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SL – Hungary sign debt restructuring agreement

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The government of Sri Lanka and the Hungarian Export Credit Insurance Plc. have signed a bilateral agreement in relation to the External Debt Restructuring Process.

In a statement, the Ministry of Finance, Planning and Economic Development said the signing of the agreement is a significant milestone of the External Debt Restructuring Process and testament to the government’s commitment to conclude the restructuring process as soon as possible to restore debt sustainability and thereby revamp Sri Lanka’s economy.
Following bilateral discussions after the conclusion of the Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC), the Hungarian Export Credit Insurance Plc. has agreed to provide a debt relief measure by rescheduling the outstanding debts, the Ministry noted.

The estimated rescheduled debt under this agreement amounts to Euro 30 million.

The signing of the agreement will pave the way to developing further the deep and long standing bilateral relationships between Hungary and the Government of Sri Lanka, the Ministry added.

The bilateral agreement was signed by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning, and Economic Development, on behalf of the government and Györgyi Rehoregh, Director, Foreign Corporate Risk Management & Claims and Recoveries Directorate, and Dr. Adrienn Hegyi Szénásiné, Head of Claims and Recoveries, Foreign Corporate Risk Management and Claims and Recoveries Directorate, on behalf of the Hungarian Export Credit Insurance Plc.

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‘Sisu Sariya’ bus driver, conductor suspended after student falls

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The National Transport Commission (NTC) has said that an investigation into the recent incident where a student fell from the footboard of a ‘Sisu Sariya’ school bus, has revealed that the accident had resulted from the careless and negligent behaviour of both the driver and the conductor.

Issuing a statement, the NTC noted that, based on the preliminary findings, the Road Passenger Transport Authority of the North Western Province has taken steps to temporarily suspend the services of the driver and conductor involved.

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Govt to approve import of 300,000 MT of maize

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Minister of Agriculture, Livestock, Land and Irrigation – K.D. Lal Kantha has announced that the government has decided to import 300,000 MT of maize.

Speaking to the media after attending a District Development Committee meeting at the Kandy District Secretariat yesterday (July 03), the Minister explained that this decision was taken to prevent traders from artificially inflating maize prices.

He stated that certain large and medium-scale businesses dealing with animal feed have been hoarding maize, buying it from farmers at fair prices and reselling it at much higher rates.

According to the Minister, these traders were trying to push maize prices up to Rs.190-200 per kilogram, which would have driven up the cost of eggs to Rs.200 each and increased meat prices significantly.

The Minister emphasized that while businesses are entitled to make a profit, the government will not allow unfair price manipulation. He also noted that, in the past, even ministers profited from animal products, but those days have ended and racketeers will not be allowed to control the market.

To prevent excessive price drops that could hurt farmers, the Food Security Committee has proposed imposing a tax on imported maize, he said.

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Ex-Minister S.M. Chandrasena arrested

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Former Minister – S.M. Chandrasena has been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) a short while ago.

Chandrasena had appeared before the CIABOC today (July 04) to record a statement.

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