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Lanka will discuss debt restructuring separately with China-minister
By SHIHAR ANEEZ
ECONOMYNEXT –Sri Lanka will discuss its bilateral debt restructuring process separately with China, but Beijing will be treated equally as the other bilateral lenders, the island nation’s Foreign Minister Ali Sabry said.
Sri Lanka has already started negotiations with its bilateral lenders through Paris Club members and non-Paris Club members. China, however, has not agreed to discuss the debt restructuring process along with other non-Paris Club members, Sabry said.
“Chinese are not comfortable with getting into this common platform. But they are negotiating with us as bilateral creditors,” Sabry told a media briefing on Monday (03) held in Colombo.
“Good thing is that they know the parameters of the negotiation of the common platform. So there is nothing to reinvent the wheel. The idea is to give them also the same comparable treatment but that’s on a bilateral basis,” he said.
China is one of the largest bilateral lenders to Sri Lanka which has defaulted on its external sovereign debts in April last year after an unprecedented economic crisis.
“They are not comfortable coming into this for their own reasons. That’s okay with us as long as finally they agree and come and give us the same relief what we want.”
Other bilateral creditors of Sri Lanka have raised concerns over Beijing’s sluggish process on the debt restructuring before the Export-Import Bank of China offered Sri Lanka a two-year moratorium on its debt before an International Monetary Fund approval of a $3 billion loan.China was the top lender to Sri Lanka’s post-war infrastructure development. During 2010-2016, it accounted for 37 percent of the total external borrowing.
Sri Lanka borrowed $5.9 billion from China for infrastructure development during this period and more than half of these loans from China came through unsolicited proposals for public funded infrastructure projects circumventing the normal competitive procurement process.
China has lent through directly from the Chinese government, from its exim bank and through the Chinese Development Bank.The common platform to discuss Sri Lanka’s bilateral loans introduced by Paris Club, India, and Japan together.
“China, though not a part of the platform, is taking part as the observer. So they know what exactly is being discussed and what kind of relief we will give the bilateral lenders, Sabry said.
“We have very specifically – the president in his to all the bilateral creditors – told all bilateral relief will be comparable. That means no one will get anything better than the others. So it is understood that everybody will be getting the same treatment ultimately when it comes to bilateral creditors.”
“Our understanding and our belief is that – we are talking to the Chinese. We have had several rounds of discussions. We have had initial discussions on the nitty gritties of that. We are very confident that China will help us.”
The Indian Naval Ship (INS) Sahyadri which arrived at the Port of Colombo on a formal visit on 04 Apr 25, departed the island today (07 Apr). The Sri Lanka Navy bade customary farewell to the departing ship at the Port of Colombo, following naval traditions.
During the ship’s stay in Colombo, crew members of INS Sahyadri took part in several programmes organized by the Sri Lanka Navy, aimed at enhancing mutual cooperation. In addition, they also explored some tourist attractions in the country. Further, personnel of Sri Lanka Navy had the opportunity to visit INS Sahyadri, gaining insights into her operational capabilities.
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Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district
The Natural Hazards Early Warning Centre has issued an Advisory for Severe Lightning for the Sabaragamuwa, Central and Uva provinces and in Hambanthota district.
The advisory issued at 02.00 p.m. today [07 April 2025] is valid for the period until 11.00 p.m. 07 April 2025
The public are warned that thundershowers accompanied by severe lightning are likely to occur at several places in for Sabaragamuwa, Central and Uva provinces and in Hambantota district. There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.
ACTION REQUIRED:
The Department of Meteorology advises that people should:
Seek shelter, preferably indoors and never under trees.
• Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
• Avoid using wired telephones and connected electric appliances during thunderstorms.
• Avoid using open vehicles, such as bicycles, tractors and boats etc.
• Beware of fallen trees and power lines.
• For emergency assistance contact the local disaster management authorities.
The report of the “Census of Population and Housing 2024,” conducted by the Department of Census and Statistics, was officially handed over to President Anura Kumara Disanayake this morning (07) at the Presidential Secretariat.
This preliminary report has been prepared based on island wide data collected between October and December 2024.
The report provides details on Sri Lanka’s population, its growth and the distribution of the population across districts.
The information gathered through the census is vital not only for the government but also for other institutions in formulating policies and development plans essential for the country’s progress. Significantly, for the first time in the history of census-collecting in Sri Lanka, data collection was carried out using tablet computers and user-friendly mobile devices.
The event was attended by Deputy Minister of Finance & Planning, Harshana Suriyapperuma, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwardana, Director General of the Department of Census and Statistics D.D.G.A. Senevirathne and several other officials.
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