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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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India in talks with Sri Lanka to acquire graphite mines

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India is in talks with Sri Lanka to acquire graphite mines in the island nation.

The demand for graphite is steadily increasing, as it is the most common material used for anodes in lithium-ion and other batteries.

The Indian government had discussions with the government of Sri Lanka on acquiring graphite mines there, sources said.

(PTI)

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Karapitiya Hospital to be a National Hospital

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The Cabinet has approved the proposal to develop the Karapitiya Teaching Hospital as a National Hospital.

Speaking at the weekly cabinet briefing that took place today (May 23), Cabinet spokesman Minister Bandula Gunawardane said that this will be the third National Hospital in addition to the two National Hospitals in Colombo and Kandy.

The relevant Cabinet paper had been presented by Health Minister Ramesh Pathirana.

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36,900 power breakdowns due to inclement weather

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The Ceylon Electricity Board has reported over 36,900 breakdowns resulting in power interruptions to more than 300,000 consumers in the last 3 days due to inclement weather, says Power and Energy Minister – Kanchana Wijesekera.

Taking to X, the minister notes that additional service staff has been assigned to attend the breakdowns and the CEB management & service staff are working 24 hours to restore power to the affected consumers.

If consumers are unable to repot power interruptions through the CEB hotline 1987, they can use the SMS option to 1987 with BD and the electricity consumer number to follow, use the CEB Care app or through http://cebcare.ceb.lk, he adds.

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