deforestation research article in sri lanka

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Deforestation and Biodiversity Loss in Sri Lanka's Rainforests: A Critical Analysis of Consequences and Implications

by Nalin Samaranayake

Published on The Morning on 12th September 2023.

Introduction

The rainforests of Sri Lanka, predominantly situated in the southwestern and central areas of the nation, have been widely acknowledged as significant hubs of global biodiversity. Nevertheless, the processes of urbanisation, expansion of agriculture, and forestry operations have resulted in substantial deforestation, posing a severe danger to the fragile equilibrium of these ecosystems. The primary objective of this paper is to analyse the impacts of deforestation on the rainforests of Sri Lanka, with a specific focus on the resulting consequences for biodiversity loss and environmental security.

The Determinants of Deforestation

Deforestation in the rainforests of Sri Lanka is influenced by a multitude of factors. The encroachment of land for agricultural purposes, particularly for the establishment of tea and rubber plantations, presents a significant peril to the natural ecosystem. Furthermore, the detrimental practice of illegal logging, aimed at procuring valuable timber and fuelwood, serves to expedite the process of habitat destruction. Urbanisation and the implementation of infrastructure development projects can result in the fragmentation of habitats and the disturbance of wildlife corridors.

Effects on Flora and Fauna

The loss of rainforest habitat in Sri Lanka has profound implications for the diverse flora and fauna of the island nation. With its unique geographical location and rich biodiversity, Sri Lanka's rainforests are home to over 3,000 species of flowering plants, including numerous endemic and endangered species. These lush forests provide vital habitat for a wide range of fauna, including 120 species of mammals, 435 species of birds, 242 species of butterflies, and countless other insects. However, the alarming rate of deforestation poses a significant threat to these precious creatures and their delicate ecosystems.

The Sri Lankan leopard, a critically endangered species, has been steadily declining due to habitat loss caused by rampant deforestation. The purple-faced langur, another vulnerable species, is found exclusively in Sri Lanka's rainforests. Habitat fragmentation, which breaks up large, continuous habitats into smaller, isolated patches, has become a significant threat to biodiversity worldwide. This phenomenon disrupts the natural connectivity between habitats, leading to the isolation of populations and a subsequent reduction in genetic diversity.

Deforestation has become alarmingly prevalent, affecting various ecosystems across the globe. For example, in the Amazon rainforest, large-scale deforestation has resulted in the fragmentation of once-vast forested areas. In North America, the disruption of ecosystems can have far-reaching consequences for the delicate balance of predator-prey relationships and the intricate web of plant-animal interactions.

In a disrupted ecosystem, the decline of a predator species can result in an unchecked increase in prey populations, leading to overgrazing or overconsumption of resources, putting immense pressure on the ecosystem's vegetation, and potentially causing habitat degradation. Conversely, the loss of a prey species due to disruption can have cascading effects on predator populations, causing them to struggle without an adequate food source.

Biodiversity Loss and Environmental Security

The alarming phenomenon of biodiversity loss in rainforests poses a grave threat not only to the survival of individual species but also to the delicate balance and stability of entire ecosystems. The intricate web of life within these lush and diverse habitats is being disrupted at an alarming rate, with far-reaching consequences that extend beyond the boundaries of the rainforest itself. Rainforests are renowned for their unparalleled biodiversity, housing an estimated 50% of the world's plant and animal species despite covering only 6% of the Earth's land surface. However, this astonishing richness is now under severe threat. According to recent studies, rainforest ecosystems are experiencing a staggering rate of species extinction, estimated to be between 1,000 and 10,000 times higher than the natural background extinction rate. The loss of individual species within rainforests is not an isolated event; it has Rainforests, with their lush and diverse vegetation, play a crucial role in maintaining the balance of our planet's ecosystem. One of the most significant services they provide is carbon sequestration, which refers to the process of capturing and storing carbon dioxide from the atmosphere. Rainforests are exceptional at this, as they absorb vast amounts of carbon dioxide through photosynthesis, helping to mitigate the effects of climate change. Rainforests are estimated to store approximately 25% of the world's carbon, despite covering only 6% of the Earth's land surface.

This incredible capacity to sequester carbon makes the detrimental consequences resulting from the loss of these crucial services far-reaching and have profound implications for Sri Lanka's environmental security. Climate patterns, which play a pivotal role in determining weather conditions and long-term climate trends, are significantly affected by the absence of these services. This disruption can lead to erratic weather patterns, such as an increased frequency and intensity of extreme weather events like storms, droughts, and floods.

