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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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Sri Lanka clinches second Hong Kong Cricket Sixes title after 17 years

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Sri Lanka, led by Lahiru Madushanka, clinched their second Hong Kong Cricket Sixes title, defeating Pakistan by three wickets with an over to spare at the Mission Road ground. This victory marks Sri Lanka’s first title win since 2007.

Pakistan, five-time champions, were restricted to 72 in 5.2 overs, with Dhananjaya Lakshan and Tharindu Ratnayake taking two wickets each. 

Pakistan opener Muhammad Akhlaq top-scored with 48 off 20 balls. 

Chasing 74, Sri Lankan opener Sadun Weerakkody smashed 34 off 13 balls, supported by Madushanka (19) and Ratnayake, who hit the winning six to remain unbeaten on 16.

In the semi-final, Sri Lanka edged past Bangladesh by three wickets. Ratnayake’s outstanding figures of 4/33 secured him Player of the Match, while Weerakkody’s quick-fire 50 retired hurt helped chase down 104 with a ball to spare.

Ratnayake finished as the tournament’s highest wicket-taker, earning him Player of the Series, while Lakshan’s final spell of 2/6 awarded him Player of the Final. South Africa and Oman won the Plate and Bowl Championships, respectively.

Chief Scores

Semi-final: Sri Lanka beat Bangladesh by 3 wickets
Bangladesh 103/5 in 6 overs; Sri Lanka 104/4 in 5.5 overs
Player of the Match: Tharindu Ratnayake

Final: Sri Lanka beat Pakistan by 3 wickets
Pakistan 72/6 in 5.2 overs; Sri Lanka 76/3 in 5 overs
Player of the Final: Dhananjaya Lakshan

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Suspect with 22 outstanding warrants arrested in Kandana

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A 42-year-old suspect with 22 outstanding arrest warrants has been apprehended in Kandewatta, Kandana. 

Police report that the individual, a resident of Madurankuliya, was wanted in connection with multiple crimes, including theft, with warrants issued by courts in Puttalam and Negombo.

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No withdrawal of security at religious places – MoD

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The Ministry of Defence states that the reports claiming the removal of security provided by the Tri-Forces and the Civil Defence Force at religious places in the country are untrue.

This was communicated by the media spokesman of the Ministry of Defence during a special press conference held this afternoon (03).

Speaking during the press conference, the media spokesman of Sri Lanka Army Major General Rasika Kumara stated that the government has not reached any decision to reduce the number of security personnel deployed at the religious places as of yet.

Furthermore, he assured that removing of tri-forces personnel from religious places is carried out only if it is confirmed that the number of security personnel required for a concerned location is less than the deployed amount, during security analysis conducted on a regular basis by the Army Headquarters.

(AdaDerana)
(This story, originally published by AdaDerana has not been edited by SLM staff)

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