By: Isuru Parakrama

Colombo (LNW): Udaya Indrarathna, Sri Lankan Ambassador to the United Arab Emirates (UAE), met with Minister of Foreign Affairs and International Cooperation of the UAE, His Highness Sheikh Abdullah bin Zayed Al Nahyan and engaged in a fruitful discussion on strengthening bilateral ties between the two nations.

During the meeting, the UAE Minister’s offer to assist Sri Lanka in various fields, which reflects his commendable vision for fostering mutually beneficial ties between the two nations, was deeply appreciated by the Sri Lankan Ambassador.

Minister Al Nahyan has accepted an invitation by Sri Lanka to visit the island nation, which will undoubtedly will “enhance the ties between Sri Lanka and the UAE and open up new opportunities for collaboration,” Indrarathna said in a staetment.

He added that he is confident that the discussions between the two and future collaborations will “yield immense benefits to both Sri Lanka and the UAE,” and that “it is a great honour for him to work towards enhancing the relationship between the two countries,” adding that he is “enthusiastic about the positive impact the two nations can create together.”

Colombo (LNW): Leader of the Opposition Sajith Premadasa responded to the media speculations on him and the members of his Party Samagi Jana Balawegaya (SJB) preparing to back the government, stating that they are blatantly false and are news planted by certain groups doing the government’s bidding.

In a special statement, the Opposition Leader emphasised that the current regime which is but ‘an extension’ of the previous Rajapaksa regime is in an attempt to drag the country into an abyss worse than before, and thus its attempt to repress the only political solution for the people against it the Samagi Jana Balawegaya is obvious.

The Opposition Leader added that the government’s failed efforts will soon be exposed.

Below is the full statement made by the Leader of the Opposition in this regard:

By: Isuru Parakrama

Colombo (LNW): All government schools will reopen tomorrow (17) as per schedule, the Education Ministry said in a statement today (16).

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.