Page 14 - Sri Lanka

Sri Lanka central bank cuts interest rates to help fuel economic recovery

The Central Bank of Sri Lanka (CBSL) cut the Standing Deposit Facility Rate to 8.25 per cent and the Standing Lending Facility Rate to 9.25 per cent

India, Sri Lanka plan roadmap to train 1,500 officers from island nation

A roadmap is being discussed for a collaboration between the National Centre for Good Governance (NCGG) and Sri Lanka's Institute of Development Administration to train 1,500 administrative officers of the island nation in India, according to an official statement issued on Thursday. A high-level Indian delegation, led by NCGG Director General and Department of Administrative Reforms and Public Grievances (DARPG) Secretary V Srinivas, visited Sri Lanka from July 7-9. According to an statement issued on Thursday by the Personnel Ministry, the visit was marked by productive deliberations and strategic meetings, and paved the way for enhanced bilateral cooperation and capacity building support for senior public officials of Sri Lanka. "The two sides discussed the roadmap for collaboration between the National Centre for Good Governance (NCGG) and Sri Lanka Institute of Development Administration for capacity building programs for 1,500 Sri Lanka Administrative Service Officers in India

Sri Lankan Navy arrests 13 Indian fishermen from Tamil Nadu, seizes 3 boats

As per information received by the Rameswaram Fishermen Association, the fishermen belonged to the Pudukkottai district of Tamil Nadu

Sri Lanka to not ban any foreign research ships from its ports from 2025

Sri Lanka has decided to lift from next year a ban on the visit of foreign research ships imposed after strong security concerns raised by India and the US following frequent docking requests from hi-tech Chinese surveillance vessels, the Japanese media reported. The change in position was conveyed by visiting Sri Lankan Foreign Minister Ali Sabry to the NHK World Japan. With the increased movement of Chinese research vessels in the Indian Ocean, New Delhi had expressed concern that those might be spy ships and urged Colombo not to allow such vessels to dock at its ports. After India raised concern, Sri Lanka banned the entry of foreign research vessels from docking at its port in January. Earlier this year, it had made an exception for a Chinese vessel but said the ban would continue otherwise. Sabry said his government cannot have different rules for different countries and only block China. He added that his country will not take sides in a dispute between others, the NHK World

Wickremesinghe rules out another salary hike for govt employees this year

Sri Lankan President Ranil Wickremesinghe has said that the government sector employees will not be given another salary increase this year, cautioning that further pay hikes without proper planning could cripple the government ahead of presidential and general elections. The 75-year-old, widely expected to seek re-election for the office of president, acknowledged the strain on the economy, stating that previous programmes providing increased benefits and allowances had depleted excess funds, the News First portal reported on Sunday. Wickremesinghe highlighted the Sri Lankan Rs 10,000 salary increase and additional benefits implemented under the "Aswasuma" programme. He emphasised the need for fiscal responsibility, cautioning that further salary increases without proper planning could cripple the government, the report said. Wickremesinghe, who has been serving the balance term of the ousted president Gotabaya Rajapaksa since mid-July 2022, stressed the need to prioritise nationa

India donates digital equipment worth Rs 30 cr to 200 schools in Sri Lanka

Describing it as a project for posterity, India on Saturday donated digital equipment, including 2,000 Tabs, worth Rs 300 million for use by 200 schools in the southern province of Sri Lanka. A ceremony in the southern district of Galle, attended by President Ranil Wickremesinghe and Indian High Commissioner Santosh Jha, marked a significant step towards educational modernisation, with the provision of 200 Smart Classrooms and 2,000 Tabs to 200 schools in the Southern Province. Following a request by the Minister of Health and Industry, Dr Ramesh Pathirana, the Government of India allocated Rs 300 million to the Southern Provincial Council for this project. Of the 200 selected schools, 150 are in the Galle district, while the remaining 50 are in the Hambantota and Matara districts, a statement from the President's Media Division (PMD) said. Additionally, 2,000 Tabs were distributed, with each of the 200 classrooms receiving 10 Tabs, the statement said. We deeply appreciate the supp

Sri Lanka strikes pvt debt restructuring deal with bondholders, says min

Sri Lanka has reached a debt restructuring deal with the international sovereign bondholders after protracted negotiations, state finance minister Shehan Semasingher said on Thursday, calling it a "crucial step" in the cash-strapped country's efforts to restore debt sustainability. In a statement, State Minister of Finance Semasinghe said that an agreement on restructuring terms was reached on Wednesday, completing Sri Lanka's debt restructuring process. ISBs (International Sovereign Bonds) account for USD 12.5 billion out of the total external debt of USD 37 billion. This agreement is a crucial step in our efforts to restore debt sustainability, Semasinghe said. He added that the agreement with private bondholders was subject to the approval by the official creditor committee of nations, including India. "This marks another key milestone in our journey towards economic revival and strengthening," he said. Officials said the expected haircut agreed upon would amount to 28 per cent

