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SL – Paris Club official creditors reach preliminary debt deal

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Sri Lanka and the official creditor committee has agreed on a debt restructuring deal, the Paris Club Secretariat said.
“The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with those of the Extended Fund Facility (EFF) arrangement between Sri Lanka and the IMF,” the statement said.

“This agreement will allow the IMF staff to present to the IMF Executive Board the first review of Sri Lanka’s EFF arrangement and open the way for approval of the second disbursement under the arrangement

“The OCC also expects that the Sri Lankan authorities will continue to engage with their private creditors to find as soon as possible an agreement on terms at least as favourable as the terms offered by the OCC”

The full statement notes :

STATEMENT
AGREEMENT IN PRINCIPLE BETWEEN THE OFFICIAL CREDITOR COMMITTEE AND SRI LANKA ON A DEBT RESTRUCTURING
November 29, 2023 

Following the launch event in April 2023, 17 countries formally formed, on May 9, an Official Creditor Committee (OCC) co-chaired by India, Japan and France (as chair of the Paris Club) to respond to the Sri Lankan authorities’ request for a debt treatment. The committee includes India and Hungary in addition to Paris Club creditors. Since then, the OCC has engaged extensively with the Sri Lankan authorities, the IMF, the World Bank as well as China, and Sri Lanka’s private creditors.

The OCC and Sri Lanka agreed on the main parameters of a debt treatment consistent with those of the Extended Fund Facility (EFF) arrangement between Sri Lanka and the IMF. This agreement will allow the IMF staff to present to the IMF Executive Board the first review of Sri Lanka’s EFF arrangement and open the way for approval of the second disbursement under the arrangement. The OCC commends the Sri Lankan authorities for their continuous efforts in implementing the reforms necessary for their country’s return to a sustainable path.

The OCC stands ready and looks forward to formalizing this agreement in the coming weeks in a Memorandum of Understanding with the Sri Lankan authorities. The OCC expects other bilateral creditors to consent to sharing, in a transparent manner, the information necessary for the OCC to evaluate comparability of treatment regarding their own bilateral agreement. The OCC also expects that the Sri Lankan authorities will continue to engage with their private creditors to find as soon as possible an agreement on terms at least as favourable as the terms offered by the OCC.

These engagements will ensure that the overall debt treatment granted to Sri Lanka is consistent with the IMF program parameters.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by borrower countries. The members of the Paris Club which are part of the Official Creditor Committee are representatives of countries with eligible claims on Sri Lanka: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Japan, Korea, the Netherlands, Russia, Spain, Sweden, the United Kingdom, the United States of America.

2. Representatives of the International Monetary Fund and the Word Bank as well as China attend the OCC meetings. Other observers include the Asian Development Bank, Saudi Arabia and Iran.

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Petition filed against barring women from ‘Station Master’ posts

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The Supreme Court of Sri Lanka today (July 11) granted leave to proceed with a Fundamental Rights petition filed by two women challenging the gender-based restriction preventing women from applying for the position of Station Master in Sri Lanka Railways.

The petition was taken up before a three-judge bench comprising Justices A.H.M.D. Nawaz, Priyantha Fernando, and Sampath Wijeratne.

Appearing on behalf of the petitioners, Attorney-at-Law Nuwan Bopage submitted that the Railways Department had issued a gazette notification dated June 13, calling for applications to fill 106 vacant Station Master positions.

However, the notification stipulated that only male applicants were eligible to apply.

The counsel for the petitioners argued that this constituted a violation of the petitioners’ fundamental rights guaranteed under Articles 12(1) and 12(2) of the Constitution, which ensure equality before the law and prohibit discrimination on the basis of gender.

He further contended that the restriction also infringed upon the petitioners’ right to engage in employment of their choice.

Accordingly, the petitioners sought a declaration from the court that their fundamental rights had been violated and requested an order to remove the discriminatory provision in the said gazette notification, which limits eligibility to only male candidates.

