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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.
Latest News
Landslide RED warnings issued to the districts of Kandy, Kegalle, Kurunegala, Matale and Nuwara Eliya extended up to 1600 hrs today [07]
The Landslide Early Warning Center of the National Building Research Organisation [NBRO] has issued landslide early warnings to the districts of Badulla, Colombo, Galle, Gampaha, Kalutara, Kandy, Kegalle, Kurunegala, Matale, Matara, Monaragala, Nuwara Eliya and Ratnapura effective from 16:00 hrs on 06.12.2025 to 16:00 hrs on 07.12.2025.
Accordingly,
LEVEL III RED warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Pathadumbara, Kundasale, Pathahewaheta, Panvila, Medadumbara, Doluwa, Thumpane, Udunuwara, Deltota, Ganga Ihala Korale, Pasbage Korale, Yatinuwara, Hatharaliyadda, Ududumbara, Minipe, Udapalatha, Gangawata Korale, Akurana, Poojapitiya and Harispattuwa in the Kandy district, Thumpane, Udunuwara, Deltota, Ganga Ihala Korale, Pasbage Korale, Yatinuwara, Hatharaliyadda, Ududumbara, Minipe, Udapalatha, Gangawata Korale, Akurana, Poojapitiya and Harispattuwa in the Kegalle district, Alawwa, Rideegama, Polgahawela, Mallawapitiya and Mawathagama inthe Kurunegala district, Ukuwela, Naula, Yatawatta, Laggala Pallegama, Pallepola, Matale, Rattota, Ambanganga Korale and Wilgamuwa in the Matale district, and Hanguranketha, Mathurata, Nildandahinna and Walapane in the Nuwara Eliya district
LEVEL II AMBER warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Uva Paranagama, Badulla, Kandeketiya, Bandarawela, Soranathota, Hali_Ela, Meegahakivula, Ella, Welimada, Haputhale, Lunugala, Haldummulla and Passara in the Badulla district, Narammala in the Kurunegala district, Kothmale West, Norwood, Ambagamuwa Korale, Thalawakele, Kothmale East and Nuwara Eliya in the Nuwara Eliya district and Godakawela, Kahawaththa and Kolonna in the Ratnapura district.
LEVEL I YELLOW warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Seethawaka and Padukka in the Colonbo district, Elpitiya and Yakkalamulla in the Galle district, Mirigama, Divulapitiya and Attanagalla in the Gampaha district, Ingiriya, Bulathsinhala and Horana in the Kalutara district, Pasgoda and Athuraliya in the Matara district, Bibile and Medagama in the Monaragala district, and Kuruwita, Balangoda, Eheliyagoda, Pelmadulla, Kaltota, Kalawana, Openayake, Ayagama, Nivithigala, Imbulpe, Elapatha, Ratnapura and Kiriella in the Ratnapura district.
Latest News
618 dead, 209 missing as at 2000hrs on Saturday [06]
The Situation Report issued by the Disaster Management Center [DMC] at 2000hrs on Saturday [06] confirms that 607 persons have died due to the recent flooding and landslides while another 209 persons were missing.
The death toll in the Kandy district which one of the most affected districts has risen to 232, and 1800 houses have been fully damaged.The number of missing persons reported is 81
100,124 persons belonging to 29,874 families were being housed at 990 safety centers established by the government.

News
Opposition blames govt. inaction for severity of disaster impact
The government’s failure to act on expert warnings, including advance forecasts on Cyclone Ditwah, had led to the worsening of disaster impact, Udaya Gammanpila, leader of the Pivithuru Hela Urumaya, said at a press conference in Colombo yesterday.
Gammanpila accused the NPP government of ignoring 14 key preventive measures, despite alerts from the Meteorology Department, foreign experts, and the media.
Gammanpila said the government had failed to lower the water levels in reservoirs, dredge estuaries, and deploy the armed forces for canal maintenance. Local government bodies were reportedly sidelined, and that led to a delay in cleaning of drains. He said the government had also failed to evacuate people in a timely manner from seven districts identified by the National Building Research Organisation as landslide-prone. It had delayed declaring emergencies or curfews and the deployment of tri-forces to evacuate people in such areas.
Gammanpila said an experienced public official should have been appointed as Secretary to the President to mobilise the state machinery swiftly during the disaster. He said the government had not convened the National Disaster Council.
“These failures worsened the disaster, causing immense hardship, disruption, and loss of life and property to the people,” Gammanpila said.
The government has denied the Opposition’s claims.
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