Business

Kumar Anthony Paul Fernando: Forgiveness incarnate

Published

4 years ago

2020/09/11

“Beautiful Memories silently kept of one that we loved and will never forget” is what’s inscribed in Kumar’s tombstone by his family. It’s been one year for the 12th of September 2020 since my good friend Kumar Fernando left us to go to his creator. Even though he is no more with us, his memory and influence will always live on, in the lives of those who knew him, and were touched by his generosity and kindness. Kumar’s life has left an indelible imprint in the life of his close family and friends and this void can never be filled.

I got to know Kumar initially in 1972 while we were in school, but it was much later that we both entered the same profession as planters and worked in the same area and thus became close friends. This culminated in him inviting me to be his ‘best man’ at his wedding in 1976, a moment I still cherish.

Several years later after excelling in his chosen career as a Planter in Sri Lanka, he had the good fortune of being selected to work in Transkei, South Africa, where he worked with distinction for the Magwa Tea Corporation for 14 years, rising to the position of General Manager – Operations before he decided to leave Transkei for Melbourne, Australia at the pinnacle of his career.

His new home, Melbourne Australia offered Kumar many opportunities. Due to his versatility, entrepreneurial competence, and dedication he set up a successful restaurant business with his wife Nelu in a very short space of time. As always Kumar worked tirelessly to set it up, and the business flourished even in a highly competitive environment like Melbourne, purely because of Kumar’s commitment, perseverance and hard work.

Kumar unhesitatingly shared his success with others by unselfishly sharing his time and advice specially with many Sri Lankans who were learning the nitty grittier of business in Melbourne. I have had personal knowledge of some people whom he has helped, and these were some of his very endearing qualities that are rare in today’s world. Another quality that I found in Kumar as the years went by is that he could easily forgive those who wronged him and even go to the extent of helping such people and encouraged others to do so too.

By this quality he was practising the biblical principles of ‘forgiveness’ which many find hard to do. I know that this characteristic of forgiving others came very easily to him, entirely because of the grace he carried from the Lord. Forgiving and caring for people and assisting them came very naturally to Kumar. During my few visits to Melbourne, we used to discuss this area of forgiveness and spirituality in detail and I was amazed by his faith.

In the Gospel of Luke Chapter 6: verses 27-28 Jesus says ‘but to you who are willing to listen, I say love your enemies, do good to those who hate you. Bless those who curse you, pray for those who hurt you”. I can clearly say that Kumar lived and practised the Lord’s instructions and this is the legacy he left behind for his close friends and family. While I know that Nelu and his children Tehani, Ayesh and Sudesh and the extended family will continue to miss Kumar immensely, they can be proud that Kumar’s life was exemplary, serving the Lord and living the Word to his best always.

Visiting Melbourne will never be the same for me, I will miss Kumar and the special times we shared. I will always hold dear the fond memories I have of him and I am proud to have been his close friend for there many years. I know that the Lord Jesus has granted him eternal rest.

Rohan M Fernando

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Business

Sri Lanka reaches in principle agreement for restructuring sovereign debt with external commercial creditors

Published

2 hours ago

2024/09/19

Priyan

On the 19th of September 2024, Sri Lanka announced that it has reached Agreements in Principle on the restructuring of approximately USD$ 17.5 billion of external commercial debt (as of end 2023).

These agreements have been reached with holders of its International Sovereign Bonds, following negotiations with the Ad Hoc Group of Bondholders (“AHGB”), a representative group of international investors, and the Local Consortium of Sri Lanka (“LCSL”), a representative group of domestic financial institutions. Collectively, the two groups hold in excess of 50% of the Bonds.

Under the agreements, holders of the Bonds will be consenting to a present value concession of 40.3% in the baseline scenario, calculated with a discount factor of 11%. The agreements provide Sri Lanka with enhanced debt relief compared to the Joint Working Framework agreed in July 2024, including a further reduction in interest payments provided in the new agreement.

Sri Lanka also announced that it has finalized agreement in principle with China Development Bank (“CDB”) on the key financial terms of the restructuring of approximately US$ 3.3bn of sovereign debt.

As a result of the agreements already achieved with Eximbank of China and members of Sri Lanka’s Official Creditor Committee (“OCC”) as well as CDB and bondholders, Sri Lanka will have obtained over USD 17bn of debt service relief during the IMF program period (around USD 2.4bn from Eximbank of China, USD 2.9bn from the OCC, USD 2.5bn from CDB and USD 9.5bn from the bondholders).

His Excellency the President expressed his deep appreciation for all of Sri Lanka’s creditors who engaged in good faith throughout this process, and also for the International Monetary Fund and the OCC Secretariat for the continuous and constructive support.

The official announcement is available at: https://links.sgx.com/FileOpen/Sri%20Lanka%20%20Announcement%20of%20Agreement%20in%20Principle%20-%2019_09_2024.ashx?App=Announcement&FileID=819175

Business

Finance Ministry says it’s incorrect to claim foreign debt is not being repaid

Published

21 hours ago

2024/09/19

Sahan Weerasooriya

The Central Bank repaid $522 million in 2023

By Sanath Nanayakkare

It is incorrect to claim that Sri Lanka is not repaying its foreign debt, the Ministry of Finance states on its official website in a document dated Sep 16, 2024.

Sri Lanka’s government and private borrowers serviced $2.58 billion in debt in 2023, following $2.48 billion in 2022 – the year the country defaulted on external debt – according to the report.

The report highlights that the Central Bank repaid $522 million in 2023, including $172 million to the IMF and $350 million in swaps.

Further clarifying the concerns in some quarters that foreign debt is not being repaid, the Ministry points out that, by 2023, the government made $1.043 billion in principal repayments and $405 million in interest payments.

“In 2022, central government principal repayments dropped to $1.236 billion from $2.377 billion in 2021 after the default, with interest payments falling from $1.187 billion to $465 million,” it states.

“Meanwhile, in the private sector, banks and corporations repaid $769 million in principal in 2022, down from $1.410 billion in 2021, while interest payments dropped from $394 million to $273 million.”

“In 2023, private entities paid $405 million in interest. The data excludes foreign reserve collections by both the central bank and private banks, which resemble debt repayments. Reduced imports of building materials and machinery were linked to domestic savings being used to repay debt instead of being invested locally,” the report states.

Business

Jayantha Gallehewa receives prestigious IFPSM President’s Award at World Summit, Mexico

Published

21 hours ago

2024/09/19

Sahan Weerasooriya

At the World Summit International Federation of Purchasing and Supply Management (IFPSM) held in Cancún, Mexico, Jayantha Gallehewa, Hony. President of the Institute of Supply and Materials Management (ISMM) in Sri Lanka, was honored with the esteemed IFPSM President’s Award for 2024. This prestigious accolade recognizes his exceptional contributions to raising the standards of Sri Lanka’s Supply Chain Industry, as well as his significant efforts to advance the sector on a global scale. Remarkably, “Mr. Gallehewa is the only Sri Lankan to have received this prestigious award and the third Asian professional to ever win this honorable award within the last 10 years”.