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Cabinet approval for restructuring of ISBs

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The Cabinet of Ministers has approved the proposal for the restructuring of international sovereign bonds by way of swapping existing bonds for new bonds in accordance with the parameters indicated in the debt sustainability analysis conducted by the International Monetary Fund (IMF).

In June 2024, the Government of Sri Lanka reached a final agreement on a debt restructuring with members of the Official Creditor Committee (OCC) of major bilateral lenders.

In September 2024, an agreement in principle was reached with international bondholders on a sovereign debt restructuring of approximately USD 14.2 billion in principle, following consensus discussions with the AdHoc Bond Holders, a group of international investors representing sovereign bondholders, and the Local Consortium of Sri Lanka.

Accordingly, the Cabinet approval has been granted for the proposal presented by President Anura Kumara Dissanayake for the restructuring of international sovereign bonds by way of swapping existing bonds for new bonds following an analysis conducted by the Financial and Legal Advisors of the Government of Sri Lanka on the impact on the Sri Lankan economy, taking into account the composition of Sri Lanka’s international sovereign debt, investors and settlements, and in accordance with the parameters indicated in the debt sustainability analysis conducted by the IMF under the provisions of the Extended Fund Facility (EFF) program for Sri Lanka.

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Bus associations oppose proposal of 2% fare reduction

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The government’s proposal to reduce bus fares by a 2% effective from July 01 has led to the strong disapproval of bus associations, reports say.

It was also proposed not to revise the minimum fare.

The announcement was made during a meeting between officials of the Transport Ministry and representatives of private bus associations to discuss the annual bus fare revision, scheduled for July 01.

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UN Rights chief meets families of missing persons

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A group of activists and families of missing persons handed over letters and memorandums to the visiting United Nations High Commissioner for Human Rights Volker Turk in Trincomalee today (June 25).

UN Human Rights Spokesperson – Jeremy Laurence, who is accompanying the High Commissioner, said while in Trincomalee that Mr. Volker Turk expressed sorrow and solidarity with the families of the disappeared.

Meanwhile, a peaceful demonstration was also held in Trincomalee during this visit, where a group of activists and victims of disappearances was seen holding placards and banners.

The UN High Commissioner for Human Rights will visit Kandy before concluding his official visit to Sri Lanka tomorrow (June 26) after a special press briefing in Colombo.

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200 new super luxury buses to be procured for expressways

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There is an urgent need to introduce new buses to the Sri Lanka Transport Board (SLTB) bus fleet, as nearly 52% of the regular bus fleet of the Sri Lanka Transport Board and nearly 94% of the luxury bus fleet have exceeded the economic life span. 

As to the insufficient buses to meet the passenger demand on the expressway, the Sri Lanka Transport Board (SLTB) is currently operating 61 luxury buses belonging to the private sector on a profit-sharing basis. 

Therefore, the Sri Lanka Transport Board (SLTB) has decided to purchase 200 new super-luxury buses by using their own funds. 

Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Transport, Highways, Port and Civil Aviation to purchase 29 super luxury buses through the financially capable depots and to purchase the remaining buses by making a down payment using SLTB funds and the balance to be paid in monthly instalments over a period of 5 years.

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