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Thursday April 18th, 2024

Sri Lanka’s sex workers face false charges: Women’s collective

ECONOMYNEXT – Sri Lanka’s sex workers have faced fundamental rights violations including unlawful detention and cruel, inhumane and degrading treatment, a representative of the Abhimani Women’s Collective said at a conference yesterday (26).

“Following their arrest, sex workers frequently experience the infringement of their fundamental rights, including the right to fair treatment, due process and protection from cruel and inhumane treatment,” said a report by the Abhimani Women’s Collective.

Soliciting on the street is currently illegal under section 7 1 (a) of the Vagrants Ordinance which criminalizes ‘any person in and about any public place soliciting any person for the commission of any act or of illicit sexual intercourse or indecency.

This provision along with section 2 of the Brothel’s Ordinance, which criminalizes the aiding and abetting of the management of a brothel, has been used to arrest sex workers in the country.

However, many sex workers claim that they have been presented before court on false charges of drug possession and have been subjected to harassment by both Police and customers.

“When inquiries are made over our arrest, the police say that we have been charged with drug possession,” Sakuni Mayadunna, a sex worker, said.

“Prostitution is not legal in Sri Lanka, so therefore, sex workers will face problems,” Chief of Police in charge of the Child and Women Abuse Prevention, Renuka Jayasundara, said.

“However, every citizen has fundamental rights in this country. We have not authorized the Police to carry out actions such as hitting detainees or not providing a female officer. If those actions happen, a complaint must be filed.”

Attorney-at-Law for the legal aid commission, Ganga Somarathna, said that the legal aid commission provides legal support for such victims whose income is below 45,000 rupees and also for women and children. (Colombo/Sep27/2023)

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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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