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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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Fossils reveal head of ancient millipede that was biggest bug ever

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During the Carboniferous Period, Earth’s atmospheric oxygen levels surged, helping some plants and animals grow to gigantic proportions. One notable example was Arthropleura, the biggest bug ever known at up to 10-1/2 feet (3.2 meters) long, inhabiting what is now North America and Europe.While its fossils have been known since 1854, a large gap has existed in the understanding of this creature because none of the remains had a well-preserved head. The discovery in France of two Arthropleura fossils with intact heads has now remedied this, providing the anatomical details needed for scientists to classify it as a huge primitive millipede and determine it was not a predator but rather a plant eater.

The fossils, unearthed in Montceau-les-Mines, are of juvenile individuals, dating to about 305 million years ago. At the time, this locale was near the equator, with a tropical climate and a swampy environment lush with vegetation. While Arthropleura was this ecosystem’s behemoth, the fossils preserve young individuals just 1-1/2 inches (4 cm) long.The fossils showed Arthropleura’s head was roughly circular, with slender antennae, stalked eyes and mandibles – jaws – fixed under it. Arthropleura had two sets of feeding appendages, the first short and round, and the second elongated and leg-like.

The specimens each had 24 body segments and 44 pairs of legs – 88 legs in total. Based on its mouthparts and a body built for slow locomotion, the researchers concluded Arthropleura was a detritivore like modern millipedes, feeding on decaying plants, rather than a predator like centipedes.It could have served the same role in its ecosystem as elephants today or big dinosaurs like the long-necked sauropods in the past – “a big animal spending most of his time eating,” said paleontologist Mickaël Lhéritier of the Laboratory of Geology of Lyon at Claude Bernard University Lyon 1 in France, lead author of the study published this week in the journal Science Advances, opens new tab.

“I think it is quite a majestic animal. I think its gigantism gives it a peculiar aura, like the aura of whales or elephants,” Lhéritier said. “I love to imagine it as the ‘cow’ of the Carboniferous, eating during most of the day – but, of course, a cow with an exoskeleton and many more legs.”

Arthropleura was the largest-known land arthropod, a group spanning the likes of insects, spiders, millipedes, centipedes, lobsters and crabs.

(Reuters)

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‘Amber’ landslide warnings issued for several districts

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The National Building and Research Organisation (NBRO) has issued landslide warnings to multiple areas in several districts, as heavy rainfall continues in parts of the island.

Accordingly, a Level 2 (Amber) warning has been issued for several Divisional Secretariat areas in Galle, Kalutara, Colombo, Kegalle, Ratnapura and Gampaha districts as follows:

Galle District: Elpitiya,Neluwa,Baddagama and Nagoda Divisional Secretariat Divisions (DSD) and surrounding areas
Kaluthara District: Bulathsinhala, Walallawita, Matugama, Dodangoda, Ingiriya, Horana DSD and surrounding areas
Colombo District: Seethawaka DSD and surrounding areas
Kegalle District: Ruwanwella, Warakapola, Dehiovita, Yatiyanthota Bulathkohupitiya DSD and surrounding areas
Rathnapura District:  Eheliyagoda, Kiriella DSD and surrounding areas
Gampaha District: Attanagalla DSD and surrounding areas

Meanwhile, a Level 1 (Yellow) warning was issued for several areas in the following districts:

  • Colombo District
  • Gampaha District
  • Matara District
  • Badulla District
  • N-Eliya District
  • Ratnapura District

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Minor floods in several areas : Welipenna Interchange closed

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The Welipenna Interchange of the Southern Expressway has been temporarily closed due to a minor flood, the Road Development Authority (RDA) has said.

Meanwhile, a water level of 1 1/2 feet is reported from the Mathugama – Aluthgama road.

Also, the Colombo – Awissawella highlevel road is reportedly underwater from the Eswatta junction to Hingurala Junction, reports say.

According to the police, traffic is hampered due to this.

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