WASHINGTON, April 14 (Reuters) – A committee of Sri Lanka’s international private creditors sent its first debt rework proposal to the country’s authorities regarding more than $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 year ago. It marks 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, two sources said.

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.

China, Sri Lanka’s biggest bilateral creditor, did not join the announcement even though it holds the key to solving debt woes for some low- and middle-income countries.

“If we can cooperate, if we can equally and fairly share the burden, I think we can solve the problem,” People’s Bank of China Governor Yi Gang said in a seminar during the International Monetary Fund and World Bank spring meetings in Washington, when asked whether China could join a Japan-initiated common platform to coordinate restructuring of Sri Lanka’s debt.

After the COVID-19 pandemic that ruined the tourist sector, a spike in prices of imports following the start of the war in Ukraine, and economic mismanagement, Sri Lanka fell into its worst financial crisis in more than seven decades.

The country secured last month a $2.9 billion program from the IMF to tackle its huge debt burden

1. Consumer Affairs Authority Chairman Shanta Niriella says eggs should be sold at the controlled price of Rs 44 per white egg and Rs.46 per brown egg: All Ceylon Egg Producers’ Assn President Sarath Ratnayake announces that from May 1, an egg will be provided at less than Rs.46.
   
2. Analysts say the indications from the IMF Staff Report is that the local debt impairment could lead to irrevocable damage being inflicted on EPF, ETF, NSB and banking and insurance sectors: they point out that would surely lead to massive social tensions and perhaps even a serious political upheaval.
   
3. CB data shows that during the week ended 11Apr’23, foreigners bought around USD 89 mn of Treasury Bills and Bonds which are now yielding around a staggering 25% interest: total foreign holdings of the T-bills and bonds now stands at around USD 0.3 bn: as at end-2014, foreigners held USD 3.5 bn of T-bills and bonds, but exited from those investments from 2015 to 2019.
   
4. UNP General Secretary Palitha Range Bandara says not only monkeys, but even peacocks should be exported: also says those who oppose the export of toque monkeys should go to Wanathawilluwa, Anamaduwa & Anuradhapura to see the damage caused by monkeys and peacocks to cultivations and witness the losses suffered by the farming community.
   
5. State Minister for Tourism, Diana Gamage says Sri Lanka will soon offer a Golden Visa for investors who make a minimum investment commitment of USD 250,000 in a local bank or by investing in a Govt approved project.
   
6. Asiri Hospitals Group announces that they will build and operate a hospital in the Port City Colombo in accordance with the Master Plan of the Colombo Port City
   Economic Commission: the hospital to form a part of the 4 main strategic and large scale social infrastructure development projects identified.
   
7. US based international travel influencer Juliana Broste, an award winning travel filmmaker and host who showcases adventures and fun things to do around the world, recommends Sri Lanka to be listed as one of the best places to visit in 2023.
   
8. School teacher Kushani Lansakara, 31, from Kurunegala gives birth to quadruplets (3 Males + 1 Female) at the Peradeniya Teaching Hospital: mother
   and infants in good health.
   
9. Former Foreign Minister and MP Professor G L Peiris says the Govt will have to hold the LG polls prior to conducting a Presidential election: also says under the existing legal provisions, the opportunity for a Presidential election will only occur between 18Sep’24 – 18Oct’24.
   
10. Biopic on SL cricketing legend Muttiah Muralitharan titled “800,” is set to hit theaters soon: Madhurr Mittal, renowned for his role as Salim Malik in “Slumdog Millionaire” to play the role of Murali: movie slated for release in Tamil, Telugu and Hindi.

Colombo (LNW): Separate operations conducted by the Navy in the sea areas of Mamunai and Chundikulam, Jaffna on 16th and 17th April 2023 led to the apprehension of 12 persons engaged in illegal night diving and light-coarse fishing.

During the operations, the Navy also seized 03 dinghies and unauthorized fishing gear used for these illegal acts.

The Navy conducts regular operations in the coastal and sea areas of the island in order to suppress illegal fishing activities performed by people with scant regard towards responsible fishing practices. As an extension of these efforts, the Naval Detachment Mamunai belonging to the Veththalakerni Naval Deployment in the Northern Naval Command deployed naval craft and conducted a special operation off Mamunai on 16th April. The operation led to the apprehension of 04 persons engaged in illegal diving activities to catch fish and seizure of 01 dinghy and unauthorised fishing gear.

Meanwhile, a group of Navy Marines attached to Naval Detachment Chundikulam of the Naval Deployment Veththalakerni also carried out a special operation off Chundikulam on 17th April. During the operation, naval personnel nabbed 08 persons along with 02 dinghies and fishing gear for practising light-coarse fishing in the sea area.

The persons apprehended in these operations are residents of Mannar, Thalayadi, Puulayarkoilady, Pudukuduirippu and Anandapuram, who are from 28 to 59 years of age. The suspects along with their fishing equipment and dinghies were handed over to the Department of Fisheries and Aquatic Resources in Jaffna for onward legal action.

