Last Wednesday's (29) in-principle deal comes about a month after Sri Lanka's pact with the ExportImport Bank of China covering about $4.2 billion (£3.3bn) of outstanding debt
By Eastern EyeDec 07, 2023
SRI LANKA’S pact with creditor nations to restructure its debt prepares the way for the International Monetary Fund (IMF) to consider clearing the first review of a bailout next month, the global lender said last Thursday (30).
Last Wednesday’s (29) in-principle deal comes about a month after Sri Lanka’s pact with the ExportImport Bank of China covering about $4.2 billion (£3.3bn) of outstanding debt, while clearing the IMF review could trigger a second tranche of about $334 million (£265m) in funds.
“This agreement serves as a key milestone in Sri Lanka’s ongoing endeavour to achieve public debt sustainability and to foster economic recovery,” said Sri Lanka’s treasury secretary Mahinda Siriwardana.
Sri Lanka and the IMF clinched the staff-level agreement on the first review of the four-year extended fund facility arrangement in October, after a month’s delay.
The second tranche will be disbursed once the IMF’s executive board clears the review.
“These understandings pave the way for the IMF executive board to consider completion of the first review,” Peter Breuer, the IMF’s mission chief for Sri Lanka, said in a statement.
“We look forward to the executive board taking up this review by mid-December and the continuation of our productive collaboration with Sri Lanka.”
Sri Lankan officials did not immediately respond to a request for comment on the IMF statement.
The finance ministry said the deal with the creditor panel covered about $5.9bn (£4.6bn) of outstanding public debt, consisting of a mix of long-term maturity extension and reduction in interest rates.
Japan, together with France and India, cochairs the committee of 15 nations. But Sri Lanka’s largest bilateral creditor, China, has not joined as a formal member.
“I expect this case will be applied as a leading case in dealing with debt problems in middle income nations,” said Japan’s top financial diplomat, Masato Kanda, describing the agreement as a “major achievement”.
Since locking down the IMF bailout of $2.9bn (£2.3bn) in March, Sri Lanka has managed to partly stabilise its economy, bring down runaway inflation and rebuild currency reserves.
Finance ministry data shows external debt of $36.6bn (£29bn) at the end of June. Once the debt restructuring is completed, Sri Lanka hopes to cut its overall debt by $16.9bn (£13.4bn).
After receiving the IMF money, Sri Lanka could get further funding from the Asian Development Bank and the World Bank, taking the total to about $900m (£714m), the central bank governor, P Nandalal Weerasinghe, said last week.
The finance ministry said it would next focus on striking similar deals with other bilateral creditors for debt amounting to $274m (£217m) and seek pacts with bondholders who have the bulk of its $12.5bn (£10bn) of international sovereign bonds.
A debt restructuring proposal by private creditors in October did not get a favourable response from the finance ministry, which said it had “serious reservations” about the proposed macro-linked bonds.
Kanda said negotiations were “on track” with bilateral creditors and they were working on details of a memorandum of understanding. He declined to comment on details such as the interest rates for the restructured debt, or the repayment period.
MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.
The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.
Trump spent the night at the US ambassador’s residence, Winfield House in central London, before receiving a royal welcome at Windsor Castle. He also spoke by phone with prime minister Keir Starmer ahead of their formal talks on Thursday (18).
The visit opened with a series of investment pledges described as a “generational step change”, committing joint resources and expertise into emerging technologies across both nations.
“We’re committed to creating new opportunity for people and businesses on both sides of the Atlantic, and to ensuring America remains a trusted and reliable tech partner for the UK,” Nadella, the Indian American Microsoft chief, said in a statement.
“That is why we are doubling down on our investment in the UK, investing more than $30 billion over four years, including building the country’s largest supercomputer,” he added.
Alongside Microsoft, NVIDIA, Google, OpenAI, and CoreWeave are among the US technology companies pledging a combined £31bn to strengthen the UK’s AI infrastructure, including data centres and computer chips.
Starmer welcomed the deal, saying: “This Tech Prosperity Deal marks a generational step change in our relationship with the US, shaping the futures of millions of people on both sides of the Atlantic, and delivering growth, security and opportunity up and down the country.
“By teaming up with world-class companies from both the UK and US, we’re laying the foundations for a future where together we are world leaders in the technology of tomorrow, creating highly skilled jobs, putting more money in people’s pockets and ensuring this partnership benefits every corner of the UK.”
