February 26, Colombo (LNW): Forbes and Walker Tea Brokers said tea production in January was 18.73 million kilos, down by 2% or 0.4 million kilos from a year earlier.
All elevations except for the medium grown elevation have shown a decrease in comparison with the corresponding period of 2023.
Compared to 22.87 million kilos of crop in January 2022, the production in January 2024 is down by 4.14 million kilos or 18%.
Tea crop in 2023 improved marginally reflecting the struggle for recovery after detrimental policy decisions and climate change.
The production in 2023 was 256.04 million kilos, registering an increase of 4.20 million kilos compared with 251.84 million kilos in 2022. December crop was up 0.51% YoY to 19.81 million kilos.
However Sri Lanka’s tea prices went up across elevations at the second auction of 2024, with most grades of tea moving up, market data showed.
The weekly sale average went up 51.53 rupees to 1,274.74 rupees a kilogram, according to industry data published by Ceylon Tea Brokers.In the second week 4.5 million kilos were sold by public auction..
High Grown BOP teas went up with Best Westerns going up by between 50 to 100 rupees. Below Bests were up 50 rupees, while plainer categories fell 50 rupees.
There were hardly any offerings from Nuwara Eliya’s and Uda Pussellawa’s gained by about 100 rupees and Uvas were up by 50 rupees.The high grown sale average was up 31.50 rupees to 1,087 rupees a kilo.
BOP1, Select Best and Bests were up 50 rupees. OP1, select bests were also up 50 rupees, while bests and below bests were up 100 rupees.OP/OPA, Select Best gained by 100 rupee a kilo and best and below best moved up by 50 rupees.
PEK, Select Bests were firm. Best and below best gained by 50 rupees per kilo. PEK1 – Select Best and Best were down 50 rupees.The medium grown sale average was up 25.68 rupees to 1,064.73 rupees.
OP1 Select Best were firm whilst Best, Below Best were higher. OPA in general were higher. Select Best were firm.
PEKOE1 Select best together with PEK’s were firm. Select best PEK1’s were firm to lower whilst balance sold around last week levels.
FBOP/FBOP1 Select best were lower, whilst best and below best were fully firm to dearer.The Low Growns average went up 60.02 rupees to 1,330.30 rupees kilogram.
Low Growns had overcast conditions with showers, with Sabaragamuwa expecting heavy showers. Whilst Uva and Low Growns recorded a decline, Udapussellawa and Nuwara Eliya maintained their crop intakes.
February 26, Colombo (LNW): Fishermen from Thangachimadam and Rameswaram regions in Tamil Nadu, accompanied by their families, initiated a relay hunger strike on Saturday (24) in protest against the ongoing arrests of Tamil Nadu fishermen by the Sri Lankan Navy, a report by Indo-Asian News Service (IANS) disclosed.
Expressing concern over the recent imprisonment of five fishermen by the Sri Lankan authorities, with sentences ranging from six months to two years, P Jesu Raja, a prominent leader among the fishermen, conveyed to IANS that they have refrained from fishing activities for the past eight days.
The hunger strike will persist until all detained fishermen are unconditionally released, and assurances are provided by the Sri Lankan government to refrain from further arrests of fishermen, he emphasised.
Leaders within the fishermen association reiterated their commitment to the strike, even if it leads to dire consequences, including starvation.
Jesu Raja appealed to the Central government to promptly intervene, urging for the release of the fishermen along with their mechanised boats.
February 26, Colombo (LNW): In a bid to bolster educational opportunities for Sri Lankan children, President Ranil Wickremesinghe has introduced the “Presidential Academic Scholarship Programme 2024/2025,” the President’s Media Division (PMD) announced.
This initiative, facilitated through the President’s Fund, is geared towards extending financial aid to 100,000 students ranging from Grade 01 to Grade 11, encompassing all 10,126 schools nationwide, according to the official statement.
The programme is structured to annually grant scholarships to one hundred thousand (100,000) students across Grades 01 to 11, encompassing the entirety of Sri Lanka’s school network.
A total allocation of Rs. 3,600 million has been earmarked from the President’s Fund to sustain this endeavour.
President Wickremesinghe, recognising the economic challenges prevailing in the nation, envisions this initiative as a means to ensure uninterrupted education for deserving students, particularly those facing financial constraints.
By investing in the country’s future leaders, the programme seeks to nurture talent and bolster Sri Lanka’s human capital.