Debt restructuring deal aids Sri Lanka's economic revival: Wickremesinghe

President Ranil Wickremesinghe on Tuesday said substantial progress" has been achieved in Sri Lanka's debt restructuring, which he said provided the much-needed breathing space for the cash-strapped country to transform its bankrupt economy into a resilient and stable one. Briefing Parliament on the country's resulting benefits of the correct course of action, President Wickremesinghe also countered the Opposition's criticism of the debt restructuring agreement with major bilateral creditors and promised to table all agreements and documents related to it to a Parliamentary panel. In April 2022, the island nation declared its first-ever sovereign default since gaining Independence from Britain in 1948. The unprecedented financial crisis led President Ranil Wickremesinghe's predecessor Gotabaya Rajapaksa to quit office in 2022 amid civil unrest. Earlier last week, President Wickremesinghe announced that debt restructuring agreements were finalised with bilateral lenders, including ..

Wickremesinghe defends Sri Lanka's debt restructuring deal amid criticism

Sri Lankan President Ranil Wickremesinghe on Tuesday countered the Opposition's criticism of the cash-strapped country's external debt restructuring agreement with major bilateral creditors and promised to table all agreements and documents regarding debt restructuring to a parliamentary panel for scrutiny. The planned two-day debate in Parliament on the deal was, however, postponed as Opposition members protested the lack of transparency regarding the agreements reached. Dismissing the Opposition's criticism as inaccurate, Wickremesinghe argued, No bilateral creditor would agree to a reduction of principal amount. Instead, concessions are allowed through extended repayment periods, grace periods and lower interest rates. The president, who also holds the portfolio as the finance minister, said the agreements with bilateral creditors include extending principal repayments until 2028, maintaining interest rates below 2.1 per cent, and extending the full debt resettlement grace period

Sri Lanka to save $5 billion after bilateral debt rework: Wickremesinghe

The cash-strapped South Asian country inked deals with China and other creditor nations to restructure about $10 billion

Lankan politician Sampanthan passes away, PM Modi, EAM sends condolences

R Sampanthan, a veteran Sri Lankan politician and a moderate Tamil leader, passed away last night while receiving treatment in a hospital, the Tamil National Alliance has announced. Sampanthan, 91, led the Tamil National Alliance (TNA) from 2004 and became only the second Tamil to become the main opposition leader in the Sinhala-majority country. He was ailing for a long time and was missing the current parliamentary sessions for a long time. He was a moderate Tamil who had been leading the political movement to achieve a negotiated political settlement to the Tamil demand for political autonomy. The Tamils put forward their demand for autonomy since gaining independence from Britain in 1948, which, from the mid-70s, turned into a bloody armed conflict. He took office as the leader of the opposition in 2015 and was actively involved in the process of drafting a new Constitution until 2019. A brilliant lawyer, Sampanthan entered Parliament for the first time in 1977 from the easte

200 foreigners, mostly Indians, held for cyber financial scams in Sri Lanka

Sri Lankan police have arrested at least 200 foreigners, the majority of them Indians, for allegedly engaging in online financial scams, a media report said on Saturday. The Criminal Investigations Department also found that funds obtained through such frauds have been deposited in bank accounts in the UK, Dubai and India. News portal NewsFirst.lk quoted officials from the Criminal Investigation Department who said that there were Chinese, Bangladeshi, Pakistani and Nepali nationals among those arrested but a majority of them were Indian nationals. About 400 computers used by the suspects are being subject to investigation. Earlier on Friday, police spokesman SSP Nihal Thalduwa said some 60 Indians were arrested on Thursday from the Colombo suburbs of Madiwela and Battaramulla and the western coastal town of Negombo. The CID had conducted simultaneous raids in these areas leading to the seizure of 135 mobile phones and 57 laptops. The crackdown was the result of a complaint from

137 Indians arrested in Sri Lanka for cyber scam; 158 mobile phones seized

At least 60 Indian nationals part of a group engaged in online financial scams have been arrested by Sri Lanka's Criminal Investigations Department. They were arrested on Thursday from the Colombo suburbs of Madiwela and Battaramulla and from the western coastal town of Negombo. According to Police Spokesman SSP Nihal Thalduwa, the CID conducted simultaneous raids in these mentioned areas, leading to the seizure of 135 mobile phones and 57 laptops. The crackdown follows a complaint from a victim who was lured into a WhatsApp group promising cash for social media interactions. Further investigation revealed a scheme where victims were coerced into making deposits after initial payments. In Peradeniya, a father-son duo admitted to aiding the fraudsters, Daily Mirror Lanka newspaper reported. Key evidence uncovered during a luxury house raid in Negombo led to the initial arrest of 13 suspects and the seizure of 57 phones and computers. Subsequent operations in Negombo yielded 19 ...

