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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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Notice on rebuilding or compensating housing damaged by bad weather

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Senior Advisor to the President on National Security and Chief of Staff to the President Sagala Ratnayaka, announced that President Ranil Wickremesinghe has directed to take the necessary measures to either rebuild or provide compensation, subject to a maximum limit, for houses that were completely damaged by the recent adverse weather conditions.

Mr. Sagala Ratnayaka also stated that measures will be implemented to assess the damage and provide compensation, subject to a specified maximum limit, for the repair of partially damaged houses.

Mr. Sagala Ratnayaka shared these views during a discussion held at the Presidential Secretariat yesterday (20), concerning the rebuilding of houses fully and partially damaged by recent adverse weather conditions.

The discussion extensively covered the reconstruction of houses affected by natural calamities such as strong winds, floods and landslides, which have impacted various parts of the country in recent days. The provision of suitable compensation, subject to a maximum limit, was also deliberated.

To ensure appropriate compensation within specified limits, for fully damaged houses upon agreement with beneficiaries, and prompt construction of such houses with the assistance of the Armed Forces. Additionally, the assessment and repair of partially damaged houses, with compensation also subject to a specified maximum limit, were discussed.

Mr. Sagala Ratnayaka also directed District Secretaries to submit formal reports on houses fully and partially damaged by natural calamities.

In attendance at the discussion were State Minister of Defence Pramitha Bandara Tennakoon, the three commanders of the armed forces, and heads of relevant line Institutions. Participating remotely were District Secretaries and Divisional Secretaries via online technology.

(President’s Media Division)

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Piyumi’s income generated from Lollia Skin Care – CID

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The Criminal Investigation Department (CID) has initiated a thorough investigation regarding a beauty products manufacturing company named Lollia Skin Care (Pvt) Ltd, which is said to be the main source of income of model Piyumi Hansamali, who is under investigation for her assets.

It was informed to the Colombo Chief Magistrate’s Court yesterday by the Illegal Assets Investigation Division of the CID. This company has been registered under the Business Registration Number PV00256805.

According to the CID, the investigation will be focused on businesses carried out by this company, taxes paid and also the imports and exports carried out by the company.

The Illegal Assets Investigation Division of the CID on Wednesday (19) informed the Colombo Chief Magistrate’s Court that an investigation was initiated regarding the purchase of a Range Rover Jeep for Rs.78 million, the purchase of a house from Grand Housing Complex in Colombo 7 for Rs.148 million and maintaining 20 bank accounts with suspicious transactions by Piyumi Hansamali. It has been revealed that these 20 accounts have been opened in relation to the National Identity Card numbers of her and people closely associating the model.

The investigations were based on a complaint lodged by President of the ‘Magen Ratata’ organization Sanjaya Mahawatta under the Prevention of Money Laundering Act.

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

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Dharma Rashmi Homagama Poson Zone to commence today

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The Dharma Rashmi Homagama Poson Zone annually held to coincide with the Poson Poya will be held from June 21 – 23.

This year, the Poson Zone spans across 13 kilometres covering Diyagama, Pitipana, Dampe, Meegoda, Godagama, Panagoda and Homagama.

The event is jointly organized by the Homagama Sasanarakshaka Bala Mandalaya, the Presidential Secretariat, the Transport and Highways Ministry, the Western Provincial Council, the Homagama Divisional Secretariat, Homagama Pradeshiya Sabha, the Homagama Zonal Education office, the Army and the Police.

Cash prizes to the value of Rs. 4 million will be given to the winners of the Poson Lantern competition.

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