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☆ Sri Lanka Votes on New Law to Regulate Online Content
▼ + stars: | 2024-01-24 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Uditha JayasingheCOLOMBO (Reuters) - Sri Lanka's lawmakers are set to vote on a social media regulation bill on Wednesday which opposition politicians and activists allege will muzzle free speech. The Online Safety Bill proposes jail terms for content that a five-member commission considers illegal and make social media platforms such as Google, Facebook and X, formerly known as Twitter, liable for those posted on their platforms. President Ranil Wickremesinghe's government says the bill is aimed at battling cyber crimes including child abuse, data theft and online fraud. This is why we are bringing this law," Public Security Minister Tiran Alles said on Tuesday while introducing the bill. "We unequivocally stand by our position that the Online Safety Bill, in its current form, is unworkable and would undermine potential growth and foreign direct investment into Sri Lanka's digital economy," the AIC said in a statement.

Persons: Uditha Jayasinghe, Bill, Ranil Wickremesinghe's, Wickremesinghe, Tiran Alles, Eran Wickramaratne, Jana Balawegaya, Sudipto Ganguly, Raju Gopalakrishnan Organizations: Reuters, Google, Facebook, Twitter, Public, Asian Internet Coalition, AIC, Yahoo, Sri, Wednesday Locations: Uditha Jayasinghe COLOMBO, Sri Lanka, Lanka's

☆ Sri Lanka to Continue Drug Crackdown Despite Rights Group Concerns - Minister
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

By Uditha JayasingheCOLOMBO (Reuters) - Sri Lanka vowed to continue an anti-narcotics campaign that has seen more than 35,000 people detained over the last few weeks despite concerns raised by multiple rights groups, top officials said on Thursday. Sri Lankan police have detained 38,525 people since the operation - code-named "Yuktiya" or "Justice" - began in December. Thirty-three rights organisations including Amnesty International, Human Rights Watch, and International Commission of Jurists, this week expressed concerns over what they call "drastic intensification" of anti-narcotics operations in Sri Lanka leading to significant human rights violations. There is no reasonable suspicion, the kind of people arrested have a lower marginalised economic status," said Thiyagi Ruwanpathirana, a researcher for Amnesty International Sri Lanka. Sri Lanka had over 97,000 drug-related arrests in 2020 with 53% of arrests for heroin and 42% for cannabis including possession offences, according to latest data from state-run National Dangerous Drugs Control Board.

Persons: Uditha Jayasinghe, Tiran, Thiyagi Ruwanpathirana, Ruwanpathirana, Deshabandu Tennekoon, Sri, Toby Chopra Organizations: Reuters, Sri, Public, Amnesty, Human Rights Watch, International Commission of Jurists, Drugs, Board Locations: Uditha Jayasinghe COLOMBO, Sri Lanka, Sri Lanka's

☆ Netherlands returns colonial-era artefacts to Sri Lanka
▼ + stars: | 2023-12-05 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

[1/4] People view colonial-era artefacts that have been returned from the Netherlands, at the main Museum in Colombo, Sri Lanka December 5, 2023. Sri Lanka asked the Netherlands to return the artefacts after the Dutch government approved the restitution of historic objects in 2021. The artefacts were taken in 1765 from Kandy, the last kingdom of ancient Sri Lanka, when the Dutch besieged the palace, a statement from the Netherlands embassy said. Sri Lanka is grateful to the government and the people of the Netherlands for returning the artefacts, said Buddhasasana Religious and Cultural Affairs Minister Vidura Wickramanayake. The Netherlands returned over 300 artefacts to Indonesia earlier this year, according to its government.

