Following the decision by the Cabinet of Ministers to open a Sri Lanka High Commission in Wellington, New Zealand.

An official delegation led by Director General, Overseas Assets Management & Development Division of the Ministry Pradeepa Saram, is to visit New Zealand next week to attend to matters related to the opening of the High Commission, Sri Lanka’s Ministry of Foreign Affairs state.

A media release by the MFA states that the delegation will visit New Zealand from April 22- 25 and will engage in meetings with officials of the Ministry of Foreign Affairs and Trade of New Zealand as well as with other related agencies and stakeholders.

Sri Lanka is to open a Sri Lanka High Commission in Wellington following a Cabinet decision to do so.

New Zealand has a significant Sri Lankan expatriate community comprising mostly professionals and students.  The opening of a resident Mission will facilitate outreach to the community and pursuit of stronger collaboration in the fields of trade, education, sports, science & technology, tourism and health.

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)

President Ranil Wickremesinghe today (April 19) paid his final respects to the late social activist and founder of the Sarvodaya movement, Dr. A.T. Ariyaratne as well as to former UNP Member of Parliament and former Deputy Minister, Palitha Thevarapperuma.Visiting the Moratuwa Sarvodaya Headquarters where Mr. Ariyaratne was laid to rest, the President offered his final respects and left a condolence note. He also shared condolences with the grieving family members. 

The President also paid his last respects and extended condolences to the grieving family and local community at the residence Palitha Thewarapperuma, in Yatadolawatte, Matugama.

UNP Chairman MP Wajira Abeywardena and several others attended the event.

(Pics : PMD)