Furthermore, the availability of water, a vital resource for various sectors including agriculture, industry, and domestic use, is severely impacted by the loss of these services. Sri Lanka heavily relies on water resources for irrigation purposes, and any disruption in the natural water cycle can have dire consequences for agricultural productivity. Reduced water availability can lead to crop failures, decreased yields, and even food shortages, exacerbating food security concerns in the country. The overall environmental security of Sri Lanka is intricately linked to the health and functioning of these services.

Conservation Efforts and Sustainable Solutions

Sri Lanka's government has taken a proactive approach to combating deforestation and biodiversity loss, focusing on preserving its natural resources and safeguarding its rich biodiversity. By implementing strict regulations and policies, the country has reduced deforestation rates by 50% between 2000 and 2020. This achievement can be attributed to the government's commitment to enforcing strict penalties for illegal logging activities.

To safeguard rainforest ecosystems, the government has established numerous protected areas and national parks, with a significant portion dedicated to rainforests. These areas serve as sanctuaries for flora and fauna, ensuring their long-term survival and promoting biodiversity preservation. Reforestation projects, which involve planting trees in degraded areas, aim to restore ecological balance and engage local communities in sustainable management practices. Deforestation has a devastating impact on the planet, with an estimated 18.7 million acres of forest lost each year. Reforestation projects help restore natural habitats for species, promote biodiversity, and create a healthier ecosystem. Trees also act as carbon sinks, absorbing carbon dioxide.

Eco-tourism can also generate economic incentives for rainforest preservation by attracting tourists interested in experiencing the diverse ecosystems. The economic impact of eco-tourism on rainforest preservation cannot be understated.

Deforestation and habitat destruction in Sri Lanka's rainforests pose a significant threat to the country's rich biodiversity, which includes a diverse range of ecosystems and unique flora and fauna. These forests provide habitat for rare and endangered species, such as the Sri Lankan leopard, purple-faced langur, and Sri Lankan frogmouth. The consequences of these actions extend beyond ecological impacts, impacting the environmental security and overall well-being of the nation. The International Union for Conservation of Nature (IUCN) reports that around 25% of plant and animal species are at risk of extinction due to human activities.

Deforestation not only leads to the loss of habitats for countless species but also significantly contributes to climate change, as trees play a crucial role in absorbing carbon dioxide from the atmosphere. The Food and Agriculture Organisation (FAO) estimates that an estimated 10 million hectares of forest are lost each year, equivalent to an area roughly the size of Iceland. This rapid deforestation has destroyed approximately 80% of the Earth's original forests. Preserving the rich biodiversity of Sri Lanka's rainforests is of utmost importance, as it not only serves as an ecological imperative but also plays a vital role in securing a sustainable future for generations to come.

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* Lieutenant Colonel Nalin Samaranayake is a Military Research Officer at the Institute of National Security Studies (INSS), the premier think tank on National Security established under the Ministry of Defence. The opinions expressed are his own and not necessarily reflective of the institute or the Ministry of Defence.

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Deforestation and climate change are affecting our lives.

Growing up in Sri Lanka, our houses, shops and schools were surrounded by the forests. As children, my friends and I would rush to the woods after school, making a pact to leave all talk of homework behind—it was all about fun and play. Under the shade of towering trees, the air was always cool. We swung from the vines, raced up the smaller trees, and picked the fruits and coconuts.  

One of the most special trees amongst these was the old Lebbeck tree. It was a beautiful and massive tree with big thick branches and a comforting shade. My friends and I would carve our names at the base of the Lebbeck tree, thinking one day in the future we will come back here and still find our names etched into it. This time spent with our tree-friends was special. My memories of this time are special. 

As we grew up, any time I met my old friends we would recall our childhood days spent at the base of this large tree. A couple of years ago, while I was attending university in Colombo, I heard of an incident in Batticolao, my hometown. A huge tree had fallen over and landed on a city bus causing some casualties and serious injuries. It was because of this that the authorities decided to cut down all the 'risky’ trees along the roadsides. I didn’t give it much thought until my friend called me and told me that OUR Lebbeck tree was also being cut down.  

Stunned, I hung up. I felt like I just learned about the loss of a loved one.  I decided I would go home to see for myself. Before reaching my house, I stopped at the site of the Lebbeck tree, it was really gone. I couldn’t believe it. Along the road all the other larger trees had also been cut down. I cannot explain the heartache I felt.  

