Japan, India and France have agreed to a common platform for talks among bilateral creditors to coordinate restructuring of Sri Lanka’s debt, amidt SriLanka President Ranil Wickremasighe’s assurence of engaging all creditors in a transparent manner based on the principle of comparable treatment.

Speaking at the launch of the Debt Restructuring Negotiation Process on Sri Lanka by India, Japan, and France, President Ranil Wickremesinghe via zoom, he said the event marks the beginning of a coordinated effort of official bilateral presentation to make swift progress in resolving Sri Lanka’s distress.

He disclosed that Sri Lanka has made a series of critical policy adjustments in accordance with the extended arrangement under the EFF and the IMF economic reform program will be presented in parliament for aooroval soon.   .

However, the President said that domestic policy efforts in this context are insufficient to resolve the deep imbalances in Sri Lanka’s economy.

India’s Union Minister for Finance Nirmala Sitharaman, the Finance Minister of Japan Suzuki Shunichi and Emmanuel Moulin, Director General of the Treasury, France, and Shehan Semasinghe, State Minister of Finance, Sri Lanka, were present in the meeting. 

India says close coordination between Sri Lanka and all its creditors will be critical to expediting a debt treatment that will restore debt sustainability in the country.

Indian Minister of Finance Nirmala Sitharaman said that collaboration among creditors is important to ensure transparency and equality in treatment of all creditors in the debt restructuring discussions.

The purpose of the event was to demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka.

It remains uncertain, however, whether Sri Lanka’s biggest bilateral creditor – China – will join the initiative launched by Japan, this year’s G7 chair, with the aim of kicking off a series of meetings among Sri Lanka’s creditors.

“To be able to launch this negotiation process gathering such a broad-based group of creditors is a historical outcome,” Japanese Finance Minister Shunichi Suzuki told a briefing.

“This committee is open to all creditors,” he said, voicing hope China will join in the effort.French Director General of the Treasury Emmanuel Moulin told the briefing that the group was ready to hold the first round of talks “as soon as possible.”

Sri Lanka owes $7.1 billion to bilateral creditors, according to official data from its government, with $3 billion owed to China, followed by $2.4 billion to the Paris Club and $1.6 billion to India.

The government also needs to renegotiate more than $12 billion of debt in eurobonds with overseas private creditors, and $2.7 billion on other commercial loans.

Sri Lanka kicked off talks to rework part of its domestic debt this month and aims to finalise the deal by May.

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 full-fledged meeting of the new Global Sovereign Debt Roundtable, held during the spring meetings of the IMF and World Bank in Washington.

The statement, however, did not include mentions of any commitments by China, the world’s largest bilateral creditor, to speed the restructuring process.

The statement said participants “focused on the actions that can be taken now to accelerate debt restructuring processes and make them more efficient, including under the G20 Common Framework.”

At a time when the Sri Lanka government is taking action claiming damages for the Xpress Pearl Vessel disaster  in the country’s  territorial waters , a new allegation of taking a massive bribe relating to compensation issues  has  come up in the public domain. 

Compensation due to Sri Lanka by the company that owned the ill-fated X-Press Pearl cargo ship that caught fire and sank to the bottom of the ocean, has been revealed by Justice Minister Wijeyadasa Rajapakshe. 

The X-Press Pearl disaster is considered one of the worst maritime disasters in recent history.

Sri Lanka’s Justice Minister Dr. Wijeyadasa Rajapakshe has requested the country’s Police Chief to investigate the solicitation of a bribe, while Sri Lankan authorities were in talks to secure compensation for the destruction caused to the Sea of Sri Lanka.

Minister Wijeyadasa Rajapakshe said that he was informed that a certain party had solicited a bribe of USD 250 Million and the money had been directed to a bank account in the UK.

A report prepared by the expert committee appointed by the Marine Environment Protection Authority revealed that Sri Lanka must secure USD 6.2 Billion as compensation from the owners of the X-Press Pearl, for the destruction caused to the marine environment in the Sea of Sri Lanka.

The reports to secure compensation were already directed to the Attorney General’s Department, and the Cabinet also gave the green light to file a case against the owners of the X-Press Pearl in Singapore.

However, experts have raised certain concerns with regard to heading to Singapore to file a case to secure compensation.

Attorney (Dr) Dan Malika Gunasekera, a Specialist in Admiralty, Maritime, Shipping and Law of the Sea said if a local court delivers a ruling, Sri Lanka can take action against the Insurance Company of the vessel and can thereafter secure the compensation

The Marine Environment Protection Authority (MEPA) says it has taken all the necessary steps to take legal action against the owners of the Xpress Pearl Vessel and its operators or local agents. Issuing a press release after environmentalists raised concerns on claiming damages for the marine disaster, the MEPA said the Attorney General’s Department has already filed criminal action before the courts. 

The MEPA said it provided the AG’s department with the requisite information.According to the MEPA a second environment impact assessment report was also submitted by the expert committee appointed for the purpose to the AG’s department in January this year. 

The MEPA also revealed that a key meeting was held on April 6 with the participation of the AG’s department, officials of the MEPA and experts in the field on the concerns raised by various groups on the compensation claim for the disaster. 

The MEPA said at the meeting the AG’s department revealed the Australian legal firm assisting Sri Lanka in initiating legal action has confirmed the case can be filed in Singapore and it has the requisite jurisdiction to hear the case as the owners and operators of the vessel are based in Singapore. 

The department had also said Singapore is a more important maritime hub than Sri Lanka could be more favourable in obtaining compensation. It also said it plans to challenge the limitation for compensations obtained through a court order obtained by the ship owners.

