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Sri Lanka reaches in principle agreements for restructuring sovereign debt with external commercial creditors

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On the 19th of September 2024, Sri Lanka announced that it has reached Agreements in Principle on the restructuring of approximately USD$ 17.5 billion of external commercial debt (as of end 2023).

These agreements have been reached with holders of its International Sovereign Bonds, following negotiations with the Ad Hoc Group of Bondholders (“AHGB”), a representative group of international investors, and the Local Consortium of Sri Lanka (“LCSL”), a representative group of domestic financial institutions. Collectively, the two groups hold in excess of 50% of the Bonds.

Under the agreements, holders of the Bonds will be consenting to a present value concession of 40.3% in the baseline scenario, calculated with a discount factor of 11%. The agreements provide Sri Lanka with enhanced debt relief compared to the Joint Working Framework agreed in July 2024, including a further reduction in interest payments provided in the new agreement.

Sri Lanka also announced that it has finalized an agreement in principle with China Development Bank (“CDB”) on the key financial terms of the restructuring of approximately US$ 3.3bn of sovereign debt.

As a result of the agreements already achieved with Eximbank of China and members of Sri Lanka’s Official Creditor Committee (“OCC”) as well as CDB and bondholders, Sri Lanka will have obtained over USD 17bn of debt service relief during the IMF program period (around USD 2.4bn from Eximbank of China, USD 2.9bn from the OCC, USD 2.5bn from CDB and USD 9.5bn from the bondholders).  

President Ranil Wickremesinghe expressed his deep appreciation for all of Sri Lanka’s creditors who engaged in good faith throughout this process, and also for the International Monetary Fund and the OCC Secretariat for the continuous and constructive support. 

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Man jailed over phone ringing in courtroom dies in custody

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A man who was imprisoned for 14 days after his mobile phone rang inside the Embilipitiya Magistrate’s Court has died while in custody under controversial circumstances, prompting allegations from his family and triggering investigations by prison authorities.

The individual, who had reportedly arrived at the court premises to post bail in a case filed over traffic violations, was detained for allegedly violating the decorum of the courtroom when his phone rang during proceedings.

Prison authorities claim he died of a sudden illness while in custody. However, his relatives have accused prison officials of assaulting him, alleging that the post-mortem examination had revealed that the deceased suffered brain damage from a blow to the head with a blunt object and internal bleeding caused by an injury to the left side of his chest.

Prisons Media Spokesperson Gamini B. Dissanayake said that a full internal investigation is underway into the incident, in addition to a police inquiry.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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President invites Vietnam’s Vingroup to invest in SL

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President Anura Kumara Disanayake, who is currently on a state visit to Vietnam, extended an open invitation to Vietnam’s leading conglomerate, Vingroup, to explore investment opportunities in Sri Lanka’s real estate and tourism sectors.

While congratulating the Vingroup for their achievements and for building a diversified global brand, President Disanayake invited Vingroup to consider investing in Sri Lanka’s real estate and tourism sectors. He further emphasized that Sri Lanka is pleased to facilitate the creation of a smooth and enabling environment for their investments.

The President made these remarks during a business engagement with Vingroup at their Headquarters in Hanoi, yesterday evening (May 04) where he met with Vice Chairman and the CEO of the Vingroup Nguyen Viet Quang and the delegation.

President Disanayake emphasized Sri Lanka’s strategic geographic position, progressive infrastructure development and the government’s commitment to fostering a conducive environment for foreign investors, particularly in high-potential sectors such as tourism and real estate.

Vingroup Joint Stock Company (Vingroup JSC), formerly known as Technocom Corporation, was founded in 1993 in Ukraine. Today, Vingroup is one of Vietnam’s largest and most respected private enterprises, operating as a multi-sector corporation with a focus on three core pillars: industrials & Technology, Real Estate & Services and Social Enterprises.

Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath also participated in the discussions.

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Complaint filed on Halloluwa’s claim against President AKD

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A complaint was filed with the CID last night (May 04), requesting an urgent investigation into a claim made by former Director of the National Lotteries Board – Thusitha Halloluwa.

Halloluwa had alleged that President Anura Dissanayake had made a large financial investment in Greece.

The relevant complaint was submitted at midnight yesterday by the Attorney-at-Law Akalanka Ukwatte, with President’s Counsel Upul Kumarapperuma.

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