Chethana Gomis Extending the principal loan repayment grace period till 2028 will save the country $500 crores. Sri Lanka has also concluded a debt restructuring agreement with International Sovereign Bondholders. Sri Lankan foreign debt amounts to USD 37 billion, comprising USD 10.6 billion in bilateral debt. Regarding accusations from many parties that the Government has…
On June 3, 2024, Sri Lanka reached a groundbreaking agreement with its private creditors to restructure its debt, becoming the first country to utilize a Governance-Linked Bond (GLB). This innovative financial instrument was designed by Verité Research in Colombo. The Verité-GLB adjusts repayments based on the country’s achievement of mutually agreed governance benchmarks. If these…
1. Introduction Context: Restoring economic stability post debt default in 2022. Recent Achievement: Agreement with official creditors on loan repayment. Communication: National address and consistent updates to Parliament. 2. Four-Step Economic Plan IMF Extended Credit Facilities: Establish financial discipline. Debt Stabilization Plan: Collaboration with Lazard and Clifford Chance. Economic Policies: Secure foreign investment and promote…
The maritime world is abuzz with the news that the Megamax container ship, Ever Ace, was scheduled to dock at the Colombo East Container Terminal (CECT) of Colombo Port yesterday. This event marks the second visit of the Ever Ace to Colombo, but notably, it will be the first time the ship calls at a…
In a recent development, India has announced a series of specialized capacity-building training courses for Sri Lankan officers at premier defense institutions across India, following a request from Sri Lanka. These institutions include the Central Detective Training Institutes and the National Security Guard. According to The Diplomat and writer Ratheendra Kuruvita, India is funding these…
The Aswesuma Welfare Benefit Program has extended its special allowances for transitional and vulnerable categories, increasing the monthly payment to Rs. 5000 per beneficiary, effective June 2024. This decision, directed by President Ranil Wickramasinghe, aims to provide additional financial support in light of the current economic challenges. On June 27, the Welfare Benefits Board deposited…
In the annals of Sri Lankan politics, the name R. Sampanthan stands out as a beacon of Tamil nationalism and a paragon of moderate political discourse. This story traces the life of this remarkable leader, from his early days through his parliamentary career, and highlights his steadfast commitment to finding a political settlement amidst one…
by Arundathie Abeysinghe Colombo (AsiaNews) – India is trying to secure exploration rights for a cobalt offshore deposit that could fall under Sri Lanka’s jurisdiction. New Delhi is driven by competition with Beijing, but Colombo also wants to extract minerals that are crucial for modern technologies, including for the energy transition. Cobalt is in fact…
Sri Lanka is undergoing a significant debt restructuring process to stabilize its economy and meet fiscal targets set by the International Monetary Fund (IMF). The restructuring is aimed at achieving a primary budget surplus of 2.3% by 2025. Below is a detailed feature with technical details on Sri Lanka’s debt restructuring efforts. IMF Bailout Program…
In observance of the International Day in Support of Victims of Torture on June 26, 2024, it is imperative to highlight the urgent need for the effective implementation of anti-torture rules and regulations in Sri Lanka. This necessity is underscored by the recent landmark judgment delivered by the Matara High Court under the Convention Against…
