Business
Cabraal says he wished the country held more foreign exchange reserves
Says talk about the collapse of the economy would end up in the trash
by Sanath Nanayakkare
I wish there were more foreign exchange reserves in the country so that we would have been able to utilise it as and when the need arose, Ajith Nivard Cabraal, the State Minister of Finance, Capital Markets and State Enterprise Reforms said in Colombo yesterday.
He said so while speaking at an online media briefing organised by the Department of Government Information yesterday on the topic ‘Will the economy collapse? Will GSP+ be withdrawn?’ — moderated by journalist Shyam Nuwan Ganewatta of our sister newspaper.
When asked whether Sri Lanka’s current foreign reserves standing at or a little under US$ 4 billion was not a cause for concern for him, the state minister replied,” I wish there were more foreign reserves so that we would have been able to utilise it as and when the need arose. When Mahinda Rajapaksa administration handed over the government to Yahapalanaya Administration (YA) in 2015, the foreign reserves stood at US$ 8.2 billion. And the YA issued international sovereign bonds (ISBs) to the tune of US$ 12 billion in 5 years. If they had maintained the foreign reserves prudently from that period onwards, today we would have had US$ 8 billion +US$ 12 billion making it US$ 20 billion, and we would have been able to do anything with that.”
“However, we won’t run away from the current challenge. Restructuring existing debt with the IMF won’t be as meaningful as they claim, but ensuring the inflow of non-debt creating inflows to the country is the sustainable way to deal with debt repayment and other dollar-denominated expenditure. For this we have introduced new methodologies and innovative investment arms to attract foreign inflows to the country. For example, the taxes imposed on the gem industry were removed and foreign direct investments will soon flow into the Port City Colombo. The positive outcomes of such strategies and our economic management will become evident before long,” he said.
“The talk that economy is going to collapse soon is being heard all over the place is not a new concern. From the first day this government came to power, the detractors have claimed that the economy would collapse. Even back in 2006 they made the same claim when global oil prices rose and also during the global financial crisis in 2007-2008. They used to claim on a daily basis that the government would fall but it didn’t happen. This is being said again with political motivations and interests and not with real economic interests at heart. What is unfathomable is some economic analysts also pick such views and make the same claim. But none of them offer solutions to the issues they highlight. And when a particular issue or issues were fixed without rocking the boat, those who expressed those unfavourable opinions would vanish into thin air. This shows that they don’t say these things with honest intentions and their fervent wish has been to see the fall of the government.”
“Of course, challenges lie ahead of us. We know about them better than they do and we have taken action to address them and will take more policy measures in the next 2-3 weeks to further strengthen the foundation we have built for resolving the impending problems. By means of these measures, we will ensure the stability of the economy and the government and this talk about the collapse of the economy would end up in the trash.”
Responding to a question whether restructuring of debt with the IMF would be sensible, he said,” Different proponents express different arguments. The thing is they are only half-truths. They want us to go to the IMF because they know what happened to them when they did so. They had to comply with the IMF formula and they want us to go through it too. We had a growth rate of 7.4% in 2014 and they brought it down to 2.1% by 2019 – as a result of their international transactions. So we will find other alternatives rather than going to the IMF because the IMF requires us to follow conditions that are more related to our sovereignty than the economic conditions of the country,” he 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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