The deal will support new AI models for breakthroughs in medicine, including cancer and rare disease treatment, as well as shared priorities such as fusion energy.
UK technology secretary Liz Kendall described the pact as “a vote of confidence in Britain’s booming AI sector – building on British success stories such as Arm, Wayve and Google DeepMind – that will boost growth and deliver tens of thousands of skilled jobs.”
As part of the agreement, a new AI Growth Zone will host early deployment of OpenAI’s Stargate UK project at Cobalt Park.
Sam Altman, CEO of OpenAI, said: “The UK has been a longstanding pioneer of AI, and is now home to world-class researchers, millions of ChatGPT users, and a government that quickly recognised the potential of this technology. Stargate UK builds on this foundation to help accelerate scientific breakthroughs, improve productivity, and drive economic growth.”
The Tech Prosperity Deal set the stage for Trump’s state welcome at Windsor Castle, featuring a gilded carriage procession, guard of honour, and a State Banquet hosted by King Charles.
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FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble
BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.
The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.
Its three factories in Britain, which usually produce about 1,000 cars per day, will now not restart until September 24, the company said on Tuesday (16). It has told many of its 33,000 staff to stay at home.
"We have taken this decision as our forensic investigation of the cyber incident continues, and as we consider the different stages of the controlled restart of our global operations, which will take time," JLR said in a statement on its website.
There is concern about the financial impact of the stoppage on JLR's British supply chain, which includes many smaller companies and supports 104,000 jobs across the country. The Unite trade union has warned of job losses and said government support would be needed given the lengthy stoppage.
Chris McDonald, minister in the Department of Business and Trade, told Reuters he had met the company on Tuesday to "discuss their plans to resolve this issue and get production started again".
"Our cyber experts are supporting JLR to help them resolve this issue as quickly as possible," he added.
The Telegraph reported on Monday (15) that the production shutdown could last until November, although JLR said this was not its position.
JLR has said the incident has affected some data, although it remains unclear whether it involved customers, suppliers or internal systems.
The breach was the latest in a string of cyber and ransomware attacks targeting companies around the world. In Britain, household names including Marks & Spencer and the Co-op have fallen victim to increasingly sophisticated breaches.
The disruption comes as JLR faces broader challenges, including weaker demand in China and Europe, and delays to the launch of its electric vehicle models.
In July, JLR reported an 11 per cent drop in quarterly sales, partly due to a temporary pause in US shipments after tariffs were imposed. Although exports resumed in May, the company cut its profit margin target for fiscal 2026 to 5 per cent to 7 per cent, down from 10 per cent, citing ongoing trade uncertainty.
Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.
The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.
One of the most anticipated interventions came from Dr Sudhir Ruparelia, Uganda’s richest businessman with an estimated fortune of $1.6 billion. Speaking of his family’s deep commitment to Uganda, Ruparelia said: “We’ve created thousands of jobs, benefiting millions of Ugandans. The real estate sector remains vibrant and agriculture presents countless opportunities. Hospitality and tourism are thriving – let’s seize the moment.”
Lord Dolar Popat, Member of the House of Lords and former UK Prime Minister’s Envoy to Africa, addressed Africa’s pivotal role amid shifting global trade realities. He urged closer Commonwealth ties, emphasising collaboration between Africa, the UK and India to strengthen trade resilience.
The summit also hosted influential voices from government and diplomacy:
Rt Hon Rebecca Kadaga, Uganda’s First Deputy Prime Minister and Minister for East African Community Affairs, set out East Africa’s integration agenda, focusing on accelerating AfCFTA adoption, removing non-tariff barriers and coordinating infrastructure to position the region as a competitive investment market.
Uganda featured prominently throughout the summit. Col Edith Nakalema highlighted the enabling investment climate under President Yoweri Kaguta Museveni, particularly through technology-driven efficiency in SHIPU’s operations to safeguard investors against cyber fraud.
UK–Africa business summit 2025
Dr Hillary Musoke Kisanja, Senior Presidential Advisor on Agribusiness and Value-Addition Development, unveiled Uganda’s roadmap to transform agriculture into a high-value, climate-resilient driver of growth.
HE Nimisha Madhvani, Uganda’s High Commissioner to the UK, joined other diplomats in a flagship session on trade, resilience and diplomacy, where participants examined how Africa can redefine its partnerships with the UK in an era of shifting alliances.
