News
Lanka gets restructuring proposal from bond holders
ECONOMYNEXT –Sri Lanka has received a proposal from private bondholders and is assessing it, a senior government source said as efforts are underway to also restructure official debt.
Bondholders have proposed ‘macro linked bonds’ where the coupon will adjust downwards if Sri Lanka’s growth is lower than forecasted, as well as regular bonds, Reuters, a news agency reported.The proposal includes hair-cuts and coupon reductions, the report said.
Unlike bilateral creditors who do not usually take hair-cut from middle income countries but give grace periods and extend maturities along with coupon cuts, private creditors usually write down the principle in return for faster payback.
Some of Sri Lanka’s bond holders consider the International Monetary Fund’s growth projections for the medium term at 3.1 percent to be pessimistic.Sri Lanka itself has forecasted 5.0 percent GDP growth for 2027 compared to 3.1 percent in an IMF debt sustainability assessment.A lower growth number squeezes the gross financing need, defined as a share of the GDP between 2027-2032, forcing bondholders to take steeper haircut than if the
Defining the GDP in dollar terms to link the bond was also considered, according to a source with knowledge of the matter.It was up to Sri Lanka authorities and bondholders “to find some kind of instrument that works for both parties,” IMF mission Chief Peter Breuer said in March responding to whether the IMF would endorse such securities.If issued such bonds would be a first to private bondholders in a sovereign restructure.
Previous so-called state contingent bonds involved value recovery instruments which traded separately and were not included in bond indices and were bought by hedge funds.
A bond with a coupon which is adjusted based on GDP however would be index eligible and could be held by ‘real money’ funds who own a bulk of Sri Lanka bonds.
Sri Lanka has issued 12.55 billion US dollars of sovereign bonds of which one bond is under litigation.China has agreed to restructure 4.2 billion US dollars of its debt but details have to be worked out, Sri Lanka’s finance ministry said this week.
President Anura Kumara Dissanayake officially opened the Wax Museum established at the historic Ehelepola Walawwa in Kandy.this morning (17)
The Ehelepola Walawwa, which was renovated by the Urban Development Authority, has been handed over to the Temple of the Sacred Tooth Relic. The museum was then established, ensuring the preservation of its archaeological and cultural significance.
The museum features wax recreations depicting the architecture, customs and arts and crafts of the Kandyan Kingdom, to which the Ehelepola Walawwa belongs. There are also exhibition stalls showcasing traditional industries, as well as a dining area illustrating how ancient royal meals were prepared, complete with their recipes.
Furthermore, 35 lifelike wax figures of significant historical figures have been recreated at the museum. These include Ven. Weliwita Sri Saranankara Sangharaja Thera, Ven. Wariyapola Sri Sumangala Thera, King Wimaladharmasūriya I, Queen Kusumāsana Devi, Monarawila Keppetipola Disawe, Devendra Mulachari, Governor Robert Brownrigg, Ehelepola Maha Adikaram, Kumarihami, and their two children.
It’s anticipated that this museum, designed to showcase Sri Lanka’s grandeur and pride, will be a major attraction for both local and international tourists visiting Kandy.
It’s also expected to become a centre where the current generation can accurately study the Kandyan Kingdom and its associated history.
Athula Herath, a resident of Gampola, is the designer of the museum. The project, which falls under the Ehelepola Walawwa Museum Special Project, was implemented at a cost of Rs. 300 million.
Among those present at the opening were Most Venerable Dr Niyangoda Vijithasiri Thera, Anunayake of the Malwathu Chapter of the Siyam Maha Nikaya and Most Venerable Ven. Dimbulkumbure Wimaladhamma Thera, Anunayake of the Malwathu Chapter of the Siam Maha Nikaya; Most Venerable Wendaruwe Upali Thera and Most Venerable Anamaduwe Dhammadassi Thera, the Anunayake Theras of the Asgiri Chapter of the Siam Maha Nikaya, along with other revered monks from both the Malwathu and Asgiri Chapters of the Syamopali Maha Nikaya, including their registrars and executive council members.
Also in attendance were K.D. Lalkantha, Minister of Agriculture, Livestock, Land and Irrigation, Pradeep Nilanga Dela, Diyawadana Nilame of the Sri Dalada Maligawa and a host of invited dignitaries and scholars from various fields.
It has been reported that three police officers holding the rank of Sub Inspector [SI] attached to the Matara Division Intelligence Unit and the Thihagoda and Mawarala police stations have been interdicted following allegations of misconduct.
The three officers are alleged to have visited a Spa in the Walgama area in Matara and demanded free service..
Based on a complaint received, an internal investigation conducted by the Office of the Superintendent of Police in Matara found the officers guilty of misconduct and corrupt practices.
Further investigations into the incident are being conducted.
It has been reported that indictments have been served on former Minister of Health Keheliya Rambukwella, his wife, three daughters and son-in-law charged for acquiring wealth unlawfully.
President opens Wax Museum at the historic Ehelepola Walawwa in Kandy
Police SI’s who demanded free service at a SPA interdicted
Dozens dead, others missing in huge fire at hypermarket in Iraq’s Kut
Babies made using three people’s DNA are born free of hereditary disease
Indictments served on former Minister Keheliya Rambukwella and family
Deepti digs deep to deliver India’s four-wicket win
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News6 days agoDates for A/L and O/L exams announced
-
Business5 days agoSLIC Life among Asia’s Best: Finalist in 3 key categories at 10th Trusted Life Awards
-
Features5 days agoAfghanistan:Broken promises, burning nation
-
News5 days agoUtilize capital allocated by the government effectively to reach targeted economic development goals – President
-
Editorial5 days agoNavigating tariff shocks
-
Business6 days agoTechnomedics adds three new members to the Board of Directors
-
Business7 days agoPutting SL’s culinary talent together for the ‘Oympics of Gastronomy’
-
News5 days agoCardinal honoured for national contributions