Business
ADB’s knowledge engagement in Sri Lanka to be aligned with govt’s reform programme
The assistance of the Asian Development Bank (ADB) to help Sri Lanka recover from the crisis will be aligned with the strategic objectives of the Bank’s country partnership strategy (CPS) 2024–2028, Takafumi Kadono, Country Director, Sri Lanka Resident Mission, ADB said.
Mr. Kadono made this comment at the ‘Serendipity Knowledge Programme’ (SKOP) held on April 3, at the Cinnamon Lakeside Hotel in Colombo. The latest event under SKOP saw the launch ADB’s Country Plan 2024-2028, which will guide its operations in Sri Lanka over the next five years.
Mr. Utsav Kumar, Senior Country Economist ADB gave a comprehensive overview of CPS, setting the tone for ADB’s knowledge programme dedicated to Sri Lanka.
The programme is designed to respond effectively to the country’s needs in line with the vision of ADB as a knowledge solutions bank. SKOP seeks to share knowledge on issues relevant to Sri Lanka and facilitate discussion among stakeholders.
“During 2024-2028, ADB operations in Sri Lanka will focus on strengthening public financial management and governance, fostering private sector development promoting green growth, and improving access to climate-smart public services and deepening inclusion,” Mr. Kadono said.
“To revive Sri Lanka’s crisis-affected economy and address the root causes of the crisis, the government has embarked on an ambitious reform programme, supported by an International Monetary Fund extended fund facility. Policy advisory support, technical assistance, and knowledge solutions will underpin Asian Development Bank (ADB) assistance to help the country recover from the crisis,” he emphasised.
The following are some excerpts from his speech.
“Sri Lanka’s reforms to restore debt sustainability focus on improving public financial management (PFM), increasing domestic resource mobilization (DRM), reforming state-owned enterprises (SOEs), and addressing governance weaknesses. To address long-standing DRM limitations, knowledge support and capacity building will be needed for property tax reform and strengthening tax administration. ADB will provide knowledge support for diagnostic assessments and for identifying solutions based on global good practices on PFM strengthening and debt management, and for improving SOE performance. Capacity building will also be needed to strengthen institutions and improve governance. Knowledge support and capacity building are required to transition to a low-carbon and resilient economy through climate diagnostic studies, climate change regulatory and planning frameworks, training on climate-informed decision-making, and greening the PFM system.”
“To foster private sector development (PSD), knowledge support is needed for introducing policies and regulations to create an enabling environment for private investment and public–private partnerships. Knowledge solutions are needed to boost trade and integration with global value chains, develop economic zones and promote an ecosystem for small and medium-sized enterprise (SME) development.”
“Areas that require comprehensive knowledge inputs include finance sector stability and sustainability, capital market development, legal and regulatory frameworks for sustainable finance, development of a green bonds framework, and financial inclusion. ADB’s support for reforms in these areas will be accompanied by assistance to build capacity in existing or new institutions. Further, capacity building and knowledge support will be provided to improve trade facilitation and enable the country to integrate better into global and regional markets,” he said.
ADB will collaborate and coordinate with other development partners on knowledge support through the Development Partner Secretariat and the MDB+ platform to avoid duplication, realise synergies, and share expertise. ADB and the ADB Institute will also proactively engage with the private sector, civil society, think tanks, and academia, as necessary, to leverage their knowledge base for implementation of the country knowledge plan.
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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