News

IMF ready to support Sri Lanka’s discussions with bondholders

Published

1 year ago

April 18, 2024

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The International Monetary Fund (IMF) stands ready to support Sri Lanka’s discussions with international bondholders and will provide a formal assessment after the parties reach a tentative agreement-in-principle, an IMF spokesperson said on Thursday.

“We hope an agreement consistent with the parameters of the IMF-supported program and official creditors’ Comparability of Treatment requirements can be reached soon, ahead of completing the second review under the program,” the spokesperson said.

Sri Lanka said it failed to reach an agreement with bondholders to restructure about $12 billion debt earlier this week, raising concerns there could be a delay in the island nation receiving a third tranche of its $2.9 billion IMF program in June.

The government said one of the main stumbling blocks had been that the “baseline parameters” of the bondholders’ plan had not matched those embedded in its IMF program.

“We encourage both parties to continue their discussions swiftly,” the IMF statement added.

Sri Lanka will consult with the IMF to assess if the latest proposals discussed with bondholders were within the parameters of its bailout program.
The island nation defaulted on its foreign debt in May 2022 and kicked off negotiations with bilateral creditors several months later, eventually securing an agreement in principle with China, India and the Paris Club last November.

Sri Lanka plunged into its worst financial crisis since independence from the British in 1948 after its foreign exchange reserves fell to record lows in early 2022, leaving it unable to pay for essentials including fuel, cooking gas, and medicine.

(Reuters)

News

CBSL presents Financial Statements and Operations Report 2024 to President

Published

1 minute ago

April 29, 2025

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The Governor of the Central Bank of Sri Lanka (CBSL) – Dr. Nandalal Weerasinghe, officially handed over the Financial Statements and Operations Report 2024 of the Central Bank of Sri Lanka to President Anura Kumara Disanayake at the Presidential Secretariat today (April 29).

A copy of the report was also presented to Secretary to the President Dr. Nandika Sanath Kumanayake.

Several senior officials from the Central Bank were present at the occasion.

(President’s Media Division)

News

30 injured in a bus accident in Beliatta

Published

32 minutes ago

April 29, 2025

editor

30 persons have been injured in a head-on collision between a private bus and a SLTB bus near the Hettiarachchi bend in the Beliatta police division today (April 29).

Police said that the injured have been admitted to the Tangalle and Beliatta hospitals.

Further investigations are underway.

News

Millions lost due to Kompanna Veediya flyover construction delay

Published

1 hour ago

April 29, 2025

editor

Minister of Transport, Highways, Ports and Civil Aviation – Bimal Rathnayake yesterday (April 28) visited construction site of the flyover being built from Baladaksha Mawatha near the Kompanna Veediya Police Station to Chittampalam A. Gardiner Mawatha, in Colombo, to inquire about the cause of its delay.

He pointed out that the government has been compelled to pay over Rs.400 million to contractors as delay charges and a significant daily loss of Rs. 500,000 is being incurred.

The flyover has been planned to be built from Baladaksha Mawatha near the Slave Island Police Station to Chittampalam A. Gardiner Mawatha, in Colombo.

Accordingly, 06 police residential quarters had to be removed, and as a result, the project was delayed for about 02 years.

According to the Transport Ministry, it was informed during the inspection tour that steps will be taken to promptly remove the police residential quarters, which have caused the delay.

Stating that the matter must be resolved immediately, the minister has instructed the relevant officials to ensure that the construction of the flyover is completed by the end of this year under any circumstances.