Sri Lanka and India have signed a USD 930.8 million debt restructuring deal recently on Sri Lanka’s present External Debt Restructuring Process. 

The signing of Bilateral Amendatory Agreements between the Government of Sri Lanka and the Export-Import Bank (EXIM) of India took place on March 25, 2025 and April 03, 2025, respectively. 

The deal concerns 07 Line of Credit and 04 Buyer’s Credit Facility agreements with the Government of India.

Secretary of the Ministry of Finance, Planning, and Economic Development, Mr. K.M. Mahinda Siriwardana, signed the agreements on behalf of the Sri Lankan Government.

General Manager of the EXIM Bank of India, Mr.Nirmit Ved, signed the Line of Credits, and Deputy General Manager of the EXIM Bank of India, Mr. Amith Kumar, signed the Buyer’s Credit Agreements.

Issuing a statement, the Ministry of Finance, Planning and Economic Development stated that the signing of these bilateral amendatory agreements marks a significant milestone in Sri Lanka’s ongoing External Debt Restructuring Process.

A total of 965 people have died between January 01 – May 13 due to various road accidents across Sri Lanka.

During this period,1,842 accidents including 902 fatal accidents were recorded, according to police reports.

The main causes cited for these accidents include negligence, reckless driving and improper vehicle maintenance.

To address the rising number of accidents, police have planned a special island-wide program focused on reducing traffic incidents, including driver awareness initiatives.

The Polonnaruwa Divisional Crimes Unit yesterday (May 14) raided a seed and planting material sales center in the Siripura area, where ammonia fertilizer was allegedly being falsely sold as urea at higher prices.

12 employees, including the facility’s manager were arrested for aiding and abetting the scam.

It’s reported that for a prolonged period, fertilizer containing only 21% nitrogen was being repackaged as fertilizer with 46% nitrogen content and sold to farmers at higher prices.

During the raid, officers uncovered around 1,000 sacks of fertilizer ready for distribution, with 04 lorries loaded for transport, empty fertilizer bags and a host of other equipment.

The main suspect behind the operation has fled the area while 11 workers were caught red handed while mixing the fertilizer during the raid.

The arrested manager is said to be a resident of Embilipitiya, while the workers involved in repackaging the fertilizer are from the Santhiveli area in Batticaloa.

Investigations revealed that the main suspect had purchased 50kg of fertilizer at Rs.5,000 from a prominent private company and then distributed the altered product to farmers and dealers in the Polonnaruwa District, including areas of Aralaganwila, Siripura, and Welikanda.

Many farmers in the district used this substandard fertilizer during the Yala season, leading to yellowing crops and reduced yields.

The Polonnaruwa Divisional Crimes Unit suspects others may also be involved in this large-scale fraud.

The arrested individuals were produced before the Dehiattakandiya Magistrate’s Court yesterday (May 14).

(Source: Aruna)