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IMF ready to support Sri Lanka’s discussions with bondholders

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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) 

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India in talks with Sri Lanka to acquire graphite mines

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India is in talks with Sri Lanka to acquire graphite mines in the island nation.

The demand for graphite is steadily increasing, as it is the most common material used for anodes in lithium-ion and other batteries.

The Indian government had discussions with the government of Sri Lanka on acquiring graphite mines there, sources said.

(PTI)

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Karapitiya Hospital to be a National Hospital

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The Cabinet has approved the proposal to develop the Karapitiya Teaching Hospital as a National Hospital.

Speaking at the weekly cabinet briefing that took place today (May 23), Cabinet spokesman Minister Bandula Gunawardane said that this will be the third National Hospital in addition to the two National Hospitals in Colombo and Kandy.

The relevant Cabinet paper had been presented by Health Minister Ramesh Pathirana.

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36,900 power breakdowns due to inclement weather

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The Ceylon Electricity Board has reported over 36,900 breakdowns resulting in power interruptions to more than 300,000 consumers in the last 3 days due to inclement weather, says Power and Energy Minister – Kanchana Wijesekera.

Taking to X, the minister notes that additional service staff has been assigned to attend the breakdowns and the CEB management & service staff are working 24 hours to restore power to the affected consumers.

If consumers are unable to repot power interruptions through the CEB hotline 1987, they can use the SMS option to 1987 with BD and the electricity consumer number to follow, use the CEB Care app or through http://cebcare.ceb.lk, he adds.

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