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Thursday April 18th, 2024

Sri Lanka inks deal with ADB for US$400mn education loan

ECONOMYNEXT – Sri Lanka has signed an agreement to receive a 400 million dollar Asian Development credit to develop education, providing skills for young people and changing teaching methods, the Manila-based lender said.

“ADB is pleased to partner with the government in its efforts to develop a knowledge-based economy and to address challenges facing the education sector in the COVID-19 pandemic,” ADB Sri Lanka Resident Mission Country Director Chen Chen said.

The program will equip the young population with knowledge and skills in science, technology, mathematics, and commerce (STMC) streams, the ADB said, raising the competencies, productivity and adaptability.

To achieve this, the program will reform the curricula, instruction, and assessment systems to focus on practical application of knowledge and integrate cognitive and socio-emotional skills.

“ADB has been a long-term and a committed partner in helping to improve and modernize the education sector in Sri Lanka,” said Secretary to the Ministry of Education Kapila Perera.

“We acknowledge and appreciate ADB’s support in building a skilled labor force that can rise up to the challenges and opportunities posed by an advancing global economy and put Sri Lanka on a higher growth path”.

The program also focuses on improving teaching quality and teacher training given the importance of quality of teaching and method of instruction on learning.

More than 47,000 upper secondary education teachers will be trained on inquiry-based and interactive learning approaches to increase student interest and engagement with subject content and inspire a love of learning. (Colombo/Dec02/2020)

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  1. Wanasinghe says:

    A good project. Please use the funds only to achieve the purpose. There should be a monitoring process for the progress. Every citizen contribute to pay back the loan. So don’t misuse the loan.

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  1. Wanasinghe says:

    A good project. Please use the funds only to achieve the purpose. There should be a monitoring process for the progress. Every citizen contribute to pay back the loan. So don’t misuse the loan.

Sri Lanka’s discussions with bondholders constructive: State finance minister

ECONOMYNEXT – Sri Lankan authorities continue to engage all debt restructuring negotiations in good faith, within principles of equitable treatment among creditors, and with maximum transparency within the norms of such negotiations, State Minister of Finance, Shehan Semasinghe has said.

“It is standard practice, when a representative group of bondholders is formed, to entertain confidential discussions with such group and its appointed advisors. In the case of Sri Lanka, the Ad Hoc Group of Bondholders represents holders controlling more than 50% of the bonds, which make them a privileged interlocutor for Sri Lanka,” Semasinghe said on X (twitter).

“It is well understood that given the price sensitive nature of the negotiations, and according to market regulations, discussions with the Group and its advisors are to be conducted under non-disclosure agreements. This evidently restricts the ability of the Government to unilaterally report about the substance of the discussions.

“The cleansing statement, which was issued on the 16th of April, at the conclusion of this first round of confidential discussions with members of the Group, aims at informing the Sri Lankan people, market participants and other stakeholders to this debt restructuring exercise, about the progress in negotiations. It provides the highest possible level of transparency within the internationally accepted practices in such circumstances.

“As informed in this statement, confidential discussions held in recent weeks with bondholders’ representatives proved constructive, building on the restructuring proposals presented by both parties. During the talks both sides successfully bridged a number of technical issues enabling important progress to be made. Sri Lanka articulated key remaining concerns that need to be addressed in a satisfactory manner.

“The next steps would entail further consultation with the IMF staff regarding assessments of the compatibility of the latest proposals with program parameters. Following these consultations, we hope to continue discussions with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka’s EFF program.”

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Sri Lanka rupee weakens at 301.00/302.05 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 301.00/302.05 to the US dollar in the spot forex market on Tuesday, from 299.00/10 on Tuesday, dealers said. Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed stable at 11.30/35 percent.

A bond maturing on 15.09.2027 closed at 11.90/12.05 percent up from 11.95/12.00 percent.

A bond maturing on 15.12.2028 closed at 12.10/20 percent down from 12.10/15 percent.

A bond maturing on 15.07.2029 closed at 12.25/40 percent.

A bond maturing on 15.03.2031 closed at 12.30/50 percent. (Colombo/Apr17/2024)

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Sri Lanka Treasury Bill yields down across maturities

ECONOMYNEXT – Sri Lanka’s Treasuries yields were down across maturities at Wednesday’s auction with the 3-month yield moving down 7 basis points to 10.03 percent, data from the state debt office showed.

The debt office sold all 30 billion rupees of 3-month bills offered.

The 6-month yield fell 5 basis points to 10.22 percent, with 25 billion rupees of bills offered and 29.98 billion rupees sold.

The 12-month yield dropped 4 basis points to 10.23 percent with 18.01 billion rupees of bills sold after offering 23 billion rupees. (Colombo/Apr17/2024)

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