After considering the facts presented, the Supreme Court granted leave to proceed with the petition and scheduled the plaint for hearing on August 27.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

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Chemmani mass grave : ITAK urges President AKD to take urgent measures

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The Ilankai Tamil Arasu Katchi (ITAK) has written to President Anura Kumara Dissanayake urging to take immediate action to ensure truth, justice, with regard to the ongoing Chemmani mass grave investigation.

The letter emphasized that over 65 skeletons, including those of infants, have been recovered so far, affirming the scale of atrocities allegedly committed in the region.

ITAK also called for the public release of all forensic reports and DNA findings and warned that symbolic reconciliation would remain hollow without legal accountability.

Signed by senior ITAK leaders C.V.K. Sivagnanam and M.A. Sumanthiran, the letter urge the President to implement the following without delay :

  1. Consolidate the legal cases related to the 1999 and 2025 exhumations into a single judicial and forensic inquiry under the Colombo and Jaffna Magistrate’s Courts.
  2. Engage independent, internationally respected forensic experts to oversee all stages of the investigation, ensuring forensic integrity and public trust.
  3. Publicize all interim and final forensic reports, DNA profiles and identification results, and facilitate access for victims’ families, civil society and international observers.
  4. ⁠Repatriate the remains excavated in 1999, currently believed to be held in Glasgow, so they may be examined under the same protocols and returned to their families with dignity.
  5. ⁠Allocate significantly enhanced financial and logistical resources to ensure that the current excavation is completed under international standards; hundreds of families continue searching for missing loved ones, and without truth and accountability, reconciliation remains a facade.Concurrently, take steps to prosecute those responsible for these heinous crimes, which is essential for national healing.

The ITAK’s letter is as follows :

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Let’s build a nation rooted in historical heritage (Pics)

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President Anura Kumara Dissanayake stated that a society cannot progress without a meaningful connection to its historic heritage and that the nation’s development path must be chosen accordingly.

The President made these remarks while addressing a ceremonial gathering yesterday (July 10) afternoon at the historic Ruhunu Kataragama sacred site.  

Earlier in the day, President Dissanayake visited the sacred grounds of Kataragama, participated in religious observances and later paid a courtesy call on the Venerable Kobawaka Dhamminda Nayaka Thera, the Chief Incumbent of the historic Kirivehera Rajamaha Viharaya, inquiring about his well-being and engaging in a brief discussion.

The President also attended the final Randoli Maha Perahera (Golden Chariot Grand Procession) of the annual Esala Festival at the Ruhunu Kataragama Maha Devalaya, where he witnessed the ceremonial placement of the sacred relic casket upon the relic bearing tusker.  

Addressing the gathering, President Dissanayake further emphasised that a nation can only move forward by maintaining continuity with its historic heritage. He noted that every developed country in the world has achieved progress by preserving its historical legacy and building upon it, stressing that Sri Lanka, too, must choose a development path anchored in its heritage.

The President highlighted that Buddhism played a pivotal role in transforming our society into a cultured civilisation and that cultural festivals like this help revive and strengthen the moral and social values of a society often preoccupied with material pursuits.  

He pointed out that the Ruhunu Kataragama Perahera has been held continuously for 2,186 years, spanning nearly a hundred generations and that its survival has been possible due to the deep connection between this cultural ceremony and the lives of the people. The President extended his gratitude to all those, including the Chief Incumbent, who contributed to the success of this year’s procession.  

Among those present at the occasion were Deputy Minister of Trade, Commerce, Food Security and Cooperative Development, R.M. Jayawardena, Governor of the Uva Province, Attorney-at-Law Kapila Jayasekara, Member of Parliament Ruwan Wijeweera, Chairman of the Kataragama Pradeshiya Sabha, Dharmapala Herath and Monaragala District Secretary Pasan Ratnayake.

(President’s Media Division)

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