Business
Opposition parties seek to derail Economic Transformation Bill, risking return to economic crisis – State Minister for Finance
State Minister for Finance, Shehan Semasinghe stated that only those wishing to plunge the country back into an economic crisis would oppose the Economic Transformation Bill.
He emphasized that while the current government is focused on an optimistic economic outlook, the opposition groups are driven solely by political motives.
State Minister Semasinghe made these remarks during a press conference at the Presidential Media Centre on Thursday (30), themed ‘Collective path to a stable country’.
The State Minister for Finance further stated,
The Economic Transformation Bill aims to increase productivity and ensure equal opportunities for all citizens of Sri Lanka, while also enhancing infrastructure. It is expected to generate job opportunities, foster economic growth, and expand the competitive market through innovative exports.
However, some individuals, lacking understanding of the bill, are making various claims. It is those who wish to plunge the country back into an economic crisis, that are opposing the bill alleging that its goals are unattainable. While the current government remains optimistic about the country’s economic prospects, opposition groups are driven purely by political motives.
It is well-known that the absence of a targeted legal framework has contributed to our economic decline, a lesson we must heed.
The bill proposes reducing the country’s debt burden from 128% of the Gross Domestic Product in 2022 to 95% by 2032. Similarly, the government’s gross money supply, which was 34.6% in 2022, should be reduced to 13% by 2032. The foreign debt servicing ratio, 9.6% in 2022, is targeted to drop to 4.5% by 2027. We are committed to embedding these goals into the country’s legal framework to establish a sustainable economy.
Additionally, the bill aims to achieve an economic growth rate exceeding 5% after 2027, recovering from a decline to -7.8% in 2022. Unemployment, which was 4.7% in 2022, is expected to be maintained below 5% by 2025.
Moreover, in 2022, the labour force participation rate for women was 32.1%. Our goal is to increase this to at least 40% by 2030 and 50% by 2040.
Additionally, the current account balance, which was at -1.9% in 2022, is targeted to be maintained at 1% by 2025. The export of goods and services, which was 21% in 2022, will be increased to 40% by 2025 and 60% by 2040 through the Economic Transformation Act.
Foreign direct investment, which was 1.6% in 2022, is expected to reach at least 5% by 2030. Our aim is to make direct investment account for 40% of the country’s exports of goods and services by 2030.
The primary balance of our country is a key factor in the International Monetary Fund’s economic stabilization program. We aim to shift the primary balance from -3.7% in 2022 to +2.3% by 2025 and maintain it at 2% beyond 2032.
Additionally, government revenue, which was 8.3% of GDP in 2022, is targeted to exceed 15% by 2025. This increase will ensure the uninterrupted provision of essential services to the people.
Moreover, the reform process has heightened the impact on poor and vulnerable populations. Our goal is to reduce multidimensional poverty to below 15% by 2027 and to 10% by 2035.
It is the government’s responsibility to implement the necessary reforms and programs outlined in the Economic Transformation Act, and we are committed to fulfilling this mandate without hesitation.
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
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