Sri Lanka's War Risk Surcharge to Be Removed

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Last updated at: (Beijing Time) Friday, March 01, 2002

Sri Lanka's War Risk Surcharge to Be Removed

The war risk insurance surcharge imposed on Sri Lanka's sea ports and the airport is to be completely lifted from next Friday, a statement issued by prime minister's office said Friday.

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The war risk insurance surcharge imposed on Sri Lanka's sea ports and the airport is to be completely lifted from next Friday, a statement issued by prime minister's office said Friday.

The Lloyds of London has made the decision following the signing of a permanent ceasefire agreement between the Sri Lankan government and separatist Tamil Tiger rebels last Friday.

The global insurance underwriters slapped the surcharge on all vessels and flights calling in Sri Lankan capital Colombo following the Tamil rebel attack on the country's only international airport and adjacent air force base late July last year.

Several shipping lines bypassed the Colombo sea port throwing the country's shipping industry into chaos after the imposition ofthe surcharge.

The devastating pre-dawn attack destroyed a dozen of passenger airliners of Sri Lanka's national carrier and military aircraft.

Intensive lobbying by the government saw the surcharge partially reduced after the Sri Lankan government made a 50 million U.S. dollar deposit with the Lloyds insurers.

The statement said that the deposit is to be refunded with the decision to completely lift the surcharge.

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