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A Novel Governance – Linked Bond: As a Pareto Improving Instrument for Debt Restructuring

This working paper outlines the technical and incentive dynamics for a proposed new sovereign debt instrument designed for countries with high country risk premiums, where this risk is, ceteris paribus, correlated with the quality of present and future governance. We call this instrument a Governance-Linked Sovereign Bond (GLSB). The paper introduces the design of a GLSB and the formulaic method for deploying such an instrument in situations where country risk premiums might be correlated with governance-related actions. A specific illustrative model is used to demonstrate the practical applications of this debt instrument.

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Personal Laws – An Analysis on Legal Gaps and Context

Sri Lanka has specific personal laws applicable to distinct ethnic and religious groups, such as Kandyan law, Muslim law and Tesawlamai law. Critics, both domestically and internationally, have raised concerns about discriminatory provisions in Sri Lanka’s personal laws that contradict constitutional and human rights standards. This working paper aims to assess the disparities between Sri Lanka’s personal laws and international standards, particularly focusing on gender discrimination and impacts on women and children’s rights. Recommendations for reforms aligning with international standards will be proposed, advocating for the evolution of personal laws while retaining Sri Lanka’s pluri-legal aspects.

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