Wednesday, May 31, 2023

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Sri Lanka Original Narrative Summary: 24/03

  1. President’s Secretary Saman Ekanayake says this year’s Vesak festival is set to be celebrated on a grand scale, both nationally and locally, as per President Ranil Wickremesinghe’s instructions.
  2. According to a Barclays report, holders of SL’s Int’l Sovereign Bonds face a 20% principal haircut in the country’s debt restructuring as well as maturity extensions and a reduction in coupons: Investors’ focus now shifts to the restructuring of SL’s $13.4 bn sovereign dollar bonds (capital+interest) after the final sign off on the USD 3 bn IMF programme.
  3. State Minister of Finance Ranjith Siyamabalapitiya says interest of 4% per annum and additional surcharges will have to be paid on the IMF loan.
  4. President Ranil Wickremesinghe says the Parliament is required to approve the IMF report by the 3rd-week of April: also says if anyone has any issue regarding the IMF report, they could talk it over with the IMF when they come back to Sri Lanka: asserts he can’t go and continue the 2nd round of negotiations without such approval.
  5. State Minister of Finance Ranjith Siyambalapitiya says the first tranche of USD 330 mn of the IMF Facility was received.
  6. Milk Powder Importers Association spokesperson Ashoka Bandara says the price of imported milk powder will be reduced with effect from April 1: also says the decision was taken due to the decrease in prices in the world market.
  7. Navy conducts special operation to chase poaching trawlers from SL waters: operation leads to seizure of 2 trawlers with 12 Indian nationals poaching in SL waters off Analaitivu and Kovilan, Jaffna.
  8. Central Bank Economic Research Director Dr P K G Harischandra says the CB continues to be a net buyer of forex from the domestic forex market following the debt standstill and severe import restrictions: also says the CB has
    bought about a billion dollars of forex so far this year: thousands of SMEs lament that their businesses have closed due to the ban in imports.
  9. Cabinet approves the divestment of shares in SL Airlines, SL Catering, SL Telecom, SL Insurance, Canwill Holdings (Grand Hyatt Hotel), Hotel Developers (Hilton Hotel), Litro Gas, Litro Gas Terminals and Lanka Hospital: process to select consultants to provide transaction advisory services to the above entities, to start soon.
  10. President Ranil Wickremesinghe says the Govt intends on passing the best Anti-Corruption Act in South Asia in Parliament soon.

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