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China gives Sri Lanka a two-year moratorium

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China yesterday responded to Sri Lanka’s long-standing request for a commitment on rescheduling its debts as a prelude to a bailout by the International Monetary Fund (IMF) with an offer for a two-year moratorium, the media has reported.

In a letter to President Ranil Wickremesinghe in his capacity as Finance Minister, the Exim Bank of China responsible for much of the loans given to Sri Lanka said the two-year moratorium would be a short-term suspension of the debts owed to China while asking all parties, i.e. Sri Lanka’s creditors to get together to work out medium-term and long-term commitments.

It is learned that the letter also extends China’s support to the IMF’s Extended Fund Facility (EFF) and requests the IMF to go ahead with the discussions on debt restructuring that will lead to an IMF program.

The letter giving China’s assurances arrived on the eve of a Paris Club meeting of Sri Lanka’s creditors scheduled for next week where Sri Lanka’s debt restructuring measures are to be discussed as a prelude to a US dollars 2.9 million IMF program to bail out Sri Lanka from its current economic crisis.

Sri Lanka’s efforts to get China’s support along with India’s support for rescheduling its loans were being negotiated for several months.

It comes shortly after India announced that it had written to the IMF extending its assurances in writing that it would support an IMF program for an Extended Fund Facility for Sri Lanka. China, India and Japan are Sri Lanka’s largest bilateral creditors.

Soon after the Indian assurances were given to the IMF, its External Affairs Minister S. Jaishankar called upon other countries to be “proactive” in supporting Sri Lanka. Dr. Jaishankar who was in Sri Lanka on a 24-hour visit on Thursday and Friday said India was willing to support Sri Lanka “fully” in its efforts to come out of its current financial crisis.

China’s International Department Vice Minister Chen Zhou who was in Sri Lanka earlier in the week, also announced that China was about to announce some “good news” on Sri Lanka’s request to consider rescheduling its debts.

The letter from the Chinese Exim (Export-Import) Bank, the state-run institution responsible for foreign loans, arrived in Colombo on the eve of the Chinese lunar New Year which begins today.

It was not immediately known if the Chinese assurances contained in the letter would meet the requirements of the Paris Club and the IMF.

Participation at the Paris Club by India and China was also not immediately known, but the Sunday Times learns that the Sri Lankan Finance Ministry was confident it was sufficient consent for the IMF to go ahead with discussions on its debt restructuring schedule leading to its bailout program. for Sri Lanka.

(Sunday Times)

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Indian national injured in fall along Ratnapura – Sri Pada road

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A foreigner has been injured after falling down 100 metres off the side railings along the Ratnapura – Sri Pada road in the Ehelakanuwa area.

The officers of Police Special Task Force (STF) in Maskeliya have rescued the Indian national and rushed him to the hospital.

The 25-year-old has been identified as Bharath Chandradas, a resident of Mumbai in the Indian state of Maharashtra.

The injured person has been traveling from Ratnapura to Sri Pada with another group of pilgrims when the accident occurred at around 4.45 a.m. this morning (29), the police said.

Accordingly, the officers of the Sri Pada Udamaluwa Police Post had taken steps to notify the STF of the incident, after which injured youth was brought to safety.

The group accompanying the injured Indian national has been escorted to Nallathanniya, after the incident was informed to Nallathanniya Police Station.

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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Maithri ordered to provide statement before court

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The Maligakanda Magistrate’s Court has ordered former President Maithripala Sirisena to provide a statement to court on April 04, based on the recent comments he had made over the 2019 Easter Sunday bombings.

The order was issued today (28) after the Criminal Investigation Department (CID) had reported the relevant facts to the court, on the instructions of the Attorney General.

Mr. Sirisena had made this statement on March 22 and several factions had subsequently filed complaints with the Criminal Investigation Department in this regard.

The former President had even recorded a statement for around five-hours with the CID on Monday (March 25) over his recent comments.

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Sinopec to commence work on refinery project by June

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Minister of Power and Energy – Kanchana Wijesekera has stated that officials of the Sinopec Overseas Investment Holding Pvt Ltd (SOIHL), led by their vice President, had visited the ministry yesterday (March 27).

Tweeting, the minister added that the delegation updated on the progress of the negotiations with stakeholders for the construction of the proposed new refinery in Hambantota.

Noting that the officials indicated that the management of Sinopec has decided to double the capacity of the refinery from the original proposal and the Investment, he added that they intend to sign the agreements for the project and commence work by June 2024.

Discussions regarding the water supply, power supply, land allocation & BOI facilities will take place today with the relevant authorities, the Minister further noted.

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