Category: News

Pakistan, Sri Lanka call for cementing bilateral ties in diverse sectors

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Pakistan and Sri Lanka have emphasized the need to deepen and strengthen the longstanding cooperation in political, economic, and cultural domains, focusing on enhancing people-to-people ties.

The resolve came at a meeting between Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar and Sri Lankan President Ranil Wickremesinghe on the sidelines of the COP-28 summit in Dubai today.

The two leaders expressed satisfaction over the close and amicable nature of the bilateral relations between the two countries, highlighting the goodwill towards the people of both nations.

Speaking on the occasion, the Sri Lankan President highlighted Sri Lanka’s efforts and initiatives to overcome economic challenges and the crisis of excessive debt.

Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar, in turn, briefed the Sri Lankan President on Pakistan’s endeavors for economic upliftment.

The leaders of both the nations underscored the importance of collaborative efforts to address common challenges, including fostering peace and prosperity in South Asia and tackling the adverse effects of environmental changes.

Sri Lankan President shared insights from Sri Lanka’s experiences, particularly in overcoming financial crises and challenges associated with excessive debt.

Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar acknowledged Sri Lanka’s initiatives and expressed interest in learning from their experiences.

Both leaders emphasized the significance of cooperation to address shared challenges, working towards peace, security, and sustainable development in the region.

The meeting concluded with a commitment to continue joint efforts in the pursuit of mutual prosperity and addressing environmental challenges, including climate change.

Meanwhile, on the sidelines of COP28 in the UAE, the Prime Minister Anwaar ul Haq Kakar met with Scotland’s First Minister Humza Yousaf.

The Prime Minister wrote on X that “had a productive meeting with Scotland’s First Minister and discussed collaborative efforts in tackling climate change and strengthening bilateral ties”.

Source: BOL News

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Sri Lanka, India leaders meet at COP-28, discuss issues

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Sri Lanka President Ranil Wickremesinghe has met with India Prime Minister Narendra Modi in Dubai on the sidelines of the COP-28 global climate summit.

Modi tweeted Friday December 01 afternoon that it was “wonderful to connect and discuss various issues” with Wickremesinghe.

The run-in occurred amid ongoing discussions between the two South Asian nations on separate agreements on investment and trade. Wickremesinghe told this week’s Sri Lanka Economic Summit in Colombo that an attempt to join the Regional Comprehensive Economic Partnership (RCEP) has been hit by a lack of rules to admit new members.

Sri Lanka was earlier attempting to have a Comprehensive Economic Partnership Agreement (CEPA) which was scuttled by economic nationalists during the previous Rajapaksa administration.

“We have recommenced the talks with India,” President Wickremesinghe said on Wednesday November 29 at the economic summit organised by the Ceylon Chamber of Commerce.

“Earlier it was to be one. It has told us … they want one separate one on investment, and one separate one on trade. The investment one I think will take off first,” he said.

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Rishad Bathiudeen Says He Will File Legal Action Against Gota and TID Director Over Harassment and Injustice

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All Ceylon Makkal Congress (ACMC) Leader Rishad Bathiudeen revealed his intention to file legal action against former President Gotabhaya Rajapaksa and the Director of the Terrorism Investigation Division (TID) over what he claims is an injustice committed against him. Bathiudeen, who was under investigation by the TID in the aftermath of the Easter Sunday attacks, alleges coercion, intimidation, and false testimonies.

During his parliamentary statement, Bathiudeen expressed his intent to seek legal recourse against specific individuals involved in what he characterized as an orchestrated plan to file false charges against him. He asserted that high-ranking officials, including the Ministry Secretary, officers, and directors of the Industrial Development Board (IDB), were allegedly coerced into providing false testimony.

Bathiudeen claimed that the underlying motive was to imprison him for a period of five years, suggesting a calculated effort to influence elections by leveraging his potential incarceration. He further alleged harassment directed towards his entire family.

The ACMC Leader’s revelations shed light on the complex dynamics surrounding the investigations into individuals linked to the Easter Sunday attacks.

US Ambassador concerned over ‘continued use of PTA’ in Sri Lanka

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US Ambassador to Sri Lanka Julie Chung has raised concerns pertaining to the ‘continued use of the Prevention of Terrorism Act (PTA)’, highlighting the importance of the need to protect certain ‘fundamental freedoms’.

In a post on ‘X’, formerly known as Twitter, Ambassador Chung raised concerns over the repeated use of the controversial legislation as a tool for the arrest of peaceful protesters and the inhumane treatment of detainees in prison.

“It’s vital to ensure freedom of expression and humane treatment of those in custody. Especially as the government looks to replace the PTA in line with its international commitments and implement key reforms, it must protect fundamental freedoms”, Chung said.

The much-disputed PTA is set to be replaced by Sri Lanka’s new Anti-Terrorism Bill, after the PTA came under fire for being repeatedly abused and violating several fundamental rights.