Persons: Dinuka, Vidura Wickramanayake, Dewi Van de Weerd, Lord Elgin, Uditha, Alexandra Hudson Organizations: REUTERS, Rights, Cultural Affairs, National Museum, Sri, International Cultural Cooperation, British Museum, Alexandra Hudson Our, Thomson Locations: Netherlands, Colombo, Sri Lanka, Kandy, Great Britain, Indonesia, Britain, Greece, Elgin, Athens, Ottoman

☆ IMF says Sri Lanka debt deal could help board clear first bailout review
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The deal comes about a month after Sri Lanka's agreement with the Export-Import Bank of China covering about $4.2 billion of outstanding debt, while clearing the IMF review could trigger a second tranche of about $334 million in funds. "These understandings pave the way for the IMF Executive Board to consider completion of the first review of Sri Lanka's four-year Extended Fund Facility Arrangement," Peter Breuer, IMF's mission chief for Sri Lanka, said in a statement. "We look forward to the Executive Board taking up this review by mid-December and the continuation of our productive collaboration with Sri Lanka in the period ahead." Sri Lanka plunged into its worst financial crisis in seven decades last year after its foreign exchange reserves dwindled to record lows.

Persons: Yuri Gripas, Lanka's, Peter Breuer, IMF's, Nandalal Weerasinghe, Uditha Jayasinghe, Sudipto Ganguly, Clarence Fernandez, Steohen Coates Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, Sri, Export, Import Bank of, IMF, Asian Development Bank, World Bank, Thomson Locations: Washington , U.S, Import Bank of China, Sri Lanka's, Sri Lanka

☆ Sri Lanka reaches debt restructuring deal with creditor nations - government source
▼ + stars: | 2023-11-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

"Sri Lanka has been informed of an agreement," the source, who did not want to be identified, said. The Sri Lanka president's office and the finance ministry did not immediately respond to requests for comment. Japan co-chairs the official creditor committee, together with France and India. China is Sri Lanka's largest bilateral creditor and is an observer in the group, steering clear of joining the group as a formal member. The ADB's funds are part of a $350 million special policy-based loan that was approved in May to support Sri Lanka.

Persons: Nandalal Weerasinghe, Takafumi Kadono, Sudipto Ganguly, Jacqueline Wong, Kim Coghill Organizations: Reuters, Export, Import Bank of China, International Monetary Fund, Asian Development Bank, World Bank, ADB, Thomson Locations: COLOMBO, Sri Lanka, Japan, France, India, China, Sri Lanka's, Colombo, Sri

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCOLOMBO, Nov 25 (Reuters) - Sri Lanka will likely approve on Monday a proposal from Chinese state refiner Sinopec to build a $4.5-billion-dollar refinery, the South Asian island nation's energy minister said on Saturday. Sri Lanka, trying to recover from its worst economic crisis in more than 70 years, is hungry for new investment and local fuel supplies. The investment will add to Sinopec's recently started fuel retailing business, the third international company with a foothold in Sri Lanka, with a license to operates 150 petrol stations. Sinopec's fuel oil division, which runs the retail business there, began in 2019 supplying marine bunker fuel at Hambantota, another Sinopec official said. Sri Lanka's refinery at Sapugaskanda, commissioned in 1969, can process 38,000 barrels of oil a day.

Persons: Chris Helgren, Kanchana Wijesekera, Wijesekera, Vitol, Uditha Jayasinghe, Chen Aizhu, Krishn Kaushik, William Mallard Organizations: China Petroleum & Chemical Corporation, REUTERS, Rights, and Energy, Reuters, Sri, China Merchant Port Holdings, Initiative, China Merchants, Thomson Locations: Vancouver , British Columbia, Canada, Sri Lanka, China's, Saudi Arabia, Russia, China, Colombo, Sinopec, Hambantota, Europe, Asia, Lanka's, Sapugaskanda

☆ US commits $553 mln financing for Adani terminal venture at Colombo port
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsCOLOMBO, Nov 8 (Reuters) - The U.S. International Development Finance Corporation (DFC) said it will provide $553 million financing for a Colombo port terminal project, partly owned by India's Adani Group, advancing the first foray by an Indian company into the sector. Ports-to-edible oils Adani group, controlled by Indian billionaire Gautam Adani, holds a 51% stake in the west container terminal of the port, which also has a terminal run by China Merchants Port Holdings Co Ltd (0144.HK). India extended about $4 billion in swaps and credit lines to Sri Lanka last year, providing critical support to import fuel, medicine and fertiliser during the worst of the crisis. Sri Lankan conglomerate John Keells Holdings owns 34% of the WCT and the rest is held by the state-run Sri Lanka Ports Authority (SLPA).

