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☆ 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

☆ Sri Lanka free to compete internationally but U-19 World Cup moved to South Africa
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

A secutiry person is seen outside the Sri Lanka's cricket board, after Sri Lanka Cricket's (SLC) membership of the International Cricket Council (ICC) has been suspended with immediate effect for government interference, in Colombo, Sri Lanka November 11,2023. REUTERS/Dinuka Liyanawatte/ File photo Acquire Licensing RightsNov 21 (Reuters) - Sri Lanka are free to compete internationally but next year's Under-19 Cricket World Cup will now be hosted by South Africa, as the International Cricket Council (ICC) confirmed the terms of suspension of Sri Lanka Cricket (SLC) on Tuesday. Sri Lanka's membership of the ICC was suspended with immediate effect for government interference on Nov. 10, after Sri Lanka's ministry of sport dismissed SLC's board and replaced it with an interim committee. This followed the country's poor performance at this year's World Cup but the sacking was stayed by Sri Lanka's Court of Appeal. "However, funding to SLC will be controlled by the ICC and the ICC Board confirmed Sri Lanka will no longer host the ICC U19 Men's Cricket World Cup 2024, which will now be held in South Africa."

Persons: Dinuka, Sri Lanka's, Trevor Stynes, Christian Radnedge Organizations: Sri, International Cricket Council, ICC, REUTERS, Sri Lanka Cricket, ICC Board, SLC, ICC U19 Men's Cricket, Thomson Locations: Sri Lanka, Colombo, South Africa, Sri Lanka's

☆ Music streaming was 2022's top moneymaker for songwriters, composers
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A man watches the sunset while wearing a headphone and listening to music, in Colombo, Sri Lanka February 23, 2023. REUTERS/Dinuka Liyanawatte/File Photo Acquire Licensing RightsOct 26 (Reuters) - Streaming became the largest source of income for composers and songwriters in 2022 and helped boost their collections by more than a quarter to 10.83 billion euros ($11.44 billion), a report showed on Thursday. After a boom during the pandemic, streaming collections have doubled from their pre-COVID levels and account for 35% of total collections for music creators, surpassing TV and radio. "It may not affect the graph lines of creators' collections in 2023, but it will in years ahead. CISAC is a network of authors' societies, protecting rights and representing interests of over four million creators of music, audio-visual, drama, literature and visual arts.

Persons: Dinuka, Bjorn Ulvaeus, Ulvaeus, CISAC, Juby Babu, Devika Organizations: REUTERS, International Confederation of, Authors, Composers, Thomson Locations: Colombo, Sri Lanka, Bengaluru

☆ 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 says Sri Lanka debt talks ongoing, unaware of specific deals
▼ + stars: | 2023-10-11 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +3 min

A general view of the main business district as rain clouds gather above in Colombo, Sri Lanka, November 17, 2020. Peter Breuer told Reuters on the sidelines of the World Bank IMF annual meetings in Marrakech that talks between Sri Lanka and all its creditors were ongoing. "We will need to assess the entire package of agreements in its totality to assess consistency with IMF debt targets," Breuer said. Sri Lanka, mired in its worst economic crisis in 70 years, is in debt restructuring talks with a range of creditors, including China, its largest single creditor. Sri Lanka owed Exim $4.1 billion, or 11% of it foreign currency debt, at the end of 2022.

Persons: Dinuka, Peter Breuer, Breuer, Ranjith Siyambalapitiya, Jamie Fallon, Rosario, Libby George, Karin Strohecker, John Stonestreet, Nick Macfie Organizations: REUTERS, Rights, Monetary Fund, Sri, Reuters, World Bank IMF, Export, Import Bank of, Paris Club, Tellimer Research, Thomson Locations: Colombo, Sri Lanka, Rights MARRAKECH, China, Marrakech, Import Bank of China, Japan, India, France

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

☆ Australia to retire Taipan helicopter fleet early after crash
▼ + stars: | 2023-09-29 | by ( Renju Jose | ) www.reuters.com time to read: +3 min

The Taipan fleet will not return to flying operations before the previously planned withdrawal date of December 2024, Defence Minister Richard Marles said. Australia in January said it would buy 40 Black Hawk military helicopters, manufactured by Lockheed Martin (LMT.N), for an estimated A$2.8 billion ($1.80 billion). The Black Hawks are set to replace the Australian army's fleet of Taipan helicopters, which have been plagued for years by maintenance issues. "The first of the 40 Black Hawks that will replace the (Taipan) MRH-90 have arrived and are already flying in Australia. Marles acknowledged there would be "capability challenges" without an operational Taipan fleet and as defence waits for the delivery of more Black Hawks.

