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Japan to support Sri Lanka’s debt restructuring negotiations - newsfirst.lk - China - Japan - India - Sri Lanka - city Tokyo - city Colombo
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Japan to support Sri Lanka’s debt restructuring negotiations
COLOMBO (News 1st) – Japan, one of Sri Lanka's main creditors, will back the South Asian nation as it seeks to restructure about $30 billion of its foreign debt and find a way out of a crippling economic crisis, Tokyo's envoy to the country said on Friday.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.Japan holds around $3.5 billion of Sri Lanka's total bilateral debt of about $10 billion, amounting to 4.4% of the island's GDP, according to government and IMF data.Japan is also a major trading partner."Japan intends to play a constructive role with other creditor countries, including China and India," Mizukoshi said.Sri Lanka is facing its worst economic crisis in decades, with severely depleted foreign exchange reserves leading to prolonged shortages of essentials, including fuel and food.The financial turmoil is the result of economic mismanagement and the impact of the COVID-19 pandemic that upended Sri Lanka's lucrative tourism industry.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."In the future, when this economic crisis is over and the economic conditions are in good shape, we can restart that kind of discussion," he said.Sri Lanka suspended a $1.5 billion Japanese-funded light rail project for the commercial capital Colombo in 2020, citing financial problems.Regional rival China has built ports,
Bandula Gunawardena - Coal Crisis: Cabinet Spokesperson blames conspiracy - newsfirst.lk - Sri Lanka
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Coal Crisis: Cabinet Spokesperson blames conspiracy
Coal Crisis: Cabinet Spokesperson blames conspiracyCOLOMBO (News 1st) – Sri Lanka's Cabinet Spokesperson on Friday (23) revealed that a conspiracy is taking place to deprive the country of on-time coal imports.Minister (Dr) Bandula Gunawardena, the country's cabinet spokesperson, told reporters on Friday (23) that a conspiratorial plan is afoot to deny the on-time coal delivery and to extend the power cuts.He said that the coal tender that was awarded recently, was for a bid that was lower than what was offered last year.The Minister said that due to technical and legal issues if Sri Lanka fails to import coal on time it would lead to a crisis, and therefore it was decided by the Cabinet of Ministers to appoint a Cabinet Sub-Committee to make an emergency decision that is paramount for the country and to make purchases in a manner that does not affect the people.He said that all necessary decisions will be made by the subject Minister, and the Cabinet Sub-Committee to prevent a shutdown of the power plant that would lead to extended power cuts.The Minister said coal procurement will be made as an emergency national requirement, that will not affect the people in any way.Sri Lanka is likely to once again face an electricity crisis due to issues surrounding the procurement of coal to power the Norochcholai Power Plant.The Ceylon Electricity Board Engineer's Union warned that daily power cuts are likely to be extended to ten hours a day, if coal is not received by the 25th of October 2022.The Public Utilities Commission of Sri Lanka also approved the Ceylon Electricity Boards' (CEB) request for power cuts of 2 hours & 20 minutes from 23rd to 25th September.Electricity Supply: 30 percent of the country's electricity supply
Ranil Wickremesinghe - Sri Lanka’s Debt Restructuring talks today (22) - newsfirst.lk - Sri Lanka
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Sri Lanka’s Debt Restructuring talks today (22)
COLOMBO (News 1st) – Sri Lanka's proposal for Debt Restructuring will be discussed online on Friday (23).Finance Secretary Mahinda Siriwardena told News 1st that all creditor nations will join the discussion, and the plan is to provide them a better understanding on Sri Lanka's Debt Restructuring process.Sri Lanka will be represented by the Finace Ministry Officials and personnel from the Central Bank of Sri Lanka.On Thursday (22) foreign diplomats in Sri Lanka assured President Ranil Wickremesinghe of their support to get the assistance of the International Monetary Fund (IMF) to Sri Lanka to recover from the economic crisis, said the President's Media Division.They made this assurance on Thursday (22) at the Ambassadors’ Forum on Debt Restructuring and IMF Program held at the President’s Office chaired by the President.Ambassadors from 23 countries, both members and non-members of Paris Club participated at the Forum.The foreign ambassadors expressed their confidence that Sri Lanka would be able to get out of this situation.President Ranil Wickremesinghe emphasized that it was the government’s expectation to overcome the economic challenge that the country is facing and assured that all possible measures would be taken in the endeavour.Governor of the Central Bank Dr. Nandalal Weerasinghe and Finance Ministry Secretary Mahinda Siriwardana explained the progress of the discussions held with the International Monetary Fund (IMF) and the current economic situation in Sri Lanka.President Ranil Wickremesinghe said that it was a challenge the country had to face to ensure a better future for the next generation.
Lights out after October? – Power Cuts likely to be extended - newsfirst.lk - Sri Lanka
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Lights out after October? – Power Cuts likely to be extended
COLOMBO (News 1st) –  Sri Lanka is likely to once again face an electricity crisis due to issues surrounding the procurement of coal to power the Norochcholai Power Plant.The Ceylon Electricity Board Engineer's Union warned that daily power cuts are likely to be extended to ten hours a day, if coal is not received by the 25th of October 2022.The Public Utilities Commission of Sri Lanka also approved the Ceylon Electricity Boards' (CEB) request for power cuts of 2 hours & 20 minutes from 23rd to 25th September.Electricity Supply: 30 percent of the country's electricity supply depends on the Norochcholai coal-fired power plant despite one generator being out of order.More than 40 percent of the electricity demand is met from this plant when all three generators are in operation.Currently, the stock of coal in the plant is sufficient only till October 25th, 2022.After October 25th, sufficient coal stocks should be provided for power generation at the Norochcholai coal-fired power plant.What happened to the supply of coal?Recently, bids were invited to contract a long-term supplier of Coal for Sri Lanka. Several companies submitted bids during the formal tender process and another company submitted bids outside the tender process.After opening and evaluating the bids submitted outside the tender process, the proposals submitted in the formal tender process have been evaluated.Ultimately, it was decided to award the long-term supply to the company that submitted bids via the proper tender process.But the company that submitted bids outside the tender process had again submitted a bid at a lower price.The Minister of Power and Energy recently revealed in Parliament that the said bidder also influenced the company that offered
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