Further details concerning the selection criteria and implementation of the programme will be communicated soon through the official Facebook page of the President’s Fund: www.facebook.com/president.fund.
Faced with a growing body of evidence of mass killings of civilians, the Lankan and the Israeli governments, as mentioned have fallen back on demonising the colonised . Professor Tony Taylor has discussed this historical and political trend in the discussion of the Armenian Genocide, the denial of the methodical killing of the Jews in Europe by the Nazis and their collaborators (6 million died out of out of 9 million in the occupied territories), the stubborn denial of successive Japanese governments of the Japanese role in the massacres of indigenous populations in China and Korea, the denial of atrocities committed by Stalinists in the USSR, Serbian and Croatian atrocities during the breakup of Yugoslavia, and a reluctance by Australians (only now changing) to acknowledge the massacres of Aboriginal people by colonial occupiers.[i]
Historical deniers, according to Professor Taylor, display the following behaviours: an acquiescence to authority and leaders, hostility towards ‘others’ who are usually defenceless and hence an easy target, a simplistic analysis of complex circumstances, antagonism to ideas beyond their frame of reference, belief in the purity of their beliefs and in the evil of the others, and a belief that their own group is superior to other groups.[ii] These characteristics are very evident in the Israeli attitude to Palestinians and in the treatment of Tamils in Lanka.
Sinhala chauvinists and Zionist zealots alike cling to the unexamined assumption that their armed forces cannot commit atrocities and that their military responses are measured. They point instead to their opponents’ misdeeds. Mahinda Rajapaksa, the then President of Lanka whose government oversaw the massacre of tens of thousands of Tamil civilians, said this at a victory parade two years after the end of the conflict:
I will recall what I said in the past that our troops went into the battlefront carrying a gun on one hand, the Human Rights Charter in the other, food for the innocent displaced on their shoulder, and love of their children in their hearts. They did not target any communities or religions, and did not march ahead with hatred towards anyone.[iii]
Echoes of this can be found in the Israeli response to the evidence of the targeting of civilians in Gaza, the destruction of infrastructure and the blocking of supplies. The current Israeli government is sadly exploiting a great European tragedy – the attempted extermination of Jews by the Nazis and their allies – as justification for its actions.
A cameo of life under occupation
Both the Tamils and the Palestinians are ringed in by a series of institutional, military, and legal constraints that make their lives insufferable compared to their neighbours. this can only be described as apartheid. Apartheid was a system in place in South Africa which was a system of segregation and discrimination on the grounds of race.[iv] Both the Lankan government and the Zionist state bristle at the very suggestion.
The Palestinians are harshly dealt with on every indicator, be it the level of unemployment, restriction of travel, the right of refugees to return to their homes, and allocation of resources and land. Gaza has around 70 per cent youth unemployment. The few lucky enough to work in the ‘promised land’ endure severe economic and military harassment and restrictions. Jonathan Cook contends that is a “slow-motion ethnic cleansing”. It is one of the ways that the political realisation of Greater Israel, a homeland for Jews only, is being implemented.[v]
Another instrument of the Zionist apartheid state is the Right of Return. Within two years of the Zionist state being proclaimed in the Knesset, ‘The Law of Return’ was established, a law which allows all Jews around the world to migrate to Israel and automatically become citizens. Two years later, in 1952, the Knesset passed the Citizenship Law, which effectively bars any Palestinian not living in Israel from returning and claiming their former land and house back from the colonisers. This directly effects the 750,000 Palestinian refugees who were ethnically cleansed in first Arab-Israeli war of 1948, and known to Palestinians as the Nakba (catastrophe). A Palestinian who want to marry another Palestinian living in land expropriated during the 1967 war, but in Israel, is barred from marrying. There are also barriers to intermarriage. Echoing the laws of miscegenation that were still in place in many of the states in the US till the 1960s and was one of the pillars of apartheid South Africa.
In the distribution of resources, the division is just as blatant. 93 per cent of the Palestinian community in Israel cling to less 3 per cent of their land, mostly in the built-up areas of their towns and villages. After waves of confiscation by the Zionist state which forcibly expropriated around 70 per cent of their land. This confiscated land and other pieces of land are kept in trust for Jewish settlers and for Jews around the globe, who might want to become citizens. Even Palestinians living in Israel cannot claim back land illegally taken from them. It is done under the aegis of the Absentee Property Law of 1950.
