Business
‘Reforms within World Bank likely to benefit Sri Lanka’
By Sanath Nanayyakare
Parameswaran Iyer, the World Bank Executive Director for India and Sri Lanka has told State Minister of Finance Shehan Semasinghe that various internal restructurings within the World Bank could benefit countries like Sri Lanka.
The State Minister mentioned this on April 15 on his X (Twitter) account.
“Mr. Iyer congratulated the Sri Lankan authorities on implementing the series of difficult reforms. He updated us on the various internal restructurings within the World Bank and how these changes could benefit countries like Sri Lanka, and assured his fullest support to Sri Lanka,” Semasinghe noted.
Semasinghe, who is in Washington D.C. for the 2024 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) and related ancillary events is accompanied by Dr. Nandalal Weerasinghe, Governor of the Central bank of Sri Lanka and Mahinda Siriwardena, Secretary to the Treasury.
The Spring Meetings comprise joint World Bank-IMF Development Committee and the IMF’s International Monetary and Financial Committee events. The ancillary meetings will be held from April 17 to 19.
“We kicked-off the IMF/WBG Spring meeting with a very productive bilateral discussion with Mr. Kenji Okamura, Deputy Managing Director of the IMF. Mr. Okamura commended the Sri Lankan authorities on strong programme implementation and excellent reform progress. He emphasised the need to preserve the hard earned gains Sri Lanka has experienced since the beginning of the IMF programme and continue strong ownership.”
“I, along with Governor of the CBSL and Secretary to the Treasury, explained to Mr. Okamura the recent socio-economic developments and the authorities’ commitment to ensuring continuity and consistency of macroeconomic policies and reforms undertaken under the programme,” the State Minister noted.
For some years now, the World Bank has been engaged in a series of reforms to modernise and simplify its lending practices in response to concerns by borrowers.
Presenting a paper on the topic the World Bank had recently said the following:
“Among the concerns were that cumbersome and inflexible procedures were impeding rather than facilitating operational work, were not keeping pace with the capacities of our partner countries, and thus were potentially hindering the development impact of Bank-supported development interventions.”
An area has been identified in need of modernising project restructuring and changes in procedures to strengthen the impact of operational work, according to the paper.
Furthermore, it has identified more effective supervision tools such as project restructuring coupled with clear procedures and reinforcing corporate incentives would help improve project implementation results.
It proposes to modify the approach to restructuring during project supervision, to aim for improved developmental outcomes by project closing.
The proposed approach is based on the potential of increasing implementation effectiveness, particularly for projects in the portfolio that contain risk factors.
The paper has also identified current obstacles in order to improve outcomes through more proactive and early restructuring before project problems become irreversible.
However, the timeline is still not clear as to when the proposed changes in the World Bank’s lending practices will benefit countries like Sri Lanka.
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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