Business
Sustainable policies needed; IMF assistance only a temporary solution – COYLE
IMF assistance should be considered a temporary solution and must be supplemented with the implementation of sound and sustainable policies. Moreover, all political parties need to take a moderate and sensible approach that will ensure a long term recovery, the Chamber of Young Lankan Entrepreneurs (COYLE) said in a press release.
The release: ‘The Chamber of Young Lankan Entrepreneurs (COYLE) would like to take this opportunity to wish all Sri Lankans here and afar a Happy and Prosperous Sinhala and Tamil New Year. Our current stance on the economy of Sri Lanka is one of optimism but tempered with caution. As the nation begins to emerge from the turmoil of its recent political strife, the Sri Lankan economy is starting to show the first signs of recovery. However, while COYLE recognizes the improving financial health of Sri Lanka, they urge the government and all political parties to take a moderate and sensible approach that will ensure a long-term recovery.
‘The most recent International Monetary Fund (IMF) bailout package marks an important milestone in Sri Lanka’s economic recovery. Through this agreement as well as the finalization of Sri Lanka’s debt restructuring program through its creditors, Sri Lanka can expect to secure a substantial amount of financial and technical assistance in the form of loans, grants, and investments. As Sri Lankans we must be mindful to stay the course and deliver on our obligations as the package is conditional.
‘The Chamber of Young Lankan Entrepreneurs believes that this assistance should be used for both short-term and long-term economic and development strategies. As such, IMF assistance should only be taken as a temporary solution and must be supplemented with the implementation of sound and sustainable fiscal policies.
‘Furthermore, the Chamber of Young Lankan Entrepreneurs warns that currency depreciation could be expected if import restrictions are eased too soon. It is therefore recommended that these limitations are lifted only by yielding satisfactory values of our economic indicators, when further stabilization of the economy is achieved.
‘The Sri Lankan government is also advised to take steps to create an enabling environment for entrepreneurship, including simplifying bureaucratic processes and reducing redundant Policies, Acts and Gazettes in addition to restructuring its taxation regime. This would be the right time to course correct for the future.
‘In order for the Sri Lanka’s economy to grow, both the current government and all political parties must work together to find lasting solutions rather than looking at partisan political opportunities. The Chamber of Young Lankan Entrepreneurs believe that this can only be achieved by approaching the economic recovery process in an honest, transparent, and practical manner that takes into consideration the needs of the people and businesses of Sri Lanka.
‘It is clear that while Sri Lanka has begun to make strides toward economic recovery, there is still a lot of work to be done. We hope that the coming years will bear witness to the growth of the Sri Lankan economy and the continued well-being of our people.’
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
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