Reinforcing this is the Planning and Building Law of 1965, which confines the vast majority of Palestinians to overcrowded ghettoes like Gaza, while their Jewish neighbours are awarded significant land reserves. Even illegal Jewish settlements on the West Bank have access to lavish state subsidies denied to Palestinians.
Among the member states of the OECD Israel has the highest poverty rate. This is because poverty is largely concentrated in the occupied territories, similar to Bantustans,[vi] where Palestinians are forced to live. Only a fifth of Jewish children live below the poverty line, whilst two thirds of Palestinian children in Israel do.[vii]
The Tamils in the North, a decade and half after the end of the civil war, have had to contend with at least 70,000 Lankan troops (some estimates put the figure at 160,000). That is one soldier for every 12 civilians, together with 15,000 police. Most of these security personnel do not speak Tamil and the occupied do not speak Sinhalese. This suffocating armed presence creates incomprehension, fear, and resentment in the civilian population.
Land and resources are affected. Large permanent army camps take up valuable arable land near towns and villages. The armed forces of the state are involved in large-scale economic development, including market gardens and golf courses, holiday resorts, hotels, farming, restaurants, cafes, and travel agencies on land expropriated from local Tamil farmers. No independent authority determines whether the land can be handed back.
As in Palestine, hundreds of thousands of Tamils were forced to vacate their land because of the civil war, and once the conflict ended many were prevented from returning because these areas were deemed high security zones. Some compensation is offered, usually on land that is arid and devoid of infrastructure, making fishing and farming (the two traditional income earners) difficult.[viii]
There have been many instances of Tamils who have been tortured and detained by the armed forces in Tamil areas since the end of the civil war. These shadowy forces act with impunity and a predatory approach is taken even if the detainee has only tenuous links to the LTTE. These abductions are a tried and true method of retaining control through fear. It is fear which prevents people from testifying against the armed forces. Its aim is also to make life unbearable for Tamils so they will flee the country. Abductions are done in plain sight by coordinated team of security and intelligence personnel. Those abducted are then tortured where all the tools of torture are also on full display – cables, wooden sticks, batons, plastic pipes filled with sand, water barrels. The detainees are whipped, burnt with cigarettes, branded with hot metal rods and suffer other unspeakable acts. In at least half the cases the security forces broker a ransom. Prices range from Rs350,000 to a million rupees. This is another profitable sideline of the armed forces.[ix]
The assault of women in Lanka is distressingly widespread, being most acute in the North and East. There is credible evidence that sexual violence was systematically used against Tamils. Rape was used to intimidate the Tamil population, especially in the immediate aftermath of the war. Human Rights Watch (HRW) concluded that sexualised violence and torture was used to gather information about the LTTE to force others to ‘confess’ and as method of ethnic cleansing. As a result of the war there was in 2017, 90,000 households headed by women, of whom many are widows.[x] These women face many hurdles in getting permanent housing and jobs to support themselves and their families. Some have been forced to resort to prostitution and suffer a lack of physical security. Young women are abducted, raped, and returned to their communities. Many are too terrified to report their rape to the authorities, who are their occupiers. Widows are regularly harassed, raped, or forced to submit to sex. Many of the victims are then forced to endure it all again.[xi]
The third section looks at what happened in the last stages of the Lankan civil war and what the people of Gaza are currently being forced to endure. It starts off by looking at the rarefied arguments the powerful conjure up to keep the oppressed, dispossessed.
To be continued
25 February 2024
[i] Taylor, T. (2008). Denial: History Betrayed. Melbourne University Press.
[iv] Soames, Catherine and Hawker, Sara (eds.) (2008). The Compact Oxford English Dictionary. Oxford University Press, p. 38.
[v]Cook, Jonathan, `Why Israel is an Apartheid State’ in Malloy, Sean. Lorimer, Doug. Cook, Jonathan. Thier, Hadas. Sheppard, Barry. Palestine, Israeli Apartheid and Antisemitism. Resistance Books. 2011, p. 16.
[vi] Land allocated to Blacks during the apartheid era in South Africa.
