The announcement follows the finalisation of debt restructuring agreements with bilateral lenders, including India and China, in Paris on June 26. President Ranil Wickremesinghe described this earlier agreement as a “significant milestone” in bolstering international trust in Sri Lanka's debt-ridden economy.

Sri Lanka's macroeconomic policy reforms have started to "bear fruit" and the country is expected to reach agreements with external commercial creditors soon, the IMF has said ahead of the second review of it's USD 2.9 billion bailout programme to the cash-strapped country.

The arrest follows an announcement by Sri Lankan Police offering a cash reward of Rs. 2 million for credible information on Osman's whereabouts.

The resurgence of the Sri Lankan currency follows a period of economic turmoil, highlighted by the nation's first-ever sovereign default in 2022. During this challenging period, Sri Lanka received crucial assistance from India, facilitating imports of essential goods and stabilizing the rupee through extended currency swaps provided by the Reserve Bank of India

Despite these efforts, discussions with sovereign bondholders to restructure approximately USD 46 billion of debt are ongoing. However, progress has faced hurdles, as the IMF rejected a proposal from private bondholders in March, citing misalignment with desired debt sustainability parameters.

With an eye on strengthening collaboration and collective action, Shehan articulated the significance of the talks in securing the next tranche of the USD 2.9 billion International Monetary Fund bailout.

"Inflation decelerated in single digits last year following a peak in 2022 and will remain below 10 per cent in 2024 and 2025. Challenges remain, and the upcoming electoral cycle must not delay the reforms required to address the recent economic crisis. Sri Lanka needs to address vulnerability to poverty to ensure inclusive growth," the ADB report cautioned.

Wise's study highlights the different fees Indian travellers might face when using ATMs in various countries, an essential factor for those looking to make the most of their travel budgets and avoid extra charges.

"The move came as the main opposition and the local Human Rights Commission had expressed concern that the Act was not in compliance with the highest court-prescribed changes," it added. 

Indians using the services overseas, it has both positive as well negative impacts. Indians abroad will find it convenient to make payments using UPI, leveraging their Indian bank accounts linked to their international mobile numbers. This eliminates the need for multiple currency conversions and enables seamless transactions. 

Sri Lanka is seeking supply of gas in liquid form to meet requirements for generating electricity and other industries. It was in discussions with Petronet and other suppliers for years and it is only now that it has finally agreed to buy the fuel from the Indian firm.

These agreements will open up new markets for the cash-strapped Sri Lankan businesses, contributing directly to the nation's economic growth.