Business
Sri Lanka ‘keeping an open mind’ on an IMF bailout
Cabinet Spokesman and Plantation Minister Dr. Ramesh Pathirana said yesterday that Sri Lanka was keeping an open mind about dealing with the IMF and would not ruled out assistance from the global lender to bailout Sri Lanka from the current economic and foreign currency reserves crisis.
While expressing hopes for an economic turnover in the coming months, Dr. Ramesh Pathirana said that the government was assessing the situation with an open mind. “We are in touch with the World Bank, the Asian Development Bank (ADB) and other global financial agencies. The government has not taken a decision not to deal with the IMF. It was under Mahinda Rajapaksa presidency that Sri Lanka obtained the highest amount of foreign loans from the IMF,” he recollected.
“Foreign remittances and tourist arrivals have recorded a steady increase in the last few months. The benefits accrued from vehicle and other nonessential imports were negated as a result of the sharp escalation of oil process in the international market and the three waves of the pandemic,” he said addressing the media.
“Sri Lanka’s import bill exceeds its export income drastically creating a huge trade gap. For instance, Sri Lanka imported goods in excess of US$ 4.1 billion in 2021 more than the value of its exports. Until we take steps to contain the trade deficit, Sri Lanka cannot come out of this economic crisis,” he observed.
Sri Lanka is facing debt repayment obligations of about $4 billion this year. In this context, politicians in the Opposition and economists are urging the government to seek assistance from the IMF.
Some opposition members have also urged the government to table in parliament an anticipated IMF assessment of the economic and financial situation, conducted as part of its regular consultations with Sri Lanka.
“It is essential that the government table this document before parliament and clearly state their plan for addressing this crisis in a sustainable manner,” members of the Opposition said.
With fuel stocks sufficient to last only for a few days, Pathirana said the Central Bank has been directed to release funds for fuel shipments.
Fuel shortage is also hitting power supply in the country with the power regulator (PUCSL) warning hours of rolling power cuts described as load shedding, over the next few days unless oil supplies to thermal power plants increase.
Pathirana mentioned the fact that any further increase in global oil prices would make the situation even more difficult. “We hope tensions in Ukraine will not push oil prices further up putting more pressure on Sri Lanka,” 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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
