By: Staff Writer

Colombo (LNW): China has reiterated the calls on commercial and multilateral creditors to jointly participate in Sri Lanka’s debt restructuring under the principle of fair burden-sharing.

According to Chinese foreign ministry spokesperson Wang Wenbin, the Asian economic giant has been in close communication with Sri Lanka and supported Chinese financial institutions in actively discussing debt treatment arrangements with Sri Lanka.

Wang mentioned this during a regular press briefing on Friday (April 14), in response to a question pertaining to the formal launch of discussions by Sri Lanka’s major bilateral creditors to restructure the island nation’s debt without China.

On Thursday (April 13), Japan, India and France held a press briefing to announce a common platform for talks among bilateral creditors to coordinate the restructuring of Sri Lanka’s debt.

The three creditor countries have been working closely for a coordinated debt restructuring process for the island nation.

Sri Lanka owes USD 7.1 billion to its bilateral creditors out of which USD 3 billion owed to China – its biggest bilateral lender, USD 2.4 billion to the Paris Club and USD 1.6 billion to India.

Meanwhile a committee of Sri Lanka’s international private creditors sent its first debt rework proposal to the country’s authorities regarding over US $12 billion in bonds outstanding, official sources with direct knowledge of the matter disclosed.

It is the first bondholder proposal after the island nation of 22 million people defaulted on its debt a year ago. It is a first formal step to engage with the country’s authorities, said one of the people, who asked not to be named because discussions are private. Details of the proposal were not immediately available.

Representatives for the government did not respond to a request for comment. A spokesperson representing the creditor committee declined to comment.

The group of about 30 creditors includes global investment companies Amundi Asset Management, BlackRock, HBK Capital Management and T. Rowe Price Associates.

Bondholders and government officials met in Washington this week, with legal and financial advisers for both sides present, said two sources.

Separately, the Paris Club of creditor governments said on Friday it aims to start negotiations to restructure Sri Lanka’s bilateral debt after a committee was set up by French, Japanese and Indian finance ministers, and representatives of Sri Lanka.

ISBs international bondholders have formed another ad-hoc creditor committee sometime back and the the group comprises close to 100 members and is led by a steering committee of around 10 members.

The group represents more than 55% of ISBs nondomestic holdings and it is adviced by Rothschild and White & Case China, Sri Lanka’s biggest bilateral creditor, did not join the announcement.

By: Staff Writer

Colombo (LNW): The talk of the town in the most recent Sri Lankan real estate sector is the prevailing up and coming real estate Investment opportunities mainly in apartments and hotels in Sri Lanka.

It has been identified that there is a massive gain potential for investors keen on investing in the Sri Lankan Real estate market and therefore the government should focus on promoting this sector.

The Research Intelligence Units suburban apartment price index for February reveals that the apartment prices are continuing to decline in dollar terms making it an opportune time for foreign investors.

However, this is not the case when the prices are calculated in rupee terms, RIUNIT says. According to the latest RIUNIT data, suburban average apartment price in rupee terms increased to Rs. 27,154 per sq.ft. in February from Rs. 26,902 per sq.ft in January while the prices in dollar terms rose toUS $ 75 per sq.ft from $ 74 per sq.ft.

However, industry sources said these investments do come with a risk as it will all depend on the place of investment and purpose thus, it is crucial to understand the market dynamics and the external factors.

There is a range of properties in Colombo suburbs for investment to build traditional Apartment, Hotel Residency or Mixed development consisting of commercial and residency mix for higher long-term return, several heads of leading construction companies said.

There is an evident opportunity in property investments currently in Sri Lanka and it is high time for foreign investors as the country’s tourist industry begins to boom.

Among 13 selected Colombo suburbs the highest price is recorded in the Mount Lavinia area with $ 143 per sq. ft. which is also the highest gain of 39% compared to February 2022, Research Intelligence Units report revealed.

The lowest drop is recorded in the Wattala area with $ 58 per sq.ft which is a 35% drop compared to the previous year, RIUNIT added.

The Research Intelligence Unit (RIUNIT) was originally established on the basis of addressing a need to overcome strategic weaknesses and vision constraints that have cowed growth in developing countries, local Governments and other institutions around the globe.

Maintaining a strong focus from the onset, the organisation has been on a steady growth path, building resources and extending networks to cover the private and governmental sectors in both developed and developing economies.

The Research Intelligence Unit (RIUNIT) is a British company with its Asia head office based in Colombo since 2003.

Macroeconomic policy is one of the RIUNIT’s areas of specialisation. In addition to Sri Lanka, the company has a presence in London, Dhaka, Maldives and several other developing and emerging economies.

By: Isuru Parakrama

Colombo (LNW): The ceremony of Anointing Oil (Hisa Thel Gama) for the Sinhala and Tamil New Year has commenced today (16) at 9.41 am.

According to Sinhala and Tamil New Year auspicious time calendar, the ceremony is carried out by wearing red and yellow mixed clothing and by seeing at the direction of the South, placing Imbulpath leaves on the head and banyan leaves on the feet, and bathing after being anointed with imbulpath extract and oil.

