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Allahabad HC directs schools in Uttar Pradesh to provide 15% refund on fees charged during Covid

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COLOMBO (News 1st); General Sahir Shamshad Mirza, NI (M), the Chairman of the Joint Chiefs of Staff Committee of Pakistan arrived in Sri Lanka for a three day visit.The visiting General and his entourage arrived in the island at the cordial invitation extended by the Chief of Defence Staff (CDS) General Shavendra Silva WWV RWP RSP VSV USP ndc psc MPhil. Commencing the official tour in Sri Lanka, General Sahir Shamshad Mirza, NI (M) visited the Office of the Chief of Defence Staff where the visiting General was formally received in a colourful Guard of Honour, accorded on his behalf by the troops of the Sri Lanka Army. Chief of Defence Staff General Shavendra Silva and General Sahir Shamshad Mirza dedicated time for the discussions highlighting the importance of continued close relations between the two friendly nations and recalled the past memories and assistance readily extended to Sri Lanka, particularly during the height of the combat against the LTTE terrorism and remembered the bonds of understanding and goodwill that prevails between two forces throughout the years. Further, CDS conveyed his gratefulness to the Pakistan Defence Forces for the support extended to the defence sector of Sri Lanka in numerous means such as training and modern military equipment to the Sri Lankan Armed Forces. At the same time, CDS thankfully emphasized the assistance extended during the disastrous situations and stated that he looked forward to continuing the strong ties in the same spirit in the future as well.As the cordial discussions drew to a close, General Shavendra Silva symbolized the existing sound working relations by presenting a special memento to the Chairman Joint Chiefs of Staff Committee, Pakistan while wishing him all
Kristalina Georgieva - India tells IMF it ‘strongly supports’ Sri Lanka’s debt restructuring plan - newsfirst.lk - China - India - Sri Lanka
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India tells IMF it ‘strongly supports’ Sri Lanka’s debt restructuring plan
COLOMBO (News 1st) – India has told the International Monetary Fund that it confirms its strong support for Sri Lanka's prospective EFF-supported program.According to a letter seen by News 1st from Indian authorities to IMF Chief Kristalina Georgieva, India had noted it will commit to supporting Sri Lanka with financing/ debt relief consistent with restoring Sri Lanka's public debt sustainability under the IMF -supported program and ensuring that the program is fully financed as projected by IMF staff."In this context, we commit to continuing negotiations with the Sri Lankan government along with the Paris Club on a medium-to-long term debt treatment through maturity extension and interest rate reduction or any other financial operations that would deliver similar financing/ debt relief," noted the letter.According to this letter seen by News 1st, India says that the financing/ debt relief provided by Export-Import Bank of India will be consistent with restoring debt sustainability under the IMF-supported program."We look forward to continuing cordial and in-depth discussions with the Sri Lankan authorities, IMF and the Paris Club with a view to finalizing the specifics of this financingj debt relief in the coming weeks," the letter added. However, it had noted that the Sri Lankan authorities are expected to seek equitable debt treatments from all commercial creditors and other official bilateral creditors, as well as adequate financing contributions from the multilateral development banks. Sri Lanka requires the backing of China and India – its biggest bilateral lenders – to reach a final agreement with the IMF on the $2.9 billion loan that is essential to help the country emerge from its worst financial crisis in seven
Experts say only debt cancellation offers Sri Lanka a chance of recovery - newsfirst.lk - India - Sri Lanka
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Some of the world’s most powerful hedge funds and other investors are holding up vital help for crisis-hit Sri Lanka by their hardline stance in debt-relief negotiations after the Asian country’s $51bn (£42bn) default last year, according to 182 economists and development experts from around the world.Instead of geopolitical manoeuvring, all of Sri Lanka’s creditors must ensure debt cancellation sufficient to provide a way out of the current crisis, said a statment from the economists and experts on Monday (9).In a statement the group that said that extensive debt cancellation was needed to give the economy a chance of recovery and that Sri Lanka would be a test case of the willingness of the international community to tackle a looming global debt crisis.The group – including the Indian economist Jayati Ghosh, Thomas Piketty, the author of the bestselling book Capital, and Greece’s former finance minister Yannis Varoufakis – said private sector creditors such as investment companies and hedge funds were preventing a deal.Private creditors own almost 40% of Sri Lanka’s external debt stock, mostly in the form of international sovereign bonds, although the higher interest rates levied on the bonds mean they receive more than 50% of external debt payments.Such lenders charged a premium to lend to Sri Lanka to cover their risks, which accrued them massive profits and contributed to Sri Lanka’s first ever default in April 2022, said the statement."Lenders who benefited from higher returns because of the “risk premium” must be willing to take the consequences of that risk. Indeed, ISBs are now trading at significantly lower prices in the secondary market.
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