News
Country retains services of two international financial and legal advisors to help restructure its external debt
Sri Lanka had hired two international financial and legal advisors to help restructure Sri Lanka’s external debt, Cabinet Spokesperson Minister Bandula Gunawardane told the media on Tuesday.
Gunawardena said that the Cabinet of Ministers had on Monday approved hiring an International Financial Advisory Service provider and an International Legal Advisory Service provider to restructure the external debt of the country.
The Minister said that Lazard Ltd., of France had been chosen for financial advice and Clifford Chance LLP for legal advice.
Minister Gunawardane said that they had received 28 proposals from International Financial Advisory Service providers and 23 proposals from International Legal Advisory Service providers.
The two institutions were recommended by a Steering Committee appointed by the Cabinet.
The two institutions have handled debt talks for dozens of crisis-strained countries in recent years.
Sri Lanka, in April defaulted on its outstanding debt for the first time in its history. (RK)
News
“Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” by Mahinda Siriwardana presented to the President
The book “Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” ,authored by Secretary to the Ministry of Finance, Mr. Mahinda Siriwardana, was officially launched this morning (08) at the Galle Face Hotel, Colombo, with the participation of President Anura Kumara Disanayake.
The first copy of the publication was formally presented to President Disanayake by Mr. Siriwardana during the event.
It has been reported that former State Minister Sivanesathurai Chandrakanthan alias ‘Pilleyan’ has been arrested by the Criminal Investigation Department (CID).
A meeting between President Anura Kumara Disanayake and senior officials of SriLankan Airlines was held this afternoon (April 8) at the Presidential Secretariat.
The discussions mainly focused on proposals to transform SriLankan Airlines into a more profitable state-owned enterprise. Special attention was also given to possible short-term and long-term solutions for the airline’s debt management.
The talks further explored new investment opportunities for the airline. The President instructed the officials to take all necessary steps to transform SriLankan Airlines into a profit-making entity.
Although the airline has recorded operational profits, due to past mismanagement and poor decision-making, it remains one of the leading loss-making state enterprises. The current government has decided to reverse the previous administration’s decision to privatize the airline. Instead, it plans to continue operating it as the national carrier while introducing a new management structure to ensure its profitability moving forward.
Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, President’s Senior Advisor Duminda Hulangamuwa, Chairman of SriLankan Airlines Sarath Ganegoda along with several senior officials of SriLankan Airlines, were present at the meeting.
“Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” by Mahinda Siriwardana presented to the President
Former state minister arrested by CID
President meets with senior officials of SriLankan Airlines
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