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Only USD 19.8bn will be restructured from domestic debt

Published

2 years ago

June 30, 2023

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Only USD 19.8 billion will be allocated for restructuring out of the total domestic debt amount of USD 42.1 billion, President’s Senior Advisor on Economic Affairs Dr. R.H.S. Samaratunga said.

He said that following the government’s decision to seek support from the International Monetary Fund (IMF), a staff-level agreement was reached in September last year.

“However, the IMF said that the proposal cannot be implemented until Sri Lanka’s debt sustainability is established.”

“As a result, extensive discussions were held between the government and international creditors from September 1 to March 20. The primary objective was to obtain a financing certificate from these lenders, and we successfully completed this process in the second week of March. Consequently, by March 20, the IMF agreed to accept our request and proceed further.”

“This programme is designed to operate for a period of four years and consists of five key elements. Firstly, there is a focus on revenue-based fiscal consolidation, particularly due to the significant drop in the country’s gross domestic product to 8% in 2020-2021. This involves enhancing tax collection and addressing related issues.”

“Secondly, debt restructuring is a critical aspect as highlighted by the IMF, which has raised concerns about Sri Lanka’s debt sustainability. The third element pertains to establishing price stability within the country. Fourthly, it is crucial to preserve the stability of the financial sector. Lastly, the government needs to adopt an anti-corruption policy. These goals require the implementation of structural reforms.”

“With regard to these elements, the government has already implemented policies on various matters apart from debt restructuring.”

“The total domestic debt discussed today amounts to 42.1 billion US dollars, out of which 19.8 billion will be allocated for restructuring. This includes debt owed to the Central Bank of Sri Lanka, commercial banks, other banks, the Employees Provident Fund, and four other institutions that have provided loans to the government.”

“While debt restructuring among these institutions will occur through different methods, the ultimate aim is to provide the government with some relief through a mixed programme,” he said.

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Sri Lanka’s 1st Bee park opens in Bingiriya

Published

4 days ago

May 20, 2025

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Sri Lanka’s first-ever bee park was officially inaugurated at BLESS Nature Park in Viharagama, Bingiriya, near the historic Bingiriya Devagiri Rajamaha Viharaya.

The opening ceremony took place on May 18 under the patronage of Ven. Padiwela Soratha Thero, Chairman of the BLESS Nature Park Management Board and Incumbent of the Rajamaha Viharaya.

The event was also attended by Mr. Tissa Bandara, Secretary of the Bingusampatha Protection Organization, and Mr. Lakmal Wickramarachchi, Secretary of the BLESS Nature Park Management Board and Non-Official Magistrate.

The bee park was launched with the goal of making Sri Lanka self-sufficient in honey production by promoting scientific and sustainable beekeeping practices. Given the current reliance on imported honey, the park aims to serve as a hub for training and educating both amateur and professional beekeepers.

The initiative will be implemented in the following three phases:
1.Clay pots will be installed on trees across the forest to attract bees.
2.Bees will be nurtured and acclimated to the environment.
3.Breeding and conservation efforts will follow, supported by the park’s rich biodiversity and native flora.

The park is expected to become a vital resource for the agricultural sector, offering technical knowledge, training programs, equipment, and educational materials. In the long term, it is also envisioned as a unique eco-tourism destination for both local and international visitors.

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Cabinet green light to increase minimum wage of pvt. sector

Published

2 months ago

April 8, 2025

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Parallel to increase of salaries of the public officers by the budget proposals 2025, it has been proposed to increase salaries of private sector employees as well.

Accordingly, the Cabinet of Ministers granted approval to the proposal submitted by the Minister of Labour to revise the national minimum monthly salary and national minimum daily wage and follow other legal actions as follows:

• To raise the minimum national monthly salary by rupees 9,500/- from rupees 17,500/- to rupees 27,000/- with effect from 01.04.2025
• To raise the minimum national daily salary by rupees 380/- from rupees 700/- to rupees 1,080/- with effect from 01.04.2025
• To raise the minimum national monthly salary by rupees 3,000/- from rupees 27,000/- to rupees 30,000/- with effect from 01.01.2026
• To raise the minimum national daily salary by rupees 120/- from rupees 1,080 /- to rupees 1,200/- with effect from 01.01.2026

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US congratulates AKD on election win

Published

8 months ago

September 23, 2024

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The United States has also congratulated President-elect Anura Kumara Dissanayake on his victory in the Sri Lankan presidential election.US State Department Spokesperson Matthew Miller said that the US commends the people of Sri Lanka for peacefully exercising their right to vote.

The statement notes :
The United States congratulates President-elect Anura Kumara Dissanayake on his victory in the Sri Lankan presidential election, as confirmed by the vote results on September 22. We commend the people of Sri Lanka for peacefully exercising their right to vote. This election is a testament to the strength of Sri Lanka’s democratic institutions and the commitment of its citizens to shaping their future through peaceful and democratic means.

The United States remains committed to supporting Sri Lanka as it builds a stable, prosperous, and cohesive society. We look forward to working with President-elect Anura Kumara Dissanayake to further strengthen our bilateral ties, which are based on shared democratic values and respect for national sovereignty. We also look forward to promoting economic growth, security, and deeper cooperation between our nations.