News

China willing to continue helping SL to ease debt burden

Published

2 years ago

March 1, 2023

editor

China has said that they will jointly play a positive role in helping Sri Lanka navigate the situation, ease its debt burden and achieve sustainable development.

Speaking at the regular media briefing in Beijing yesterday (28) Chinese Foreign Ministry Spokesperson – Ms. Mao Ning has said this while responding to Bloomberg.

Bloomberg: Is China willing to make any adjustments to fall in line with the assurances required to finalize Sri Lanka’s IMF program? If not, are there other steps that have been taken to overcome Chinese concerns on Sri Lanka’s recast and the overall debt restructuring landscape?

Mao Ning: “We have shared with you the information on multiple occasions. The Export-Import Bank of China provided a financing support document to the Ministry of Finance, Economic Stabilization and National Policies of Sri Lanka, saying the Bank is going to provide an extension on the debt service due in 2022 and 2023 to help relieve Sri Lanka’s short-term debt repayment pressure. The Bank also noted that it will support Sri Lanka in its loan application to the IMF and continuously call on commercial creditors (including the International Sovereign Bondholders) to provide debt treatment in an equally comparable manner, and encourage multilateral creditors to do their utmost to make corresponding contributions.”

“What China did is first based on China’s existing policy and position on debt issue. At the same time, as a special arrangement, it also reflects the traditional friendship between China and Sri Lanka. China’s action fully demonstrates its sincerity and efforts to support Sri Lanka in achieving debt sustainability. China will continue to support relevant financial institutions in actively working out the debt treatment. We will work with relevant countries and international financial institutions to jointly play a positive role in helping Sri Lanka navigate the situation, ease its debt burden and achieve sustainable development.”

News

PNB seize over Rs. 280 mn. in biggest drug money bust

Published

8 hours ago

January 17, 2025

editor

The Police Narcotics Bureau (PNB) has seized a stash of currency notes amounting Rs. 283 million.

It is said that this is the largest amount of cash ever confiscated from a drug trafficker in Sri Lanka.

The banknotes were recovered from a residence in Kurunegala during a search operation. 18 grams of ‘Ice’ (Crystal Methamphetamine), a double-cab, and a van were also seized during the raid.
According to police, the money allegedly belongs to a suspect who is currently in prison.

The suspect was presented before the Kurunegala Magistrate’s Court and the Magistrate has granted permission for authorities to detain and further interrogate him.

News

Energy Ministry differs on electricity tariffs (Update)

Published

8 hours ago

January 17, 2025

editor

Hours after the Public Utilities Commission of Sri Lanka (PUCSL) announced a 20% average reduction in electricity tariffs effective from midnight today (Jan. 17), the Energy Ministry has stated that the tariff revision would be implemented only upon receiving approval from the Finance Ministry.

In a media release, the Ministry has said that the proposals should be first officially received and thereafter they would need Finance Ministry advice.

—————————————————

(Previous News : January 17, 2025 3.05pm)

Electricity tariffs slashed by 20%

The Public Utilities Commission of Sri Lanka (PUCSL) has decided to slash electricity tariffs by an overall average of 20 percent.

The tariff reduction will affect all consumer categories and will come into effect from midnight today (Jan. 17).

The PUCSL’s proposed reductions are as follows;

Domestic tariff – reduced by 20%
Places of worship – reduce by 21%
Hotels – reduced by 31%
Industries – reduced by 30%
Government Institutions – reduced by 11%

Electricity tariffs reduction (Domestic)

0-30 units reduced by 29%
31-60 by 28%
61-90 by 19%
91-180 by 18%
More than 180 by 19%

BIZ

SL – China currency swap agreement, renewed

Published

9 hours ago

January 17, 2025

editor

The Central Bank of Sri Lanka and the People’s Bank of China, in December 2024, successfully renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three (03) years, under the terms and conditions stipulated in the original agreement.

The CNY 10 billion (approximately USD 1.4 billion) currency swap facility reflects the financial cooperation between China and Sri Lanka.

Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, signed the agreement on behalf of the Central Bank of Sri Lanka, while Mr. Pan Gongsheng, Governor of the People’s Bank of China, signed on behalf of the People’s Bank of China.

(CBSL)