News

Bondholders express concern over debt restructuring amid political uncertainty

Published

9 months ago

April 20, 2024

editor

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)

News

Fmr. minister Anura Priyadarshana Yapa arrested

Published

4 hours ago

January 22, 2025

editor

Former Minister Anura Priyadarshana Yapa has been arrested by the Criminal Investigation Department (CID).

According to the Police Media Spokesperson, he has been arrested for allegedly misappropriating Rs. 6.1 million in flood relief aid in 2014.

News

A country can’t progress through laws & regulations alone – President

Published

4 hours ago

January 22, 2025

editor

President Anura Kumara Disanayake emphasized that a country cannot progress solely through laws and regulations and highlighted that tradition is a vital component of a nation.

President Disanayake emphasized that Sri Lanka has accomplished a remarkable mission through the traditions built on Buddhism and that it is the responsibility of everyone to safeguard these Buddhist traditions and pass them down securely to future generations.

The President expressed these views during a discussion held today (22) at the Presidential Secretariat on the 74th Upasampada Vinaya Karma’ ceremony of the Sri Lanka Rāmañña Maha Nikāya.

The President, recalling the historical significance of the Upasampada Vinaya Karma, a major ceremony in Buddhism, stated that the cessation of ordained monks (Upasampada Bhikkhus) would mean the dissolution of the Buddhist institution itself. He emphasized the importance of preserving these ancient traditions and carrying them forward with honour.

The national Upasampada Vinaya Karma ceremony, organized biennially by the Sri Lanka Rāmañña Maha Nikāya, is scheduled to take place from June 30 to July 5, 2025, at the Punyawardhanarama Viharaya in Vijithapura, Palugaswewa, within the Udakukkhepa Sima Malakaya.
This grand ceremony, which will ordain over 250 novice monks (Samanera), will be conducted under state sponsorship.

As the government considers the national Upasampada Vinaya Karma ceremony, which is held every two years, a dignified task, the President instructed officials to ensure that all necessary facilities are provided without any shortcomings.

The discussion was attended by prominent figures, including the Most Venerable Makulewe Wimala Mahanayake Thero, the highest prelate of the Sri Lanka Rāmañña Maha Nikāya of the Sangha ancestry of Mahavihara; Most Venerable Professor Aththangane Rathanapala Nayaka Thero, Supreme Judicial Leader of Sri Lanka Rāmañña Maha Nikāya; the Anu Nayaka Theros, Most Venerable Waleboda Gunasiri Thero and Most Venerable Ankumbure Premavansa Thero; along with the Maha Sangha, Minister of Foreign Affairs, Foreign Employment, and Tourism Vijitha Herath; Minister of Buddha Sasana, Religious, and Cultural Affairs Dr. Hiniduma Sunil Senevi; Secretary to the President Dr. Nandika Sanath Kumanayake; Senior Additional Secretary to the President Roshan Gamage; former High Court Justice and Governor of the North Central Province Wasantha Kumara Wimalasiri; Chairman of the Rāmañña Nikayarakshaka Sabha and former Speaker Karu Jayasuriya; Secretary of the Rāmañña Nikayarakshaka Sabha and former Member of Parliament Lasantha Alagiyawanna, among others.

(President’s Media Division)

News

Women MPs’ caucus discuss on setting common minimum age for marriage

Published

4 hours ago

January 22, 2025

editor

The Women Parliamentarians’ Caucus of Sri Lanka, chaired by Minister Saroja Savithri Paulraj, has discussed several legislative reforms, including a proposal to establish a common legal minimum age for marriage across all communities of the country.

Meeting on Jan. 21, the caucus had discussed the need to amend existing marriage laws as well as to correctly define a “child” in alignment with international standards to enhance child protection. efforts in Sri Lanka.