Persons: Amit Dave, Gautam Adani, Scott Nathan, Uditha Jayasinghe, Kim Coghill Organizations: Adani, REUTERS, Rights, U.S . International Development Finance Corporation, India's Adani, China Merchants Port Holdings Co, HK, West, John Keells Holdings, WCT, Sri Lanka Ports Authority, Thomson Locations: Ahmedabad, India, Colombo, Indian, Sri Lanka, China, Sri

☆ Maldives will return Indian military as soon as possible, says incoming president
▼ + stars: | 2023-10-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

Mohamed Muizzu, Maldives presidential candidate of the opposition party, People's National Congress speaks with the media personnel during the second round of a presidential election in Male, Maldives September 30, 2023. REUTERS/Dhahau Naseem/File Photo Acquire Licensing RightsCOLOMBO, Oct 29 (Reuters) - Maldives will work to return Indian military personnel from its shores "as soon as possible," President-elect Mohamed Muizzu told Reuters on Sunday, insisting it was the top foreign policy priority for the tiny Indian Ocean island chain. Muizzu won Maldives' presidential election last month, beating incumbent President Ibrahim Solih in a second-round runoff. Solih had followed an "India first" policy but Muizzu in his election campaign promised to remove a small Indian military presence of some 75 personnel in Maldives. "The focus is not on the actual number of military personnel here, it is on not having any at all in the Maldives.

Persons: Mohamed Muizzu, Dhahau Naseem, Muizzu, Ibrahim Solih, Solih, I’m, Uditha, Swati Bhat, Susan Fenton Organizations: People's, REUTERS, Rights, Reuters, Maldives ., Thomson Locations: Maldives, Male, India, China

☆ Sri Lanka approves free tourist visa for seven countries to boost tourism
▼ + stars: | 2023-10-24 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +1 min

A surfboard is seen in the middle of an empty beach, near hotels at Unawatuna beach in Galle, Sri Lanka July 4, 2019. The scheme is part of attempts by Sri Lanka to boost tourism recovery and hit a target of five million arrivals by 2026, the statement added. But the tourism industry is seeing a turnaround in 2023 with Sri Lanka clocking a million arrivals by September, for the first time since 2019. The island is expecting to close the year at 1.5 million arrivals. India is the largest source of tourists with 200,310 arrivals, followed by Russia with 132,300, latest data from the Sri Lanka Development Authority showed.

Persons: Dinuka, Uditha Jayasinghe, Emelia Sithole Organizations: REUTERS, Rights, Sri, Sri Lanka Development Authority, Thomson Locations: Galle, Sri Lanka, China, India, Russia, Japan, Thailand, Indonesia, Malaysia

☆ IMF seeks strong budget, narrower deficit from Sri Lanka
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Oct 20 (Reuters) - The International Monetary Fund (IMF) is looking for a strong budget and narrower deficit from Sri Lanka as it seeks funding to bridge the gap between government revenue and expenditure, the IMF mission chief for the country said on Friday. But the country has struggled to increase public revenue, with the IMF projecting a 15% shortfall this year. An improved performance for next year is necessary for Sri Lanka to get past the first review of its programme with the global lender. Sri Lanka reached a staff level agreement with the IMF late on Thursday to release the second tranche of about $330 million but still needs approval from the IMF management and Executive Board. Sri Lanka typically uses borrowings from state banks, taxes and government securities to fund its budget.

Persons: Sri Lanka Peter Breuer, Breuer, Uditha Jayasinghe, Sakshi Dayal, Jacqueline Wong Organizations: Monetary Fund, IMF, Thomson Locations: DELHI, Sri Lanka, Sri, Washington . Sri Lanka

☆ Sri Lanka president to visit China as debt talks progress - source
▼ + stars: | 2023-10-13 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCOLOMBO, Oct 13 (Reuters) - Sri Lankan President Ranil Wickremesinghe will visit China next week as the crisis-hit country makes progress on debt restructuring talks with its biggest lender, a source in his office told Reuters on Friday. The Sri Lankan leader could also meet China's finance and foreign ministers, the source added. The president's media office and Sri Lankan foreign ministry did not immediately respond to requests for comment. Sri Lanka owes Chinese lenders - bilateral and commercial - around $7 billion. Sri Lanka needs to reach agreements with creditors to push forward its first review of the IMF programme, which will release a second tranche of about $334 million.

