News
Siyambalapitiya alleges move to trigger run on banks
By Rathindra Kuruwita
A sinister attempt is being made in some quarters to trigger a run on banks and the five-day bank holiday is aimed at countering that move, State Minister of Finance Ranjith Siyambalapitiya has said.
Siyambalapitiya, addressing the media, yesterday, assured that bank and other deposits and pension funds would not be affected by Domestic Debt Restructuring (DDR) and that there is no reason for people to panic.
Sri Lanka’s total debt amounted to USD 83.6 billion made up of foreign debt of USD 42.6 billion and domestic debt of USD 42 billion.
“Out of the domestic debt amounting to USD 25 billion are in Treasury bonds, USD 11 billion in Treasury Bills, USD 5.6 billion in development bonds and the rest has been from various institutions. When we restructure domestic debt, there will be no haircuts,” he said.
DDR will amount to extensions of payment dates, moratoriums and reducing interest rates, he said.
“If we can restructure foreign debt well, we don’t need too much from domestic debt. People should not panic and rush to the banks. Your deposits are safe. Your pension funds are safe,” the State Minister of Finance added.
Following the conclusion of bilateral discussions between President Anura Kumara Disanayake and Prime Minister of India, Shri Narendra Modi, official-level talks between the delegations of Sri Lanka and India commenced this morning (05) at the Presidential Secretariat in Colombo.
Representing the Government of Sri Lanka were Prime Minister Dr. Harini Amarasuriya, Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath; Minister of Labour and Deputy Minister of Economic Development, Anil Jayantha; Secretary to the President Dr. Nandika Sanath Kumanayake; Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe, along with other senior officials.
The Indian delegation included Minister of External Affairs Dr. S. Jaishankar, National Security Advisor Ajit Doval, Foreign Secretary Vikram Misri and His Excellency Santosh Jha, High Commissioner of India to Sri Lanka, along with several other senior officials of the Government of India.
Indian Prime Minister Shri Narendra Modi, who arrived in Sri Lanka on the invitation of President Anura Kumara Disanayake on Friday [04] night, visited the Presidential Secretariat this morning (05).
The Indian Prime Minister was warmly welcomed by President Anura Kumara Disanayake upon his arrival at the Presidential Secretariat.
Prime Minister Modi is currently on a state visit to Sri Lanka, reaffirming the theme “Friendship of Centuries — Commitment to a Prosperous Future” which symbolises the longstanding ties between Sri Lanka and India. The Indian Premier is scheduled to remain in the country until tomorrow (06).
[PMD]
The official welcoming ceremony for Indian Prime Minister Narendra Modi, was held this morning (05) at the Independence Square in Colombo.
On arrival at the Independence Square the Indian Prime Minister was warmly welcomed by President Anura Kumara Disanayake.
Discussions between Sri Lankan and Indian delegations at the presidential secretariat
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Indian Prime Minister Shri Narendra Modi arrives at the presidential secretariat
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