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Sri Lanka’s cabinet recently approved a new economic law aligning with key objectives outlined by the International Monetary Fund (IMF), announced the cabinet spokesperson. After facing its severest financial crisis in over seven decades in 2022, including a default on foreign debt due to plummeting reserves, the nation’s economy is on the mend. Following the IMF’s approval of a $2.9 billion bailout last April, Sri Lanka is projected to achieve a 3% growth rate this year.

The newly introduced Economic Transformation bill aims to enshrine various targets from the IMF program into law. These targets include lowering the debt-to-GDP ratio to 95% by 2030 and reducing debt servicing costs to 4.5% of GDP. This move signifies a strategic step toward economic recovery and stability in Sri Lanka.

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Constitution Day in Nauru celebrates the country’s constitutional adoption, which took effect in January 1968, initially with 18 parliamentary members, later increased to 19. The significant amendments made on May 17, 1968, now mark this date as Constitution Day.

In Nauru, Constitution Day signifies the conclusion of the annual athletic championship, featuring sports events and a parade of diverse sports teams. Unlike traditional celebrations, there are no speeches or military displays. Instead, the island unites in a spirit of camaraderie and unity through a track and field competition, fostering a sense of togetherness and community spirit through the shared passion for sports.

Cyprus experienced its highest economic growth in five quarters in Q1 2024, with GDP rising by 3.5% compared to Q1 2023, according to preliminary data from Cyprus Statistical Service (Cystat). Adjusted for seasonal fluctuations, the growth rate reached 3.3%, the highest since Q1 2023. Compared to Q4 2023, GDP increased by 1.2%. This marks the 13th consecutive quarter of positive growth since Q1 2021. Additionally, Q1 2024 growth exceeds IMF’s recent estimates of 2.7% for 2024 and 2.9% for 2025.

According to the Statistical Service, the positive GDP growth is primarily driven by sectors such as hotels and restaurants, wholesale and retail trade, communications and art with other service activities.

Read the original article here: https://www.msn.com/en-us/money/companies/cyprus-economy-sees-highest-growth-rate-in-five-quarters/ar-BB1mtUmt?ocid=BingNewsSearch