Speaker Mahinda Yapa Abeywardena has scheduled a meeting of all political party leaders in Parliament at 11:00 a.m. on 20 April. This meeting will be the first gathering after the Sinhala and Tamil New Year, and all party leaders have reportedly been informed to attend.

The upcoming Parliamentary session on 25 April will be the first one after the festive season, and the proposed Anti-Terrorism Bill is expected to be taken up during this session. However, a final decision regarding the matter will be made at the party leader’s meeting scheduled prior to the session.

The proposed Bill, which was initially supposed to be tabled in Parliament on 04 April, has faced opposition from several parties. As such, preparations have been made for the upcoming meeting to discuss the matter and reach a consensus.

The meeting is anticipated to provide a platform for party leaders to deliberate on critical national issues and make informed decisions for the betterment of the country.

In light of the ongoing festive season, Gemunu Wijeratne, the President of the Private Bus Owners’ Association, has confirmed that special buses will be available for individuals who had traveled to their hometowns and need to return to Colombo.

Wijeratne revealed that only 25% of the buses were operational on April 15, but expects the number to increase to nearly 50% by April 16. This initiative is expected to ease the travel burden on individuals who had gone to celebrate the festival with their families and friends.

Furthermore, the Sri Lanka Railways Department has also announced the operation of special trains for long-distance journeys from April 15. The General Manager of the Sri Lanka Railways stated that several trains will be in operation from outstation areas to Colombo, including two trains from Galle and Badulla, which will start operating from tomorrow morning. Additionally, a special train from Anuradhapura to Beliaththa is also scheduled to be in operation.

However, the police have also expressed concerns over the increasing number of road accidents during the festive season. To ensure the safety of individuals traveling during this period, they have implemented a special safety program. Thus, travelers are advised to exercise caution and follow all necessary safety measures while traveling.

The World Bank’s Regional Vice President for South Asia, Martin Raiser, has praised the progress made by Sri Lanka on fiscal, financial and economic governance reforms. Raiser made the comments during a meeting with a Sri Lankan delegation, led by Finance State Minister Shehan Semasinghe, Treasury Secretary Mahinda Siriwardana and Central Bank Governor Dr. Nandalal Weerasinghe, on the sidelines of the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC.

During the meeting, Raiser and the Sri Lankan delegation discussed the country’s reform initiatives, including the transformation to a digital economy, progress on targeted social safety nets, and cooperation on renewable energy. The two sides also talked about supporting export-oriented small- and medium-scale businesses.

Raiser stressed the importance of transparency for the success of reforms, particularly social protection measures aimed at protecting vulnerable people. He expressed delight at Sri Lanka’s progress on fiscal, financial and economic governance reforms but noted that continued efforts were necessary for a full recovery of the country’s economy. The World Bank official reiterated the bank’s support for Sri Lanka through ideas and financing.

The Sri Lankan delegation also met with Assistant Secretaries of the US State Department, Donald Lu and Ramin Toloui, to discuss mutual interests and the US commitment to the island’s economic recovery and reform process. State Minister Semasinghe also had a productive meeting with IMF Deputy Managing Director Kenji Okumura, who appreciated the Sri Lankan government’s commitment to meeting the first review targets and completing debt treatment negotiations as quickly as possible.

Air Seychelles, the State-owned national flag carrier for Seychelles, has announced plans to launch a new international service from Mahe to Colombo, Sri Lanka, starting on June 20. The carrier will operate the service twice a week with its Airbus A320neo airliners, configured to carry 12 business class and 156 economy class passengers. The return flights from Colombo will be operated on Wednesday and Sunday mornings.

Air Seychelles will also partner with Sri Lankan Airlines, giving its passengers access to more than 20 destinations across Asia and Australasia, including Bangkok, Kuala Lumpur, Melbourne, Singapore, Sydney, and Tokyo. The partnership will enable travellers to purchase a single ticket for travel beyond Colombo to other destinations in the region.

Air Seychelles already operates international services to Johannesburg, Mauritius, Mumbai, and Tel Aviv, and scheduled domestic services with up to 30 roundtrips each day between Mahe and Praslin, as well as charter flights to other islands in the archipelago. The carrier’s acting CEO, Sandy Benoiton, highlighted that the new destination to Colombo will reinforce the regional service and provide enhanced connectivity to Southeast Asia and beyond.

Ambassador of Sri Lanka to Indonesia Admiral Prof. Jayanath Colombage accompanied by the Embassy’s Second Secretary (Commercial) and the Public Diplomacy Officer of the Embassy visited the West Java Craft Council

The Ambassador highlighted the contribution made by the craft industry to the growth of the economy and requested training for Sri Lankan craftsmen in the field of batik and rattan. The officials of the West Java Craft Council invited Sri Lankan craft industry representatives to participate in their upcoming exhibition in June. They also suggested entering into an MoU to provide training for the Sri Lankan craft industry including proposals for collaboration between the craft industries of the two countries.

The West Java Craft Gallery displays craft items produced in 27 districts of the West Java province. A team of officials from West Java Craft Council participated in the meeting including Head of the Department of Trade and Industry Department of West Java Noneng Komara Nengsih, West Java Dekranasda Deputy Secretary II Dr.Dian Agustin and Trade Shows, Exhibitions, Seminar, and Training Organizer Darningsih Rustiadji .

Showers or thundershowers may occur at a few places in Western, Sabaragamuwa, Southern and North-western provinces and in Kandy and Nuwara-Eliya districts during the afternoon or night.

Mainly fair weather will prevail elsewhere over the island.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05th to 15th of April in this year. The nearest areas of Sri Lanka over which the sun is overhead tomorrow (15th) are Nallur, Paranthan and Chundikkulam at about 12:10 noon.