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SLPP convention on Dec. 15

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The ruling SLPP yesterday (30) announced that its second national convention would be held on 15 Dec., at the Sugathadasa Indoor Stadium with the participation of former President Mahinda Rajapaksa and party founder Basil Rajapaksa.

A statement issued by the SLPP quoted former Finance Minister and National Organiser Basil Rajapaksa as having said that the future plans of the party and their role in the agenda for the country would be placed before the people at this event.

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NP Governor receives assurance from Erik Solheim

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President Ranil Wickremesinghe’s International Climate Advisor Eric Solheim said he would provide his fullest cooperation for the development of the Northern Province when he met the Governor of the Province P.S.M. Charles in Jaffna recently.

Solheim served as the Norwegian peace envoy for talks between then Premier Ranil Wickremesinghe’s government and the LTTE in 2002.

The Office of the NP Governor said that Charles explained in detail to the international climate consultant Eric Solheim, about many issues including the risk management of the Northern Province, the daily living conditions of the people, effects of climate changes, economy, and the development to be carried out in the province. Solheim, the President’s International Climate Advisor who heard about the issues, said that he was very happy to meet the Governor of the Northern Province during his visit to Sri Lanka.

Also, he said that he is happy to promote green projects for Sri Lanka’s development. Since Sri Lanka has the resources for solar, wind and hydro power generation, it can carry out the green hydrogen project. At the same time, the President’s International Climate Adviser, assured the Governor that he would provide the necessary full cooperation for the development of the Northern Province.

Sri Lanka bondholders raise concerns over debt deal transparency

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LONDON :A group of creditors holding Sri Lanka’s international bonds said on Friday it welcomed the country’s debt restructuring agreement with official creditors, though it said a lack of transparency on deals struck so far was regrettable.

The complaint underscores rising worries that a lack of visibility for private creditors around debt deals between indebted countries and their official creditors could derail or delay those nations’ efforts to finalise restructuring.

Sri Lanka and a group of its creditor nations, including Japan, France and India, on Wednesday reached an agreement in principle on a debt rework of $5.9 billion of outstanding public debt. That followed a deal between the country and the Export-Import Bank of China in October on about $4.2 billion of loans.

But the bondholder group, which represents creditors holding some of the country’s $12 billion of outstanding bonds, said a lack of transparency between public and private creditors was making it more difficult for them to strike a deal with Sri Lanka that was compliant with IMF rules and that provided “fair and equitable” debt treatment.

“The group finds it regrettable that there remains such a significant lack of transparency on the part of official sector creditors despite the group’s efforts so far to act as a constructive counterparty,” the Ad Hoc Group of Bondholders said in an emailed statement.

Last week, objections from official creditors derailed an agreement in principle between Zambia and its bondholders to restructure the African nation’s international debt. The group of Zambia’s bilateral creditors, including France, China and India, said the terms of that proposed deal were not comparable to the relief official creditors offered.

Zambia, as a low-income nation, is reworking its debt under the G-20-designed Common Framework, which makes its process slightly more rigid than Sri Lanka’s. But investors and experts said the issues around lack of information sharing was making it tough for all private lenders to craft debt reworks that public creditors deem comparable to their own offerings.

“It’s possibly more problematic than it was designed to be in terms of actually being able to achieve these debt renegotiations,” Robert Simpson of Pictet Asset Management said.

“We saw it with Zambia, that, you know, once the details are out, one creditor group actually can put a spanner in the works in terms of the entire process.”

The Sri Lanka Ad Hoc Group of bondholders said it remained committed to reaching an agreement with the Sri Lankan authorities as quickly as possible to find a sustainable solution to the country’s international bond debt challenges.

The Ad Hoc Group is advised by Rothschild & Co on the financial side and by White & Case LLP on legal matters.

Source: Reuters

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Woman claims to be LTTE Leader Prabhakaran’s daughter, video goes viral

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A woman claiming to be daughter of slain LTTE leader Prabhakaran, addressed Lankan Tamils and she assured that the Tamil Eelam’s fight for freedom will continue.

A video of a woman, claiming to be the daughter of the former Liberation Tigers of Tamil Eelam (LTTE) chief Prabhakaran, surfaced on social media on the occasion of “Maveerar Naal”, a Remembrance Day observed by Sri Lankan Tamils worldwide to honour the sacrifice of LTTE cadres.

Identifying herself as Dwaraka Prabhakaran, the woman expressed her willingness to reveal her identity to the world on an important day. “I am here after overcoming numerous difficulties and betrayals. One day, I hope to visit Eelam too and serve my people,” the saree-clad woman can be heard saying in the video.

The video was shared on social media platforms almost 14 years after Sri Lankan military declared that Prabhakaran and his family were dead in the final days of war at Mullivaikkal.

