Business

The International Monetary Fund has reached a preliminary agreement to provide Sri Lanka with $2.9 billion over four years. The package aims to help the country recover from its severe economic crisis by restoring financial stability and enabling economic growth, pending approval from IMF management and creditors.

President Joe Biden traveled to Iowa to announce a modest effort to reduce gasoline prices by waiving ethanol blending restrictions. The move comes as consumer prices surged 8.5% in March, marking the highest inflation rate since December 1981.

President Biden and Prime Minister Modi to discuss Ukraine conflict, as India's neutral position draws US scrutiny. Recent UN vote saw India abstain from suspending Russia's Human Rights Council membership, highlighting diplomatic complexities.[100 words]

Standard & Poor's has downgraded Russia's credit rating to "selective default" after the country attempted to pay foreign bond payments in rubles instead of dollars. The agency believes Russia cannot convert rubles to dollars within the grace period and expects sanctions to further complicate its financial situation.

SpaceX successfully launched three international business entrepreneurs to the International Space Station, marking a milestone in private space travel. Passengers from the US, Canada, and Israel will spend over a week orbiting Earth, paying $55 million per ticket for this exclusive space experience.

UN report reveals food prices hit highest point since 1990, with grains and vegetable oils experiencing significant price increases, primarily driven by supply disruptions caused by Russia-Ukraine conflict.

The European Union has banned Russian coal, marking its first significant energy sanctions over the Ukraine conflict. While the €4 billion annual ban represents a symbolic break from Russian energy dependence, the bloc struggles to agree on more impactful oil and gas embargoes that could trigger domestic economic recession.

Congress voted overwhelmingly to suspend normal trade relations with Russia and ban its oil imports. The Senate approved the bills unanimously, and they now await President Biden's signature, formalizing previous executive actions against Russian energy imports.

Germany's government unveils a comprehensive "Easter package" to dramatically boost renewable energy production, targeting nearly 100% renewable electricity by 2035. The reforms simplify bureaucratic processes and prioritize wind and solar installations, driven by goals of energy independence and climate protection.

The United Nations will vote on suspending Russia from the Human Rights Council following the discovery of civilian bodies in Bucha, near Kyiv. U.S. Ambassador Linda Thomas-Greenfield calls for Russia's removal after disturbing evidence of potential war crimes.