1. International Federation of Journalists says the new Anti-Terrorism Act designed to replace the existing Prevention of Terrorism Act of 1979, threatens to exacerbate restrictions on the right to assembly and gravely curtails freedom of expression and press freedom.
   
2. Number of MPs calling for a proble into the sudden “debt default” announcement by CB Governor Nandalal Weerasinghe on 12th April 2022, even when there was a substantial and credible pipeline of Forex inflows, grows: NPP leader Anura Kumara Dissanayake joins MPs Wajira Abeywardene (Chairman-UNP), Wimal Weerawansa (Leader-NFF), Vasudeva Nanayakkara (Leader-DLF) and Gevindu Kumaranatunge (SLPP and Leader-Yuthukama Kavaya).
   
3. Colombo National Hospital Director Dr Kumara Wickramasinghe says there has been a significant drop in the number of accidents caused by fireworks during New Year celebrations this year: fireworks traders say there has been a significant drop in the sale of fireworks this year.
   
4. MP Mano Ganesan says he together with MP Rauff Hakeem initiated an effort to bring UNP and SJB under one umbrella, but had to abandon the idea since the SJB leadership did not respond: also say the subject of “premiership” never popped up in the discussions.
   
5. Railway Department Deputy General Manager (Commercial) V S Polwattage says a total of 34 train services out of 210 had been cancelled yesterday: also says priority had been given to operating long-distance train services during the new year period and after the new year.
   
6. IMF Deputy MD Kenji Okumura praises the Govt’s commitment to “resolve” the debt crisis and “reform process”: Finance State Minister Semasinghe says his delegation had a “productive meeting” with the IMF: analysts point out that SL’s ISB debt had risen from USD 5 bn (6% of GDP) to a staggering USD 15 bn (18% of GDP) from 2015 to 2019 while under an IMF programme.
   
7. India’s HindustanTimes reports that Sri Lanka has repaid nearly half of the USD 500 mn borrowed from India for fuel purchases last year: also reports that creditor nations including China, Japan and India will have to take significant “haircuts” as part of debt restructuring of Sri Lanka.
   
8. Traders at “Pamunuwa” market in Maharagama say the number of shoppers is nowhere close to what it was in previous years: also say the public is no longer able to afford to purchase as much as they used to and last year was comparatively better.
   
9. Air Seychelles announces it will commence twice-weekly flights from Mahe, Seychelles to Colombo, from June onwards: the inaugural 4-hour flight scheduled for June 20, 2023.
   
10. Dimuth Karunaratne leads Sri Lanka in the historic first ever Cricket Test match against Ireland today at the Galle International Cricket Stadium.

The Consulate General of Sri Lanka in Melbourne conducted a mobile consular service for the Sri Lankan community on 02 April 2023, during a Sri Lankan New Year Festival held in Dandenong, Victoria.

During the festival, which was organized by the Sri Lanka German Technical Training Institute OBA (SLGTTIOBA), the consulate set up a booth to provide several consular services to the large numbers of visitors to the event.

During the full-day service, the Consulate staff helped members of the public who wanted to submit applications for new passports, dual citizenships, birth registrations and driving license verifications. The Consulate processed over 20 applications for the above, assisting applicants by reviewing the applications and supporting documents and advising on any gaps or corrections. To ensure a full service, the Consulate also provided on-site payment facilities and an online appointment facility, for those who wished to follow up with appointments to the Consulate. In addition, the staff also certified “life certificates” for pensioners and other documents.

Apart from these services, the staff fielded inquiries from over 600 visitors to the stall, on all consular matters, guiding people on applications, checklists of documents, fees, and next steps in the process.

Visitors to the booth commended the Consulate for this initiative, saying that it was very convenient for those who found it difficult to come to the Melbourne CBD, and many requested that the Consulate carry out similar services in the future.

Consul General Sandith Samarasinghe, also participated as a special guest in the official ceremonies of the New Year celebrations. During the opening ceremony in the morning, he participated in the flag raising ceremony, and conveyed the best wishes of President Ranil Wickremesinghe for the success of the event.

At the official ceremony in the afternoon, the Consul General congratulated the SLGTTIOBA for the successful New Year celebrations, which the association has been holding for over twenty years, and which was now recognized as the largest Sinhala and Tamil New Year celebrations in the world, outside of Sri Lanka. He appreciated the tireless efforts of the organizers in helping to keep alive Sri Lankan traditions and culture amongst the Sri Lankan community in Australia, and thanked the organizers for inviting the Consulate to be part of the event. He assured that the Consulate was committed to continuing to build strong connections with the Sri Lankan community, within the overall environment of the rich Australian multiculturalism.

During the event, Consul General Samarasinghe met with Victorian Premier Daniel Andrews, and other key Australian leaders, including federal MPs, State MPs, Mayors and Councillors. During his meeting with the Victorian Premier, the Consul General reiterated the strong ties between Sri Lanka and Australia, and the Consulate’s commitment to continue to strengthen these bilateral ties. The Consul General also met with key leaders in the Sri Lanka community, and interacted with members of the Sri Lankan business community, associations and the general public, expressing the Consulate’s commitment to continuously engage with the community.

Consulate General of Sri Lanka

Melbourne