News
Siyambalapitiya alleges move to trigger run on banks
By Rathindra Kuruwita
A sinister attempt is being made in some quarters to trigger a run on banks and the five-day bank holiday is aimed at countering that move, State Minister of Finance Ranjith Siyambalapitiya has said.
Siyambalapitiya, addressing the media, yesterday, assured that bank and other deposits and pension funds would not be affected by Domestic Debt Restructuring (DDR) and that there is no reason for people to panic.
Sri Lanka’s total debt amounted to USD 83.6 billion made up of foreign debt of USD 42.6 billion and domestic debt of USD 42 billion.
“Out of the domestic debt amounting to USD 25 billion are in Treasury bonds, USD 11 billion in Treasury Bills, USD 5.6 billion in development bonds and the rest has been from various institutions. When we restructure domestic debt, there will be no haircuts,” he said.
DDR will amount to extensions of payment dates, moratoriums and reducing interest rates, he said.
“If we can restructure foreign debt well, we don’t need too much from domestic debt. People should not panic and rush to the banks. Your deposits are safe. Your pension funds are safe,” the State Minister of Finance added.
President Ranil Wickremesinghe embarked on an official visit to Germany early this morning (27). During his absence, the responsibilities of the ministries under his purview have been temporarily entrusted to the respective state ministers.
As part of this arrangement, State Minister Pramitha Bandara Tennakoon will serve as the Acting Minister of Defence, State Minister Shehan Semasinghe as the Acting Minister of Finance, State Minister Kanaka Herath as the Acting Minister of Technology, State Minister Anupa Pasqual as the Acting Minister for Women, Children Affairs and Social Empowerment and State Minister Ranjith Siyambalapitiya as the Acting Minister for Investment Promotion.
President Ranil Wickremesinghe left for Germany to deliver the opening remarks at the Leaders Dialogue session during the ‘Berlin Global Dialogue’ on September 28-29. Subsequently, he will join a bilateral session with German Chancellor Olaf Scholz and the officials of the Federal Republic of Germany.
Minister of State for Tourism Mrs. Diana Gamage at a press conference themed ‘Collective path to a stable country’ at the Presidential Media Centre today (27) announced plans to launch promotional campaigns aimed at attracting 1.5 million foreign tourists to Sri Lanka by the year’s end. She emphasized the government’s commitment to ensuring the safety of tourists and mentioned initiatives such as establishing taxi associations to enhance the visitor experience.
The Railway Department has announced that train services on the coastal line will be delayed due a derailment between Kollupitiya and Colombo Fort this morning (27).
It also said that trains bound to Colombo will be given priority and requested South bound passengers to make use of alternate modes of transportation until the situation is rectified.
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