News

US wants SL Bondholder lawsuit be put on hold

Published

1 year ago

October 3, 2023

editor

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)

News

Members Appointed to the Port City Economic Commission

Published

20 hours ago

December 14, 2024

editor

President Anura Kumara Dissanayake has appointed members to the Colombo Port City Economic Commission.

The appointment letters were presented today (13) by the Secretary to the President, Dr. Nandika Sanath Kumanayake at the President’s Office.

Harsha Amarasekara PC has been named Chairman of the Commission.

Damian Amal Cabraal, Mohan Ray Abeywardena, Sanjay Kulatunga, and Dr. Harsha Subasinghe have also been appointed as members of the Commission.

News

Parliament to meet on Tuesday, Wednesday

Published

20 hours ago

December 14, 2024

editor

Parliament will meet only on Tuesday and Wednesday (17 and 18), said Secretary General of Parliament Kushani Rohanadeera. The Parliamentary business with regard to that week was decided at the Committee on Parliamentary Business held on December 6 under the chairmanship of the Speaker.

Parliament will meet at 9.30 a.m. on Tuesday (17) and the time from 9.30 a.m. to 10.30 a.m. has been allotted for Questions for Oral Answers.

Thereafter, from 10.30 a.m. to 2.00 p.m., the supplementary estimate for providing an allowance for schoolchildren to obtain stationery and the supplementary estimate for allocating provisions for road projects for 2024 will be taken up for debate and it was decided to continue the debate on Wednesday (18).

The Adjournment Motion (Opposition) on the “Restructuring of International Sovereign Bonds” is scheduled to be debated from 2.00 p.m. to 5.30 p.m.

Parliament will meet at 9.30 a.m. on Wednesday (18) and the time from 9.30 a.m. to 10.30 a.m. has been set aside for Questions for Oral Answers.

Thereafter, from 10.30 a.m. to 5.00 p.m., along with the debate on the two supplementary estimates adjourned the previous day, the debate on Regulations under the Imports and Exports (Control) Act, Order under the Foreign Exchange Act, Regulations under the Payment and Settlement Systems Act, Regulation under the Casino Business (Regulation) Act, Order under the Ports and Airports Development Levy Act, Regulations under the Colombo Port City Economic Commission Act will be held. All of these subjects are scheduled to be presented to Parliament in the afternoon and passed.

Thereafter, time has been allotted for Questions at the Adjournment Time (two questions) from 5.00 p.m. to 5.30 p.m.

News

US officials’ visit enhanced diplomatic ties between two countries

Published

20 hours ago

December 14, 2024

editor

U.S. Assistant Secretary for South and Central Asian Affairs at the Department of State Ambassador Donald Lu, along with Deputy Assistant Secretary for Asia and the Pacific at the U.S. Department of the Treasury Robert Kaproth and Deputy Assistant Administrator of the Bureau for Asia at the United States Agency for International Development (USAID) Anjali Kaur recently concluded a visit to Sri Lanka.

They engaged in discussions with President Anura Kumara Dissanayake, Prime Minister Dr. Harini Amarasuriya and Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath.

The visit underscored the deepening diplomatic relations between Sri Lanka and the United States, highlighting a shared commitment to regional peace, economic cooperation, and democratic development.

The delegation met President Dissanayake and discussed Sri Lanka’s economic recovery, ongoing anti-corruption initiatives, and efforts to strengthen governance and democratic institutions. The President also outlined his vision for uplifting rural living standards and enhancing the quality of the public sector.

The delegation also held a meeting with Prime Minister Dr. Amarasuriya, where they engaged in discussions on economic recovery and education reforms.

The delegation conducted discussions with Foreign Affairs, Foreign Employment, and Tourism Minister on issues related to regional security, human rights, and multilateral cooperation.

The Minister briefed the delegation of the third review under the International Monetary Fund (IMF) Extended Fund Facility (EFF) programme and assured Sri Lanka’s commitment to enhancing bilateral relations with all countries while maintaining a peaceful Indian Ocean region.

He also commended the U.S. for its continued support extended to Sri Lanka. Deputy Assistant Administrator Kaur expressed the U.S.’s keen interest in tailoring future USAID projects to suit the priorities of the Sri Lankan Government.

This visit serves as a testament to the deepening relationship between Sri Lanka and the United States, with both countries committed to fostering stronger ties in the years ahead across various sectors of mutual interest.

(DailyNews)

(This story, originally published by DailyNews has not been edited by SLM staff)