Persons: Dinuka, Richard Marles, Lockheed Martin, Marles, Italy's Leonardo, Leonardo, Renju Jose, Jamie Freed Organizations: Australian Navy, Australian Landing Helicopter, REUTERS, Rights, United States, Black Hawk, Lockheed, Black Hawks, Australian, Airbus, ABC, Thomson Locations: Canberra, Colombo, Sri Lanka, Australia, France, Norway, Queensland, United States, Sydney

☆ 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

☆ World Bank approves $700 mln for crisis-hit Sri Lanka
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] People wait in line to buy domestic gas tanks near a distributor, amid the country's economic crisis, in Colombo, Sri Lanka, May 23, 2022. REUTERS/Dinuka Liyanawatte/File PhotoCOLOMBO, June 29 (Reuters) - The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March. "Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable," the World Bank's country director for Sri Lanka, Faris Hadad-Zervos, said in a statement. Sri Lanka is struggling with the worst financial crisis since its independence from Britain in 1948 after the country's foreign exchange hit record lows and triggered its first foreign debt default last year. The IMF approved a bailout of nearly $3 billion in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies.

Persons: Dinuka, Faris Hadad, Zervos, Uditha Jayasinghe, Chris Reese, Sonali Paul Organizations: REUTERS, World Bank, Sri, Monetary Fund, World Bank Group, IMF, Asian Development Bank, Thomson Locations: Colombo, Sri Lanka, Britain, China, Japan, India

☆ Sri Lanka lifts import limits on 286 items as crisis eases
▼ + stars: | 2023-06-10 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO (Reuters) - Sri Lanka lifted import restrictions on 286 items, the Finance Ministry said on Saturday, a fresh sign the South Asian nation is starting to emerge from its worst economic crisis in decades. FILE PHOTO: A general view of city's skyline, amid the country's economic crisis in Colombo, Sri Lanka, April 19, 2022. Sri Lanka’s reserves grew 26% to a 17-month high of $3.5 billion in May, helped by stronger remittances and tourism earnings. “With the economy stabilising, import restrictions on 286 items have been lifted from Friday midnight,” the Finance Ministry said in a statement. Sri Lanka will also slash prices of 60 essential drugs by 16% from this week.

Organizations: Reuters, Finance, REUTERS, International Monetary Fund, Finance Ministry, IMF, Sri Locations: COLOMBO, Sri Lanka, Colombo

[1/2] Staff members work at a packing section at a garment factory in Colombo after the International Monetary Fund's executive board approved a $3 billion bailout for Sri Lanka. The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate and standing lending facility rate to 13% and 14%, respectively, from 15.5% and 16.5% previously. The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3 this year. "There is a need to bring the interest rates down because the cost of government financing is high," said Udeeshan Jonas, chief strategist at equity research firm CAL. Sri Lanka secured a $2.9 billion bailout from the IMF in March and aims to complete restructuring debt talks by September, coinciding with the first review by the lender.

Persons: Dinuka, Udeeshan Jonas, Uditha Jayasinghe, Swati Bhat, Shri Navaratnam, Raju Gopalakrishnan Organizations: Staff, Monetary Fund's, Sri, REUTERS, Central Bank of Sri, Colombo, Monetary Fund, Reuters, CAL, Thomson Locations: Colombo, Sri Lanka, Lanka's, Central Bank of Sri Lanka

☆ Fortune teller sees bleak future as Sri Lankans celebrate new year
▼ + stars: | 2023-04-11 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

About 85% of Sri Lanka's 22 million population celebrate the New Year on April 14, observing auspicious times and visiting family. Sri Lanka's economic meltdown, triggered by a severe foreign exchange shortage, low tax revenues and high debt, has seen the cost of living soar. Sri Lanka secured an IMF bailout last month but is still ironing out how to restructure debt owed to bilateral creditors and bondholders. His power bill has jumped 29,000 rupees per month to 105,578 now after big increases in tariffs. Fortune teller Chandani hopes things will improve in the new year.

☆ Sri Lanka receives first tranche of IMF bailout
▼ + stars: | 2023-03-22 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +1 min

REUTERS/Dinuka LiyanawatteCOLOMBO, March 22 (Reuters) - Sri Lanka has received the first tranche of an IMF bailout programme, President Ranil Wickremesinghe told parliament on Wednesday. "This sets the stage for Sri Lanka to have better fiscal discipline and improved governance," Wickremesinghe said. It clears the way for Sri Lanka to rework a substantial part of its $84 billion worth of public debt. State finance minister Shehan Semasinghe said in an interview that Sri Lanka is ready to engage in restructuring talks with bilateral and private creditors to recover debt sustainability as "soon as possible." This was the 17th IMF bailout for Sri Lanka and the third since the country's decades-long civil war ended in 2009.