This destruction—stemming from the need for urban space, residences, businesses, and industries, poses severe threats to ecosystems. Cutting trees upsets nature's delicate balance, disrupts habitats, and harms countless species. It even worsens climate change, spiking pollution, and soil erosion. Oxygen dwindles, water cycles are disrupted, impacting both people and animals.  

The impact is deeply felt; it's not just about trees but our homes, our land, our water, our air - our future. 

With each passing year, more of my country’s precious forests and water reservoirs are disappearing. Not only has it caused serious issues for the environment contributing towards climate change, erosion, landslides, and more flooding in some areas, but it has also become a big threat to Sri Lanka’s rich biodiversity, which includes thousands of species of plants and animals. 

The widespread impact of climate change is undeniable—it is reshaping our habitats, altering agricultural landscapes, and impacting our well-being. Its influence touches every corner of our lives, from urban spaces to agricultural fields and beyond. Amidst these shifts, agriculture and forests often withstand the worst of unpredictable weather patterns. To counter these challenges, protecting Sri Lankan trees is critical. Preservation methods, such as creating urban green pockets to reduce urban heating, minimizing large tree felling and adopting agroforestry, a method of integrating trees into farming, prove sustainable.  

Agroforestry strengthens farms, increases productivity, and provides a shield against harsh weather. Rooted in diverse cultures worldwide, agroforestry is not a modern solution but a timeless practice. Its historical resilience continues to safeguard livelihoods, ensuring sustainable food production and offering a sturdy defense against the unpredictability of our changing climate.  

Preserving the island's natural beauty heavily relies on safeguarding its trees and natural forests. Nestled in the heart of the Indian Ocean, Sri Lanka boasts a tropical landscape fostering diverse plant life due to its remarkable soil conditions. Sri Lanka owes much of its geographical beauty and valuable resources to the nurturing embrace of Mother Nature. 

I wish everyone would teach their children to see trees as their friends. To share their secrets and worries with them. If children are taught the value of planting and nurturing trees instead of simply being preoccupied with material things, they will grow to understand that nature is our ally. These foundational values could shape future leaders, enabling informed decisions and greater societal responsibility. Let's engrain this love for nature as an essential part of our humanity, so that future generations won't experience the heartache of losing a childhood friend like the Lebbeck tree, as I did.  

Thanu is a 23-year-old with a passion for capturing the world's beauty through the lens of his camera. He is from Batticaloa, a town with a rich cultural heritage, residing in Navatkadu village.

Currently, he studies at the Ocean University of Sri Lanka, pursuing a Diploma in Maritime and Logistics Management. Beyond academics, Thanu is deeply involved in humanitarian activities, offering his time and skills to various causes from the age of 12 and he loves to document his experience through photography.

Thanu is deeply interested in videography and filmmaking that is not merely driven by the technical aspect of filmmaking but the joy of interacting with diverse individuals and telling compelling stories excites him the most. Besides, he cherishes capturing the essence and beauty of the environment. 

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• Apr 22, 2020

Earth Day 2020: Deforestation in Sri Lanka

We have seen a spectacular growth in momentum around the demand for climate action over the last 12 months. From Greta Thunberg’s Fridays for Future youth strikes, to Extinction Rebellion’s global protests to today’s huge digital event for the 50th anniversary of Earth Day, all on the theme of climate action. But what exactly is climate action? And how will we know when we’ve achieved it? We wanted to use this Earth Day to set out what climate action success looks like to us as an organisation and what we are fundamentally fighting for.

As the Forest Healing Foundation, our focus is on conserving and restoring forests in order to combat climate change and protect our planet. It has been estimated that forests hold the potential to provide over 30% of the climate mitigation required to keep global temperature rise to below 2⁰C. However, the trend is currently heading in the wrong direction, with a study in the journal Nature last month finding that the ability of the world’s topical forests to remove carbon dioxide from the atmosphere actually peaked in the 1990s, unlike our emissions. A 2018 analysis by Global Forest Watch showed that tropical deforestation now emits more CO2 emissions than the European Union.

While by no means an exhaustive list, we have pulled out three of our most important indicators of climate action success both in Sri Lanka and globally.

A reversal of the deforestation rate (currently 1.4% per annum), including through a proactive and strategic approach to reforesting degrading lands to restore forest connectivity and health.

