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Sri Lanka nears deal with investors to restructure $12 bn global bonds

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April 18, Colombo (LNW): Sri Lanka is poised to finalise an agreement with investors to restructure its defaulted $12 billion global bonds by mid-May, Bloomberg reported citing strategists at Standard Chartered.

Despite initial talks with dollar bondholders failing to produce a breakthrough, Sri Lanka aims to reach a deal in the coming weeks, according to report.

Remaining disagreements centre on the structure of “macro-linked” bonds, proposed by bondholders, which would adjust payouts based on the nation’s economic performance.

“We think timelines are critical and expect an agreement by mid-May,” wrote strategists, including Shankar Narayanaswamy, in a note.

Standard Chartered warned that further delays could coincide with the planned presidential elections.

Sri Lanka’s dollar bonds experienced notable gains on Wednesday, with the March 2029 note rising 2 cents to 56.4 cents per dollar.

Bonds maturing in March 2030 and April 2028 also saw increases.

Regarding IMF talks, Finance State Minister Shehan Semasinghe, who is Sri Lanka’s leading delegation at the Spring Meetings in Washington, emphasised that the government would engage in further discussions with IMF staff on the latest proposals.

Semasinghe expressed hope for continued dialogue with bondholders to reach common ground ahead of the IMF board’s consideration of the second review of Sri Lanka’s Extended Fund Facility (EFF) programme.

The restructuring of foreign debt, including bonds and loans, totaling $27 billion, is pivotal for Sri Lanka to secure financing from its $3 billion IMF bailout.

The government has already concluded agreements with official creditors, such as China, India, and the Paris Club, as well as with holders of local debt.

Proposed Electricity Sector Reforms published as ‘Sri Lanka Electricity Bill’

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April 18, Colombo (LNW): On Wednesday (17), the proposed reforms for the electricity sector were officially published in the government gazette under the title ‘Sri Lanka Electricity Bill’.

The Bill would be tabled in the Parliament during the upcoming sitting week, Power and Energy Minister Kanchana Wijesekara wrote on his X handle.

Furthermore, Minister Wijesekara highlighted that the revisions proposed by stakeholders in January have been incorporated into the updated version of the Bill.

Additionally, Wijesekara noted that members of the public will have a two-week period, starting from the day of the Bill’s presentation to Parliament, to challenge its legality in the Supreme Court.

Iranian Emergency Services rescue 21 Sri Lankan crew from capsized ship in Gulf of Oman

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April 18, Colombo (LNW): Iranian emergency services successfully rescued 21 Sri Lankan crew members after their ship capsized amidst heavy storms in the Gulf of Oman, Iranian State media reported yesterday (17).

According to the official IRNA news agency, the Cook Islands-flagged vessel, which was carrying oil, encountered distress approximately 50 kilometres (30 miles) off the southern city of Jask.

“A rescue vessel was dispatched to the area, and 21 crew members were saved,” Mohammad Amin Amani, director of Jask Ports and Maritime Administration, said.

He further noted, “Five individuals requiring medical attention received treatment from Jask emergency services, and their physical condition is reported to be good.”

The incident occurred amid severe weather conditions, including torrential rains, which have been impacting the Strait of Hormuz, Oman, and the United Arab Emirates since Monday.

Tragically, these storms have resulted in floods that claimed the lives of at least 18 people in Oman.

Today’s (April 18) weather forecast: Showers, thundershowers expected across SL

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By: Isuru Parakrama

April 18, Colombo (LNW): Showers or thundershowers will occur at several places in Western and Sabaragamuwa provinces and in Galle and Matara districts after 2.00 p.m., the Department of Meteorology said in its daily weather forecast today (18).

Showers or thundershowers may occur at a few places in North-central, Central and North-western provinces and in Mannar districts during the afternoon or night, the statement added.

Misty conditions can be expected at some places in Western, Sabaragamuwa and Central provinces and in Galle and Matara districts during the morning.

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

Marine Weather:

Condition of Rain:
Showers or thundershowers will occur ata few places in the sea areas off the coast extending from Colombo to Matara via Galle in the evening or night.
Winds:
Winds will be variable in direction and wind speed will be (20-30) kmph.
State of Sea:
The sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

Dollar rate in Sri Lanka today(Apr 17)

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The Sri Lankan Rupee experienced varied fluctuations against the US Dollar in trading at different commercial banks today, April 17, showing a mix of slight depreciation and appreciation compared to Tuesday’s rates.

Seylan Bank reported a minor drop in both buying and selling rates, with the buying rate slightly decreasing from Rs. 293 to Rs. 292.85, and the selling rate adjusting from Rs. 302.50 to Rs. 302.35.

Conversely, NDB Bank showed an increase in its rates, with the buying rate moving up from Rs. 292.15 to Rs. 294, and the selling rate from Rs. 303.15 to Rs. 305. Similarly, Peoples Bank recorded an increase in the buying rate from Rs. 293.46 to Rs. 294.93 and in the selling rate from Rs. 303.39 to Rs. 304.91.

