Business
IMF urges Sri Lanka to make urgent preparations for property taxation
Prompts authorities to establish Anti-Corruption Commission
by Sanath Nanayakkare
Urgent preparations for property taxation and the formation of Anti-Corruption Commission are being expected from Sri Lankan authorities by the International Monetary Fund (IMF) as key priorities.
The matter was discussed among other things on January 11 when a visiting IMF mission met with President Ranil Wickremesinghe.
According to the President’s Media Division (PMD), the meeting also highlighted the urgency of addressing fiscal matters, including passing amendments to the Banking Act and recapitalizing the banking sector.
As the IMF plans its upcoming formal review and Article 4 consultation, key areas of focus will include the new public financial management law, potential conflicts with the public-private partnership law, electricity tariffs and urgent preparations for property taxation.
The IMF has stressed the importance of perseverance with ongoing reforms, addressing fiscal issues and advancing governance agendas.
However, the IMF has applauded the country’s significant progress in implementing economic reforms and Sri Lanka’s courage in publishing the governance diagnostic, a first in Asia.
The IMF has highlighted the positive start of the programme, recognising the challenging reforms undertaken by Sri Lanka and their significant impact on the domestic population.
Senior Mission Chief for Sri Lanka, Peter Breuer has noted encouraging signs regarding the programme’s impact on stabilising the economy, particularly in policy-oriented variables and fiscal areas.
Breuer has said that a meeting the IMF had with Sri Lankan fiscal authorities revealed promising revenue collection, indicating the effectiveness of implemented policies since reaching a staff level agreement in the second half of 2022.
The IMF has emphasised the positive surprise in these developments have resulted in Sri Lanka boosting its confidence with the international community, official creditors and private creditors.
Peter Breuer has told President Wickremesinghe that with respect to revenue collection, there are ‘very encouraging’ numbers that basically highlight the policies the government implemented after the IMF had reached the staff level agreement in the second half of 2022 are working.
“They have had the intended effect. You’re collecting the revenue that’s needed to address the cause of the crisis. So, that really is very good news,” he has said.
Further, the board meeting has recognised Sri Lanka’s success in reducing inflation significantly, attributing it to the government’s efforts in monetary policy and scaling back monetary financing.
Positive outcomes, such as an increase in reserves had also been observed by the visiting delegation.
The ongoing governance reforms have been acknowledged by them as positive indicators, contributing to tentative economic growth in the third quarter, particularly in capital formation and machinery.
On the governance front, the IMF has put under its microscope the operationalizing of the Anti-Corruption Commission, publishing action plans and meeting with the Constitutional Council for insights into commissioner selection process.
As the two-week mission unfolds, further discussions between Sri Lankan authorities and the IMF are expected to delve deeper into these key areas, providing a comprehensive overview of the progress and challenges in Sri Lanka’s economic reform journey.
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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