World Bank heads discuss forecasts
World Bank and IFC Country Manager Gevorg Sargsyan (right) and World Bank Senior Economist Richard Walker keenly observing the presentation on the South Asia Development Update on “Women, Jobs and Growth” made from their Pakistan office highlighting the need for increased women participation in the workforce to ensure improved growth rates for the region. Pic. by M.A. Pushpa Kumara.
Sri Lanka delegation to visit Washington for crucial IMF talks
Sri Lanka is preparing to resume discussions on the US $ 2.9 billion bailout programme with the International Monetary Fund (IMF) during the IMF and World Bank Group Annual Meetings in Washington later this month. This comes after President Anura Kumara Dissanayake’s pledge to comply with the conditions of the agreement. These talks are vital [...]
SLBFE’s new chairman to address allegations
The Sri Lanka Bureau of Foreign Employment (SLBFE) under the Labour Ministry headed by Prime Minister Harini Amarasuriya, is determined to weed out the agency’s alleged corruption and malpractices. SLBFE’s new Chairman, Koshala Wickremesinghe told The Sunday Times Business on Thursday that he will fulfil the mandate of the current government and vowed to eradicate the corruption, [...]
NPP wants to brand and market destination Jaffna
Jaffna, the Northern Province that still goes unexplored by most tourists is to be opened up with proper branding and a marketing focus as was considered a long awaited need ever since the war ended. Sri Lanka Tourism Development Authority (SLTDA) Chairman Buddhika Hewawasam speaking with The Sunday Times Business on Thursday said that they [...]
Gem industry calls for urgent policy reforms
While Sri Lanka’s gem and jewellery industry has enormous potential to become a significant foreign exchange earner for the country and a generator of employment across the island, urgent policy reforms are required to reverse the changes that have hindered growth, weakened global competitiveness, and led businesses to consider moving operations abroad. Newly elected President [...]
Government to launch bonds for SL expats
The Sri Lankan government has plans to issue development bonds to attract foreign direct investment from the Diaspora, a top National People’s Power (NPP) party member said. NPP Politburo Member Sunil Handunnetti told The Sunday Times Business on Thursday that these bonds will be similar to Sri Lanka Development Bonds but in smaller denominations and [...]
Expat EV Permits Scheme in mega scam
A large-scale fraud involving the import of electric vehicles worth millions of rupees under special permits granted to expatriate workers has been uncovered, according to the National Audit Office. Auditor General W.P.C. Wickremaratne recently submitted a report detailing the findings of this scam to Parliament authorities. The results of this forensic audit will be presented [...]
Balancing their interests
How do you balance the interests of farmers and consumers? If farmers get a good price for mainly rice, consumers complain and then it’s vice versa. If you give farmers subsidies on fertiliser and other inputs at state costs to reduce consumer prices, that puts pressure on public spending and inevitably this cost is met [...]
Urbanisation along the roads
Official statistics about Sri Lanka’s urban-rural population share do not show a realistic picture, as everyone knows. The division is based on the administrative demarcation of local government bodies – Municipalities and Urban Councils which are classified as the ‘urban sector’ and Pradeshiya Sabhas as the ‘rural sector’. The current urban-rural classification problem is, at [...]
WB eyes continued consistency in policy with NPP
The World Bank is confident that Sri Lanka’s new government will continue to pursue measures already adopted and set in motion; but noted that if there is a reversal of the plans already made it could have an adverse impact on the country going forward. “Everything we’ve heard is that there will be consistency in [...]
CCC welcomes successful IMF and OCC agreement progress
The Ceylon Chamber of Commerce (CCC) lauded the Government of Sri Lanka for completing consultations with the Official Creditor Committee (OCC) and the International Monetary Fund (IMF) about the Agreement in Principle (AIP) reached with international and local holders of International Sovereign Bonds (ISBs). “This marks significant progress towards achieving external debt restructuring and is [...]
Asia-Pacific Digital Talent Summit 2024 discusses future digital talent
The 2024 Asia-Pacific Digital Talent Summit Held in Nanning, located in the South of Guangxi, China provided a crucial platform to discuss the future of digital talent development in the rapidly evolving the regional digital economy. “The summit concluded with 17 groups of student performance showcasing their cultural heritage at the Departure Ceremony. Dr. Piti [...]
First Capital Holdings PLC triumphs at SLITAD People Development Awards 2023/24
First Capital Holdings PLC has achieved remarkable recognition by winning the prestigious Gold award at the SLITAD People Development Awards 2023/24. This accolade, presented by the Sri Lanka Institute of Training and Development (SLITAD), highlights organisations that excel in holistic Human Resource Development (HRD) initiatives and adhere to global best practices. The company’s unwavering commitment [...]
