Business
Sri Lanka still trying hard to convince China and India on the need for creditor assurances
By Sanath Nanayakkare
President Ranil Wickremesinghe said on Friday that he was looking for ways to speed up Sri Lanka’s economic recovery with the assistance of the IMF and main creditor nations; Japan, India and China which would have to be complemented with other ‘bitter medicine’
“IMF’s sovereign debt support mechanism is the only way out for Sri Lanka. We still we have to get creditor assurances from India and China. Japan and other creditor nations have given their assurances already. We will need to take other ‘bitter medicine’ as well. We can take further steps once we have got the assurances from China and India. No sooner than we get it we will do the needful.”
The President made these observations during a meeting held with the trade union representatives at the President’s Office. Government, semi-government and private sector trade union leaders and representatives participated in the meeting which was presided over by the President and the Prime Minister where they discussed corrective measures that could be taken to find solutions to the economic and financial crisis in the country.
“When all is in place, we will get USD 2.7 billion from the IMF in three or four tranches. And when there is such confidence in Sri Lanka’s financial condition, we should be able to obtain additional assistance from the World Bank, ADB etc. worth about USD 5 billion. And then we should be able to kick off with the LRT project with Japan possibly this year. We have to get there by and by. I expect that things will be better after the first quarter of 2023 in terms of economic stability and we will be able to shift to a growth path in 2024,” the President said.
He emphasized the need for working within one policy framework for at least 10 years to steer out of the crisis. He said he is aware of the hardships the people are going through and added that the government is taking steps to provide relief to the public.
“The public sector and the private sector should be strengthened to provide support to the people while we continue with the development programs of the country. I suggest the public sector, private sector, trade chambers, trade unions, farmer associations and all other stakeholders should discuss at length and reach a framework of a social contract on how we should continue with a consistent economic programme for sustainable growth.”
Speaking at the meeting Prime Minister Dinesh Gunawardena said due to the measures taken by the government in the last few months, the economic situation of the country has changed to some extent. “But in order to strengthen the situation in the future, we need to cooperate and improve our products and services. It is on that basis we can recover as a country, therefore, the participation of trade unions in that endeavor is of paramount importance,” he said.
Union leaders and representatives also spoke at the meeting while President’s Secretary Saman Ekanayake, Finance Ministry Secretary Mahinda Siriwardena, President’s Senior Economic Adviser Dr. R.H.S. Samaratunga, President Trade Union Director General Saman Ratnapriya and other officers attended the discussion.
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
