State Minister for Power and Energy Indika Anuruddha, stated that due to the success of the debt restructuring activities, the projects related to the energy sector, which were stalled during the last crisis, will be re-implemented and it will be of great help in solving the power crisis. The Minister of State also pointed out…
Highlights The negotiated Joint Working Framework enables a fair sharing of upside or downside between creditors and Sri Lanka in case of an economic over-performance or under-performance by Sri Any upside payouts would only occur in a manner that does not compromise Sri Lanka’s longer term debt sustainability. The risk of higher payouts being triggered…
Increasing from five to six-daily flights from 10 July 2024 The increased flight frequencies will provide passengers with better connectivity and more options to destinations in the Middle East, Europe, Africa and beyond Qatar Airways will be increasing its Sri Lanka–Doha flights from the current five-daily flights schedule to six-daily flights, starting 10 July 2024. The increase in flights further demonstrate the award-winning…
Sri Lanka’s only specialized integrated cable manufacturer and subsidiary of the ACL Group, Cable Solutions Limited (CSLK), has announced its plans for its Initial Public Offering (IPO) and subsequent listing on the Diri Savi Board of the Colombo Stock Exchange. The IPO will comprise of a total of 80,786,600 ordinary voting shares of the company…
Brazil, the country that gave the world natural rubber, has become the latest export market for CEAT tyres manufactured in Sri Lanka. CEAT Kelani Holdings recently despatched its first export consignment of tyres to Brazil, the second country in South America to join the Company’s international footprint, which covers 16 countries. The commencement of exports…
Reuters – Sri Lanka has secured a deal to move forward on restructuring about $12.5 billion of international bonds, the government said on Wednesday, a major step in the island nation’s fragile recovery from a severe financial crisis. The South Asian country defaulted for the first time on its foreign debt in May 2022 after…
Debt reduction examples from Argentina, Ecuador, and Ghana pertain to commercial loans, not bilateral loans. Talks with JICA Scheduled Next Week to Restart Japanese Projects – Talks with JICA scheduled for next week to recommence Japanese projects – Minister of Ports, Shipping and Aviation Nimal Siripala de Silva. Minister of Ports, Shipping, and Aviation Nimal…
Bloomberg – Sri Lanka and creditors reached agreement on the terms for a $12 billion bond restructuring, bringing the South Asian nation closer to completing its debt overhaul two years after it defaulted. Bondholders and the nation agreed to a framework for a deal that includes notes linked to economic performance and a governance-linked structure…
The Government of the Democratic Socialist Republic of Sri Lanka (“Sri Lanka“) announces that it has held restricted discussions between 21 June 2024 and 2 July 2024 (the “Restricted Period“) with nine members of the steering committee who agreed to take part in the restricted discussions (the “Steering Committee“) of the Ad Hoc Group of…
High Commissioner of Sri Lanka to Singapore Senarath Dissanayake met with Minister for Transport and Second Minister for Finance of Singapore Chee Hong Tat, recently and discussed potential collaboration between the two countries on shared initiatives. During the meeting, High Commissioner Dissanayake provided an overview of the opportunities in Sri Lanka, particularly in the maritime…
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