In her 12-minute-long speech in Sri Lankan Tamil, the woman said that Sri Lankan government sought support from powerful nations when they were unable to confront the LTTE directly. She further emphasised that LTTE’s fight for freedom will continue, emphasising unity in diversity for political needs.

Addressing the Lankans abroad, she urged them to take care of the marginalised Tamils in Sri Lanka. Expressing the belief that a separate Tamil Eelam would provide autonomy and development, the woman stated that it was the national leader’s viewpoint.

Furthermore, the woman clarified that the Tamil struggle is not against the Sinhalese people but against the government and corrupt politicians, who manipulated innocents against them.

She hoped that the Sinhalese would understand their cause, emphasising the alignment of ideologies despite differing paths.

Sources close to the Sri Lankan government said that they had received information suggesting the use of Artificial Intelligence (AI) to generate a video claiming to be Dwaraka Prabhakaran. The government is looking into the matter.

Half of Sri Lanka believes local political forces involved in Easter attacks

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Over 50% of Sri Lankans say local political forces were involved in the Easter attacks, according to a survey carried out by Verité Research.

More than half of the Sri Lankan population – 53% – believes local political forces were involved in the Easter Sunday attacks carried out in 2019.

Those surveyed were given the following three views prevalent in the country about who was behind the attacks, and asked to select the one they most agreed with.

1) It was carried out by Sri Lankan extremists who were working with dangerous foreign forces

2) It was carried out by Sri Lanka extremists who were working with local political forces.

3) It was carried out by Sri Lankan extremists who were working with both local political forces and dangerous foreign forces

53% believed local political forces were involved — 30% selected the second answer, and 23% selected the third answer.

Only 8% believed that it was carried out without the involvement of local political forces (the first answer). A high percentage, 39%, said they have no opinion or refused to comment.

Survey methodology:

The poll was conducted in October 2023 and was based on an island-wide, nationally representative sample of responses from 1,029 Sri Lankan adults.

The poll has a maximum error margin below ±3% at a 95% confidence interval.

Syndicated Surveys is a survey instrument by Verité Research and the polling partner was Vanguard Survey (Pvt) Ltd. Syndicated Surveys also provides other organisations with the opportunity to survey the sentiments of the people of Sri Lanka through this poll.

US welcomes Sri Lanka’s debt deal with creditor nations

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The United States has welcomed the in-principle agreement reached between Sri Lanka and the Official Creditor Committee (OCC) on specific financing terms to restructure the island nation’s debt in line with the parameters set in the International Monetary Fund (IMF) program.

Taking to X (formerly Twitter), the US Ambassador in Colombo, Julie Chung said this agreement supports a viable path to economic stability for Sri Lanka.

Chung emphasized that the agreement on debt restructuring and sound economic policies are crucial for the timely release of the next tranche of the IMF’s bailout package, which she said would provide the much-needed financial support for continued economic stabilization, recovery, and the improvement of public services, benefiting the people of Sri Lanka.

The ambassador reiterated that the United States stands by Sri Lanka for a sustainable recovery.

On Wednesday (Nov.29), both the OCC and the Sri Lankan government confirmed the in-principle agreement the two sides have reached for debt treatment.

In its statement, the OCC has commended the Sri Lankan authorities for their continuous efforts in implementing the reforms necessary for their country’s return to a sustainable path.

Following the launch of a common platform in April 2023 for talks among bilateral creditors to coordinate restructuring of Sri Lanka’s debt, the OCC was formally formed on May 09 with 17 countries to respond to the Sri Lankan authorities’ request for a debt treatment. It is co-chaired by India, Japan and France (as the chair of the Paris Club). Since its formation, the OCC has engaged extensively with the Sri Lankan authorities, the IMF, the World Bank as well as China, and Sri Lanka’s private creditors.

Meanwhile, Sri Lanka’s Finance Ministry revealed that the agreement covers approximately USD 5.9 billion of outstanding debt and consists of a mix of long-term maturity extension and reduction in interest rates.

The IMF on Thursday (Nov.30) said the agreement will pave the way for its Executive Board to consider clearing the first review of the four-year Extended Fund Facility (EFF) arrangement in December and unlock the next tranche of the loan which amounts to about USD 334 million in funds.

“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,” Peter Breuer, IMF’s mission chief for Sri Lanka, said in a statement.

The debt deal between the OCC and Sri Lanka comes about a month after the island nation’s agreement with China’s Export-Import (Exim) Bank covering approximately USD 4.2 billion of outstanding debt,

Sri Lanka plunged into its worst financial crisis in seven decades last year after its foreign exchange reserves dwindled to record lows.

But since locking down the IMF bailout of $2.9 billion in March, the South Asian island nation has managed to partly stabilize its economy, bring down runaway inflation and rebuild currency reserves.

After receiving the IMF money, Sri Lanka stands to receive further funding from the Asian Development Bank (ADB) and the World Bank, bringing the total amount to around USD 900 million.