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US wants SL Bondholder lawsuit be put on hold

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The US Government has said a bondholder’s lawsuit filed against Sri Lanka over its historic debt default should be put on hold.

In a statement of interest filed yesterday (2) in New York Federal Court, the US backed the Sri Lankan Government’s request to delay a lawsuit by Hamilton Reserve Bank Ltd. seeking full payment and accrued interest on more than USD 250 million in bonds that came due in July 2022.

The US said the delay would help with ongoing restructuring talks between Sri Lanka and other creditors.

Sri Lanka fell into default in May 2022 after the expiration of a 30-day grace period for missed interest payments on two of its sovereign bonds, the first debt default by the country since it gained independence in 1948. Hamilton Bank sued Sri Lanka in July 2022.

Sri Lanka in July asked US District Judge Denise Cote to put the case on hold for six months. Cote had put her decision on hold until the US decided whether or not to file a statement of interest. 

The French and UK Governments previously asked the court to put the suit on hold.

The two countries said in a Sept. 6 letter that they were writing as members of the Paris Club, an informal group of official creditors that help coordinate repayments for struggling debtor nations.

They said delaying the case was “key to ensuring the success of the International Monetary Fund (IMF) supported assistance programme” for the nation.

Sri Lanka recently announced the completion of its local debt restructuring plan and is now engaging with other holders of Sri Lanka’s foreign debt, including China and India.

Hamilton Reserve has opposed the bid to postpone the proceedings, saying that putting them on hold “would be both contrary to US policy interests and an exercise in futility.”

The case is Hamilton Reserve Bank v. Sri Lanka, 22-cv-5199, US District Court, Southern District of New York (Manhattan).

(Bloomberg)

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Joe Biden diagnosed with aggressive prostate cancer

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Former US President Joe Biden, 82, has been diagnosed with prostate cancer that has spread to his bones, a statement from his office said on Sunday.

Biden, who left office in January, was diagnosed on Friday after he saw a doctor last week for urinary symptoms.

The cancer is a more aggressive form of the disease, characterised by a Gleason score of 9 out of 10. This means his illness is classified as “high-grade” and the cancer cells could spread quickly, according to Cancer Research UK.

Biden and his family are said to be reviewing treatment options. His office added that the cancer was hormone-sensitive, meaning it could likely be managed.

In Sunday’s statement, Biden’s office said: “Last week, President Joe Biden was seen for a new finding of a prostate nodule after experiencing increasing urinary symptoms.

“On Friday, he was diagnosed with prostate cancer, characterised by a Gleason score of 9 (Grade Group 5) with metastasis to the bone.

“While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management.”

After news broke of his diagnosis, the former president received support from both sides of the aisle.

President Donald Trump wrote on his social media platform Truth Social that he and First Lady Melania Trump were “saddened to hear about Joe Biden’s recent medical diagnosis”.

“We extend our warmest and best wishes to Jill and the family,” he said, referring to former First Lady Jill Biden. “We wish Joe a fast and successful recovery.”

Former Vice-President Kamala Harris, who served under Biden, wrote on X that she and her husband Doug Emhoff are keeping the Biden family in their prayers.

“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership,” Harris said.

In a post on X, Barack Obama – who served as president from 2009 to 2017 with Joe Biden as his deputy – said that he and his wife Michelle were “thinking of the entire Biden family”.

“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery,” Obama said. In 2016, Obama tasked Biden with leading a “cancer moonshot” government-wide research programme.

(BBC News)

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Special traffic plan during 16th War Heroes’ Commemoration today 

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The 16th National War Heroes’ commemoration ceremony will be held today (May 19) at the National War Hero Cenotaph in Sri Jayawardhanapura under the patronage of President Anura Kumara Dissanayake.

The commemoration event is scheduled to begin at 4.00 pm.

Parallel to the event, a special traffic plan will be implemented in and around the Battaramulla area, according to the Sri Lanka Police.

Authorities have emphasized that no road closures will be enforced.

However, in the event of traffic congestion, movement along Parliament Road – from Polduwa Junction to Kiyayam Junction via Jayanthipura – may be restricted for vehicles traveling to and from Colombo.

To minimize inconvenience, the police have issued the following alternative routes:

For vehicles exiting Colombo: Travel from Polduwa Junction to Battaramulla Junction, then proceed from Palam Thuna Junction to Kiyayam Junction.

For vehicles entering Colombo: Travel from Kiyayam Junction to Palam Thuna Junction, then proceed to Battaramulla Junction and continue to Colombo via Polduwa Junction.

Motorists are advised to follow police instructions and use the designated alternative routes to avoid delays during the commemorative events.

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Nalinda departs for Switzerland to attend WHO assembly

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Minister of Health and Mass Media Dr. Nalinda Jayatissa left for Switzerland yesterday (May 18) to attend the 78th World Health Assembly (WHA78) organized by the World Health Organization (WHO).  

The assembly will be held in Geneva, Switzerland from May 19 – 27 under the theme – “One World for Health”.

Health ministers from all WHO member states, along with over 5,000 delegates representing global health sectors, are expected to attend the assembly.

It’s reported that this will feature wide-ranging discussions with representatives from various countries, during which proposals, ideas, and research data will be reviewed to make key decisions and formulate plans to improve global health conditions in the coming year.

In addition to the Minister of Health, the Sri Lankan delegation to the WHA78 includes the Health Ministry Secretary – Dr. Anil Jasinghe, Sri Lanka’s Permanent Representative to the UN in Geneva – Himali Arunathilaka, and the mission’s First Secretary – Nishanthini Victor.

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