Persons: Ranil Wickremesinghe, Brendan McDermid, Wickremesinghe, Xi Jinping, Xi, Uditha Jayasinghe, Simon Cameron, Moore Organizations: Sri, General Assembly, REUTERS, Rights, Monetary Fund, Forum, China's, Export, Import Bank of China, IMF, Thomson Locations: New York City, U.S, Sri, China, Beijing, Lankan, Sri Lanka, Japan, India

People walk past the main entrance of the Sri Lanka's Central Bank in Colombo, Sri Lanka March 24, 2017. The Central Bank of Sri Lanka (CBSL) lowered the standing deposit facility rate and the standing lending facility rate by 100 basis points each to 10% and 11%, respectively, it said in a statement. Sri Lanka, however, failed to reach an agreement with the IMF in its first review of the bailout package last month, due to a potential shortfall in government revenue. Even with policy loosening Sri Lanka could find it difficult to post (a 2% contraction) this year," said Udeeshan Jonas, chief strategist at equity research firm CAL Group. The central bank reiterated that it would like to see market interest rates come down further.

Persons: Dinuka, CBSL, Udeeshan Jonas, Thilina Panduwawala, Uditha Jayasinghe, Swati Bhat, Sam Holmes, Sudipto Ganguly Organizations: Sri, Central Bank, REUTERS, Rights, International Monetary Fund, Central Bank of Sri, IMF, CAL, Frontier Research, Bank Locations: Colombo, Sri Lanka, Lanka's, Central Bank of Sri Lanka, Sri, Lanka

☆ Foreign troops must leave Maldives, president-elect Muizzu says
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Mohamed Muizzu, Maldives presidential candidate of the opposition party, People's National Congress speaks with the media personnel during the second round of a presidential election in Male, Maldives September 30, 2023. REUTERS/Dhahau Naseem/File Photo Acquire Licensing RightsNEW DELHI, Oct 4 (Reuters) - Foreign military forces cannot stay in the Maldives, president-elect Mohamed Muizzu told a rally celebrating his victory in closely watched weekend presidential elections that are expected to redraw ties with India and China. "All the countries which agree to our pro-Maldives policy will be our close friends and allies," Muizzu told supporters at Monday's event. India, with traditionally close ties to Male, denies that assertion, and is helping to build a naval harbour for Maldivian forces to be trained by its military. Solih, who championed an "India First" policy, continues in office until Muizzu is inaugurated on Nov. 17.

Persons: Mohamed Muizzu, Dhahau Naseem, Ibrahim Solih, Muizzu, Solih, Mohamed Junayd, Krishn Kaushik, Uditha, Blassy Boben, Clarence Fernandez Organizations: People's, REUTERS, Foreign, Indian, Thomson Locations: Maldives, Male, DELHI, India, China, New Delhi

☆ Maldives Opposition Candidate Muizzu Wins Presidential Vote
▼ + stars: | 2023-10-01 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

(Corrects dateline to MALE, not COLOMBO)By Mohamed JunaydMALE (Reuters) -Opposition candidate Mohamed Muizzu has won the Maldives presidential election, beating incumbent President Ibrahim Solih in a second-round runoff that could herald a pro-China shift for the Indian Ocean archipelago, from traditional partner India. About 85% of 282,000 eligible voters in the Maldives, known for its pristine beaches and high-end resorts, turned up at more than 586 polling stations across 187 islands. "Today the people made a strong decision to win back Maldives independence," Muizzu told reporters in the capital, Male. Muizzu also called on President Solih to release Yameen to house arrest. "India remains committed to strengthening the time-tested India-Maldives bilateral relationship and enhancing our overall cooperation in the Indian Ocean Region," Modi said on X.

