Business
Government has settled US$ 1,909.7 million foreign debt and interest – Rajith Keerthi Thennakoon
Rajith Keerthy Tennakoon Director General of Community Affairs at the President’s Office delivering a special media statement today (05) stated that between the assumption of office by President Ranil Wickremesinghe and February 2024, the Government of Sri Lanka has settled a total of US$ 1909.7 million in foreign debt and interest payments.
He also highlighted that from July 21, 2022, to February 2024, the government has disbursed $1338.8 million in multilateral loans and interest, and that there were no outstanding arrears in loan installments or interest payments up to February 2024.
He said that according to the Department of External Resources, payments totaling US$ 760.1 million have been made to the Asian Development Bank and US$ 7.0 million to the Asian Infrastructure Investment Bank. Additionally, payments of US$ 22.3 million have been made to the European Investment Bank, US$ 17.9 million to the International Fund for Agricultural Development, and US$ 9.8 million to the EFF 23-26 program of the International Monetary Fund. Furthermore, US$ 1.7 million has been disbursed to the Nordic Development Fund, US$ 29.9 million to the OPEC Fund for International Development, and US$ 489.9 million to the World Bank. Consequently, the government’s total payments for loans and interest amount to US$ 1,338.8 million.
It is noteworthy that the Asian Development Bank, the International Monetary Fund, and the World Bank have extended further financial support to the government due to its commendable track record in debt repayment. During this period, negotiations are underway with relevant states and institutions to finalize agreements regarding the repayment of bilateral loans and interest, which currently stand at US$ 571.0 million.
Additionally, preliminary agreements have been reached concerning debt and interest payments, involving members of the Paris Club, with outstanding interest to be settled by the end of February 2024 amounting to $450.7 million.
Tennakoon said that it is worth noting that several countries, including Japan, have provisionally agreed to resume numerous projects halted in the past
Moreover, bilateral loan transactions have been conducted with nearly 25 other financial institutions, such as Canada, China, France, Germany, India, Japan, South Korea, Kuwait, Pakistan, Russia, Spain, the United States, China Development Bank, Sino-Hungarian Bank, Indian Exim Bank, and American Exim Bank.
These loans and interest payments have been denominated in US Dollars, Euros, Japanese Yen, and Canadian Dollars. The Central Bank of Sri Lanka has bolstered its dollar reserves in foreign currencies to facilitate local payments to institutions like People’s Bank, Bank of Ceylon, and Hatton National Bank after settling local debt and interest obligations.
Furthermore, following the repayment of multilateral, bilateral, and local dollar loans, the country’s cash reserves have surged to over $4.9 billion ($4950 million). The government is actively engaged in restructuring business loans and interest totaling $4,439.2 million, acquired at high-interest rates. It is important to note that payment of these funds will be deferred until negotiations regarding debt restructuring are finalized.
He reiterated that the ongoing discussion regarding the special interest rate offered for fixed deposits of senior citizens warrants attention.
(PMD)
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
