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.

E-W Information Systems Limited (EWIS), a trailblazer in tech solutions, made waves at the Africa Tech Festival 2024, held from November 12th to 14th at the Cape Town International Convention Centre (CTICC). This premier event united tech and telecom giants, visionary entrepreneurs, and influential policymakers to explore the future of technology, innovation, and digital transformation across Africa.

Representing Sri Lanka on this global stage, EWIS showcased its state-of-the-art products and services aimed at empowering businesses and individuals throughout Africa. The festival provided a dynamic platform for EWIS to highlight its expertise and vision for leveraging technology to tackle Africa’s most pressing challenges, from healthcare and finance to government, retail and beyond.

The Africa Tech Festival 2024 brought together industry leaders, innovators, and entrepreneurs for a series of top-tier content sessions, two international exhibitions, and impactful networking opportunities.

EWIS’ participation underscored its dedication to spearheading digital transformation in Africa.

“We are immensely proud to bring Sri Lankan technology to the global stage at Africa Tech Festival 2024,” said Sanjeewa Wickramanayake, Chairman/CEO of EWIS. “This event is a fantastic opportunity to share our cutting-edge solutions and expertise while forging connections with global tech leaders. The positive feedback from our interactions has been overwhelming, and we are excited about the potential for future collaborations that can drive transformative change in Africa,” he said.

As the air turns crisp and the festive spirit begins to swirl around us, there’s a place where winter’s wonder truly comes to life. Step into Excel World’s Snow World, where the charm of the North Pole is just a heartbeat away. Here, the enchanting allure of shimmering snowflakes drifting through the air, invites families and friends to create unforgettable memories together.

Imagine a realm where larger-than-life snowmen greet one and all with open arms, and the twinkling lights of a starry galaxy illuminate the way. Upon entering Snow World, be transported into a magical landscape that beckons visitors of all ages to embrace the spirit of the season. With the return of this much-loved annual attraction, spectators can revel in the frosty fun and festive cheer that fills the atmosphere.