Business
‘IMF has spoken diplomatically about minimising corruption in Sri Lanka’
Public appeal for economic reforms at an all-time high : economist
By Sanath Nanayakkare
It is time for Sri Lanka to make a series of economic decisions with important consequences, and making state owned enterprises (SOEs) directly accountable to the people rather than politicians is key among them, Shanta Devarajan, a professor of the Practice of Development at Georgetown University said on Saturday .
“Economic reforms in Sri Lanka used to be a solitary concern weighing on the mind of the International Monetary fund (IMF) in the past. But today it is interesting to note that Aragalaya, the government, politicians and even the general public agreeing on the critical need for reforms in making public entities and the entire economic system be made accountable to the people rather than politicians”, he said.
“For example, the Samurdhi movement was designed to eliminate poverty in Sri Lanka, mainly through the inclusion of low-income households and the provision of resources to support economic improvement, but it ended up turning into a vote-spinning mechanism to benefit politicians. And the loss- making SOEs such as the CPC, CEB, Sri Lankan Airlines landed on their dismal performance over the past decades because they were accountable to only politicians who kept them financing with public money without creating the right policies and a business model to get them running on their own cash flow without becoming a burden to the public. However, today that perception has changed notably after the public protests spilled out on to the streets through Aragalaya – the unprecedented people’s movement that clamoured for ‘system change’. It was obvious that their struggle was to push and force the decision makers to introduce new reforms to bring an end to the ‘elite capture’ of resources at the expenses of the poor people.”
“Sri Lanka will not limit borrowing if it can have access to borrowing funds from China or India whose debt will have a political element than a business case. It is a lot better if Sri Lanka can raise funds from the international capital market because then the government will be held accountable to make repayments subject to conditions. In the context of ISBs, the government will have to consistently demonstrate its creditworthiness, low country risk, manageable fluctuations in exchange rate and that the borrowed funds will be used wisely and it won’t be stolen.”
Shanta Devarajan made these remarks at the virtual monthly economic seminar organized by the Sri Lanka Economic Association (SLEA) on ‘’Economic Reforms in Sri Lanka and ‘Aragalaya’ .
When asked during the Q&A whether IMF wouldn’t push Sri Lanka to eliminate corruption, he said,” The IMF has said that to Sri Lanka in a polite way. The Aragalaya’ fight against pervasive corruption at elite level has also been a concern for the IMF and they have conveyed it to the government through ‘diplomatic language’. Today everyone is on the same page.”
Sirimal Abeyratne, Professor in Economics, University of Colombo who moderated the panel discussion quipped at this point saying if efforts are made at all levels to eliminate corruption in Sri Lanka, the public sector could even launch a general strike.
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
