Business
WB, IMF and G7 governments accused of aggravating South’s economic woes
By Ifham Nizam
Members of the Asian People’s Movement on Debt and Development (APMDD) took to the streets yesterday, accusing the World Bank (WB), the International Monetary Fund (IMF) and G7 governments of aggravating economic conditions in the global South and of further exacerbating the climate crisis.
In Sri Lanka, Center for Environmental Justice’s (CEJ) Advocacy and Campaign Unit Director Janaka Withanage told The Island Financial Review that the WB had not funded to mitigate fossil fuel issues in Sri Lanka.
Withanage added that, on the other hand, the World Bank should not fund fossil fuel energy projects in G7 countries, but assist them in launching renewable energy projects.
Withanage said that the IMF should not compel Sri Lanka to pay its debts by taking more debts to settle it. “Strengthening resources and production is the key,” he said.
He also stressed that the IMF should cancel all unaudited debts in Sri Lanka.
“A Wealth Tax should be imposed on the affluent class, like in other countries. In Sri Lanka monies are squeezed in from the needy to pay the rich; this concept should be immediately stopped, he stressed.
Withanage also said that to coincide with the annual meetings of the IMF-WB, Asian activists joined hundreds of other organizations worldwide to mark the Global Week of Action for Debt, Climate and Economic Justice.
A statement endorsed by close to 500 organizations and individuals from 74 countries across all global regions denounced the IMF-WB to the effect that, “Together with other private and public lenders, they perpetuate a flawed international financial architecture that exacerbates debt, climate, and economic crises, violating the basic needs and rights of millions of people.”
In Manila, Philippines, hundreds of demonstrators marched to Mendiola, gateway to the presidential palace, with the call, “Cancel the debt and pay reparations for historical and continuing injustices!”
“Global South governments should stop paying for these illegitimate debts!” said Lidy Nacpil, APMDD Coordinator. “At the same time, lenders such as the IMF, the World Bank and G7 governments should stop pushing more loans as climate finance, and swiftly start the process of debt cancellation, adoption of wealth taxes for spending on urgent economic and climate action, and the rechanneling of public funds away from fossil fuel subsidies towards renewable energy systems.”
APMDD members in other countries also rallied to the calls of the Global Week of Action and mobilized in the hundreds to spotlight debt, climate and economic injustices, and to hold the IMF-World Bank and the G7 governments accountable.
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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