Business
Policymakers urged to shift gears from short term goals to a more stable course
by Sanath Nanayakkare
A former Deputy Governor of the Central Bank of Sri Lanka yesterday urged the country’s economic policymakers to develop and propose economic strategies and policies to benefit the overall economy in the medium to long term as their short-term measures such as import restrictions and excess money supply in the market through money printing could cause negative repercussions.
Dr. W.A. Wijewardena made this comment while speaking at a virtual presentation and panel discussion on the Sri Lanka Development Update 2021 launched by the World Bank.
“Increasing the money supply faster than the growth in real output will cause inflation. The money supply growth numbers so far warn us of an accelerated inflation. In fact, inflation in Sri Lanka is a ‘historical heritage’ which is higher than many global rates including the annual inflation rate in the US,” he said.
“The Central Bank quickly made an emergency pandemic response to limit the human and economic impact of the COVID-19 pandemic, and now it’s appropriate to come up with aggregate policy direction for sustaining the economy in a medium to long term scenario,” he said.
“The headline inflation as shown by the increases in the Colombo Consumers Price Index is widely believed to be misleading due to the wide range of price controls imposed by the government to relieve the public of high cost of living,” he said.
Wijewardena noted that import controls would not help keep the dollar-rupee exchange rate in check. “Import controls was a sort of ‘firefighting’ exercise by the government to preserve the depleting foreign reserves with the maturing debt stock looming large. Import controls disrupt the input supply and may harm the export performance. So we need to have an ‘exit time-line’ on import controls. However, if a ban is slapped on the import of chemical fertilizer, that would be seen as an extension of the current import controls”, Wijewardena said.
“Addressing the macroeconomic imbalances is crucial at this juncture. Short term policy has not addressed the new reality. Bank lending to the MSME sector remains low. Many individuals and businesses affected by the pandemic have been put into the CRIB, they need to be brought back to play their role in the economy. While informal workers are more likely to suffer earnings losses, formal workers have been affected as well, As the World Bank Update on Sri Lanka notes, social safety nets should be better targeted toward the poor and vulnerable, and adjusted to allow for support to be scaled up quickly and effectively in times of crises. I urge the authorities to review the overall situation and use it as an opportunity to introduce necessary socio-economic reforms,” Wojewardena 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.”
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