[viii] ‘The Long Shadow of War: The Struggle for Justice in Post-War Sri Lanka’. The Oakland Institute. Retrieved: http://www.oaklandinstitute.org/long-shadow-war
[ix] Women under Siege Project. Retrieved: www.womenunder seigeproject.org/conflicts/profile/Sri-lanka
[x] The figure is taken from the Department of Foreign Affairs and Trade country report: DFAT Country Information Report, Sri Lanka, January 24, 2017, p. 23
February 25, Colombo (LNW): Participating in discussions regarding the growth and sustainable development of BIMSTEC countries convened in New Delhi, India, Sri Lanka’s Finance State Minister Shehan Semasinghe underscored the imperative of fostering active collective agreements among member nations of the BIMSTEC group, which comprises Sri Lanka, India, Thailand, Myanmar, Bangladesh, Nepal, and Bhutan.
Addressing the gathering, the minister highlighted the lapse in progress concerning an agreement established nearly two decades ago aimed at formulating a framework for a free trade agreement among these nations.
While bilateral agreements exist between the involved countries, Minister Semasinghe emphasiaed the potential for a regional agreement to transcend these individual pacts, facilitating broader success.
He stressed that such an agreement would fortify trade relations among member nations and enhance regional security by addressing vulnerable areas.
Identifying the challenge of increasing financing amidst elevated global interest rates, the minister stressed the necessity of stimulating private investment and capital inflows within the region.
Semasinghe further underscored potential opportunities for investment and trade in the energy sector among BIMSTEC countries, noting ongoing engagement in energy trade and highlighting Sri Lanka’s renewable energy potential, particularly in wind and solar energy, beyond traditional hydropower sources.
Moreover, he affirmed Sri Lanka’s efforts to promote regional investment in power generation and ongoing discussions with India regarding electricity connectivity to facilitate energy trade.
The Minister also emphasised Sri Lanka’s engagement in global forums, particularly regarding climate change, advocating for financial assistance to vulnerable countries.
He noted the imperative of translating rhetoric into tangible actions to realise these objectives.
February 25, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has formally petitioned the President, acting in his capacity as the Minister of Finance, for a forum to elucidate the procedural and conceptual framework underlying the recent adjustment in salaries for CBSL personnel to Members of Parliament.
The request, conveyed in writing by CBSL Governor Nandalal Weerasinghe, underscored the institution’s commitment to transparency and accountability.
It highlights that the recent recalibration of CBSL employees’ remuneration was endorsed by the Governing Board within the framework of the triennial Collective Agreement negotiated with Trade Unions spanning the period 2024-2026.
At its meeting on 21 February, the Governing Board tasked Weerasinghe with the formal request to President Ranil Wickremesinghe, seeking an opportunity to brief Parliamentarians on the rationale behind the salary revision.
In a statement issued in response to this development, CBSL affirmed its readiness to articulate its stance and provide necessary clarifications either upon being granted the requested platform or upon receipt of pertinent inquiries from relevant authorities.
February 25, Colombo (LNW): The United States remains committed to the economic growth and prosperity of Sri Lanka, Deputy Secretary of State for Management and Resources Richard Verma told government, civil society and economic leaders during his visit to Sri Lanka.
Verma met with President Ranil Wickremesinghe and Foreign Minister Ali Sabry to discuss progress on Sri Lanka’s IMF program, including inclusive economic and governance reforms aimed at keeping Sri Lanka on the path to sustainable economic growth, the US Embassy in Colombo said.
Deputy Secretary Verma stressed the vital need to protect human rights and fundamental freedoms, including freedom of expression, the statement said.
They also explored opportunities to deepen defense and maritime cooperation between the United States and Sri Lanka, including strengthening the Sri Lanka Navy’s capabilities to safeguard national security and promote a more stable Indo-Pacific region.
On February 23, aboard the SLNS Vijayabahu, one of three former U.S. Coast Guard cutters transferred by the United States to Sri Lanka, Deputy Secretary Verma said, “I am pleased to announce that the Department of State has notified Congress of our intent to transfer a fourth medium endurance cutter to Sri Lanka.
The Department obligated $9 million in Foreign Military Financing to support this effort. We look forward to offering the cutter, pending the completion of Congress’ notification period.
If completed, this transfer would further strengthen defense cooperation between the United States and Sri Lanka. The ship would increase Sri Lanka’s ability to patrol its Exclusive Economic Zone, monitor its search and rescue area, and provide additional security for ships from all nations that transit the busy sea lanes of the Indian Ocean.”
