News

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

Published

6 months ago

September 19, 2024

editor

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.

The official announcement

News

Boossa Prison jailor remanded over ‘Ganemulla Sanjeewa’ murder

Published

9 hours ago

March 17, 2025

editor

A Jailor at the Boossa Prison, who had brought underworld figure Sanjeewa Kumara Samararathne also known as “Ganemulla Sanjeewa” to court on the day he was killed inside the Hulftsdorp court premises, has been arrested by the Colombo Crimes Division (CCD).

Subsequently, he has been ordered to be remanded until March 21, after being produced before the Colombo Magistrate’s Court, Ada Derana reporter said.

Presenting the suspect to the court, the Colombo Crimes Division officials have stated that the murdered suspect, “Ganemulla Sanjeewa”, had been brought to court by the arrested Jailer on the day of the assassination.

Police informed the court that investigations are underway to determine whether the crime was committed due to the Jailor’s dereliction of duty.

Police also pointed out to the court that investigations have revealed that the suspected prison officer had not taken any steps to arrest the individual who shot at “Ganemulla Sanjeewa” within the court premises and fled.

During the trial, police also requested permission to obtain a record of the suspect’s mobile phone calls for further investigations.

The court granted permission for the requests and ordered the suspect to be remanded until March 21.

(adaderana.lk)

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