News

Bondholders express concern over debt restructuring amid political uncertainty

Published

4 weeks 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

Colombo air show and CADE 2024 exhibition postponed to next year

Published

7 hours ago

May 18, 2024

editor

The Colombo Air Show and Defence Exhibition (CADE 2024), initially set to take place from May 29 to June 2 at Galle Face and Colombo Port City, has been postponed to next year, according to the Sri Lanka Air Force (SLAF).

The SLAF stated that the decision to reschedule the event was made in response to multiple requests from international partners, defence industry stakeholders, and foreign Air Forces. This postponement aims to enhance participation and provide a more diverse experience for spectators.

The rescheduled event will now be held from February 26 to March 2, 2025, coinciding with the 74th anniversary of the Sri Lanka Air Force.

News

Gurudev Sri Sri Ravi Shankar arrives in Sri Lanka

Published

7 hours ago

May 18, 2024

editor

The Global Peace Ambassador and Spiritual Leader Gurudev Sri Sri Ravi Shankar arrived in Sri Lanka this afternoon (18) for a three-day visit. He was welcomed at Bandaranaike International Airport (BIA) in Katunayake by State Minister of Defence Premitha Bandara Tennakoon and Eastern Province Governor Senthil Thondaman.

During his stay from May 18 to 20, Gurudev Sri Sri Ravi Shankar will participate in an event titled ‘Ekamuthuva: An Evening of Music, Meditation and Wisdom,’ which will be held at Taj Samudra on May 19. Renowned for his global humanitarian efforts and as a peace envoy, Gurudev Sri Sri Ravi Shankar is also an Indian yoga guru and the founder of ‘Transcendental Meditation’.

News

President leaves for Indonesia

Published

17 hours ago

May 18, 2024

editor

President Ranil Wickremesinghe has left for Indonesia this morning (18) to attend the 10th World Water Forum High-Level Meeting in Bali, at the invitation of Indonesian President Joko Widodo.

The 10th World Water Forum is being held from May 18th to 20th in Bali, Indonesia.

This significant gathering, themed “Water for Shared Prosperity,” will convene global leaders to address pressing issues related to water management and sustainability.

President Wickremesinghe left for Indonesia on Saturday, following an invitation from Indonesian President Joko Widodo, underscoring Sri Lanka’s commitment to international cooperation on water-related challenges.

Scheduled to deliver a keynote address on May 20th, President Wickremesinghe will articulate Sri Lanka’s perspective on achieving equitable access to water resources for all, the President’s Media Division said.

During the forum, President Wickremesinghe is expected to engage in bilateral discussions, including a meeting with President Widodo, to explore avenues for collaborative action in water resource management.

His delegation, comprising senior officials from the Presidential Secretariat and the Ministry of Foreign Affairs, reflects Sri Lanka’s comprehensive approach to addressing global water issues.

President Wickremesinghe’s participation underscores Sri Lanka’s proactive role in advancing sustainable solutions to ensure water security, not only domestically but also on the global stage, the PMD said.