Participating in the announcement at Colombo Port were Sri Lanka State Minister of Defense Premitha Bandara Tennakoon, Commander of the Sri Lanka Navy Vice Admiral Priyantha Perera, and U.S. Ambassador to Sri Lanka Julie Chung, who remarked, “The United States has previously transferred three cutters to the Sri Lankan Navy, which deploys these ships for maritime operations and law enforcement missions, countering human trafficking and drug trafficking, while supporting humanitarian assistance and disaster response efforts.
The eventual transfer of a fourth vessel would be just one more point in a long history of cooperation between Sri Lanka and the United States in preserving a free and open Indo-Pacific region.”
Deputy Secretary Verma also visited the site of the West Container Terminal (WCT), a deepwater shipping container terminal in the Port of Colombo.
The WCT, currently being constructed by Colombo West International Terminal (CWIT) Private Limited with $553 million in financing from the U.S. International Development Finance Corporation, will provide critical infrastructure for the South Asian region.
Operating near capacity since 2021, the Port of Colombo’s new addition will be the port’s deepest terminal and aims to boost Colombo’s shipping capacity, expanding its role as a premiere logistics hub connecting major routes and markets, boosting prosperity for Sri Lanka without adding to its sovereign debt.
February 25, Colombo (LNW): Forty countries from the Asia and Pacific region agreed that transforming agrifood systems was imperative to providing food security for their children’s generation and beyond, the Food and Agriculture Organization of the United Nations (FAO) reported
The summation was delivered at close of the 37th Session of the FAO Regional Conference for Asia and the Pacific (APRC37) in Colombo. The conference was hosted by the Government of Sri Lanka.
Forty countries of Asia and the Pacific attended the APRC, with the vast majority attending in-person, including some 20 government Ministers.
It was the first time since 2018 that a large in-person gathering of the region’s food and agriculture Ministers and other policymakers was convened by FAO, and is seen as emblematic of the attention needed to recover from the pandemic and disruptions caused to food production and distribution that has plagued many countries in the region ever since.
The global pandemic, coupled or followed closely with a shortage of food, feed fuel, fertilizer and access to finance, caused food price to jump significantly.
Lessons were learned and many called it a ‘wake-up call’ to ensure that food affordability and availability and agricultural production must be a global priority.
“Food and agriculture are now at the centre of the global development agenda and this is an opportunity for all of us, including civil society and private sector organizations to decisively reimagine and reshape agrifood systems for global economic, social and environmental benefits,” said Jong-Jin Kim, FAO’s Assistant Director-General and Regional Representative for Asia and the Pacific.
“This transformation will be important for you to maintain a sustainable environment and increase biodiversity, while providing opportunities for decent jobs for people. That is the added value of modern farming,” Kim said to the delegates at the end of the four-day conference.
Kim called on the FAO Member Nations gathered to address these issues holistically. “We must do this together with all relevant key partners, not only with the Ministers for Agriculture, Food and Rural Affairs, but also with Ministers for Welfare, Women, Children, Environment, Science, Education, Trade Investment and Finance. These are their duties too. So, we must work together as a team.”
“Science and Technology are constantly evolving. In the agrifood sector, we should lead,” said Kim. “Agriculture, food and nutrition are at the core of humanity’s needs – and the world casts its eyes towards Asia and the Pacific region for leadership.
As the Director-General said – we are the Agents of Change,” Kim added, referring to the opening statement to the conference by the FAO Director-General, Dr QU Dongyu.
February 25, Colombo (LNW): Sri Lanka is ready to face energy ionizing and thermal radiation as result of nuclear weapon attack in the region, officials of the atomic energy board claimed adding that they were equipped with well trained human resources and modern equipment to handle such an eventuality.
Nuclear weapon attack and shockwave consist of 50% of total energy thermal radiation: 35% of total energy. Ionizing radiation: 5% of total energy (more in a neutron bomb) residual radiation: 5–10% of total energy with the mass of the explosion, they explained.
The atomic energy board officials disclosed these details when they attended the sectoral oversight committee on Energy and Transport met at parliamentary committee recently.
Meanwhile the committee appointed to look into forming the laws and regulations necessary for Sri Lanka to commence nuclear power generation projects is expected to complete that process by June this year (2024).
This was stated by the Sri Lanka Atomic Energy Board (SLAEB) Chairman Prof. S.R.D. Rosa, who serves as a member of the said committee.
