Business
Reckless spending by governments and public sector created debt crisis – Prof. Lakshman Watawala
By Hiran H.Senewiratne
The entire government/ public sector ran on without accountability to their spending on various development projects, despite having a huge number of government servants, which runs into 1.5 million. That is why the country encounters a huge debt crisis that amounts to US $ 60 billion or Rs 70 trillion, Prof. Lakshman R. Watawala said.
‘The private sector’s accountability is a key area and without accountability we cannot exist. Unfortunately, we don’t see any accountability in the government/public sector. If they are accountable they will know how borrowed funds are utilized for various development projects. Due to that not only politicians but the public sector too should be responsible for this debt crisis, Prof. Watawala who is the Founder/President, Institute of Certified Management Accountants of Sri Lanka (CMA) said.
Watawala made these observations at a zoom forum organized by CMA Sri Lanka recently on the subject, “A Solution to Debt Crises Using Nature”.
Extracts from Watawala’s presentation:” We are planning to go to the IMF to get dollars. We can’t really imagine how we got into debt and therefore no one is ready to take responsibility for it. Therefore, our huge 1.5 million strong public sector is eating up our money, in other words tax payer’s money.
‘When Sri Lanka graduated to a developed country from a developing nation we were able to raise money from lending agencies and even from International Sovereign Bonds for different projects with liberty, sometimes with high interest rates. In the absence of a proper accountability mechanism nobody knows what happens to those funds. The respective governments never consider the repayment methods and the viability of those projects.
‘Our government departments spend colossal amounts money as if it has to be borne by society. In that sense money that was borrowed was never properly accounted for. Therefore, that money was wasted and some corrupt political and public servants robbed them.
‘In a landmark Indian Supreme Court judgment, the latter ruled that when a government imposes any taxes it should consult the Taxpayers Association on why it imposes taxes or on what and how that money is to be spent. Therefore, it is the need of the hour to have some system for the country to enable financial discipline.’
The Group Director Capital Maharaja Group Chevaan Daniel in his presentations said that Sri Lanka’s 3,000 year-old system still serves its people. Sri Lanka’s hydraulic heritage must be understood in order to be protected. Our ancient philosophy of water and soil conservation is amongst the greatest in the world. He talked on, ‘The Sea of Sri Lanka and Sri Lanka’s Water Heritage’.
Daniel added: “While the West has woken up to the importance of sustainability of late, the Sri Lankan civilization was built on a culture of sustainability that lasted for thousands of years. A key misconception that must be righted is the fact that we often think our water heritage is limited to our irrigation systems.
‘ An irrigation system is a function of hydraulic engineers who will see water as ‘inanimate and active’ but the conservationist and farmer will see water from the perspective of it being animate and passive.
‘The famous scholar, Joseph Needham once noted that the development of a water management system in ancient Sri Lanka in its technology and organization has been unparalleled in its sophistication elsewhere in the world.’
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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