Business
‘IMF facility has potential to boost international confidence in Sri Lankan economy’
By Chitral Jayawarna
Economic Analyst / Member of Sri Lanka Agriculture Research Policy
Recently, the International Monetary Fund (IMF) approved the disbursement of the second tranche from a $2.9 billion bailout package aimed at strengthening the Sri Lankan economy. This assistance is significant for several reasons. Unlike the overall bailout package, this specific facility is designed to facilitate the implementation of comprehensive economic restructuring across various sectors in Sri Lanka. The conditions set by the IMF are crucial in helping the country navigate through challenging economic circumstances.
One compelling rationale behind this IMF facility is its potential to attract foreign investors and instill confidence in Sri Lanka’s economic landscape. With the country declaring bankruptcy in April 2022 and grappling with a staggering debt of over $83 billion, of which more than $52 billion is owed to foreign creditors, the IMF intervention becomes imperative. The organization emphasizes the importance of the Sri Lankan authorities’ commitment to executing key recommendations outlined in the Governance Diagnostic Report. Addressing corruption risks and reinforcing accountability are identified as essential steps to rebuild economic confidence, fostering more robust and inclusive growth. This will have an impact on building confidence with other donor organizations. Recently, The World Bank released the second tranche of the US$500 million Sri Lanka Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO), considering the continued satisfactory progress made by the government with the reform program.
The implementation of the IMF’s recommendations becomes crucial in steering Sri Lanka towards significant fiscal adjustments. The anticipated fiscal changes are expected to play a pivotal role in navigating the complexities of debt restructuring and treatments. Swift actions consistent with restoring debt sustainability will be paramount in dispelling uncertainty that currently hinders Sri Lankan businesses and external financing. Overall, the IMF facility emerges as a linchpin in charting a course for Sri Lanka’s economic recovery and instilling renewed optimism in both domestic and international investors.
Chitral Jayawarna
Economic Analyst / Member of Sri Lanka Agriculture Research Policy
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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