A paradigm shift to consider environmental concerns and economic development as co-dependent rather than mutually exclusive. This needs to be seen through strong integration of environmental considerations into decision-making at all levels, particularly through stimuli to develop a green economy, in land/urban planning policy (especially enforcement of detailed mandatory environmental impact assessments) and in protected area management.

Widespread adoption of approaches to support local communities to gain ownership of and additional income from projects for the protection and restoration of forests, e.g. through well-designed eco-tourism, payments for ecosystem services or tree produce initiatives.

Please see this video published today for an overview the current state of deforestation in Sri Lanka:

All countries to fulfill their Nationally Determined Contributions (NDCs) to reduce their impact on climate change as agreed to under the Paris Climate Agreement. These targets should be strengthened to align with the emissions reductions needed to stay under a 1.5⁰ average global temperature rise.

Significant and strategic uplift in both the financial and in-kind support (e.g. expertise) for lower income countries that hold a significant proportion of the world’s biodiversity and carbon stocks to help them protect it. This should be through government international aid but also corporate sustainable supply chain practices and in-country research/training support.

Recognition within climate action planning of the value, potential and necessity of community-led change programmes, ensuring that communities are key to action design rather than an afterthought.

Are we asking for a lot here? We think actually not. Many of these actions have been committed to by the relevant parties already, e.g. in the requirement for environmental impact assessments or in the signing of the Paris Agreement. The issue is rather the conversion of commitment into meaningful action. This Earth Day we almost hope not to see another raft of press releases with new pledges to support the climate cause. To quote Simon Sinek’s famous Ted talk, we are well aware of the “why” we need to take action, we know “what” action needs to be taken (and have seen the many commitments), and we are now over-ready to see the “how”. We want to see how organisations and governments are actually implementing the actions set out above and we are ready to play our part in helping to achieve them.

References:

1. Griscom et al., PNAS (2017) - https://www.pnas.org/content/114/44/11645

2. Hubau et al., Nature (2020) - https://www.nature.com/articles/s41586-020-2035-0

3. Gibbs et al., Global Forest Watch (2018) - https://blog.globalforestwatch.org/climate/by-the-numbers-the-value-of-tropical-forests-in-the-climate-change-equation

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Homegardens as a Multi-functional Land-Use Strategy in Sri Lanka with Focus on Carbon Sequestration

• Published: 03 March 2013
• Volume 42 , pages 892–902, ( 2013 )

Cite this article

• Eskil Mattsson 1 ,
• Madelene Ostwald 1 , 2 ,
• S. P. Nissanka 3 &
• Buddhi Marambe 3  

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This paper explores the concept of homegardens and their potential functions as strategic elements in land-use planning, and adaptation and mitigation to climate change in Sri Lanka. The ancient and locally adapted agroforestry system of homegardens is presently estimated to occupy nearly 15 % of the land area in Sri Lanka and is described in the scientific literature to offer several ecosystem services to its users; such as climate regulation, protection against natural hazards, enhanced land productivity and biological diversity, increased crop diversity and food security for rural poor and hence reduced vulnerability to climate change. Our results, based on a limited sample size, indicate that the homegardens also store significant amount of carbon, with above ground biomass carbon stocks in dry zone homegardens ( n  = 8) ranging from 10 to 55 megagrams of carbon per hectare (Mg C ha −1 ) with a mean value of 35 Mg C ha −1 , whereas carbon stocks in wet zone homegardens ( n  = 4) range from 48 to 145 Mg C ha −1 with a mean value of 87 Mg C ha −1 . This implies that homegardens may contain a significant fraction of the total above ground biomass carbon stock in the terrestrial system in Sri Lanka, and from our estimates its share has increased from almost one-sixth in 1992 to nearly one-fifth in 2010. In the light of current discussions on reducing emissions from deforestation and forest degradation (REDD+), the concept of homegardens in Sri Lanka provides interesting aspects to the debate and future research in terms of forest definitions, setting reference levels, and general sustainability.

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Acknowledgments

We thank the Swedish Energy Agency and the Swedish research network Focali for financial support and Ulrik Ilstedt, Gert Nyberg and Sabine Henders for grateful comments on the manuscript. We thank the reviewers for helpful comments and questions that significantly improved the paper.

