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Message: <blockquote data-quote="Dharatha" data-source="post: 28984138" data-attributes="member: 14094">The Proposed Plan by [USER=104936]@cbsl[/USER] for Sri Lanka's Domestic Debt Optimization/Restructuring received cabinet approval today. <img class="smilie smilie--emoji" loading="lazy" alt="⭕" title="Hollow red circle    :o:" src="https://cdn.jsdelivr.net/joypixels/assets/6.6/png/unicode/64/2b55.png" data-shortname=":o:" />It's quite puzzling to ponder how much of it was truly comprehended by those making the decision, or how such a significant proposal, one that will impact every life in Sri Lanka for the next 15 years, could be passed in just a few hours.Anyway, here's a brief overview of the plan:1. Superannuation Funds' T-Bonds: The T-Bonds owned by ETF/EPF and other Private Provident Funds (PPFs) will be restricted. There will be no haircut, but the short-term investment income these funds expected will be pushed down the line.<img class="smilie smilie--emoji" loading="lazy" alt="⭕" title="Hollow red circle    :o:" src="https://cdn.jsdelivr.net/joypixels/assets/6.6/png/unicode/64/2b55.png" data-shortname=":o:" /> If these funds do not agree to this, the government may not let them benefit from the 14% special income tax rate. Funds that fail to meet the minimum participation requirement will be taxed at 30%.2. As the 2nd phase of DDO, T-Bills will be converted to T-Bonds.3. Domestic entities holding The Sri Lanka Development Bonds (SLDBs) and Foreign Currency Banking Units (FCBUs) have been given USD options similar to the international creditors & 1 LKR option.</blockquote>

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