[1/5] A general view of a main market is seen, after The International Monetary Fund's executive board approved a $3 billion, in Colombo, Sri Lanka March 21, 2023. REUTERS/Dinuka LiyanawatteCOLOMBO, March 21 (Reuters) - Sri Lanka will receive the first tranche of about $330 million from the International Monetary Fund in the next two days, and, going forward, disbursements would be tied to reviews that take place every six months, an IMF official said on Tuesday. Peter Breuer, Senior Mission Chief for Sri Lanka, Asia and Pacific Department at IMF, said debt sustainability was one of the key criteria for the IMF to approve a bailout for any economy. International dollar bonds issued by the country soared following the IMF package approval. The biggest bilateral creditors, including China, India and Japan, have guaranteed support to Sri Lanka in its efforts to put the economy back on track.

☆ Life under lockdown: How our world looked three years ago
▼ + stars: | 2023-03-20 | by ( Jeremy Schultz | ) www.reuters.com time to read: 1 min

People practice social distancing inside an elevator prior to arriving at their workplaces at World Trade Center, after the government announced that private and state companies will reopen their offices after almost two months of lockdown in...morePeople practice social distancing inside an elevator prior to arriving at their workplaces at World Trade Center, after the government announced that private and state companies will reopen their offices after almost two months of lockdown in Colombo, Sri Lanka, May 11, 2020. REUTERS/Dinuka LiyanawatteClose

☆ Analysis: China paves Sri Lanka's way to IMF funds, but debt talks remain uncertain
▼ + stars: | 2023-03-08 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +4 min

Cash-strapped nations such as Zambia and Ghana are also facing talks on reworking debt with Chinese lenders, and Sri Lanka's negotiations showed that international efforts to standardize some debt rework parameters are failing. China is the biggest bilateral creditor to Sri Lanka, which defaulted on its international debt last year. Sri Lanka owed China's EXIM $4.1 billion, or 11% of the country's foreign currency debt, at the end of 2022, according to government data. Reuters GraphicsBOARD APPROVAL VS DEBT DEALAn executive board approval unlocks IMF financing, though it doesn't necessarily mean it will expedite debt talks. Once the executive board approval is secured, the IMF will publish Sri Lanka's debt sustainability analysis.

☆ A bakery in Sri Lanka faces electricity price hikes and food inflation amid national financial crisis
▼ + stars: | 2023-02-21 | by ( Jillian Kumagai | ) www.reuters.com time to read: 1 min

A baker pours flour into the mixer to make cakes at Wish Bakers shop, in Colombo, Sri Lanka, February 17, 2023. "It's not just the ovens, most of our machines need power," managing director Sanjula Peiris said. "We're struggling to maintain our...moreA baker pours flour into the mixer to make cakes at Wish Bakers shop, in Colombo, Sri Lanka, February 17, 2023. "It's not just the ovens, most of our machines need power," managing director Sanjula Peiris said. "We're struggling to maintain our business."

☆ Exclusive: Paris Club to give Sri Lanka financing assurances amid IMF debt talks - sources
▼ + stars: | 2023-02-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +2 min

[1/4] A vendor of a stall exchanges money with a customer at a main market in Colombo, Sri Lanka November 30, 2016. REUTERS/Dinuka LiyanawatteLONDON, Feb 2 (Reuters) - The Paris Club of creditor nations is ready to provide financing assurances to Sri Lanka, a key step needed to unlock a $2.9 billion bailout by the International Monetary Fund (IMF), two sources with direct knowledge of the matter told Reuters. But it needs financing assurances from key bilateral lenders before the fund's executive board approves the programme. Another source said the informal group is currently reaching out to other non-Paris Club besides China on financing assurances, but did not provide any further details. We need to see credible and specific assurances that they will meet the IMF standard of debt relief," U.S.