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Mattsson, E., Ostwald, M., Nissanka, S.P. et al. Homegardens as a Multi-functional Land-Use Strategy in Sri Lanka with Focus on Carbon Sequestration. AMBIO 42 , 892–902 (2013). https://doi.org/10.1007/s13280-013-0390-x

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Received : 13 June 2012

Revised : 19 December 2012

Accepted : 15 February 2013

Published : 03 March 2013

Issue Date : November 2013

DOI : https://doi.org/10.1007/s13280-013-0390-x

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By  Savithri Sellapperumage Courtesy The Diplomat

Can Sri Lanka live up to President Gotabaya Rajapaksa’s environmental commitments? 

The focus on Sri Lanka’s deforestation and the conservation of forests this year can be traced back to widespread discussions about deforestation in Wilpattu  National Park back in 2019. Deforestation in Wanathawillu, Anawilundawa and Sinharaja has been the recent focus of discussion. However, reports of more deforestation and illegal commercial or developmental projects have been reported from many parts of the country. Since then, the topic has become affiliated with politics and certain political figures. The blame game has advanced amid the lack of political authority.

The forest cover of Sri Lanka in 2019 was reported to be  16.5 percent , down from  29.7 percent in 2017 . According to Dr. Ravindra Kariyawasam, in 1882, the country’s forest density was around  82 percent.  Between 1990 and 2000, Sri Lanka lost an average of 26,800 hectares of forest per year, which amounts to an average annual deforestation rate of  1.14 percent.  In total, between 1990 and 2005 alone, Sri Lanka lost  17.7 percent  of its forest cover.

Controversial Legal Moves

Recently, environmentalists  have taken issue with  the Sri Lankan cabinet’s recently announced plan to revoke Circular No. 5/2001, which protests the country’s Other State Forests (OSFs), and transfer jurisdiction for these protected areas from the Forest Department  to the authorities at the divisional and district levels. Amid the public uproar, further discussions are to be held, with the cabinet instructed to  form a committee  to investigate the potential negative impacts of the move, and to gather feedback.

According to RMCM Herath, Sri Lanka’s land commissioner general, the circular will not be revoked immediately . It will happen step by step. The Forest Department, the Wildlife Conservation Department, the Land Commissioner’s Department, the Land Policy and Planning Department, the Land Survey Department, the Land Reforms Commission and other relevant authorities will together consider the best way forward.”

While the formation of a committee is exemplary, the step by step” approach to revoking the measure makes it urgent for environmentalists and other stakeholders to analytically observe the committee’s recommendations and decisions. The circular safeguards around 500,000 hectares of OSFs that are  not otherwise protected . As these forests are used by animals, especially elephants, as migratory corridors, their segregation into agricultural lands might lead to increased elephant-human conflict, thus again adversely affecting the economy and livelihoods of communities living in the area.

Also sparking debate were provisions made under the  Extraordinary Gazette 2192/36  of September 10, in which the government planned to issue legal documents confirming ownership to eligible claimants who have occupied state lands, for agricultural or any development activity, without possessing formal documents. Coupled with the attempts to revoke Circular No. 5/2001, the protection of OSFs appears to be in danger. On a positive note, the Extraordinary Gazette allowing persons to occupy state lands has been  cancelled  amid complaints that the gazette promoted people to illegally take over lands, hoping for the granting of official land deeds. However, the damage caused to forest patches during the few days the Gazette was in force has not yet been calculated.

The Politics of Forest Protection

The current government has committed to increase Sri Lanka’s national forest cover  by 30 percent  during its term in office. Under the Vistas of Splendor” plan, President Gotabaya Rajapaksa has emphasized the need for a  sustainable environmental policy  and emphasized the need for sustainable development.

The ongoing deforestation in Sri Lanka needs to be tackled and mitigated if the country is to reach the 30 percent target. Given such a goal, news of the deforestation of protected areas is a nightmare for conservationists and environmentalists. The construction of the Neluwa-Lankagama-Deniyaya Road, along with deforestation in Anawilundawa in order to establish a prawn farm, caught the attention of social media and several interest groups. Furthermore, the involvement of a few newly elected parliamentarians was reported, creating an uproar from the public. Investigations are underway.

The issue has caught the president’s attentions as well, and Rajapaksa  reiterated  that development has to take place without harm to the environment. However, the diffusion of the president’s aims and vision to the relevant political authorities and bureaucratic authorities seems questionable, amid incidents of deforestation and increased human activity. Development projects within forest areas have failed to produce environmental assessments, and make little effort to steer clear of illegal intrusion.

