Business
Public investment for closing the SDG financing gap: Sri Lankan perspective
A new IPS study highlights the critical role of public investment in achieving Sustainable Development Goals (SDGs) in Sri Lanka.
The study reveals that bridging the SDG financing gap is vital, with an estimated additional investment requirement of USD 1.4 trillion, equivalent to 12.5% of GDP by 2030.
Policymakers must create an enabling environment for public and private investment, emphasising macroeconomic stability, transparency, and innovative financing strategies for SDG progress.
Dr Lakmini Fernando
Sri Lanka, like many nations, grapples with the challenge of bridging the gap between aspirations and resources to achieve the United Nations’ 2030 Agenda for Sustainable Development. A new study conducted by the Institute of Policy Studies of Sri Lanka (IPS) delves into this issue, highlighting the pivotal role of public investment in driving progress toward Sustainable Development Goals (SDGs) while emphasising the urgent need for financial strategies.
The study titled ‘Public Investment for Closing the SDG Financing Gap: Sri Lankan Perspective’ by IPS Research Fellow Dr Lakmini Fernando sheds light on the significant role of public investment in not only supporting the development process but also encouraging private investment. Given the dearth of systemic research on this nexus, the study highlights the importance of assessing the investment gap in SDG financing to enhance governments’ financial readiness. The study emphasises that a comprehensive fiscal needs assessment for SDGs is crucial for effective planning and budgeting at the country level. This report aims to contribute significantly to the existing literature on SDG-related research. The key findings of the study are highlighted below.
Key Findings:
The Investment Gap: To achieve key SDGs, emerging market economies (EMEs) need to allocate an additional 4% of their gross domestic product (GDP), while low-income countries (LICs) require a significant 15%. In Sri Lanka, the estimated additional investment requirement for SDGs by 2030 is approximately USD 1.4 trillion (Tn) or 12.5% of GDP, emphasising the critical need for securing additional funds. On average, Sri Lanka’s public investment is around 5-7% of GDP over the last decade, hence, the allocation of additional funds for SDGs is challenging.
Imbalanced Investment: Sri Lanka’s public investment allocation has been skewed toward infrastructure development, leading to disparities in sectors like education and technology/information communication technology (ICT). These imbalances pose challenges to meeting the development goals set by the 2030 Agenda.
The Role of the Public Sector: Bridging the investment gap cannot rely solely on the public sector; private sector participation is essential. Policymakers play a crucial role in creating a conducive investment climate, emphasising the need for macroeconomic stability, transparency, accountability and enhanced institutional quality.
Innovative Financing: The study highlights the significance of both traditional and non-traditional financing methods for SDG progress. Tax reforms, blended finance for SDG infrastructure, international tax reforms, and other strategies are discussed as potential means to mobilise financial resources for the SDGs.
Recommendations:
The study suggests several key recommendations to ensure the successful achievement of the 2030 Agenda in Sri Lanka:
Foresight Planning: Utilise the SDG framework as a tool to review and adjust sectoral investments, fostering a balanced approach.
Long-Term Targets: Extend short- and medium-term targets to long-term goals, aligning national objectives with the SDGs.
Domestic Resource Mobilisation: Strengthen domestic revenue collection to enhance financial readiness for SDG implementation.
Innovative Financing: Explore various innovative financing options and promote international cooperation in funding SDG initiatives.
Public-Private Partnership: Foster an enabling business environment through macroeconomic management, governance improvements, and the selection of productive projects.
Access the full policy discussion brief here: https://bit.ly/40Zhdhm
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.”
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