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Thursday June 20th, 2024

US President Biden wishes Sri Lanka on 75-years of self-determination

ECONOMYNEXT – US President Joe Biden has conveyed his best wishes to the people of Sri Lanka as the country marks 75 years of self-determination with the end of British rule.

“US President Joseph R. Biden, in a warmly worded letter of felicitation, conveyed his best wishes to President Ranil Wickremesinghe and the people of Sri Lanka on the occasion of the 75th Anniversary of Sri Lankan Independence,” the office of President Wickremesinghe said in a statement.

“The US President stated that he looks forward to strengthening and deepening the bilateral friendship even further and, together, continuing to advance the shared values and vision for a peaceful, prosperous and secure future for the people of the two countries.”

The letter from President Biden was handed over to President Wickremesinghe by US Under-Secretary for Political Affairs Victoria Nuland when she visited Sri Lanka.

The full statement is reproduced below:

US President extends warm wishes to Sri Lanka on its 75th Anniversary of Independence

US President Joseph R. Biden, in a warmly worded letter of felicitation, conveyed his best wishes to President Ranil Wickremesinghe and the people of Sri Lanka on the occasion of the 75th Anniversary of Sri Lankan Independence.

The US President stated that he looks forward to strengthening and deepening the bilateral friendship even further and, together, continuing to advance the shared values and vision for a peaceful, prosperous and secure future for the people of the two countries.

He pointed out that this milestone independence anniversary, coincides with the 75 years of diplomatic relations between the US and Sri Lanka. President Biden acknowledged that this longstanding partnership has helped to advance peace and prosperity across the region and globally.

The US President recalled that both nations – throughout their shared history – “have tackled formidable global challenges, including the combatting of climate change, addressing the scourge of human trafficking and maintaining a secure, free and open Indo-Pacific”.

President Biden pointed out that bilateral trade and economic ties have been strengthened and deepened, and that Sri Lanka and the U.S., as democracies, have always been stronger when standing together, while being united in a shared commitment to freedom, opportunity and equality.

The communication from President Biden was handed over to President Wickremesinghe by the US Under-Secretary for Political Affairs Victoria Nuland when she called on President Wickremesinghe on Wednesday (01), at the Presidential Secretariat.

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  1. Johann Deutrom says:

    What does he wishing SL self-determination for? Haven’t SL been self determine for the past 75 years or so? In fact its quite the opposite ,dont you think so?

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  1. Johann Deutrom says:

    What does he wishing SL self-determination for? Haven’t SL been self determine for the past 75 years or so? In fact its quite the opposite ,dont you think so?

Sri Lanka shares debt management experience at global forum

ECONOMYNEXT – Sri Lanka has shared its experiences at a forum on debt management to “provide lessons for others”, State Minister of Finance Shehan Semasinghe has said.

Semasinghe spoke on “The Role of Debt Management in Navigating Crises” at the 14th Debt Management Facility (DMF) Stakeholders’ Forum, in Livingstone, Zambia.

“I shared the experiences of Sri Lanka which can provide valuable lessons for others and explored the critical elements of capacity building and sound institutional practices in managing debt, particularly in the context of economic challenges,” Semasinghe said on X (twitter).

“Sri Lanka’s experience demonstrates that effective debt management is not just about managing numbers but also about building robust institutions and capacities.”

The journey underscores the importance of transparent, accountable governance and the need for international support and cooperation in times of crisis, he said.

“Sri Lanka prioritized addressing gaps in public debt management by drafting a consolidated Public Debt Management Act, ensuring clarity and legal robustness and establishing a centralized Public Debt Management Office with operational autonomy.

“The role of debt management in navigating crises is multifaceted and critical. Further, by investing in capacity building, adhering to sound institutional practices, and strategically managing debt restructuring and liability operations, countries can better withstand economic shocks and pave the way for sustainable recovery.”

Developing countries face severe debt distress as they are more vulnerable to external shocks, Semasinghe said, and “managing global debt requires coordinated international efforts on debt restructuring where necessary, timely fiscal policy adaptation and help sustainable economic growth.”

The state minister also pointed out the financial impact of climate change was an emerging challenge, as countries need investment to mitigate and adapt to climate impacts, “especially through non-debt creating inflows, which would require private capital mobilization.” (Colombo/Jun20/2024)

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Sri Lanka rupee closes stronger at 305.10/30 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger ahead of the long weekend at 305.10/30 to the US dollar on Thursday, up from 305.40/55 to the US dollar Wednesday, dealers said, while some bond yields edged up.

A bond maturing on 15.12.2026 closed at 10.45/80 percent, up from 10.35/75 percent.

A bond maturing on 01.07.2028 closed at 11.20/45 percent.

A bond maturing on 15.09.2029 closed at 12.00/15 percent, up from 11.95/12.35 percent.

A bond maturing on 01.12.2031 closed at 12.05/25 percent.
(Colombo/Jun20/2024)

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Sri Lanka stocks close up, JKH trade pushes turnover

ECONOMYNEXT – The Colombo Stock Exchange closed up on Thursday, data on its site showed.

The broader All Share Index closed up 0.19 percent, or 23.11 points, at 12,249; while the more liquid S&P SL20 Index closed up 0.15 percent, or 5.33 points, at 3,610.

Turnover was 2 billion. Nearly half of this (Rs980mn) came from a crossing on John Keells Holdings Plc. The share closed down at 202.00.

“There were several crossings today which pushed turnover,” market participants said.

“Institutions and high net-worth activity drove the market, while the retail investors we feel are still about uncertain and adopting a wait-and-see approach.”

Melstacorp Plc was among the companies that saw active volumes (Rs194mn) in the day. The share closed up at 87.10.

Top contributors to the index included TeeJay Lanka Plc (up at 41.70), Sampath Bank Plc (up at 79.50), Hatton National Bank Plc (down at 201.00). Hayleys Plc (up at 105.00) and its subsidiary Hayleys Fabric Plc (up at 46.60) were also positive contributors. (Colombo/Jun20/2024)

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