Persons: Mohamed Junayd MALE, Mohamed Muizzu, Ibrahim Solih, Muizzu, Solih, Abdulla Yameen, Insha Allah, Yameen, Narendra Modi, Modi, Mohamed Junayd, Uditha Jayasinghe, Edmund Klamann Organizations: India, Solih, Maldives, Indian Locations: COLOMBO, China, Maldives, India

☆ Maldives opposition candidate Muizzu wins presidential vote
▼ + stars: | 2023-10-01 | by ( Mohamed Junayd | ) www.reuters.com time to read: +2 min

[1/4] Mohamed Muizzu, Maldives presidential candidate of the opposition party, People's National Congress gestures after casting his vote at a polling station during the Maldives presidential election day in Male, Maldives September 9, 2023. REUTERS/Dhahau Naseem/File Photo Acquire Licensing RightsMALE, Oct 1 (Reuters) - Opposition candidate Mohamed Muizzu has won the Maldives presidential election, beating incumbent President Ibrahim Solih in a second-round runoff that could herald a pro-China shift for the Indian Ocean archipelago, from traditional partner India. With nearly all votes counted, the Elections Commission of the Maldives said on its website that Muizzu had received 54% of the ballots in Saturday's vote, with 46% for Solih. "Today the people made a strong decision to win back Maldives independence," Muizzu told reporters in the capital, Male. Muizzu also called on President Solih to release Yameen to house arrest.

Persons: Mohamed Muizzu, Dhahau Naseem, Ibrahim Solih, Muizzu, Solih, Abdulla Yameen, Insha Allah, Yameen, Narendra Modi, Modi, Mohamed Junayd, Uditha Jayasinghe, Edmund Klamann Organizations: People's, REUTERS, India, Solih, Maldives, Indian, Thomson Locations: Maldives, Male, China, India, Colombo

☆ Maldives presidential run-off pits pro-India, pro-China figures
▼ + stars: | 2023-09-30 | by ( Mohamed Junayd | ) www.reuters.com time to read: +1 min

[1/2] People arrive to cast their vote at a polling station during the second round of a presidential election in Male, Maldives September 30, 2023. REUTERS/Dhahau Naseem Acquire Licensing RightsMALE, Sept 30 (Reuters) - Voters lined up at hundreds of polling stations in the Maldives on Saturday in a run-off election for president of the Indian Ocean archipelago that pits the incumbent India-leaning leader against a strong pro-China contender. Opposition candidate Mohamed Muizzu led President Ibrahim Mohamed Solih in the first round three weeks ago by 6 percentage points. Thousands turned out early at over 586 polling stations across 187 islands known for their sun-kissed beaches and resorts. Maldivians were also voting at polling stations in India, Sri Lanka, Malaysia, Britain and Abu Dhabi.

Persons: Dhahau Naseem, Mohamed Muizzu, Ibrahim Mohamed Solih, Muizzu, Abdulla Yameen, Mohamed Junayd, William Mallard Organizations: REUTERS, Center, Reuters, China, Thomson Locations: Male, Maldives, India, China, Sri Lanka, Malaysia, Britain, Abu Dhabi, Solih

☆ Tropical Maldives heads to polls closely watched by India and China
▼ + stars: | 2023-09-09 | by ( Mohamed Junayd | ) www.reuters.com time to read: +1 min

A Maldives national flag flutters as pigeons fly past during the morning in Male February 8, 2012. "August’s poll reveals a majority of voters, 53%, remain undecided just three weeks before the first round vote on 9 September. This month’s poll has seen the most ‘undecideds’ since Baani began its monthly poll in April," the organisation said in a statement. If no candidate manages to secure 50% plus one vote, there will be a second round vote on Sept. 30 to decide the winner. Reporting by Mohamed Junayd, writing by Uditha Jayasinghe, editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Dinuka, Ibrahim Solih, Mohamed Muizzu, Muizzu, Abdulla Yameen, undecideds, Baani, Mohamed Junayd, Uditha Jayasinghe, Nick Macfie Organizations: REUTERS, Baani, Thomson Locations: Maldives, COLOMBO, India, China

☆ Sri Lanka lifts import ban on trucks, heavy vehicles
▼ + stars: | 2023-08-15 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

REUTERS/Dinuka Liyanawatte/File PhotoCOLOMBO, Aug 15 (Reuters) - Sri Lanka on Tuesday lifted a ban on imports of trucks and other heavy vehicles for the first time since March 2020, according to a gazette notification. Sri Lanka has been gradually easing import restrictions, which were imposed as the country's economy tottered from a financial crisis caused by a severe shortage of dollars. Heavy vehicles including buses, trucks and tankers can now be imported, according to a government notification issued by President Ranil Wickremesinghe, who is also the finance minister. However, import bans on passenger vehicles including cars will remain in place. Sri Lanka's economy is expected to shrink about 2% this year, according to central bank estimates, after a 7.8% contraction last year.

