Reuters – A committee of Sri Lanka’s international private creditors sent its first debt rework proposal to the country’s authorities regarding over $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter. It is the first bondholder proposal after the island-nation of 22 million people defaulted on its debt a…
Sun Match Company, producer of Sri Lanka’s iconic, trusted and familiar household brand ‘Soorya’, has introduced a unique Digital Litha for the first time, helping families, young and old, to celebrate the Avurudu customs and auspicious festivities with ease. Every year, those celebrating Avurudu eagerly await the publishing of the Litha to observe family traditions,…
Air Seychelles has announced that it will commence twice-weekly flights from Mahe, Seychelles to Colombo, Sri Lanka, starting in June. The inaugural flight is scheduled to depart on June 20, 2023, at 22:05 and arrive in Colombo four hours later. The airline’s Airbus A320 Neo aircraft will serve the route with 12 business class and 156…
Reuters – The latest bid by the world’s leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers. Standoffs between major Western-backed lenders like the International Monetary Fund (IMF) and the world’s…
Reuters – Japan, India and France on Thursday announced a common platform for talks among bilateral creditors to coordinate restructuring of Sri Lanka’s debt, a move they hope would serve as a model for solving the debt woes of middle-income economies. It remains uncertain, however, whether Sri Lanka’s biggest bilateral creditor – China – will…
Reuters – Global creditors, debtor nations and international financial institutions on Wednesday agreed ways to jumpstart and streamline long-stalled debt restructuring efforts, including through improved data sharing and clearer timetables. The World Bank, International Monetary Fund and India, current president of the Group of 20 (G20) major economies, issued a joint statement after the first…
Reuters – Japan, France and India will announce a new platform for creditors to coordinate restructuring of Sri Lanka’s debt, Japanese Finance Minister Shunichi Suzuki said on Wednesday, adding it would be “very nice” if China were to join the effort. As chair of this year’s Group of Seven (G7) meeting, Japan has put efforts…
(Bloomberg) — Sri Lanka expects China to support its effort to restructure debts and help it begin repaying its obligations, according to the nation’s central bank governor. The country also aims to quickly complete negotiations with official and commercial creditors, Nandalal Weerasinghe said in an interview with Bloomberg Television in Washington, where he’s attending the…
(Bloomberg) — The Asian Development Bank is considering more concessionary funding for Sri Lanka and support for green bond issues as part of its assistance to help the South Asian nation recover from its worst economic crisis in decades. The Manila-based lender’s immediate priority in 2023 is to continue work on overall economic stability and…
Political parties can decide whether to support their country or not -Says Mr Sagala Ratnayake During a discussion with Ambassadors and High Commissioners of Foreign Missions on 10th April, Mr. Sagala Ratnayake, Chief of Staff to the President and Senior Adviser on National Security, announced that the President has presented the International Monetary Fund’s (IMF)…
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