Business
Abandon the battle for power, President tells parliament
By Sanath Nanayakkare
Leaving aside the battle for grabbing political power, a crucial time has come for Sri Lanka’s parliament to work together to arrive at a consensus on the IMF’s Extended Fund facility approved for Sri Lanka as well as collaborating on a common framework for restructuring the sovereign’s debt with bilateral creditors and foreign bond holders, President Ranil Wickremesinghe told parliament yesterday.
“We need the assistance of the IMF to restore the economy. There is no other alternative. We need debt restructuring to enable our loan repayments to our creditors. We need economic reforms and State-Owned –Enterprise (SOEs) reforms to expand our GDP and accelerate our growth rate in the next 5 years to about 8% from the opportunities that lie ahead of us. This will be needed to repay our loans and achieve growth. Some people ask us why the government wants to dispose of state entities. We believe that the private sector can deliver better in these sectors. Over the past 25-30 years, we imposed various limitations on state enterprises as per the wishes of ministries. Now we have to decide on what limitations should be continued and what to be discontinued for faster economic growth.
The President said that there is a lot of worrying by the banks and the Colombo Stock Exchange on potential domestic debt restructuring. “You can’t put the gun to head at this hour and put conditions. Then let the banks take over and carry forward the economy. IF CSE can’t take it, I may have to shutter it,” he said.
However, he said that no final decision has been taken on domestic debt restructuring.
“As a first step towards that journey, let’s get together and approve the IMF Extended Fund Facility in parliament. If there are any shortcomings, we can discuss with the IMF because they come here for reviews every six months. And then let’s focus on a national policy framework targeting the Year 2048 (the centenary of Sri Lanka’ Independence) through which the country can achieve prosperity. We have to create a green economy, a digital economy; that’s the way forward in the global economy. Let’s turn the whole parliament into government to discuss, design and implement those national policies. If we don’t do this, we will be betraying our youth. We will be ruining their future. Think about it. Don’t think only about wielding political power, authority and influence at the centre. If we are going to be only interested in changing political power and wielding our authority, none of us will remain to exist in two to three years,” 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.”