He noted that the committee in question has taken into account the relevant legal and regulatory frameworks in place in the international context.
“If Sri Lanka is going for nuclear power generation, we first have to amend the Sri Lanka Atomic Energy Act, No. 40 of 2014, he said.
It currently provides for the non-power application of atomic energy,” he explained, referring to the Act which allows for the utilisation of radioactive materials and ionising radiation “for medical, environmental, agricultural, industrial, and other peaceful purposes, and for scientific and technological advancement, as may be required for national development.”
Prof. Rosa noted that the committee looks into the legal and regulatory frameworks of countries including Pakistan, and that the committee’s aim is to form laws and regulations that suit Sri Lanka.
The committee includes experts and officials representing a number of institutions including the SLAEB, the Sri Lanka Atomic Energy Regulatory Council (SLAERC), the Legal Draftsman’s Department, and the Attorney General’s Department, which, according to Prof. Rosa, commenced work several months ago under the leadership of Court of Appeal Judge, Justice Sobhitha Rajakaruna.
A letter shared by the SLAERC Chairman Saminda Jayasekara on LinkedIn showed that the committee, which is tasked with recommending amendments or a replacement for the said Act, includes members from the Foreign Affairs Ministry, the Ceylon Electricity Board, and the Power and Energy Ministry, in addition to independent experts.
Sri Lanka is looking into creating a suitable legal and regulatory environment for nuclear power generation in the backdrop of proposals and discussions regarding the construction of an onshore or offshore nuclear power plant with Russia’s support as a solution to the increasing energy demand.
February 25, Colombo (LNW): Sri Lanka will face difficulties till 2027-28 in order to gain international market access due to high debt despite its post debt restructuring phase according to the Debt Sustainability Analysis (DSA) targets, a global sovereign debt expert said.
Speaking at the Committee on Public Finance (COPF) on Tuesday (20), Global Sovereign Advisory Research Analyst Theo Maret said that the International Monetary Fund (IMF) has used a different model to assess the DSA of Sri Lanka than it has used for low-income countries, providing higher DSA targets for Sri Lanka.
“The IMF used Sri Lanka the same model that applies to Japan, the US, France with a strong revenue base and these countries are able to sustain a higher debt than what Sri Lanka can reasonably sustain,” he said.
Maret said that this was due to the fact that Sri Lanka has graduated in the past as a middle-income country. Sri Lanka was downgraded to the low-income level in 2022.
Sri Lanka sent a new restructuring proposal to dollar bondholders through its adviser Lazard as the South Asian nation seeks to complete overhauling its defaulted debt, according to people familiar with the matter.
A counter proposal to a bondholder group’s offer in October for a 20% haircut and the issuance of macro-linked bonds was conveyed through Lazard, the people said, declining to be named because negotiations are private.
They did not elaborate on the details of the offer. Government representatives may travel to London soon to meet Sri Lanka’s commercial creditors, one of the people said.
Completing the overhaul of Sri Lanka’s $ 27 billion of foreign debt is critical to ensure financing from the International Monetary Fund bailout keeps flowing. President Ranil Wickremesinghe said this month that authorities expect to complete the restructuring within the first six months of the year.
Calls to Sri Lanka’s treasury secretary, junior finance minister and central bank governor went unanswered. Representatives of the bondholder group and Lazard weren’t immediately available for comment.
The Government had already struck restructuring deals with official creditors, including China, India and the Paris Club as well as with holders of its local debt.
He said that the IMF has provided a debt-to-GDP target of 60% for other low-income countries. In comparison, for Sri Lanka, the DSA target is 95% while in the case of Zambia, the external debt servicing target is more than double that of Sri Lanka although both countries will have a higher revenue base and a similar fiscal situation coming out of the debt restructuring.
“So in that regard, Sri Lanka will be exiting its restructuring even if it fits within the IMF targets with still a debt level that is quite significant,” he added.
He noted that Sri Lanka has to decide on what kind of proactive fiscal policies and debt management policies could be implemented to reduce the debt stock further and reduce refinancing risk in the years after restructuring because the market will probably still consider Sri Lanka in a precarious situation because of these high debt metrics.
“So it won’t be smooth sailing till 2027-28 when the country is supposed to regain access to international capital markets,” Maret said.
He added that this will require proactive debt management, medium-term debt strategies and annual borrowing plans trying to change the financing mix towards more concessional sources.
