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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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Names of Mayors and Chairpersons of several LG bodies gazetted

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A gazette extraordinary has been issued containing the names of Mayors, Deputy Mayors, Chairpersons, and Vice-Chairpersons of several local government institutions.

The names have been gazetted based on recommendations sent to the National Election by political parties and independents groups that secured a majority in local government bodies at the recently concluded Local Government (LG) election.    

Accordingly, the Election Commission has taken steps to publish the names from among the political parties and independent groups that secured a majority at the Local Government election held recently.

The names of the elected and nominated members for the respective local authorities, following the Local Government election were also published in the government gazette based on the respective administrative districts.

As per the gazette notification issued by the Minister of Public Administration, Provincial Councils, and Local Government on February 17, 2025, the term of office of local government bodies is scheduled to commence on June 2, 2025

පළාත් පාලන ආයතනවල සභාපතිවරුන්ගේ නම් ඇතුළත් ගැසට් පත්‍රය නිකුත් කෙරේ by poornima

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Weather Alert: Showers to ease in Southwest, strong winds forecast in North

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Prevailing showery condition in the southwestern part of the island is expected to reduced gradually from today (01st)

Showers or thundershowers will occur at times in Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara districts.

Showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts during the afternoon or night.

Fairly strong winds of about (30-40) kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Hambantota and Trincomalee districts.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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Aluthgamage and Fernando assigned printing work in prison

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Former Minister Mahindananda Aluthgamage and former Sathosa Chairman Nalin Fernando, sentenced this week to jail for 20 and 25 years, respectively, have been assigned duties in the printing section at the Welikada prison, sources said.

Both of them are being held together away from the main section of the prison’s ‘chapel’ section, where prisoners serving life sentences and those convicted of murder and rape are held. The prison’s printing section prints its own documentation.

Prison sources said that in placing them in relevant wards to serve their jail term, the authorities had taken into consideration the security of the two convicts, as they might have had political enemies.

Mr Aluthgamage was handed a 20-year term of rigorous imprisonment, while Mr Fernando was given a 25-year term of rigorous imprisonment by a High Court trial-at-bar after being found guilty of causing a Rs 53 million loss to the state.

They were accused of importing carrom boards and checkers boards through Sathosa during the 2015 presidential elections and distributing them to clubs.

Their lawyers said yesterday they were awaiting the certified copy of the judgement to prepare the appeal papers. The appeal will be considered by the Supreme Court.

(sundaytimes.lk)
(This story, originally published by sundaytimes.lk has not been edited by SLM staff)

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