The Ugandan delegation also included Ruth Nankabirwa, Minister of Energy and Mineral Development; Gen David Muhoozi, Minister of State for Internal Affairs; Lt Gen Joseph Musanyufu, Permanent Secretary of the Internal Affairs Ministry; and Maj Gen Apollo Kasiita-Gowa, Director of Citizenship and Immigration Control.
UK–Africa business summit 2025
Faith and ethical entrepreneurship
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest. He urged delegates to embrace ethical entrepreneurship and align economic ambition with values of integrity and social good.
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest
A platform for resilience
Summit founder and chairman Willy Mutenza acknowledged the challenges posed by renewed US tariffs and shifting geopolitical alignments, but stressed Africa’s resilience, pointing to expanding markets, a youthful population and growing infrastructure as long-term opportunities for investors.
Prof Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, reinforced this vision with a presentation on Uganda’s sustained economic growth trajectory.
UK–Africa business summit 2025
Innovation and Africa’s future
The summit concluded with a high-level panel on digital trade, e-mobility, AI and climate-resilient investment. Industry leaders highlighted Africa’s emerging innovation-led growth model, from Kenya’s fintech ecosystems to Uganda’s science-based industrial strategy. The session underscored the importance of digital sovereignty, blended finance and ESG-aligned investment to unlock inclusive economic growth.
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Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.
INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.
India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.
Trump has sought to increase pressure on Moscow over the war in Ukraine. The move has added to tensions between Washington and New Delhi.
Both governments, however, have said they remain committed to talks.
Commerce ministry official Rajesh Agarwal said on Monday that officials would meet in person on Tuesday for discussions, The Indian Express reported.
According to broadcaster NDTV, Brendan Lynch, assistant trade representative for South and Central Asia, will be part of the US delegation. The report said the discussions would be a “precursor” to a later full round of negotiations.
The talks come a week after Trump said discussions would continue between the two sides to address trade barriers.
“I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!,” Trump posted on Truth Social last week, without providing details.
Indian prime minister Narendra Modi responded by calling India and the United States “close friends and natural partners” and said teams from both sides were working to conclude discussions “at the earliest”.
(With inputs from agencies)
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At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)
INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.
At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.
Bhatt was born in 1984 in Poquoson, Virginia, to immigrant parents from Gujarat, India. His father, an aerospace engineer, worked at NASA. He grew up in a household where English was a second language and money was limited. He later attended Stanford University, where he studied physics and earned a master’s degree in mathematics.
In 2013, Bhatt co-founded Robinhood with Vlad Tenev, a fellow Stanford graduate. The platform introduced commission-free stock trading to retail investors in the United States and later expanded into retirement accounts and high-yield savings products. The company gained widespread attention during the Covid-19 pandemic, when trading activity surged around so-called meme stocks.
Robinhood went public in 2021 at the height of the retail investing boom. Bhatt served as co-CEO with Tenev until 2020, when he moved into the role of chief creative officer. In 2024, he stepped down from his executive position but continues to serve on Robinhood’s board of directors while retaining his 6 per cent stake.
Robinhood’s stock has seen significant gains over the past year, rising by about 400 per cent. The increase has been linked to a boost in cryptocurrency-related sales, new products such as individual retirement accounts and high-yield savings, and a strong performance in 2024, when the company reported USD 3 billion (£2.2 billion) in revenue.
Bhatt’s recognition in the Forbes 400 list underscores the continuing influence of technology entrepreneurs in the American financial sector. His career reflects the trajectory of several Indian-origin leaders in the United States, who have made a mark in technology and finance in recent years.
Forbes’ annual ranking of the 400 wealthiest Americans is based on estimates of net worth, which include publicly disclosed stakes in companies, real estate holdings, and other assets. Bhatt joins the ranks of young billionaires who have built fortunes through technology-driven ventures.
In addition to his role with Robinhood, Bhatt has been noted for his early life influences. Growing up in Virginia, he was exposed to science and technology through his father’s aerospace career. His academic path at Stanford provided the foundation to pursue entrepreneurial opportunities in financial technology.
Robinhood, under the leadership of Bhatt and Tenev, has changed how millions of Americans approach investing by lowering barriers to entry. While Bhatt is no longer in an executive role, his continued stake in the company keeps him closely tied to its growth and future direction.
Bhatt’s inclusion in the 2025 Forbes 400 as one of the youngest billionaires highlights his role in shaping retail investing and signals the growing presence of Indian-origin entrepreneurs in the US technology and finance industries.