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Sri Lanka ratings upgrade depending on debt restructuring parameters and reforms programme

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Bingumal Thewarathanthri, CEO, Standard Chartered Bank

by Sanath Nanayakkare

Sri Lanka can reasonably expect a much desired ratings upgrade after the government of Sri Lanka has announced its debt restructuring plans and its sustained commitment to the economic reforms programme, Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Bank said recently. He made this remark while addressing a Central Bank hosted webinar titled,”What is next for Sri Lanka in the wake of the IMF Programme?”

Keynote Speaker at the webinar was Dr. Indrajit Coomaraswamy, Former Governor, Central Bank of Sri Lanka. Deshal De Mel, Economic Advisor, Ministry of Finance and Murtaza Jafferjee, Managing Director, JB Securities were the other panelists.

The CEO of Standard Chartered Bank said that Sri Lanka is still not out of the woods and everybody needs to be very clear on that. Getting this EFF done in a six months was outstanding work compared to countries like Zambia and Surinam. But we should not overcelebrate it. Although it is commendable, we can’t be complacent because we can’t forget what we went through last year,” he said.

“There are guidelines on fiscal reforms in the IMF framework with specific targets in terms of debt to GDP ratio as well as a surplus in the primary account by 2025, among other things. Now, a lot of people are talking about a ratings upgrade for Sri Lanka by the global ratings agencies. But we have to wait until the government announces the debt restructuring parameters. After that, there will be some clarity and hopefully there will be an upgrade. However, to what level it would be upgraded, we don’t know. Further, it substantially depends on how Sri Lanka commits itself to the economic reforms programme going forward. The IMF is asking us to do something that we have been talking about in terms of our public sector workforce.

We have to re-purpose and re-size its 1.7 million people without asking them to leave their jobs. If you re-purpose at least half a million government sector workers into different things, the country will get productivity from them. Re- purpose and re-size, that’s the way to go. I am not a big fan of trying to save money from the government’s salary bill which is more than Rs. 1.2 trillion. We need to look at paying the right people better. I don’t need to tell you how doctors and professionals in various industries are getting paid.. We can’t retain talent at that level and we are losing over 50 doctors per month as we speak. That’s a thing we must fix. The IMF would give us broad guideline, but we have to fix things at the ground level appropriately.”

“We might receive some financing from the ADB and the World Bank. But real capital can come through FDIs. They are rare these days because the global markets are struggling, and so, capital is rare. So If you expect FDIs to flow into Sri lanka, first we need to understand why investors should come to Sri Lanka. Our investment policy is not very stable because it changes with change of government. So is our tax structure. Therefore, I think our investment policies have to be documented at constitutional level.

They should be made constitutional laws which can’t be changed without a proper mandate. We need to clearly understand what will take our GDP to the next level. You would have seen the predictions by the authorities as well as from the IMF, I think we are forecasting 2.5% growth and I think that is below Sri Lanka’s potential. Sri Lanka should be firing about mid-single digit growth in our view compared with other emerging markets. Sri Lanka has that potential. It is very important for us to understand the strategic pillars to take the economy to that level and ensure that the platform is well-documented. Basically there needs to be a legal framework around it so that changes of governments cannot change the investment policies,” he said.



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SLTDA launches NTSP campaign to elevate national tourism quality and standards

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Tourism top officials at Ella programme launch.

by Claude Gunasekera

The Sri Lanka Tourism Development Authority (SLTDA) officially launched its nationwide capacity-building campaign, “Grow your Tourism Business with National Tourism Skilling Programme (NTSP),” August 31, from the scenic regional hub of Ella. Directed under the leadership of the Tourism Deputy Minister, Prof. Ruwan Ranasinghe, the comprehensive initiative aims to transform micro, small, and medium enterprises (MSMEs) by accelerating their digital readiness and business formalization across the local hospitality ecosystem.

The entire islandwide operation is under the direct coordination of Ms. Tharanga Rupasinghe, the SLTDA Director of Standards and Quality Assurance, ensuring that all rural operators align seamlessly with international hospitality standards. By utilizing the framework of the NTSP, the campaign focuses on delivering essential digital payment tools, modern online marketing insights, and compliance frameworks directly to village-level enterprises, handcraft artisans, and independent tour operators. Speaking at the launch event in Ella, Tourism Deputy Minister Prof. Ruwan Ranasinghe emphasised that sustainable growth in the travel sector relies heavily on empowering smaller stakeholders to become resilient, data-driven participants in the modern market. “True economic resilience in our tourism sector cannot be achieved through large-scale infrastructure alone, but must be built from the ground up by transforming our local communities and regional MSMEs into direct, digitally enabled beneficiaries of global travel traffic,” Prof. Ranasinghe noted. Through this synchronized, localized training approach, the SLTDA intends to systematically protect cultural heritage while elevating the service quality benchmarks of regional travel hotspots nationwide.