Election promises, a lack of political authority and a lack of sustainable strategies have led to the blind advancement of unsustainable development projects. This needs to be evaluated and altered accordingly, through a process in which each point of authority will be held responsible from the political level to the bureaucratic level.

The Need to Promote Sustainable Development

Rajapaksa, addressing members of the Viyathmaga network of professionals and academics last month,  once again emphasized  the importance of a development that safeguards the environment. He underscored the necessity of sound policies to support that vision. To that end, we can incorporate Professor Mohan Munasinghe’s theory of  Sustainomics , where sustainable development requires balanced and integrated analysis from three main perspectives: social, economic and environmental. In pursuing economic growth, equal attention should be paid to the social and environment aspects as well. If any of these three pillars is given unequal attention, development will be asymmetrical.

Sri Lanka needs sound policies in which present resources can be used to their maximum extent rather than clearing forests to open up new land. For example, the need for more agricultural land is a fallacy, Hemantha Withanage, executive director of the Centre for Environmental Justice (CEJ), insists. The country has no shortage of farmland. It doesn’t take a genius to see there is so much that is fit for farming that is not being used properly,” he said in a  recent interview . Withanage further explained that the majority of farmers are no longer engaged in  chena  cultivation (also known as shifting agriculture), because it hasn’t proved to be profitable.

They have no transport systems, storage or sales,” Withanage said. What’s the point giving them more land with no systems to deal with the harvest? What we lack isn’t land. We lack infrastructure.”

Public Responsibility

Civic awareness, knowledge and progressive attitudes are all imperative for combating climate change. Global leaders have come together to control rising global heat and even the children in many countries have spoken up, actively participating in the fight against climate change. Some of the irrational arguments and statements of citizens that have been popularized recently in Sri Lanka’s mainstream media suggest an attitudinal gap as well as of a lack of knowledge about the significance of forest conservation and management. In search of economic prosperity, the majority of Sri Lankans seem willing to give a green light to the over-utilization of environmental resources.

However, Rajapaksa has  repeatedly affirmed  Sri Lanka’s commitment to eco-responsibility. The ancient governance of Sri Lanka was built on the concept that the ruler is never the owner of the land; he is merely its caretaker on behalf of his countrymen and all living beings,” Rajapaksa told the Plenary of the United Nations Summit on Biodiversity on September 30. His pledge to act as a trustee of the planet and its resources for future generations comes at a vital time, as climate action and sustainability needs to be the foundation of governance across nations.

Reflecting the president’s pledge, Sri Lanka must aspire to align its development framework with sustainability goals, while simultaneously encouraging civic sentiments that are supportive of environmental conservation.

Savithri Sellapperumage is an Associate Research Fellow at the Institute of National Security Studies Sri Lanka (INSSSL), a national think tank under the Ministry of Defense. The opinion expressed is   her own and not necessarily reflective of the institute.

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Sri Lanka Debt Restructuring Stumbles as Govt Rejects Bondholders' Proposal

Sri Lanka Debt Restructuring Stumbles as Govt Rejects Bondholders' Proposal

FILE PHOTO: A general view of Sri Lanka's main business city as Sri Lankan President Ranil Wickremesinghe announced 2023 budget amid the country's economic crisis, in Colombo, Sri Lanka, November 14, 2022. REUTERS/ Dinuka Liyanawatte/File Photo

By Uditha Jayasinghe and Marc Jones

COLOMBO (Reuters) -Sri Lanka on Tuesday rejected international bondholders' proposal to restructure more than $12 billion in debt, putting at risk critical International Monetary Fund support and delaying its efforts to resolve a two-year-long debt crisis.

Some of the proposal's "baseline" assessments and a lack of a contingency option in the case of continued economic weakness were the two main reasons the deal was not agreed, the government said in a statement.

Colombo said it hoped to hold further talks "as soon as feasible" but the immediate risk was that without a compromise in the coming weeks, the next tranche of all-important IMF support money could potentially get delayed.

Sri Lanka has already struck a deal with its main government creditors, but an "agreement in principle" with bondholders was also needed to secure IMF Board approval for the next $337 million instalment of its $2.9 billion programme.

The government said one of the main stumbling blocks had been that the "baseline parameters" of the bondholders' plan had not matched those embedded in its IMF programme.

It added that the bondholders' "steering committee" that it has been negotiating with in recent weeks had not wanted to extend "restricted discussions" - a key part of debt talks where they are held privately, behind closed doors.

