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Thursday April 18th, 2024

Sri Lanka pitches for Indian investment flows at Chennai forum

ECONOMYNEXT – Key Sri Lankan firms related to the economy pitched for investment at a Chennai forum, aiming to boost Indian investment into the island nation.

The “Invest Sri Lanka” was organized by the Colombo Stock Exchange (CSE) in association with the Confederation of Indian Industry (CII) and held on Wednesday (09), the CSE said in a statement.

“Pointed out that Sri Lanka will be strengthened by carrying out deep economic reforms to rectify the basic structural weaknesses of the economy and the reforms necessary to prevent the recurrence of the main causes of macroeconomic instability have been completed,” State Finance Minister Shehan Semasinghe tweeted after taking part as the keynote speaker.

‘“By introducing new laws such as the Anti-Corruption Law, Parliamentary Budget office and the New Central Bank Act, the necessary independence, transparency and good governance in financial management have been already established.”

“Sri Lanka is carrying out reforms to achieve debt sustainability and Sri Lanka is on the right path and thus it is the best time to invest to take first advantage of a market that is key to sustainable growth.”

The Sri Lankan delegation, including the CSE chairman, senior Securities and Exchange Commission (SEC) officials, Central Bank officials, and representatives from 16 stockbroker firms, collectively pitched for further investment flows into Sri Lanka, a call that was also boosted by strong endorsements for Sri Lanka by the CII, the CSE said.

“The forum witnessed a strong turnout of 180 investors from multiple industries across India,” the CSE said in a statement.

The forum also featured a prominent line-up of speakers, including Vice Chairman, CII Tamil Nadu State Council and Managing Director, Wheels India Ltd., Mr. Srivats Ram, Chairman, CSE, Mr. Dilshan Wirasekara, Director General, SEC, Mr. Chinthaka Mendis and Director of Research, CBSL, Dr. P.K.G. Harischandra, who spoke about the Sri Lankan Economy and the Capital Market.

The second phase of “Invest Sri Lanka” will take place in Mumbai on Friday (11). (Colombo/August 11/2023)

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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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