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Bondholders express concern over debt restructuring amid political uncertainty

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The representatives of bondholders who hold more around 50 percent of Sri Lanka’s outstanding international sovereign bonds (ISB) , during closed door interactions with the representatives of Sri Lankan political parties, have expressed fear whether any debt restructuring agreement will be honored in case of a regime change at the elections pending this year, Daily Mirror learns.

The bond holders held talks with various political leaders including from the opposition parties such as the Samagi Jana Balawegaya (SJB), the National People’s Power (NPP) and the United Republican Front (URF) led by MP Patali Champika Ranawaka during the New Year holiday period.

During talks with the NPP, the party has assured that the programme with the IMF (International Monetary Fund) will not be derailed.

Currently, the Sri Lankan government has concluded the initial restricted discussions with nine members of the Steering Committee of the Ad Hoc Group of Bondholders over a span of three weeks. Sri Lanka was joined by its legal and financial advisors Clifford Chance and Lazard, respectively, while the restricted members of the Steering Committee were joined by the Group’s legal and financial advisors, White & Case and Rothschild & Co., respectively.

The Steering Committee as a whole comprises ten of the largest members of the Group, with the Group controlling approximately 50% of the aggregate outstanding amount of ISBs.

Earlier, the Finance Ministry said in a statement that the parties failed to come to an agreement on restructuring terms, despite the constructive discussions.

During this period, Sri Lanka, the Steering Committee and its advisors met during a two-day working session in London on 27 and 28 March to discuss the Group’s latest debt treatment proposal. Prior to the meetings, March 15 Sri Lanka had also sent its own debt treatment proposal to the Group’s advisors which was rejected by the Steering Committee.

Also, Sri Lanka rejected last week international bondholders’ proposal to restructure more than $12 billion in debt, putting at risk critical International Monetary Fund support and delaying its efforts to resolve a two-year-long debt crisis.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)

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Govt. to transform agriculture using modern tech – President

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President Ranil Wickremesinghe emphasized that the government plans to transform Sri Lankan agriculture using modern technology, including Artificial Intelligence (AI). The government is committed to support the private sector entrepreneurs interested in this initiative.

The President further mentioned that 100 Divisional Secretariat Divisions have been selected this year for the Agricultural Modernization Program. In the first phase, 25 Divisional Secretariat Divisions will receive the necessary facilities, while the second phase will extend modern agriculture practices to an additional 75 Divisional Secretariat Divisions.

President Ranil Wickremesinghe made these remarks during an observation tour of the AiGrow Company’s greenhouse in Nelumdeniya, Kegalle this morning (17). The inventor of Vega Car and the Group CEO of Vega innovations Dr. Harsha Subhasinghe accompanied the President on this visit. The AiGrow greenhouse is the first in Sri Lanka to utilize artificial intelligence technology.

With over seven years of experience in Sri Lanka’s agricultural sector, the AiGrow Company applies AI in both greenhouse and open cultivation, utilizing automated methods to enhance efficiency and productivity

The company designs and constructs customized greenhouses to meet specific customer requirements, offering continuous service and maintenance support for these facilities.

The company’s inaugural greenhouse, located in Nelumdeniya, Kegalle, comprises three sections where tomatoes, bell peppers and lettuce are cultivated. Additionally, AiGrow operates a separate greenhouse for mushroom cultivation.

AiGrow exports a significant portion of its harvest and supplies its branded products to local supermarkets.

Furthermore, the green agricultural automation devices produced by this company are being promoted to both local and international markets.

Additionally, AiGrow collaborates with local universities to provide educational opportunities in the field of applying AI to modern agricultural practices.

President Ranil Wickremesinghe conducted a visit to the AiGrow Company’s Nelumdeniya, Kegalle Greenhouse this morning, where he observed first-hand agricultural operations and production activities carried out using the modern technology.

During his visit, President Wickremesinghe also observed the electric three- wheelers and motorcycles developed by Dr. Harsha Subhasinghe.

Subsequently, the President participated in a discussion held at the premises, where he reiterated the government’s commitment to introducing modern agriculture to the country. He emphasized the government’s willingness to provide necessary financial support and training for this endeavour.

Additionally, President Wickremesinghe instructed officials to propose a bank loan system to facilitate this initiative.

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3146 sailors advanced on 15th Victory Day anniversary

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Coinciding with the 15th Victory Day anniversary 3146 sailors have been advanced to their next higher rates by Commander of the Navy, Vice Admiral Priyantha Perera, with the approval of Hon. President and Commander-in-Chief of the Armed Forces.

Sri Lanka’s security forces, including the armed forces, police, and Civil Security Department, played a critical role in defeating a nearly 30-year-long terrorism. Their selfless commitment, including those who made supreme sacrifice in the line of duty, were instrumental in a successful humanitarian operation that established sovereignty and territorial integrity of the country.

In a ceremonious display of honour, the Navy celebrated the 15th anniversary of Victory Day with the advanced of 3146 senior and junior sailors across naval rates belonging to regular and volunteer forces with the recommendation of Commander of the Navy.

(dailynews.lk)

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2 persons smuggling over 1,000 mobile phones arrested

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Two businessmen trying to smuggle in more than 1,000 mobile phones and 200 pen drives without declaring them to the Customs have been arrested at the Bandaranaike International Airport today,  Customs officials said.

The two businessmen from Colombo had arrived from Dubai and tried to walk through the ‘Green Channel’ of the customs claiming they had nothing to declare.

However, they were checked on suspicion and they were found to be carrying 1,083 mobile phones and the pen drives.

The two persons have been detained for further questioning.

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