☆ India commits to help Sri Lanka on debt in prospective IMF program
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] Laborers carry sacks of flour in the main market as Sri Lankan President Ranil Wickremesinghe announced 2023 budget amid the country's economic crisis, in Colombo, Sri Lanka, November 14, 2022. REUTERS/ Dinuka Liyanawatte/File PhotoJan 23 (Reuters) - India has committed to help ease the debt burden of its crisis-stricken neighbor Sri Lanka as part of a possible International Monetary Fund-supported program, the IMF said on Monday. "Sri Lanka is engaged with other official bilateral creditors to obtain similar assurances," an IMF spokesperson said in a statement on Monday. "As soon as adequate assurances are obtained and remaining requirements are met, including by the Sri Lankan authorities, a Fund-supported program for Sri Lanka can be presented to the IMF's Executive Board for approval that would unlock much needed financing." Sri Lanka requires the backing of China and India - its biggest bilateral lenders - to reach a final agreement with the IMF that is essential to help the country emerge from its worst financial crisis in seven decades.

REUTERS/Dinuka Liyanawatte/File PhotoDec 13 (Reuters) - For the energy industry, 2022 will be remembered as the year Russia's invasion of Ukraine accelerated a global energy crisis. The world's top energy companies beat a hasty retreat from Russia and wrote off tens of billions of dollars in assets. WHY IT MATTERSRussia's invasion of Ukraine caused European countries to re-evaluate their relationship with that nation, long the continent's primary supplier of natural gas. "We are seeing nothing less than the termination of a successful 50-year partnership on gas between Russia and Europe," said Michael Stoppard, special adviser and global gas analyst at S&P Global Commodity Insights. As the year comes to a close, costs for natural gas and heating fuel have ebbed as economic activity declines.

☆ Hundreds march in crisis-hit Sri Lanka protesting tax hikes, crackdowns
▼ + stars: | 2022-11-02 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

[1/3] Demonstrators shout at Sri Lankan police officers during an anti-government protest by trade unions, student movements, and civil organisations, including the main opposition parties, amid the country's economic crisis, in Colombo, Sri Lanka, November 2, 2022. We need solutions and we will keep fighting for them," Ceylon Teacher's Union Secretary Joseph Stalin said. Widespread protests in July resulted in former President Gotabaya Rajapaksa fleeing the country and resigning after protesters stormed his office and residence. read moreProtesters carrying national and black flags shouted slogans of "Ranil go home," during the march and called for new elections. They also accused the government of using draconian anti-terrorism legislation to crack down on protest leaders and jail two of them.

☆ Sri Lanka looks to revive free trade deal with Singapore
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSri Lanka's President Ranil Wickremesinghe looks on during an interview with Reuters at Presidential Secretariat, amid the country's economic crisis, in Colombo, Sri Lanka August 18, 2022. REUTERS/ Dinuka LiyanawatteCOLOMBO, Sept 27 (Reuters) - Sri Lanka will step up efforts to revive a stalled free trade pact with Singapore, President Ranil Wickremesinghe told the city state's premier on Tuesday, his office said in a statement. The free trade pact signed in January 2018 was suspended because of objections from Sri Lankan opposition parties and professional bodies. Sri Lanka proposed more than a dozen amendments in May 2021 but talks have largely stalled. Register now for FREE unlimited access to Reuters.com RegisterReporting by Uditha Jayasinghe; Writing by Shilpa Jamkhandikar; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Japan to support Sri Lanka's debt restructuring negotiations
▼ + stars: | 2022-09-23 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

Reaching an agreement with creditors is key to Sri Lanka securing a $2.9 billion bailout package from the International Monetary Fund (IMF). "Japan stands by Sri Lanka in support of the debt restructuring negotiation process so that Sri Lanka can reach the final agreement with the IMF," Ambassador Hideaki Mizukoshi said in an interview. Although Japan will support the debt negotiation process, Mizukoshi said that talks on large infrastructure projects will only be resumed after Sri Lanka's economy recovers. Japanese firms have been investing in Sri Lanka since the 1970s, including in the electronics, ceramics and engineering sectors. "We hope that the environment for investment to Sri Lanka will improve."

☆ Sri Lanka to unveil debt restructuring plan to creditors
▼ + stars: | 2022-09-23 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

Sri Lanka's President Ranil Wickremesinghe looks on during an interview with Reuters at Presidential Secretariat, amid the country's economic crisis, in Colombo, Sri Lanka August 18, 2022. The government has already held preliminary restructuring talks with neighbour India and diplomats based in Colombo. "Sri Lanka is focused on trying to get the IMF deal finalised by December or early next year." Sri Lanka's foreign currency debt was $47.3 billion as of end-2021 and local-currency debt at $53.6 billion, according to an update from the Ministry of Finance in August. The foreign currency debt includes $13 billion in international sovereign bonds held largely by private creditors, such as asset managers BlackRock (BLK.N) and Ashmore (ASHM.L).

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