The Cabinet of Ministers has approved the proposal presented by the President, in his capacity as a Minister of Finance, Planning, and Economic Development, for restructuring of international sovereign bond through exchanging new bonds for presently existing bonds , after an analysis by the Sri Lankan government’s financial
advisors on the impact on the Sri Lankan economy and the composition of Sri Lanka’s international sovereign debt, investors and settlements and as per the provisions under the International Monetary Fund’s Comprehensive Credit facility and according to the parameters shown by the debt sustainability analysis carried out by the Fund.

The Government of Sri Lanka has reached a final consensus on restructuring debt by the members of the Official Credit Committee (OCC) of major bilateral creditors in June 2024.

In September 2024, an initial agreement has been reached with the international bondholders on restructuring of sovereign debt of 14.2 billion American dollars, after a compromise discussion with the Adhoc bondholders, a group of representatives of international investors, and the Local Consortium of Sri Lanka.

By Ifham Nizam

At COP29 in Baku, Prof. Mohan Munasinghe delivered a compelling keynote, emphasizing a paradigm shift towards sustainability rooted in economic equity and environmental responsibility.

Prof. Munasinghe’s address featured the necessity of global collaboration, particularly between the Global South and emerging economies like China, to address interconnected crises of climate change, poverty and inequality.

Munasinghe introduced the Sustainomics Framework, integrating three core dimensions: economic prosperity, environmental protection and social equity. At its heart lies the principle that sustainable development is unattainable without economic strength to uplift the impoverished, environmental strategies to mitigate degradation and inclusive policies to distribute benefits equitably.

This triad reflects the essence of the 17 Sustainable Development Goals (SDGs), which he describes as humanity’s “last chance.” A failure to act decisively risks not only environmental collapse but also the destabilization of global economies.

Informed observers added: ‘China’s economic transformation serves as a model for balancing growth with ecological responsibility. Over the past four decades, China achieved an unprecedented average growth rate of 10% and lifted 800 million people out of poverty. More recently, it has decoupled carbon emissions from economic expansion, showcasing that rapid development need not come at the cost of environmental harm.

‘The Yangtze River Delta exemplifies this success. Contributing USD 8 trillion to GDP in 2022—outstripping the economies of Japan and Germany—this region transitioned from a pollution-heavy industrial hub to a beacon of low-carbon development. Policies focused on reducing air and water pollution demonstrate the feasibility of Prof. Munasinghe’s Balanced Inclusive Green Growth (BIGG) model.

‘The economic dominance of the BRICS nations (Brazil, Russia, India, China, and South Africa) represents a pivotal shift toward a multipolar world. Collectively, BRICS nations contributed 32% to global GDP in 2023, surpassing the G7’s 29%. This growth signals the emergence of an economic bloc capable of challenging traditional Western hegemony.

‘Key to this transformation is “de-dollarization”—the gradual move away from the U.S. dollar as a universal reserve currency. BRICS nations advocate for peaceful economic partnerships and equitable trade, fostering mutual prosperity while championing the SDGs.

‘Despite these advances, global financial support for sustainability lags alarmingly behind. For instance, contributions to the COP28-approved Loss and Damage Fund—a mechanism to compensate developing nations for climate-related impacts—total of a mere USD 700 million, dwarfed by the USD 2 trillion annual military expenditure globally.

‘China leads by example, directing nearly USD 700 billion toward clean energy in 2023 alone. By prioritizing infrastructure, renewable energy, and cross-border partnerships under initiatives like the Belt and Road, China continues to solidify its position as a sustainability leader.

‘The global economy faces mounting threats: from climate change and technological disruption to geopolitical instability. Yet, as Prof. Munasinghe argues, these challenges also offer opportunities for innovation, cooperation, and equitable growth.’

A group of 22 differently abled individuals with hearing and speech impairments embarked on an extraordinary 10-night, 11-day tour of Sri Lanka from 8th to 18th November. Covering iconic destinations such as the Cultural Triangle, Kandy, Nuwara Eliya, Tissamaharama, Kalutara, and Colombo, this journey showcased not only Sri Lanka’s rich heritage but also the potential for inclusivity in tourism.

Organized by Transuniverse France and managed locally by Connaissance De Ceylan, the tour was a milestone in Sri Lanka’s inbound tourism sector. Accompanied by two interpreters from France, the group experienced the island’s cultural and natural wonders through tailored itineraries that addressed their unique needs.

This initiative by Connaissance De Ceylan highlights a novel approach to tourism, emphasizing accessibility and inclusivity for travelers with special needs. By offering comprehensive ground handling services and ensuring seamless communication for the group, they have demonstrated Sri Lanka’s potential to be a welcoming destination for all.

The success of this tour not only enriches Sri Lanka’s reputation as a diverse travel destination but also sets an inspiring precedent for the global tourism industry to embrace inclusivity. It reflects a growing commitment to making travel a universally enriching experience, regardless of physical or sensory abilities.