Business
3 reasons why international support for Sri Lanka is forthcoming slowly: policy advisor explains
By Sanath Nanayakkare
Dr. Ganeshan Wignaraja, a non-resident senior fellow at the Institute of South Asia Studies at the National University of Singapore recently gave three reasons why monetary support is not forthcoming from many countries that can extend support to Sri Lanka.
He gave these reasons at a recent webinar titled’ Confronting the Current Foreign Exchange Crisis in Sri Lanka –Lessons from Global Experience’, hosted by the Central Bank of Sri Lanka.
” It could be due to several reasons. First, something like 60% of the poorest countries in the world is under debt distress although they have not quite defaulted.”
“Second, we are at a recession risk globally and the countries we might want support from, are at some sort of risk. So they are naturally concerned about providing assistance to others as they are preoccupied and looking inward. Multilateralism is also under stress in this context.”
“The third reason is; there is an argument made in the eyes of some countries that Sri Lanka’s debt default is seen as a home-grown crisis due to poor macroeconomic management and governance. We hear a lot about why other countries’ taxpayer dollars should be used to support a failed economy like Sri Lanka’s. This is a query thrown at me by people from other countries,” he said.
The following are some select remarks made by him during the webinar.
“Sri Lanka would need US$ 20-25 billion over the next three years from the IMF, multilateral agencies and other friendly countries to put its economy on a decent footing and get growth going, “And remember, that’s about a quarter of Sri Lanka’s GDP. The country needs that kind of money if it really is going to go forward.”
“Along with the assistance from the IMF, bridging finance is also needed urgently from India, China and Western countries not only to provide basic needs for the people such as fuel, food and medicine but also to help stabilise the economy. In this context, Sri Lanka needs to do four things.”
“First, we need to show that we are serious about fixing our economy and convince these countries that we are worthy to gain their confidence. It is important that the IMF programme is implemented in a transparent and credible manner. Sri Lanka has had 16 IMF programmes. I believe that something like half of them was not either properly implemented or perhaps abandoned. I think this time around we will be under the microscope, so we need to implement the programme properly.”
“Second, we need to build a consensus on this IMF programme.There are still people out there that go around saying,” Forget the IMF; we can eat ‘Bathalakola’. That’s something which is not going to cut the mustard for Sri Lanka in the current circumstances. I think that sort of people have to be called out and we have to publicize the implementation of the IMF programme.”
“Third; we have to ensure that any foreign aid we get is fairly distributed to all Sri Lankans in all provinces equitably. It will also have to be ensured that there will be crackdown on any corruption in allocating this aid. We will have to be ‘on the money’; therefore, anti-corruption measures will need to be very strong.”
“Fourth; we need to be serious on our foreign policy without dillydallying. We have to pursue a very strict non-aligned economic and foreign policy. If Sri Lanka does these four, it will have a fair sporting chance to get a decent score on the board and turn Sri Lanka around with trade, investment and foreign assistance,” Dr. Wignaraja said.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