Persons: Dinuka, Ranil Wickremesinghe, Uditha Jayashinghe, Jacqueline Wong, Ed Osmond Organizations: REUTERS, International Monetary Fund, IMF, Thomson Locations: Colombo, Sri Lanka, Sri

☆ Crisis-hit Sri Lanka invites Japan to resume investment
▼ + stars: | 2023-07-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +1 min

COLOMBO, July 29 (Reuters) - Sri Lanka on Saturday invited Japan to resume investment in projects including power, roads and ports, after the Japanese foreign minister wrapped up the first high-level visit to the crisis-hit country in nearly four years. Sri Lanka Foreign Minister Ali Sabry said his country was seeking Japanese investment in sectors such as power, infrastructure, dedicated investment zones as well as in the green and digital economies. Japan's Foreign Minister Yoshimasa Hayashi is in Colombo as part of a multi-country diplomatic tour including India, South Africa, Uganda and Ethiopia. Sri Lanka, which lies along key shipping routes in the Indian Ocean, has become a hot spot for influence between India and Japan on the one side and China on the other. Japan is Sri Lanka's second biggest bilateral lender, after China, with about $2.7 billion in outstanding loans, according to latest finance ministry data.

Persons: Ali Sabry, Sabry, Yoshimasa Hayashi, Uditha Jayasinghe, Lincoln Organizations: Saturday, Sri Lanka Foreign, Japan's, Thomson Locations: COLOMBO, Sri Lanka, Japan, Colombo, India, South Africa, Uganda, Ethiopia, Maldives, China, Sri

☆ Sri Lanka parliament passes anti-corruption bill without vote
▼ + stars: | 2023-07-19 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, July 19 (Reuters) - Sri Lanka's parliament approved an anti-corruption bill on Wednesday, aimed at improving governance in the crisis-hit country and meeting requirements linked to a $2.9 billion bailout from the International Monetary Fund (IMF). The legislation was passed without a vote in the 225-member parliament. "The bill is passed with amendments," Sri Lanka parliament Speaker Mahinda Yapa Abeywardena told lawmakers after more than two dozen pages of amendments were included into the draft legislation during the morning session. The Anti-Corruption Bill increases the powers and resources allocated to Sri Lanka's Bribery and Corruption Commission, which is mandated with carrying out major investigations. "We welcome the law, but the proof of the pudding will be in the eating," said Sankhitha Gunaratne, Deputy Executive Director, Transparency International Sri Lanka (TISL).

Persons: Mahinda Yapa Abeywardena, Sankhitha Gunaratne, Uditha Jayasinghe, Himani Sarkar, Christian Schmollinger, Emma Rumney Organizations: International Monetary Fund, IMF, United Nations, Sri, Corruption Commission, Sri Lanka, Thomson Locations: COLOMBO, Sri Lanka, Asia

The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate and standing lending facility rate to 11% and 12%, respectively, from 13% and 14% previously. This follows a 250 bps cut at its last policy meeting in June. The central bank raised rates by a record 950 bps last year to tame inflation and by 100 bps on March 3. Sri Lanka's key inflation index peaked at 70% year-on-year in September and has come down gradually. "Now that they are bringing down rates fast, they will issue very long-term bonds and reduce borrowing costs for the government.

Persons: Gotabaya Rajapaksa, Ranil Wickremesinghe, CBSL, Sri, Dimantha Mathew, Uditha Jayasinghe, Swati Bhat, Sudipto Ganguly, Raju Gopalakrishnan Organizations: International Monetary Fund, Central Bank of Sri, First, Thomson Locations: COLOMBO, Lanka's, Central Bank of Sri Lanka

The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) to 11% and 12%, respectively, from 13% and 14% previously, in line with expectations. The 200 basis point cut follows a 250 bps cut at its last policy meeting in June. The central bank raised rates by a record 950 bps last year to tame inflation and by 100 bps on March 3. Sri Lanka's key inflation index peaked at 70% year-on-year in September and has come down gradually. Analysts expect more rate cuts in coming months to aid economic recovery and reduce borrowing costs for corporates and the government.

