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Govt. retains two foreign firms to restructure ISBs

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Bandula Gunawardane

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.



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Government focuses on controlling crop damage by wild animals

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A Committee comprising government officials and experts has been appointed under the leadership of Secretary to the President, Dr. Nandika Sanath Kumanayake to seek and implement sustainable solutions for managing and controlling the damages caused by wild animals to food production (Agriculture and Plantation sectors) through a scientific approach. The Committee held its first meeting on Thursday (19) at the Presidential Secretariat.

The main objective of the Committee is to conduct a scientific study on the agricultural damage caused by wild animals and to implement short, medium and long-term action plans. In addition to drafting national policies and legislation, the Committee will also coordinate the provision of necessary human, physical and financial resources.

It was emphasised during the meeting that decisions should be made by recognizing wildlife as a part of the natural ecosystem. It was also noted that any solution must acknowledge the right of wild animals to their natural habitats. The need to implement a rapid action programme for high-risk districts was also discussed.

Prof. Ashoka Dangolla from the Faculty of Veterinary Medicine at the University of Peradeniya shared his views, highlighting that based on research conducted over more than 15 years on Toque macaque; it is possible to arrive at successful solutions through a scientific approach. He also pointed out that various methods can be used to control animal populations.

Director General of Wildlife Conservation, M.S.L.R.C. Marasinghe, stated that a multi-pronged approach is necessary to address this issue. He emphasised the importance of animal censuses to obtain standard data on animal densities and underscored that the matter must be approached scientifically, beyond social perceptions.

It was also decided that gathering inputs from all stakeholders including academics, environmentalists, wildlife specialists, officials and members of the public affected by wildlife conflict is essential.

Among those present were Senior Additional Secretary to the President  Kapila Janaka Bandara, Ministry Secretaries including Secretary to the Ministry of Public Security, Ravi Seneviratne, Secretary to the Ministry of Public Administration  S. Aloka Bandara, Secretary to the Ministry of Agriculture, Livestock, Lands and Irrigation  D.P. Wickramasinghe, Secretary to the Ministry of Plantation and Community Infrastructure  Prabath Chandrakeerthi, Secretary to the Ministry of Justice and National Integration Ms. Ayesha Jinasena, public officials including Director General of Department of Wildlife Conservation, defence sector officers, university professors and the members of the Committee.

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New President of the Court of Appeal and two Appeal Court Judges sworn in

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Senior Additional Solicitor General and President’s Counsel, Nalin Rohantha Abeysooriya, was sworn in on Thursday   (19) morning as the new President of the Court of Appeal before President Anura Kumara Disanayake at the Presidential Secretariat.

In addition, High Court Judges  Don Francis Hathurusinghe Gunawardena and Adithya Kantha Madduma Patabendige were also sworn in  as Judges of the Court of Appeal, in the presence of the President at the Presidential Secretariat.

The President’s Secretary, Dr Nandika Sanath Kumanayake, was also in attendance at the ceremony.

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UNHRC Chief due here: Chagie asks NPP govt. to set the record straight

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Former General Officer Commanding (GOC) of fighting Divisions Maj. Gen. Chagie Gallage has said that the government should take tangible measures to thwart interested parties from exploiting forthcoming visit by UN High Commissioner for Human Rights Volker Türk to propagate unsubstantiated war crimes accusations.

The Gajaba Regiment veteran said that the National People’s Power (NPP) government could use the top UN official’s visit to make a comprehensive presentation to him.

UN Resident Coordinator in Colombo Marc-André Franche recently announced the top human rights official’s visit. A delegation from Geneva is expected early next week.

Gallage pointed out that various interested parties, both here and abroad, issued statements ahead of the visit. Responding to The Island questions, the outspoken officer pointed out UK born Labour MP Uma Kumaran, a new entrant to UK parliament of Sri Lankan Tamil origin taking up what a section of the media called Sri Lanka’s new mass grave at Chemmani, Jaffna.

Having mentioned the Chemmani mass graves, the parliamentarian has written an open letter to Secretary of State for Foreign, Commonwealth and Development Affairs David Lammy, MP, Kumaran has emphasized the responsibility on the part of the UK government to refer perpetrators of alleged war crimes to the International Criminal Court. “We must remind both lawmakers Lammy and Kumaran that the LTTE maintained its International Secretariat in London even at the time most probably a child suicide cadre blew up former Indian Congress Party leader Rajiv Gandhi in May 1991,” Gallage said.

The British Tamil Forum (BTF), too, has taken it up in an obvious bid to heap pressure on the government ahead of the UN Human Rights chief’s visit. The retired officer laughed at efforts to find fault with Sri Lanka for eradicating terrorism 17 years ago while massive death and destruction was taking place in Gaza, Iran and Israel.

Alleging that successive governments since the end of the war in May 2009 pathetically failed to counter unsubstantiated war crimes allegations, Gallage stressed the NPP’s responsibility to set the record straight.

Commenting on various parties comparing Sri Lanka’s successful war against LTTE terrorists and the Israeli offensives following Hamas raids in southern Israel in early Oct 2023, the former GOC said that they couldn’t be equated under any circumstances. “Ours was an internal conventional military threat that had been created by India in the 80s. We had no option but to neutralize that threat when it threatened to overwhelm the democratically elected government,” the retired officer said. “In other words what we really did was self-defense. That is the truth the likes of MP Kumaran flagrantly exploited to their advantage,” Maj. Gen. Gallage said, challenging the parliamentarian to disclose why and when her parents fled Sri Lanka.

The global community must appreciate the eradication of the LTTE for once and for all as terrorism shouldn’t be allowed to succeed anywhere in the world under any circumstances. The madman who massacred 77 people in Norway, mostly teenagers in two attacks on the same day in 2011 had been influenced by the forcible eviction of the Muslim community from the Northern Province in 1990, Maj. Gen. Gallage said. Those who carried out the suicide attack on guided missile destroyer USS Cole in the port of Aden, Yemen in Oct 2000 declared they were inspired by Sea Tiger attacks on Sri Lanka Navy.

Instead of protesting the UN Human Rights chief’s visit, Sri Lanka should use the opportunity to highlight how the LTTE’s eradication benefited the country. Ending the despicable practice of forcible conscription of children was one of the significant achievements, the retired infantry officer said. Whatever those who couldn’t stomach Sri Lanka’s victory over the LTTE say in a bid to belittle the war winning armed forces, the truth is the LTTE regarded children as cannon fodder.

“How many lives were saved as a result of our triumph over terrorism 17 years ago,” Gallage asked, urging the Tamil Diaspora and other interested parties to come to terms with the reality. The LTTE couldn’t be resurrected by peddling lies, Maj. Gen. Gallage said, reminding how mega lie about Mannar mass graves and killing captured/surrendered LTTE cadres by lethal injections during the yahapalana rule exploded in their face.

Responding to another question, the ex-field commander said that the combined armed forces could have finished off the LTTE much earlier if they didn’t take the civilian factor into consideration. Referring to Wikileaks revelations, Gallegae said that no less an organization than the ICRC soon after the end of the war admitted that they could have done so but chose to proceed with care and in the process suffered more losses.During 2009 (Jan 1 to May 19) the army lost about 2,400 officers and men.

By Shamindra Ferdinando ✍️

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