Business
President willing to convene an all-party dialogue with IMF Managing Director
President Ranil Wickremesinghe last week extended an invitation to all political party leaders in parliament to engage in discussions with the Managing Director of the International Monetary Fund (IMF) on the implementation of Sri Lanka’s Extended Fund Facility programme with the IMF.
Emphasizing the importance of unity in leading the country to recovery and growth, he highlighted that withdrawing from the IMF agreement would jeopardize the trust of international stakeholders in Sri Lanka’s economy.
The President stressed that the nation’s economy suffered due to the politics of promises, emphasizing the need for all political parties to formulate comprehensive plans for the country’s development when gearing up for upcoming elections.President Wickremesinghe made these remarks during the International Customs Day celebrations at the Colombo Customs Headquarters on Jan. 26.
Speaking further he said:
“I convey my thanks to all members of the Customs Department for their contributions to the Customs revenue in 2023. Customs tax, VAT and income tax are the three primary sources of income for governments across the globe. So, enhancing the efficiency of Customs services to boost a country’s revenue is vital. Therefore, the intended government legislation and modernization initiatives will help overhaul all public revenue-generating institutions in the country.”
“In the contemporary landscape of international trade agreements, regional trade agreements and free trade agreements, our focus should be on enhancing income. To achieve this, the current Customs services need to operate with efficiency. While we are unable to allocate additional staff to your department, your commendable performance highlights the potential for substantial revenue improvement. There is a considerable journey ahead, and the government is firmly committed to the comprehensive modernization of Customs and other revenue departments, which includes the imminent introduction of new legislation.”
This initiative is a crucial component of the measures undertaken to steer the country out of the economic crisis. The decisions made in 2023 have paved the way for recovery from the economic downturn of 2022, although the journey is on-going. By the end of this year, our aim is to elevate the country’s income to 12% of the GDP. By 2026, we target a further increase to 15%.”
To achieve this, income must be generated from the existing economy, necessitating economic development. The pressing question today is how to facilitate this economic growth. The outdated economic system is incapable of propelling the country forward. The reliance on daily loans led to the collapse of the country’s economy. It is imperative to overhaul this economic system for sustainable progress.”
“Our actions today will shape the future. So, political parties should engage in meaningful dialogue, especially when preparing for elections, understanding the intricacies of the country’s challenges. It is imperative to carefully consider the future trajectory of our nation’s economy through open discussions.”
“Our country has recently entered into an agreement with the International Monetary Fund, a pact signed by numerous countries, including 15-20 others. It is an agreement we cannot simply walk away from, necessitating collective discussion and consideration. However, the unfortunate reality is that our political landscape often resembles the fleeting nature of “papadam” —put in the pan, enjoyed when it blooms, and soon forgotten. The cycle repeats, with new issues emerging, gaining momentary attention, and eventually fading into oblivion.”
“Hence, I urge all political party leaders in parliament to engage in discussions regarding our stance on the agreement with the IMF and whether any amendments are deemed necessary. Following these discussions, I am willing to extend an invitation to the Managing Director of the IMF to participate in a collective dialogue here. Let us collaboratively explore different perspectives and propose modifications if deemed beneficial. While the amendment process is open for consideration, it is imperative to acknowledge the existing agreement and work towards its implementation,” the President said.
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
