Business
‘Negotiations with China needed as well to evolve sustainable debt restructuring proposal’
By Hiran H.Senewiratne
Sri Lanka’s debt advisors are currently looking at local debt, as a restructuring plan to negotiate with our creditors is being developed as part of efforts to make debt sustainable in order to obtain support from the IMF. The latter has specifically told us to bring a sustainable debt restructuring proposal through negotiations with China as well, President Ranil Wickremesinghe said.
“The agreement has to be reached with official creditors to go to the London Club (of private creditors).Second, and the more important issue is you have got to look at local debt as well, Wickremesinghe told an economic forum organized by the Advocata Institute, a Colombo-based think tank. The event was held at the BMICH yesterday.
The President faces the tough task of forging a consensus for a deal with the International Monetary Fund from among all lawmakers and political parties to ensure a rapid economic recovery and debt sustain ability. He was delivering the keynote address at the event.Extracts from the President’s address: “It’s certainly going to be a difficult time. I won’t say no. The first six months are going to be difficult. It will be a period we have not seen before but we all have to go through it.
“If anyone has an alternative formula or set of proposals that will make it easier. Certainly, I think we should hear them and parliament could decide between these two sets of proposals. Otherwise, we have no other way, except to bite the bullet.
“Sri Lanka has a long history of reversing IMF deals when there is a governmental change. The nationalist Sri Lanka Podujana Peramuna (SLPP) and the Center-left Sri Lanka Freedom Party (SLFP) along with other leftist parties have been against IMF reforms, while center-right parties have been in favour of a global lender’s loan programme.
“Whether we like it or not, we have to deal with the IMF. First and foremost, we have to enter into the staff level agreement with the IMF.
“If any member of parliament or any party says we are not for it, then we have the right to ask: what is your solution, what is your alternative. All parties must abide by this agreement.
“The country should focus on foreign debt first and navigate through without getting caught-up in the geopolitics of the Asian region.
“The country is unable to seek assistance from London Club in facing the current economic crisis. The London Club is an informal group of private creditors on the international stage, similar to the Paris Club of public lenders. After looking after foreign debts, the second key issue is to look at local debt.
“Local debt has already been hit by a real hair cut with the steep currency depreciation and inflation.
“Most local debt is sold at low interest rates to the Employees Provident Fund of private sector workers. Others are held at banks. If local debt is restructured, it will be even more difficult for the government to fund the deficit.”
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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