Regional hospitality groups, led by the Ella Tourism Association, have strongly welcomed the launch of the SLTDA national skilling campaign, calling it a vital step toward safeguarding the destination’s international reputation. Local operators noted that rapid commercial growth in the Uva Province has highlighted an urgent need for structural standardization, making the arrival of the National Tourism Skilling Programme (NTSP) highly timely. The grassroots response focused heavily on the benefits of formalization and digital integration for the region’s diverse service sector. The Ella Homestay Owners Collective praised the focus on digital payment tools, noting that transition support will help smaller vendors capture direct bookings and reduce their reliance on third-party booking commissions.

The Uva Tuk-Tuk and Adventure Guides Association highlighted that the safety and compliance training will build trust with high-spending international travelers, effectively raising service quality benchmarks across the town. Local association leaders emphasized that having Ms. Tharanga Rupasinghe, SLTDA Director of Standards and Quality Assurance, directly coordinate the field training ensures the program addresses practical, local challenges rather than just theoretical rules. Following the initial rollout, regional committees have pledged to work alongside the SLTDA to ensure that even the smallest village artisans and micro-enterprises achieve official registration, positioning Ella as a model hub for high-quality, community-driven sustainable tourism.

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Sri Lanka–Indonesia Business Council holds 3rd Annual General Meeting

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Newly Appointed Executive Committee of SLIBC for the year 2026/2027

The Sri Lanka–Indonesia Business Council of The Ceylon Chamber of Commerce held its 3rd Annual General Meeting recently, bringing together Council members and key stakeholders to review the Council’s activities and priorities for the year ahead. The AGM was graced by Dewi Gustina Tobing, Ambassador of Indonesia to Sri Lanka and Patron of the Council

Delivering her address, Dewi Gustina Tobing, Ambassador of Indonesia to Sri Lanka, provided a comprehensive overview of Indonesia’s political and economic landscape, highlighting the country’s focus on promoting economic independence, strengthening sectoral resilience, improving public welfare, and facilitating both inbound and outbound investment.

Re-elected as President of the Council for 2026/27, Sheamalee Wickramasingha, Chairman / Group Managing Director of Ceylon Biscuits Ltd. acknowledged the instrumental role played by the Ambassador in the re-establishment of the Council and reflected on the Council’s key achievements during the past year. She highlighted the successful Sri Lanka–Indonesia Business Delegation to Indonesia, which provided valuable opportunities for Sri Lankan businesses to engage with Indonesian counterparts and explore avenues for commercial cooperation.

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LAUGFS Supermarkets opens 46th outlet in Kotahena

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LAUGFS Supermarkets has further strengthened its growing retail presence with the opening of its 46th outlet at No. 78, K.B. Christy Perera Mawatha, Kotahena. The new outlet operates 24 hours a day, offering customers a wide range of products together with bakery and hot food options, providing greater convenience and accessibility to the surrounding community.

The new Kotahena outlet further expands LAUGFS Supermarkets’ growing network and reflects the Group’s continued focus on strengthening its presence in strategic locations across the country. The opening ceremony was attended by the Group Chairman, Group Executive Vice Chairman, Acting Group Managing Director/Group Executive Director and senior management.

Commenting on the opening, the Sector Managing Director/CEO – Retail, Niroshan De Silva, said, “The opening of our 46th outlet reflects the dedication, teamwork and determination of our people, who have worked exceptionally hard to bring this outlet together. The new Kotahena outlet is designed to offer customers greater convenience, with an inbuilt bakery and hot food facility that provides freshly prepared food alongside our wide range of products, all under one roof. Our focus is to ensure that every LAUGFS Supermarket operates to the highest standards and consistently delivers quality, convenience and service excellence to our customers.”

The opening of the Kotahena outlet marks another significant milestone in LAUGFS Supermarkets’ ongoing expansion, bringing its products and services closer to more customers while further enhancing its 24-hour retail offering. With its growing network of outlets and continued focus on customer convenience and service excellence, LAUGFS Supermarkets remains committed to strengthening its presence and creating greater value for customers across Sri Lanka.

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