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Sri Lankan Economic Crisis: Samantha Power, the administrator for USAID, during her recent visit to India - admires India’s effort to aid Sri Lanka and slammed China saying “opaque loan deals at higher interest rates than other lenders” and “financed infrastructure projects that served questionable practical use.”
She further adds “The biggest question of all is whether Beijing will restructure debt to the same extent as other bilateral creditors”
Deputy Director Zhao Lijan of China’s Foreign Ministry on Thursday 28th July defended China’s massive infrastructure ventures and investments in Sri Lanka and said that they have boosted “its economic development, amid criticism from the US”
Further, Zhao blamed US for the Sri Lanka’s economic crisis stating, "We hope that the US will sincerely help Sri Lanka cope with the current difficulties and achieve sustainable development. It is hoped that the US will not use every opportunity to blame, smear other countries and engage in geopolitical games without any bottom line" and "The US has been implementing quantitative easing policies for a long time, and recently raised interest rates abruptly, causing shocks to the global economy and financial markets. The imposition of tariff barriers by the US has exacerbated the soaring prices of energy, food and other commodities, and aggravated the economic and financial situation of Sri Lanka and other developing countries”
IMF calls Sri Lanka for its immediate debt restructure prior to entering into an Extended Financing Facility (EFF). Sri Lanka’s Ministry of Finance in a press release on Friday 29th July stated “Sri Lankan authorities are working with Debt Restructuring Advisors, Lazard and Clifford Chance, to reach consensus on debt restructuring arrangement with Creditors”
How soon will IMF provide Sri Lanka with necessary financial assistance? Will China consider restructuring Sri Lankan debt as other countries look forward to restructuring theirs? Or will Sri Lankan economy further get crushed in between the power struggles of geo politics?
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28/07/2022
Paul Pelosi, husband of US Speaker Nancy Pelosi dumps 25,000 Nvidia (NVDA.O) shares worth $4.1 million on Tuesday, days before the House is expected to consider legislation providing subsidies and tax credits worth over $70 billion to boost the U.S. semiconductor industry.
US Speaker Pelosi’s husband bought 5,000 Nvidia shares in July 2021, and another 20,000 last June.
Second image contains the estimated annual returns from 1st January 2021 to late September 2021 of ‘Pelosi Stock Portfolio’. At the time of this analysis, a portfolio filled with Pelosi picks in 2021 would have returns of 26%, beating SPY at just under 20%.
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