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Saudi Arabia, Bahrain Discuss Strategic Partnership in Digital Economy

The Saudi Minister of Communications and Information Technology met in Manama on Thursday with the Bahraini Minister of Transportation and Telecommunications and Chairman of the Board of Directors of NSSA. SPA
The Saudi Minister of Communications and Information Technology met in Manama on Thursday with the Bahraini Minister of Transportation and Telecommunications and Chairman of the Board of Directors of NSSA. SPA
TT
TT

Saudi Arabia, Bahrain Discuss Strategic Partnership in Digital Economy

The Saudi Minister of Communications and Information Technology met in Manama on Thursday with the Bahraini Minister of Transportation and Telecommunications and Chairman of the Board of Directors of NSSA. SPA
The Saudi Minister of Communications and Information Technology met in Manama on Thursday with the Bahraini Minister of Transportation and Telecommunications and Chairman of the Board of Directors of NSSA. SPA

The Saudi Minister of Communications and Information Technology, Eng. Abdullah Al-Swaha, met in Manama on Thursday with the Bahraini Minister of Transportation and Telecommunications and Chairman of the Board of Directors of the National Space Science Agency (NSSA), Mohammed bin Thamer Al Kaabi.

During the meeting, they discussed ways of deepening the strategic partnership between the two countries and exploring opportunities for cooperation in the areas of enhancing the growth of the digital economy, space, innovation, and emerging technologies.

They also discussed empowering digital entrepreneurship between the two countries, and supporting the initiatives of the Digital Cooperation Organization (DCO) to promote digital prosperity collectively.

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Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
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Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo

Sri Lanka's bondholders signed off on the government's proposal to restructure its $12.55 billion of international bonds, a key step in finalizing the island nation's debt overhaul.

Final results showed holders representing 97.86% of the outstanding principal on the existing bonds voted in favor of the plan, which will swap Sri Lanka's defaulted bonds for a series of new fixed income instruments, the government said in a statement dated Dec. 16.

Sri Lanka defaulted on its foreign debt for the first time in May 2022 due to its high debt burden and dwindling foreign exchange reserves.

With the finalizing of the bond exchange, Sri Lanka will become the fourth country to conclude a restructuring of its bonds this year, following in the footsteps of Ghana, Ukraine and Zambia, Reuters reported.

The South Asian island nation's new instruments include a governance-linked bond, which offers a 75-basis-point reduction in the interest rate payable if Sri Lanka meets certain governance targets, and several bonds linked to economic performance.

A breakdown of the data showed investor support across all bar one of the bonds - the 2022 maturity - passed the threshold required that would see the whole bond swapped out in its entirety for the newly created instruments.

In the 2022 bond, which does not feature so-called aggregated collective action clauses, holders representing just 73.13% voted in support of the proposal.