Sri Lanka deal key milestone towards restoring debt sustainability: IMF

Sri Lanka still needs to convince bondholders to restructure about $12.5 billion in international bonds, on which the global lender said it hopes to see swift progress in the near future

India hails Lanka's debt restructuring pact; reaffirms support to recovery

India on Wednesday welcomed Sri Lanka's debt restructuring agreement with a group of creditor nations and said it will continue to support the island nation's economic recovery, including by promoting long-term investments. India is one of the co-chairs of the Official Creditors Committee (OCC) that was formed in April last year to finalise a plan for restructuring Sri Lanka's debt. The Sri Lankan government said it has finalised a long-delayed debt restructuring agreement for USD 5.8 billion with its bilateral lenders, including India and China. "After several rounds of engagements, the OCC signed the Memorandum of Understanding (MoU) on debt restructuring on June 26," the Ministry of External Affairs (MEA) said. It said this milestone demonstrates the strong progress made by Sri Lanka in stabilising its economy and moving towards reform and growth. "As one of the co-chairs of the OCC, along with France and Japan, India has been steadfast in its commitment to the stabilisation, .

Jaishankar meets envoys of Kuwait, Sri Lanka, and New Zealand in Delhi

Kuwaiti Ambassador Meshal Mustafa Jasim Alshemali called on Jaishankar and discussed bilateral relations

10 Indian fishermen arrested, 1 Sri Lankan sailor killed in ops: Navy

At least 10 Indian fishermen were arrested while one Sri Lankan naval sailor was killed in an operation launched by the island nation's authorities to seize a trawler allegedly engaged in illegal fishing in the Sri Lankan waters, authorities said on Tuesday. The incident came two days after 18 Indian fishermen were arrested by the Sri Lanka Navy for alleged poaching. The operation was launched on Tuesday off the coast of Delft islet in Northern Jaffna when the Sri Lankan Navy received information that an Indian with some fishermen was involved in illegal fishing in the Sri Lankan waters. "The Navy launched an operation to nab an Indian trawler and fishermen doing illegal fishing in the Sri Lankan waters. However, during the operation, one Sri Lankan sailor suffered chest injuries from an iron rod in the Indian trawler and died," Navy spokesman Captain Gayan Wickremasuriya told PTI. However, in the operation, the Sri Lankan Navy seized the trawler and arrested 10 Indians from it. T

Lanka approves debt restructuring; to ink deal on Jun 26: Govt spokesman

Cash-strapped Sri Lanka has approved the debt restructuring deal with its creditors while the negotiations with international sovereign bondholders are to be continued further, cabinet spokesperson and minister Bandula Gunawardena said on Tuesday. Gunawardena also said that top treasury officials along with the minister of state for finance have been sent to Paris to sign the relevant agreements with the Official Creditors Committee which comprises two types of creditors called Paris Creditors and Non-Paris Creditors. There are a group of 15 countries under the Paris Creditors group whereas seven countries, including India in the Non-Paris Creditors. "Sri Lanka on Tuesday approved the debt restructuring deal with creditors committee while the negotiations with international sovereign bondholders are to be continued further," Gunawardena, the minister for Transport, Highways and Mass Media said. "Sri Lanka faced its worst crisis since independence when we were no longer able to meet

Sri Lanka likely to sign bilateral debt agreements: Foreign minister

The South Asian island nation defaulted on its foreign debt in May 2022 after its economy was driven to the brink by a severe fall in foreign exchange reserves

Sri Lanka sports minister denies night club visit caused team's T20 WC exit

Sri Lankan Sports Minister Harin Fernando on Monday challenged the critics to prove that the alleged night club visit had caused the cricket team's premature exit in the ongoing T20 World Cup in the Americas. Sri Lanka could not progress to the Super 8s stage, finishing third in Group D behind South Africa and Bangladesh, who made the grade. "I challenged them (critics) to prove it, and I will resign if they can prove it," Fernando said referring to a comment reportedly made by his predecessor. It has been alleged that the team was late for a practice session due to their late night-out. Fernando had taken over the ministry in November 2023 from Roshan Ranasinghe, who was removed from the post by president Ranil Wickremesinghe following his action to sack the Sri Lanka Cricket management and appoint an interim committee. The International Cricket Council had subsequently suspend Sri Lanka's membership due to government interference. Fernando said all the facilities were provided