Business
Cabraal explains way forward amid challenges
by Sanath Nanayakkare
If we opt for a debt restructuring programme with the support of the IMF, it will take another 10 years for us to emerge from the consequences related to such a move, so we must explore all ways in partnership with all the stakeholders of the economy and every citizen of this country to rally round a home grown solution to come out of the current economic crisis, Central Bank Governor Ajith Nivard Cabraal told a webinar hosted by the Advocata Institute on Saturday.
“We need not make unnecessary turbulence by going to the IMF. We are able to deal with the situation. We have enough local economic think tanks who do know about this country and how best a solution to the present crisis can be evolved. If we invite the IMF to come in, they will come with a prescription. That is not what we want right now. With a potential arrival of the IMF, our tourist arrivals won’t increase. We have been able to successfully conduct the vaccination drive without them.” he said.
“We have stabilized the value of the rupee against the U.S. dollar not because they asked us to do so. We maintained a low interest rate regime for economic recovery not because they recommended it. If they come in, they will ask us to stabilize the rupee at a different value. We need space for that.”
The Governor said that he and his team at the Central Bank have not only understood the issues, but also have explored ways to resolve the issues.
“When analysing the economy, everybody has an angle of his or own according to their aspirations. Our undertaking is to balance all these competing interests and allow the economy to move forward progressively. The two main things that we have on our minds are economic growth and stability. We will ensure growth and stability in the next 3-4 months. We will unveil the plan on how to do that when we roll out the Road Map on October 1.
When asked about debt repayment challenges , he said, “We can always roll over because we have instruments to do so.”
When asked whether there was a Balance of Payments crisis looming due to excessive money printing, he said, ” It is like doing an open heart surgery. The surgeons know when to open the heart, perform the operation properly and close it. Likewise, we know how to deal with it. We jnow when to give an economic stimulus and how to wrap it up. Money printing has now reached its maximum point. We will now ensure a soft landing,”
The Governor said the country’s under-utilized assets will be vested in investors to add their real value to the economy.
When asked about the transfer of the Secretary to the Monetary Board of the Central Bank Ms. K.M.A.N. Daulagala, the Governor said that it was in line with periodic changes, implying that the change was based on service requirements. He went on to say that if someone is not willing to move on, that also could convey a message.
Notably, the Governor emphasised the point that all citizens should contribute to the growth of the economy in their own way meaningfully.
Dhananath Fernando, the Chief Operating Officer of Advocata conducted the virtual interview.
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
