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Govt. retains two foreign firms to restructure ISBs
By Rathindra Kuruwita
The Cabinet of Ministers had approved a proposal to seek the services of two international companies to identify who held the country’s International Sovereign Bonds (ISB) and to apprise them of the government’s restructuring plans, Cabinet Spokesman, Minister Bandula Gunawardane told the media on Tuesday.
Gunawardena said that Sri Lanka was facing the worse economic crisis, since Independence, and it was unable to pay its foreign debt.
“We need to work our way through this. We need to work with the International Monetary Fund (IMF) and we need to restructure our debt. Sri Lanka has suspended the repayment of two types of loans, i.e., bilateral loans and ISBs,” he said.
Minister Gunawardane said that ISBs were the biggest portion of Sri Lanka’s foreign debt. Sri Lanka had issued ISBs worth about 18 billion US dollars, from 2007 to 2019, he said.
“A lot of investors have bought them. There are many investors from the US, the UK, France, Germany, etc.
We have to identify them, and this is a complex process,” he said.
Minister Gunawardane said President Ranil Wickremesinghe, as the Minister of Finance, had presented a Cabinet Paper on Monday and proposed that Sri Lanka secure the services of a company to identify those who held the country’s International Sovereign Bonds (ISB) and to inform them of the government’s restructuring plans.
“The Cabinet approved the proposal. This problem needed the inputs of foreign experts because this is an international problem,” he said.
According to Fitch Ratings, the debt repayments due in the period 2021 to 2026 are over 6 billion US dollars in 2021, 6.5 billion US dollars in 2022, 5 billion US dollars in 2023, 4.8 billion US dollars in 2024, 5 billion US dollars in 2025 and 3.8 billion US dollars in 2026. These include ISBs, Sri Lanka Development Bonds and bilateral loans.
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Members of the National Student Parliament meet PM
Members of the National Student Parliament met Prime Minister Dr. Harini Amarasuriya on Monday [02nd of February] at Temple Trees.
The representatives of the National Student Parliament, representing schools from across the island, visited the Temple Trees following their visit to the Presidential Secretariat and the Parliament.
Expressing her views on the occasion, Prime Minister Dr. Harini Amarasuriya stated,
“The new education reforms were recently initiated starting from Grade One. Discussions are currently underway to include students entering Grade Six this year into the new education reform process in the future. The education reforms will not be halted, and the government is committed to implementing them in a systematic manner without shortcomings”.
She further noted that the reforms are being carried out under five main pillars, with the government’s key objective being to reduce disparities and provide children with quality education, while also nurturing a socially responsible community enriched with human values such as compassion, love for the environment, and a strong sense of civic responsibility.
The occasion was attended by the Deputy Director of Education Kasun Gunarathne, along with officials from the Ministry of Education and representatives of the National Student Parliament.
[Prime Minister’s Media Division]
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Mrs. I.J. Aberathne appointed Director General of the Department of Trade and Investment Policy
The Cabinet of Ministers has approved the resolution presented by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, to appoint Mrs. I.J. Aberathne to the post of Director General of the Department of Trade and Investment Policy with immediate effect.
News
Cabinet gives green light to provide equipment for the promotion of Aesthetic Education in schools
Although the teaching of art subjects such as music, dance, art, and drama under aesthetic education continues in the Sri Lankan school system, it has been observed that there is a severe shortage of equipment required for this purpose in many schools. Furthermore, a situation concerning the lack of modern equipment suitable for the needs of the children has also arisen, and it has been reported that most equipment available at present is outdated and dilapidated. It has been observed that this condition has an adverse effect on the quality of the aesthetic education and overall personality development of the children.
Therefore, the Cabinet of Ministers has approved the resolution presented by the Prime Minister in her capacity as the Minister of Education, Higher Education, and Vocational Education to implement a project for supplying aesthetic equipment for the promotion of aesthetic education in schools under an estimated cost of Rs. 1,215 million during the period of 2026 to 2028.
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