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President hails successful bond exchange which took two years of intense negotiations

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President Anura Kumara Dissanayake

Acknowledges those who were involved in it at leadership level

Says all our ‘collective efforts’ are now paying off

By Sanath Nanayakkare

On 19 the September 2024, Sri Lanka reached agreement in principle with each of the Ad Hoc Group of Bondholders, the Local Consortium of Sri Lanka and China Development Bank on bond restructuring terms.

On 25 November, Sri Lanka launched an official Invitation to holders of its ISBs to exchange their bonds against new debt instruments, pursuant to the above agreement with two representative groups of holders – one comprising international investors and the other domestic financial institutions – together holding approximately 50% of the total outstanding amount of ISBs.

On 13th December 2024, the Finance Ministry announced that the expiration of its Consent Solicitation and Exchange Offer related to its International Sovereign Bonds (ISBs), with preliminary results indicated a very high participation from market participants.

At the expiration of the offer period, the Finance Ministry said Sri Lanka was very pleased to report an extremely high level of participation across all series, which is expected to result in the exchange of close to 98% of the total outstanding amount of ISBs for new securities.

It quoted President and Finance Minister Anura Kumara Dissanayake, as saying: “We are very pleased to see this vote of confidence from our international and local bondholders. The past few years have been very challenging for the Sri Lankan population, but all of our collective efforts are now paying off. The implementation of this debt exchange, which is the result of two years of intense negotiations, will deliver substantial debt relief for Sri Lanka, freeing up resources in the short and medium term to finance our development and social agenda, while restoring the long term sustainability of our public finances.”

“We are committed to using this debt relief and fiscal space to ensure robust macroeconomic fundamentals and economic growth that will enable Sri Lanka to meet future debt service obligations and overall economic objectives. This successful bond exchange will also allow us to normalise our relations with bondholders and other key external partners,” Dissanayake added.

The President expressed appreciation to all stakeholders who supported through this complex process, including our official sector and commercial creditors, the co-chairs and secretariat of the Official Creditor Committee, the International Monetary Fund, and others with whom Sri Lanka worked in good faith to enable this positive outcome.

He also thanked those who were involved in this journey by providing leadership and numerous contributions at critical stages, enabling Sri Lanka to achieve this important milestone in her journey towards economic recovery.

“Today we open a new chapter of our history and turn the page following multiple years of crisis,” the President added.

Final results are expected to be available on 16th December (today). The settlement of the bond exchange is intended to take place on 20th December.



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A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

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The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

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Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

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Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.

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Seylan Cards partners with Cinnamon City of Dreams to unveil ‘Lenny Jay’s Michael: Relive the Legend’

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Left to Right Asiri Abhayaratne, AGM - Marketing & Sales, Seylan Bank PLC; Dileep Mudadeniya, Senior Vice President – Global Alliances and Partnerships, John Keells Leisure, Head of Corporate Affairs – John Keells Group; Kamal Munasinghe, Senior Vice President, Colombo Hotels, Cinnamon Hotels & Resorts and General Manager, Cinnamon Life at City of Dreams Sri Lanka; Eugene Seneviratne – DGM Retail Banking, Seylan Bank PLC; Ruchith Liyanage Head of Cards, Seylan Bank PLC; Roshan Rajapakse - Senior Manager Cards, Marketing & Promotions, Seylan Bank PLC

Seylan Cards has partnered with City of Dreams Sri Lanka, to present ‘This Is Michael: Relive the Legend’, a live tribute to the legacy, music, and energy of Michael Jackson. Held at City of Dreams Sri Lanka, from the 8th to the 9th of November 2026, the event offers Seylan Cardholders the unique opportunity to immerse themselves in premium entertainment and create extraordinary memories.

Standing as an internationally acclaimed Michael Jackson tribute production, ‘This is Michael: Relive the Legend’ has travelled across 15 countries and 25 cities. Performed by Lenny Jay, the tribute show honours the voice, costumes, and the iconic presence of Michael Jackson and his immense impact on the world, backed by an exhilarating cast of singers, dancers, and musicians.

The partnership expands Seylan Cards’ proposition, effectively opening the doors to exclusive entertainment, lifestyle, and experiential opportunities and allowing Cardholders to step into the experience of an authentic Jackson performance.

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