debt restructuring
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Sri Lanka Advances Debt Restructuring

New Bonds to Replace Defaulted Sovereign Notes

ByEditor

Sri Lanka is advancing its debt restructuring process by issuing new bonds to replace $12.55 billion of defaulted sovereign bonds. This marks a critical step in addressing its $43 billion foreign debt crisis. As announced by the Ministry of Finance, bondholders can swap their holdings for new securities until December 12, 2024. President Anura Kumara…

Sri Lanka’s Cabinet approves restructuring of international sovereign bonds
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Sri Lanka’s Cabinet approves restructuring of international sovereign bonds

Bydaily reporter

The Cabinet of Ministers has approved the proposal for the restructuring of international sovereign bonds by way of swapping existing bonds for new bonds in accordance with the parameters indicated in the debt sustainability analysis conducted by the International Monetary Fund (IMF). In June 2024, the Government of Sri Lanka reached a final agreement on…

E-8 visa crisis
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E-8 Visa Controversy Sparks Human Trafficking Concerns and Threatens Sri Lankan Jobs in South Korea

ByEditor

Ajith Perakum Jayasinghe The Sri Lanka Bureau of Foreign Employment (SLFEB) has raised strong objections to the E-8 visa system, introduced for seasonal employment in South Korea, alleging irregularities and significant risks to Sri Lankan workers. SLFEB Chairman Kosala Wickramasinghe disclosed that the E-8 visa agreement was unlawfully signed by a former minister without Cabinet…

small business
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Sri Lanka’s Entrepreneurship Rate Among the Lowest in Region: NEDA Director

ByEditor

Sri Lanka’s entrepreneurship rate stands at just 3% of the working population, significantly trailing regional counterparts, according to Dhanuka Liyanagamage, Director of the National Enterprise Development Authority (NEDA). He addressed the issue at the Global Entrepreneurship Week (GEW) 2024 launch event held at the Ceylon Chamber of Commerce. “Only about 3% of the working population…

economy
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Digital Transformation Vital for Sri Lanka’s SMEs: Mastercard Official

ByEditor

Mastercard Country Manager for Sri Lanka and Maldives, Sandun Hapugoda, emphasized the critical role of digital transformation for micro, small, and medium-scale enterprises (MSMEs) in Sri Lanka, which make up 19% of the country’s establishments. Speaking at the launch event of Global Entrepreneurship Week (GEW) 2024, organized by the Ceylon Chamber of Commerce, Hapugoda underlined…

digital economy
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Sri Lanka to Streamline ICT Sector with New Digital Economy Authority

ByEditor

The National Enterprise Development Authority (NEDA) has announced plans to consolidate over 50 ICT-related government institutions under a single umbrella to enhance efficiency and eliminate redundancy. Speaking at the launch event of Global Entrepreneurship Week (GEW) 2024 at the Ceylon Chamber of Commerce yesterday, NEDA Director Dhanuka Liyanagamage highlighted the challenges within the sector. “In…

Aswesuma Cover
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Government Initiates Inquiry into Alleged Exclusion of Eligible Samurdhi Beneficiaries from Aswesuma Welfare Program

ByEditor

The government has launched an inquiry into complaints from Samurdhi beneficiaries who report being unjustly excluded from the Aswesuma welfare benefits program, despite meeting the eligibility requirements. The Ministry of Buddha Sasana, Religious and Cultural Affairs, National Integration, Social Security, and Media confirmed that a significant number of previously eligible Samurdhi recipients have reportedly been…

Sri Lankan Government to Uphold IMF Fiscal and Debt Targets
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Sri Lankan Government to Uphold IMF Fiscal and Debt Targets

Bydaily reporter

The new Sri Lankan government has reaffirmed its commitment to the International Monetary Fund (IMF)-supported program, in-terms of achieving fiscal and debt targets, said Krishna Srinivasan, the IMF Director for the Asia Pacific Department. Srinivasan noted that following the new government’s inauguration, an IMF mission visited Sri Lanka and held productive discussions with the president…

China to donate Emergency humanitarian material to SL
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China to donate Emergency humanitarian material to SL

Bydaily reporter

The Chinese government has decided to further provide a batch of Emergency Humanitarian materials to Sri Lanka, worth RMB 10 million (approximately LKR 400 million). The donation comes in addition to a recent Emergency Assistance of USD 100,000 (approximately LKR 30 million) in cash handed over to the President of Sri Lanka – Anura Kumara…

school nutrition programme

School children’s nutrition programs at risk of stopping

Suppliers not paid for two months;

ByEditor

There is a risk of halting the school nutrition program as the government has not made the payments to the suppliers for the free meals provided to the students in the primary classes from grade 1 to grade 5 in schools for almost two months. Principals and suppliers point out that at present such suppliers…