Source: SL Navy

Colombo (LNW): A discussion pertaining to the future affairs of the Sectoral Oversight Committee on Religious Affairs and Co-Existence was held at the Committee meeting held under the Chairmanship of Upul Mahendra Rajapaksha recently.

Identifying the role, scope, future programme and problems of the institutions under the Ministry of Buddhasasana, Religious and Cultural Affairs was taken into discussion at the Committee meeting held.

The Secretary to the Ministry Buddhasasana, Religious and Cultural Affairs, Somaratne Vidanapathirana and other officials expressed views at the meeting held. It was also disclosed that arrangements have been made to hold this year’s National Vesak festival in Puttalam district as a joint programme with the support of all religions.

Attention was paid to the upcoming programmes and matters concerning pertaining to the Department of Buddhist Affairs, Department of Muslim Religious and Cultural Affairs, Department of Hindu Religious and Cultural Affairs, and Department of Christian Religious Affairs. There was also a discussion about the strengthening of the law necessary for the purpose of solving the problems related to all religions, preventing the existing cultural decline.

Committee Chief Rajapaksha said that the Sectoral Oversight Committee supports the activities necessary to solve the problems and strengthen the ministerial programme and if necessary, the minister is also expected to be involved in the committee. Accordingly, it was decided to prepare a basic program on the issues that the committee is expected to focus on and to work in the future.

By: Isuru Parakrama

Colombo (LNW): Carmi Sriya Karunanayake, mother of former Finance Minister Ravi Karunanayake, has passed away today (17) aged 82.

Her demise was confirmed while she was receiving treatments at a private hospital.

Beloved wife of Tissa Karunanayake (deceased), adored mother and mother-in-law of Ravi, Saliya, Mela and Mudie, loving grandmother of Onella, Shenella, Minella and Thiyaan, and loving sister of T D S A Dissanayake, Rani and Indrani, Mrs. Karunanayke served as the Parliamentary Affairs Coordinator during the government of ex President J.R. Jayawardena.

Her body will lie at AF Raymond Funeral Parlor, 115, D.S. Senanayake Mawatha, Colombo 8 from 01.00 PM to 10.00 PM on 18 April 2023 and from 10.00 am on 19 April 2023. Cortège will leave A F Raymond Funeral Parlor at 04.00 PM on Wednesday 19 April 2023, and the cremation will be held at 04.30 PM at Kanatte new gas crematorium on 19 April 2023.

By: Isuru Parakrama

Colombo (LNW): Asiri healthcare group announced it has entered into an agreement with the Colombo Port City Economic Commission to lease land to build a state-of-the-art hospital with a capacity of 500 plus beds with an estimated investment of US$100 million within the premises.

The proposed state-of-the-art hospital will be built within the walls of the China-backed special economic zone in Sri Lanka in line with the Colombo Port City Economic Commission’s Master Plan, and a newly set up unit of Sri Lanka’s Softlogic group “Asiri Port City Hospital (Pvt) Ltd.”, accordingly, prepares to lease land for 99 years for the project.  

“Asiri Port City Hospital (Pvt) Ltd is a fully owned subsidiary of Asiri Hospital Holdings PLC led by the Founder and Chairman/Managing Director of Softlogic Group Mr Ashok Pathirage. Asiri Hospital Holdings PLC is the largest private healthcare provider in Sri Lanka, renowned for offering technologically driven and cutting-edge health care services. Asiri Hospital Holdings PLC commenced operations in 1986 and currently operates eleven other medical facilities around the island and collectively has over an 800-bed capacity,” a statement by the firm said.

This hospital will be one of the four main strategic and large-scale social infrastructure development projects with the Port City, and will comprise of a medical team made up of a pool of local and international specialists supported by an internationally trained nursing staff.

Foreign Secretary Aruni Wijewardane will participate in the inaugural UK-Sri Lanka Strategic Dialogue at Foreign Secretary level on 18 April 2023 at the Foreign Commonwealth and Development Office (FCDO) in London.  UK Minister of State in the FCDO Anne Marie Trevelyan will open the dialogue, which will be conducted with the participation of Sir Philip Barton, Permanent Undersecretary of the FCDO.

The inaugural Strategic Dialogue is convened at the invitation of the FCDO at the important juncture of the 75^thanniversary of diplomatic relations between Sri Lanka and the United Kingdom this year.

The Strategic Dialogue will provide a forum for both sides to discuss the multifaceted relations between the two countries.

On the sidelines of the dialogue, Foreign Secretary Wijewardane will have a bilateral meeting with Assistant Secretary General of the Commonwealth Prof. Luis G. Franceschi and interact with members of the All-Party Parliamentary Group (APPG).

Ministry of Foreign Affairs
Colombo
17 April 2023

By: Isuru Parakrama

Colombo (LNW): The university teachers have returned to academic activities starting from today (17), but will not be attending the process of paper marking for the G.C.E. Advanced Level Examination, announced the Federation of University Teachers’ Association (FUTA).

The university teachers led by the FUTA refrained themselves from engaging in academic activities across all universities in the island on March 09, 2023 against the government’s new tax regime.

Following the strike action, the authorities urged the university teachers to respond positively to the process of evaluating the G.C.E. Exam papers for the sake of the children.