SL launches first child rights initiative in tourism amidst evolving global human rights laws
Sri Lanka launched the Mother and Child-Friendly Seal for Responsible Business in Tourism, aiming to enhance the well-being of children and families in the tourism sector. The initiative, the first of its kind in the country, is based on a study by The Centre for Child Rights and Business and Save the Children, which identified [...]
Hambantota Port sees 40 % increase in RORO transshipment
The Hambantota International Port (HIP) has marked a 40 per cent increase in RORO vehicles handled between the 2nd and 3rd quarters of 2024, a media release issued by the Port stated. From 125,526 units handled in the 2nd quarter, the port went up to 175,583 RORO units handled at the end of September, it [...]
Empowering Lives: Ninewells’ Hearts of Joy continues to make a difference
In its ongoing mission to uplift underprivileged women and children across Sri Lanka, Ninewells Hospital’s Hearts of Joy initiative continues to make a meaningful impact, a media release issued by the organisation stated. Launched as a Corporate Social Responsibility (CSR) project, Hearts of Joy provides essential support to vulnerable communities, empowering them to overcome adversity [...]
Taxing the Wealthy: IMF’s suggestion to boost revenues for the poor
The New Administration is taking a significant step toward reforming its tax system by focusing on taxing wealth and property, aiming to benefit lower-income groups. This comprehensive strategy, guided by recommendations from the International Monetary Fund (IMF), intends to reshape fiscal policies to generate revenue from the elite, ultimately aiding economic stability and poverty alleviation. [...]
Empowering women entrepreneurs in the North Central Province through the Diva Dathata Diriyak Entrepreneurial Skills Development Programme
The sixth regional rollout of Diva Dathata Diriyak Women Entrepreneurial Skills Development Programme a collaborative effort by Diva, one of the leading laundry brands in Sri Lanka from Hemas Consumer Brands and Women in Management (WIM) to support and empower women entrepreneurs island-wide was successfully concluded in Anuradhapura early this month. Over 150 participants attended [...]
LHI completes a Coastal Protection Consultancy Project in Ajaccio, France
Lanka Hydraulic Institute Ltd (LHI), a pioneer in engineering consultancy in Sri Lanka completed a major coastal protection consultancy work in Ajaccio, France. France has awarded LHI the third coastal stabilisation work in Ajaccio, after its beach restoration project in Cannes and port rehabilitation work in Bormes les Memosas, a company media release said. It [...]
Siyapatha Finance PLC Emerges ‘Best Employer Brand of 2024’
Siyapatha Finance PLC bagged the “Best Employer Brand” at the recently concluded Sri Lanka Best Employer Brand Awards 2024, a media release issued by the company stated. The event was oorganised by the Employer Branding Institute, India, along with the World HRD Congress and Stars of the Industry Awards Group, the awards recognise and reward [...]
Delma gets SLS certification for Calin Baby products
Delma Lanka Company received the SLS certification for Calin Baby soap products, the company announced recently. At a press conference presided over by Lelwala G. Piyananda, the founder of Delma Lanka Company, Umesh Godakanda, the Managing Director and Chaturika Jayasekara, Director held on October 1, on World Children’s Day, Delma introduced a new line of [...]
Sri Lanka has very limited policy tools to provide relief and boost output recovery
While Sri Lanka has constrained policy options in its fragile recovery phase from a macroeconomic point of view, the country has very limited policy tools to provide relief and boost output recovery, according to Dr. Dushni Weerakoon, Executive Director of the Institute of Policy Studies (IPS). Last Tuesday the IPS released its annual flagship report, [...]
DFCC Bank eyeing more Green Bonds
DFCC Bank on the back of the inaugural issuance of Green Bonds on the Colombo Stock Exchange (CSE), is exploring similar opportunities overseas, top officials said. “We are looking at launching a similar green bond in Europe,” Thimal Pereira, CEO DFCC Bank told The Sunday Times Business recently. He added that these plans are at [...]
Thriposha Factory closure sparks concerns over malnutrition and privatisation
The state-run Thriposha factory in Sri Lanka is facing a potential shutdown due to a shortage of essential grains like corn and soya. Thriposha, a nutritional supplement distributed free to pregnant women and infants, plays a critical role in fighting malnutrition across the country. Grain supplies have been severely affected, but officials expect new stocks [...]