Persons: Gotabaya Rajapaksa, Ranil Wickremesinghe, CBSL, Sri, Dimantha Mathew, Thilina Panduwawala, Sudipto Ganguly, Raju Gopalakrishnan Organizations: International Monetary Fund, Central Bank of Sri, First, corporates, Frontier Research, Thomson Locations: COLOMBO, Sri Lanka, Central Bank of Sri Lanka

☆ Sri Lanka parliament approves domestic debt restructuring plan
▼ + stars: | 2023-07-01 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, July 1 (Reuters) - Sri Lanka's parliament approved a domestic debt restructuring plan on Saturday that is crucial to continue a $2.9 billion bailout from the International Monetary Fund (IMF). To put its debt on a sustainable footing and pass an IMF review, Sri Lanka unveiled a much-anticipated domestic debt restructuring framework last Thursday that seeks to rework part of the island nation's $42 billion domestic debt. "This debt restructuring plan is essential for Sri Lanka to meet the target set by the IMF agreement to reduce debt from the current 128% of GDP to 95% of GDP by 2023," State Minister of Finance Shehan Semasinghe told parliament. Implementing the domestic debt plan is also crucial to push forward negotiations with bondholders and key bilateral creditors China, Japan and India. Sri Lanka aims to finalise debt restructuring talks by September.

Persons: Finance Shehan Semasinghe, Sajith Premadasa, Shivangi Acharya, Andrew Cawthorne Organizations: International Monetary Fund, Sri, Finance, Thomson Locations: COLOMBO, Sri Lanka, China, Japan, India, New Delhi

☆ Factbox: Sri Lanka asks foreign investors for a 30% haircut in debt restructure
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +5 min

The domestic debt restructure is needed to help the country reach the IMF programme goal of reducing overall debt to 95% of GDP by 2032. WHAT WILL THE DOMESTIC DEBT RESTRUCTURING INCLUDE? "We are asking foreign debt holders for a 30% haircut but that is still under discussion," Weerasinghe said. This will be implemented in Phase 2 of the domestic debt restructuring. Aiming to contain any potential market volatility, Sri Lanka declared a five-day holiday from June 29 to July 3.

Persons: Read, Nandalal Weerasinghe, Weerasinghe, Mahinda Siriwardana, CBSL, Uditha Jayasinghe, Shilpa Jamkhandikar, Kim Coghill, Emelia Organizations: International Monetary Fund, IMF, Sri Lanka Development, Bank of Sri, Treasury, Sri, Thomson Locations: Colombo, Sri Lanka, Britain, Bank of Sri Lanka, China, Japan, India

☆ Sri Lanka targets 30% haircut for international, domestic dollar bonds
▼ + stars: | 2023-06-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +5 min

The government also aims to rework its foreign debt with bondholders and bilateral creditors including China, Japan and India. Under the domestic debt revamp, holders of locally issued dollar-denominated bonds, such as Sri Lanka Development Bonds (SLDBs), will be given three options, Weerasinghe said. "We are asking foreign debt holders for a 30% haircut but that is still under discussion," Weerasinghe said. "Sri Lanka is under enormous pressure to restructure as quickly as possible and get its economy back on track, they need funds to import a lot of goods to reinvigorate their key tourism industry," Lutz Roehmeyer, fund manager at Capitulum Asset Management, who holds Sri Lanka international bonds. "A 30% haircut is too little given the shape the country's economy is in."

Persons: Nandalal Weerasinghe, Gotabaya Rajapaksa, Weerasinghe, Lutz Roehmeyer, Uditha Jayasinghe, Rosario, Karin Strohecker, Shilpa Jamkhandikar, Himani Sarkar, Kim Coghill, Simon Cameron, Moore, Toby Chopra Organizations: Saturday International, International Monetary Fund, IMF, Sri Lanka Development, Capitulum Asset Management, Sri Lanka, World Bank, Sri, Jorgelina, Thomson Locations: COLOMBO, Sri Lanka, Britain, China, Japan, India, United States

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