requested".
The IMF warned earlier this month that the country's $51 billion (£39.14 bn) foreign debt was "unsustainable", and called for a currency devaluation and higher taxes to revive its almost bankrupt economy.
Sri Lanka last week allowed the rupee to float, a move that saw the currency nosedive 25 per cent against the dollar and triggered a fresh wave of price increases.
Fuel costs have risen by nearly 80 per cent since early February while food prices rose by a quarter according to January figures.
The coronavirus pandemic hammered the south Asian island's tourism sector - a key foreign exchange earner.
Sri Lanka needs nearly $7 bn (£5.37 bn) to service its foreign debt this year, but the country's external reserves at the end of January were just over $2 bn (£1.53 bn) - enough to finance one month of imports.
International ratings agencies have downgraded Sri Lanka over expectations it may not be able to repay its borrowings, though the government insists it will.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
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