The SriLankan Airlines Toastmasters Club, the second oldest corporate club in Sri Lanka, recently raised a toast to a well-travelled legacy and its equally promising future at its 22nd Annual Officer Installation Ceremony, held at the SriLankan Aviation College in Katunayake.

The event was attended by the Chief Guest and former Head of Human Resources at SriLankan Airlines, Sunil Dissanayake, who founded the Club in 2002, along with divisional representatives of Toastmasters: Ganga Fernando, District Director of District 82; Niroshan Nadarajah, Program Quality Director of District 82; Shabry Shamoon, Division Director of Area H, District 82; and Nimshi Palihawadana, Area Director of Area H4. Other attendees included members of the Senior Management Team of SriLankan Airlines, as well as presidents and members of neighbouring Toastmasters clubs, along with current members of the airline’s club.

The newly installed executive committee of the SriLankan Airlines Toastmasters Club has set its sights on the Golden Gavel, the most prestigious award in Toastmasters, as its next goal. The new committee members are: Kapila Chandra, Club President; Olarika Neerodha, Vice President of Education; Pubudu Wijerathne, Vice President of Membership; Vimukthi Dissanayake, Vice President of Public Relations; Nisanka Senarathne, Secretary; Dilshan Peiris, Treasurer; and Dakshitha Fernando, Sergeant-at-Arms. With a clear vision for the future, the SriLankan Airlines Toastmasters Club is eager to present its next chapters of success in the years ahead.

Courtesy of more than two years of tough negotiations

By Sanath Nanayakkare

Sri Lanka has repaid defaulted local bonds with floating rate rupee bonds maturing between March 2023 and September 2043, as part of its restructuring of the defaulted international sovereign bonds (ISBs).

The treasury bonds denominated in LKR were settled on 20.12.2024 which is widely seen as substantial debt relief to the government as well as a boon to the banking sector as it accounts for the majority of Sri-Lanka based sovereign bondholders.

In the process, Sri Lanka has issued 8 tranches of bonds of 19.46 billion rupees to local bondholders totaling 155.7 billion rupees.

The local bondholders, mainly banks that have seen bad loans hurting their capital, do not face a principal reduction in the process of this settlement. As a result, the banks’ capital structure will be strengthened by this move.

Accordingly, International Sovereign Bonds for which valid offers were accepted under the local bonds option by the country were converted into eight new variable coupons running up to 18 years.

The bonds will be paid a coupon 50 basis points above the Central Bank’s standing lending facility rate.

The SLFR rate used will be the six-month historical average calculated 30 days before the interest payment date.

The Invitation Memorandum for the exchange of International Sovereign Bonds of the Democratic Socialist Republic of Sri Lanka dated 25 November 2024 was published by the Ministry of Finance, Planning and Economic Development.

A subsequent announcement of the results of the consent solicitation for the exchange was published on 16 December 2024 and was settled on 20 December 2024.

The local bond option denominated in Sri Lankan rupees and its wide acceptance by the local ISB holders is viewed as a favorable development for the banking sector as well as the macroeconomic stability, recovery and growth initiatives of the country.

It is expected that with the new capital reserves, the commercial banks of Sri Lanka will be progressive enough to support the economy by lending to small and medium business owners without hesitation just as when they lend to established businesses relatively large sums of money.

Sri Lanka has reached this favourable turning point after more than two years of tough negotiations.

Sri Lanka completed the local-currency portion of its domestic debt optimisation in September 2023, following the exchange of treasury bills and provisional advances held by Central Bank of Sri Lanka’s into new treasury bonds and bills.

Dr. Tharmalingam Tharesanan, Chairman of TMH Group of Companies, was honoured as a guest of honour and guest speaker at the International Human Rights Day celebration held on 15 December 2024 at the Telangana Saraswata Parishad in Hyderabad, India.

He was also presented with the Human Rights Crusaders Award for his outstanding contributions to the promotion and protection of human rights. The event was organised by the International Commission of Culture and Diplomatic Relations (ICCDR) and the United Human Rights Federation to recognise individuals and organisations advocating human rights.

Dr. Tharesanan emphasised the important role of businesses in advancing human rights through ethical practices, inclusive growth, and corporate social responsibility. He explained how corporations could act as powerful agents in promoting human dignity and equality on a global scale. Dr. Tharesanan is recognised as a visionary CEO, known for achieving transformational growth and profitability in multinational corporations. He is the executive chairman and founder of the Mother Care International Global Foundation in Sri Lanka and holds leadership roles in multiple companies.