How can Sri Lankan charities find international donors and partners?

Sri Lanka looks at debt relief through nature conservation – report


Debt for nature

Sri Lanka is in talks with the United Nations Development Programme and other agencies for a debt-for-nature swap programme, as the South Asian island faces its worst economic crisis in decades.

The country is in the preliminary stages of structuring a deal, Anil Jasinghe, secretary to the Environment Ministry, said by phone. The plan involves restoring a degraded eco-system in exchange for cancelling debt, he said.

The nation’s creditors must be consulted once a value for earmarked systems are decided, Jasinghe said, adding that US$1 billion is a figure that’s being considered, although it’s too early to confirm.

Defaulted Sri Lankan dollar bonds due in 2027 jumped on the US dollar, the highest level since September, according to indicative pricing data collected by Bloomberg.

“Headlines that a domestic debt restructuring and debt-for-nature swap may be on the table have helped unlock some additional upside as bondholders position for the possibility of broader burden sharing across creditors,” said Patrick Curran, senior economist at research Tellimer Ltd.

A dearth of foreign currency in Sri Lanka drove up inflation at the fastest rate in Asia earlier this year, leading the country to default on its debt and run out of essentials including food and medicine.

While re-purposed funds from multilateral lenders and assistance from other nations have provided temporary relief, Sri Lanka is still struggling to pay for imports like fuel.

The issue of high indebtedness among developing countries has been a hot-button issue at COP27 climate talks happening in Sharm El-Sheikh, Egypt.

The solutions offered include debt payment suspension after an extreme weather event, debt swaps for nature protection, and concessionary funding for the energy transition.

As the talks draw to a close, the European Union has offered a climate-finance deal that would include a “mosaic” of funding options, including debt relief.

Sri Lankan President Ranil Wickremesinghe is trying to meet conditions for securing a US$2.9 billion International Monetary Fund (IMF) programme, which would also help Colombo secure other lines of credit for Sri Lanka.


The post Sri Lanka looks at debt relief through nature conservation – report appeared first on Sri Lanka News - Latest Breaking News in Sri Lanka - ONLANKA News.

You may also like


The Minister of Justice, Prison Affairs Constitutional Reforms, Wijeyadasa Rajapakshe has unveiled plans to introduce a new legislative framework aimed at regulating microfinance institutions operating within the country.


President Ranil Wickremesinghe has returned to the island after concluding his official visit to Dubai, United Arab Emirates (UAE).


National People’s Power (NPP) leader Anura Kumara Dissanayake says every passing day the Sri Lankan polity makes rapid advances towards a social revolution.The post Sri Lanka moving towards social revolution – Anura appeared first on ONLANKA - Sri Lanka Latest Breaking News and Top Stories.


As efforts are underway to fulfil the Sustainable Development Goals (SDGs), Sri Lanka will need an estimated additional investment of approximately US $ 1.4 trillion or 12.5 percent of GDP, by 2030, the Institute of Policy Studies (IPS) said.The post Sri Lanka needs US $ 1.4 trillion additional investment to realise SDGs by 2030: IPS study appeared first on ONLANKA - Sri Lanka Latest Breaking News...


The UK government has introduced measures it promised would deliver the biggest-ever cut in net migration after levels soared to a record high.


President Ranil Wickremesinghe engaged in a crucial discussion on Monday (04) with US Special Presidential Envoy on Climate Change, John Kerry, emphasizing Sri Lanka’s commitment to combatting climate change through innovative initiatives. In the course of the discussion, President Wickremesinghe outlined the Government’s ambitious proposals, highlighting the establishment of a Climate Change Univ...

Resources for Sri Lankan Charities:View All

How important are accountability and transparency for a charity to receive international donations
How important are accountability and transparency for a charity to receive international donations

Sri Lankan Events:View All

Sep 02 - 03 2023 12:00 am - 1:00 am Sri Lankan Events - Canada
Sep 09 2023 7:00 pm Sri Lankan Events - Australia
Sep 16 2023 6:00 pm - 11:30 pm Sri Lankan Events - USA
Oct 14 2023 8:00 am Sri Lankan Events - UK

Entertainment:View All

Technology:View All

Local News

Local News

Sri Lanka News

@2023 - All Right Reserved. Designed and Developed by Rev-Creations, Inc