Commercial Bank and Sampath Bank also reported rises in both buying and selling rates. Commercial Bank’s buying rate climbed from Rs. 292.98 to Rs. 294.21, with the selling rate moving from Rs. 302.25 to Rs. 303.50. Sampath Bank saw its buying rate increase from Rs. 294.25 to Rs. 295.50 and its selling rate from Rs. 303.25 to Rs. 304.50.

Sri Lanka Plans to Offer Free Visas to Over 50 Countries to Boost Tourism

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April 17, Colombo (LNW):Sri Lanka is set to enhance its tourism appeal by offering free visas to visitors from more than 50 countries. This initiative, aimed at stimulating the travel sector, is being prepared as a proposal for submission to the Cabinet of Ministers next week.

The draft Cabinet paper is being coordinated by the Tourism Minister in collaboration with Foreign Minister Ali Sabry and Public Security Minister Tiran Alles. This collaborative effort underscores the government’s commitment to reinvigorating the tourism industry, which is a significant source of revenue and employment in the country.

By removing the visa fees for these countries, Sri Lanka aims to attract more tourists, potentially increasing foreign exchange earnings and bolstering economic recovery efforts in the post-pandemic era.

Excise Officer Arrested for Allegedly Distorting New Year Song and Sharing Online

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April 17, Colombo (LNW): A 31-year-old Excise Officer from Wariyapola has been arrested by the North Western Province Unit of the Computer Crime Investigation Division. The arrest followed a complaint to the Inspector General of Police (IGP) alleging that the officer distorted the popular New Year song ‘Soorya Mangalya’ by Rohana Beddage and shared it on social media.

The song, which holds cultural significance and is traditionally played during the Sinhala and Tamil New Year celebrations, was reportedly altered by the suspect who resides in Thalathuoya. The investigation was swiftly initiated leading to the suspect’s arrest at the Wariyapola offices of the North Western Province Unit on April 16.

The suspect is scheduled to be presented before the Kuliyapitiya Magistrate’s Court today, April 17. This case highlights the legal implications of misusing digital platforms to alter culturally significant content.

Dept. of Immigration to Launch New E-Visa System for Streamlined Entry Process

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April 17, Colombo (LNW): Sri Lanka’s Department of Immigration and Emigration has announced that all preparations are in place for the introduction of a new visa and online application methodology, set to take effect from April 17, 2024. Detailed information about the new visa system, including applicable fees, requirements, and permitted duration of stay, has been made public in the Extraordinary Gazette No. 2360/24, dated November 27, 2023, which can be accessed via www.documents.gov.lk.

The new system, developed in collaboration with GBS Technology Service and IVS Global Institute, will replace the current Electronic Travel Authorization (ETA) system and aims to make the visa application process faster and more efficient. The new E-Visa system can be accessed at www.srilankaevisa.lk.

The Department of Immigration and Emigration is actively encouraging all press outlets to disseminate this information widely to ensure the public is well-informed about the upcoming changes.

Batticaloa Landowner Debunks Misleading Reports Involving Eastern Province Officials

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April 17, Colombo (LNW): Karuppaiyapilla Rajanayagam, the owner of a disputed property in the Mangeni area of Wakare, Batticaloa, has publicly denied allegations circulating in some media outlets about the involvement of the Eastern Province Governor and other government officials in the ownership issues of his land. Speaking to LNW, Rajanayagam vehemently rejected these claims, labeling them as completely false.

Rajanayagam’s clarification comes in response to several reports suggesting that the land had been unlawfully acquired by others, with demands for a ransom of 50 lakh rupees for its return. These reports also hinted at the involvement of individuals connected to the Eastern Governor, adding a layer of political intrigue to the matter.

Further addressing the issue, Rajanayagam criticized certain local political figures, accusing them of manipulating the media by disseminating misleading information for personal gain. He termed these individuals as “political magicians” who engage in “deal politics,” driven by financial incentives to stir controversies.

Education Minister Advocates for Educational Exchange During Illinois University Visit

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April 17, Colombo (LNW): During his observational tour at Illinois University in Chicago, USA, Education Minister Dr. Susil Premajayantha explored several advanced facilities, including state-of-the-art medical and robotic surgery laboratories at one of the world’s largest medical schools. The visit, hosted by the university’s Health and Science Department, also included a stop at the historic Chicago College of Pharmacy, one of the oldest of its kind globally, where the Minister inspected its modern testing laboratories.

Highlighting the significance of global educational collaborations, Dr. Premajayantha expressed his hope that Illinois University could share its advanced technical methods with students in Sri Lanka, enhancing the educational experiences back home.

During discussions with university officials, Dr. Premajayantha took the opportunity to remind them of the existing Memorandum of Understanding (MoU) between Illinois University and Peradeniya University in Sri Lanka. This MoU facilitates an exchange program aimed at enriching education and research opportunities for Sri Lankan students, allowing them to access innovative learning environments.

Accompanying the Minister was Emeritus Professor Siva Sivanathan, who added his expertise to the tour, emphasizing the tour’s focus on fostering educational partnerships and learning from global practices in higher education.