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Japan to organize Sri Lanka creditors’ meeting over debt crisis

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Japan is working to organize a meeting of Sri Lanka’s creditors by the end of this year in hopes of solving that country’s debt crisis, The Yomiuri Shimbun has learned.

The meeting, which will discuss such issues as finding ways to reduce debt payments, aims to curb China’s influence by helping Sri Lanka cope with its so-called debt traps, which arose after China provided huge loans to the country to fund infrastructure developments and other projects.

Sri Lankan President Ranil Wickremesinghe asked Japan for help during talks with Prime Minister Fumio Kishida and other people during a visit to Japan at the end of September to attend the funeral of former Prime Minister Shinzo Abe, according to Japanese government sources.

The meeting is expected to focus on measures to reduce debt payments and postpone repayment deadlines, among other related steps. Japan continues to urge other creditor countries to play a proactive role in dealing with the issue.

Sri Lanka’s economy has suffered due to sluggish tourism during the novel coronavirus pandemic and soaring food and resource prices following Russia’s invasion of Ukraine. In April, the Sri Lankan government introduced an emergency measure to suspend its repayment of external debts.

According to the Sri Lankan government, the nation’s external debt at the end of June stood at $46.6 billion (¥6.93 trillion), accounting for about 70% of its gross domestic product.

Sri Lanka has more than 20 creditors, with China topping the list at $7.3 billion (about ¥1.086 trillion), followed by Japan at $2.7 billion (about ¥402 billion) and India at $1.7 billion (about ¥253 billion).

While struggling to repay its debts, Sri Lanka in 2017 effectively transferred to China the operating rights of one of its ports.

China – which has come under criticism from the international community for causing Sri Lanka’s economic collapse – will not play a leading role in restructuring Sri Lanka’s debts, and the Japanese government will have to tread carefully in its efforts to reach agreement among creditors in a manner acceptable to Beijing.

(yomiuri.co.jp)

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Several spells of showers expected today

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The Meteorology Department says several spells of showers will occur in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts today (June 06).

Showers or thundershowers may occur at a few places in Uva and Eastern provinces and in Vavuniya and Mullaittivu districts during the afternoon or night.

Fairly strong winds of about 30-40 kmph can be expected at times over Western slopes of the central hills and in Southern province.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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Top defence officials of India – SL meet in Colombo (Pics)

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Indian Defence Secretary Mr. Rajesh Kumar Singh, leading a high-level delegation, held separate meetings today (Jun 05) with Sri Lanka’s Deputy Minister of Defence Major General Aruna Jayasekara and Defence Secretary Air Vice Marshal Sampath Thuyacontha (Retd). 

The meetings were also attended by the High Commissioner of India to Sri Lanka, H.E. Santosh Jha, reflecting the importance accorded to strengthening bilateral defence relations.

Discussions focused on key areas of mutual interest, including, bilateral defence cooperation, military exchanges and joint training opportunities, capacity building, collaboration in disaster management and humanitarian assistance.

During the meeting the Deputy Minister of Defence, recalled the close and long-standing friendship between neighbouring India and Sri Lanka, and expressed gratitude to the people and government of India for the support they have extended in the past, especially in times of need.

When the Indian delegation met the Sri Lankan Defence Secretary at the Ministry of Defence premises, Defence Secretary Thuyacontha (Retd.) expressed gratitude to the Government of India for the continued cooperation in strengthening Sri Lanka’s defence capabilities.

In response, his Indian counterpart reiterated India’s commitment to maintaining close and friendly relationship with Sri Lanka and expressed firm resolve to further enhance defence and security cooperation, contributing to peace, stability, and prosperity in the region.

Both sides agreed to continue regular high-level engagements and to explore new avenues for cooperation, particularly in maritime security, counter-terrorism, and capacity development.

(defence.lk)

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Marine Drive tree planting project held (Pics)

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In line with World Environment Day, a tree planting and conservation project was launched this morning (5) along the coastal stretch of Colombo’s Marine Drive, from the Kollupitiya Railway Station towards Wellawatte. The initiative is being implemented by the Clean Sri Lanka Secretariat Office.

Marking the commencement of the project, 1,600 Takkada (Scaevola taccada) saplings were planted today, with plans to expand the number to 6,000 in the near future. The project is being carried out with participation from state institutions, private organisations and the general public.

The Takkada plant, which includes two species highly resistant to saline environments, is listed as a threatened species on the Red Data List. The Scaevola taccada species planted today typically grows as a shrub reaching heights of 5 to 6 feet. Its dense green foliage and compact height make it ideal for urban settings, enhancing cityscapes with both environmental and aesthetic value.

This initiative is being carried out with the collaboration of the Sri Lanka Army, Sri Lanka Police (Environmental and Traffic Divisions), Sri Lanka Railways, Road Development Authority, Urban Development Authority and the Colombo Municipal Council. It is sponsored by LB Finance PLC and Hemsandu Marketing Company.

The event was attended by Colombo Municipal Councillor Vraie Cally Balthazaar, Senior Additional Secretary to the President (Finance and Economic Affairs) G.M.R.D. Appuhamy, along with representatives from the sponsoring organisations and other distinguished guests.

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