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Thursday May 23rd, 2024

Sri Lanka to discuss two contentious points with bondholders: report

ECONOMYNEXT – Sri Lanka and sovereign bondholders are to discuss two matters in the near future which the two sides failed to reach agreement at March talks in London, a media report quoting a top aide to President Wickremesinghe as saying.

Sri Lanka and bondholders had discussed four matters on restructuring international sovereign bonds in late March and agreement had been reached on two, President’s Chief of Staff Sagala Ratnayake was quoted as saying on state-run ITN television.

A restructuring proposal by bondholders was not in line with IMF requirements, and Sri Lanka had sent a counter proposal, he said.

The matters will be discussed at round of talks in the near future.

Sri Lanka was optimistic of reaching an agreement with the bondholders before June, officials have said.

According to matters already in the public domain, sovereign bond holders are keen to get a bond tied to dollar gross domestic product, as they feel IMF growth projections are too low.

In past re-structuring so-called value recovery instruments, a type of warrant, gave their owners extra payments if a country did better than expected and were tied to items like oil prices.

Bondholders had initially proposed bond which would have a lower hair cut initially, and it will have additional hair cuts if growth is low (about 3.1 percent) as projected in an IMF debt sustainability analysis. (Colombo/Apr15/2024)

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Japan to provide HR scholarships to Sri Lanka public officials

ECONOMYNEXT – The Government of Japan will provide scholarships to study Master’s Degrees and Doctorate Degrees in HR to executive level officials in Sri Lanka’s public sector, cabinet spokesman minister Bandula Gunawardena said.

“Japan has agreed to grant scholarships worth 304 million Japanese yen (approximately 578 million rupees),” Gunawardena told reporters on Thursday.

“Accordingly. the Cabinet approved the proposal to sign letters of exchange with the Government of Japan and to enter into an agreement with the Japan International Cooperation Agency (JICA) in order to receive the grant.

The Japanese Grant Aid for Human Resources Development Scholarship (JDS) Programme was introduced in 2010 to enable Sri Lankan officials to study in prominent universities in Japan.

Under the scheme, 225 scholarships have been provided previously for public officials to pursue postgraduate courses, and 17 scholarships for doctoral courses, the minister said.

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Sri Lanka to receive Japanese aid for human resource development scholarship

“The Government of Sri Lanka expects that the public officers who will be benefited under this programme will contribute to the social and economic development of the country in a productive manner with self–confidence and also contribute to strengthening the existing bilateral relationship between two countries,” the JDS website says. (Colombo/May23/2024)

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Sri Lanka plans to expand Bingiriya export zone to 1,100 acres

ECONOMYNEXT – Sri Lanka is expanding an export processing zone in Bingiriya in Kurunegala and plans to link the area with Puttalam with roads and other infrastructure, Minister Bandula Gunawardana said.

A task force of ministerial secretaries will be appointed to carry out the tasks speedily, following a cabinet paper submitted by President Ranil Wickremesinghe said.

The Bingiriya zone already has 157 acres and another 282 acres is being developed by the Board of Investment, he said.

Steps would also be taken to acquire 666 acres.

There was no information whose lands would be acquired. (Colombo/May23/2024)

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Sri Lanka has power breakdowns amidst extreme weather

ECONOMYNEXT – The state-owned power utility, the Ceylon Electricity Board has reported over 36,900 breakdowns resulting in power interruptions to more than 300,000 consumers in the last three days due to inclement weather in the island, the power minister said.

“Additional service staff has been assigned to attend the breakdowns and the CEB management & service staff are working 24 hours to restore power to the affected consumers,” Minister of Power and Energy, Kanchana Wijesekera said on social media platform X (twitter).

Wijesekera said consumers could report power interruptions through the CEB hotline 1987, via SMS to 1987 with BD and the electricity consumer number to follow, or use the CEB Care app, or through http://cebcare.ceb.lk.

The South-East monsoon has seen floods, landslides and strong winds do damage to the utility provider’s infrastructure in the last week. (Colombo/May23?2024)

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