Following an initial extension, it would be unusual for big money managers to remain restricted for too long given it also limits their ability to participate in the market.

A source familiar with the process said discussions could continue as early as later on Tuesday, with some interested parties in Washington for the IMF/World Bank meetings.

The source said that, as has been the case in other recent debt negotiations, an asymmetry of information between the parties, including a lack of visibility among bondholders of the terms agreed with both the Paris Club and China, has complicated the negotiations.

CONTENTIOUS MLBs

Sri Lanka also disagreed with a proposal to link future repayments to bondholders to the country's macroeconomic growth, through "macro-linked bonds" or MLB for short.

It said it was seeking more protections if Sri Lanka's economy were to underperform IMF growth projections, and a "test" for triggering both the upward and downward adjustments in the MLB.

Disappointment that a deal had not yet been reached sent Sri Lanka's bonds down about 2.5 cents, leaving them at just over half their original face value at between 54 and 55.4 cents on the dollar.

"Completing the IMF review by June becomes difficult now because there will have to be more talks," said Udeeshan Jonas, chief strategist at equity research firm CAL Group.

IN THE RIGHT DIRECTION

Sri Lanka plunged into its worst financial crisis since independence from the British in 1948 after its foreign exchange reserves fell in early 2022 leaving it unable to pay for essentials including fuel, cooking gas, and medicine.

The island nation defaulted on its foreign debt in May 2022 and kicked off negotiations with bilateral creditors several months later, eventually securing an agreement in principle with China, India and the Paris Club last November.

Sri Lanka also needs agreements with each of the bilateral creditors, including the Export-Import Bank of China, to complete the IMF review process.

Supported by the IMF program, Sri Lanka has seen its once soaring inflation moderate to 0.9% in March and its currency strengthen 7.6% so far this year. The economy is expected to return to growth after contracting 2.3% in 2023.

It is one of several poorer countries that have been hit by debt crisis in recent years and were struggling to put it behind.

Ghana this week has also seen its $13 billion restructuring talks stumble after the IMF indicated that the deal it was hoping to strike with bondholders would not be enough to make its debt levels sustainable again.

Viktor Szabo, an emerging market debt portfolio manager at Abrdn in London, said Sri Lanka's setback was likely to be just a delay rather than a deal-breaker.

"It is moving in the right direction," Szabo said. "But it is just a bit slower than expected."

(Reporting by Uditha Jayasinghe in Colombo and Marc Jones in London; additional reporting by Libby George in London and Rodrigo Campos in New York; writing by Shilpa Jamkhandikar; Editing by Jacqueline Wong, Christian Schmollinger, Tomasz Janowski and Andrea Ricci)

Copyright 2024 Thomson Reuters .

Tags: France , Sri Lanka , India , Asia , World Bank , Europe , Japan

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Sri Lanka to Consult With IMF on Latest Bondholders' Proposal, Finance Ministry Says

Sri Lanka to Consult With IMF on Latest Bondholders' Proposal, Finance Ministry Says

A worker carries a sack of imported potatoes near a main market in Colombo, Sri Lanka June 13, 2018. Picture taken June 13, 2018. REUTERS/Dinuka Liyanawatte/ File photo

COLOMBO (Reuters) - Sri Lanka will consult with the International Monetary Fund (IMF) to assess if the latest proposals discussed with bondholders were within the parameters of its bailout programme, the country's finance ministry said on Wednesday.

The South Asian island nation on Tuesday rejected international bondholders' proposal to restructure more than $12 billion in debt, putting at risk critical IMF support and delaying its efforts to resolve a debt crisis.

"Following these consultations, we hope to continue discussions with the bondholders with a view to reaching common ground ahead of the IMF board consideration of the second review of Sri Lanka's EFF (extended fund facility) programme," state finance minister Shehan Semasinghe said in a statement.

The island nation defaulted on its foreign debt in May 2022 and kicked off negotiations with bilateral creditors several months later, eventually securing an agreement in principle with China, India and the Paris Club last November.

Discussions held in recent weeks with bondholders' representatives proved constructive, building on the restructuring proposals presented by both parties, Semasinghe said.

"During the talks both sides successfully bridged a number of technical issues enabling important progress to be made," he added.

(Reporting by Swati Bhat in Mumbai; editing by Sudipto Ganguly)

Copyright 2024 Thomson Reuters .

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