Business
Private sector, professional bodies urged to ‘rise to the occasion’ to help spur growth
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) organised the Annual Budget Seminar last week which brought together a host of eminent speakers and panelists who shared their insights on the government’s national budget for next year.
The keynote speech at the forum was delivered by State Minister of Money & Capital Market and State Enterprise Reforms Hon. Ajith Nivard Cabraal who centred his speech on the topic “Thinking Behind the Budget Proposals.”
Cabraal called on the private sector as well as professional institutes such as CA Sri Lanka to rise to the occasion and help bring in new investments into the country to ensure long term sustainable growth.
“One of the key areas that this government is keen to usher in is steady growth. Also, growth is essential if this country is to move forward and that is the underlying theme of this entire budget. We want to see growth being brought by the government as well as from the private sector,” he said.
Cabraal said institutions such as CA Sri Lanka also have a key role to play in spurring growth. “You must also bring in investments because it is not only the responsibility of the Board of Investment, and the government and ministers to do this. If you strive hard, give the right message, and provide necessary assistance to the private sector and foreign investors, I am sure we can see a lot more investments coming into the country,” he said.
President of CA Sri Lanka Manil Jayesinghe said that the government has an uphill task in the next few years to ensure a proper recovery process is put in place to minimise the negative impact on the economy and the livelihoods of the people following COVID-19.
“But this is not a task that can be achieved by the government alone. Professionals and drivers of businesses have a key role to play in this recovery process by joining the Government’s effort so Sri Lanka can bounce back from the ongoing crisis,” he added.
On a question raised by the Chairman of the Tax Faculty, Sulaiman Nishtar, who moderated the panel session, on the engagement of professional bodies such as CA Sri Lanka in policy formulation and implementation with regard to taxation and the economy, similar to the taxation cluster that was implemented several years ago, the State Minister commented that the Government would be happy to engage with professional institutions such as CA Sri Lanka and its Tax Faculty on the implementation of the budget proposals in relation to taxation and other pertinent areas proposed in the budget.
Sri Lanka’s Central Bank Governor, Dr. Nandalal Weerasinghe, has underscored the critical role of sovereign credit rating agencies in helping debt-distressed nations smoothly transition out of default status after successful debt restructuring.
Speaking at the Global Sovereign Debt Roundtable (GSDR) in Washington DC on the sidelines of the IMF and World Bank Spring Meetings, Dr. Weerasinghe shared Sri Lanka’s ongoing debt restructuring experience.
He highlighted that while restructuring is a crucial step toward economic recovery, rating agencies must play a proactive role in reassessing countries’ creditworthiness fairly and promptly once restructuring is completed.
The GSDR, co-chaired by the IMF, World Bank, and G20 Presidency, serves as a key platform for debtor nations and creditors to address debt challenges.
Sri Lanka, a country which has undergone complex debt negotiations, has been an active participant in these discussions.
Governor Weerasinghe’s remarks come at a pivotal time, as Sri Lanka seeks to restore international investor confidence post-restructuring.
His call aligns with broader discussions at the GSDR on improving coordination between debtors, creditors, and financial institutions to ensure sustainable debt solutions, and help restore international investor confidence in countries such as Sri Lanka.
The roundtable also highlighted the newly introduced Sovereign Debt Restructuring Playbook, designed to guide countries through restructuring processes.
The Central Bank’s push for more responsive and supportive rating agency policies could set an important precedent for other debt-distressed economies as well.
Speaking at the GSDR, Treasury Secretary K M M Siriwardana acknowledged the International Monetary Fund (IMF) as instrumental in stabilising Sri Lanka’s crisis-hit economy, as the country prepares to receive its fifth IMF tranche of $344 million in the coming weeks.
Siriwardana reflected on Sri Lanka’s ‘extremely challenging journey’ since its 2022 economic collapse marked by severe shortages, public unrest, and a loss of confidence in governance.
“Seeking IMF support was a strength, not a weakness,” he asserted, crediting the Fund’s policy framework and technical assistance for reversing the economic freefall.
He highlighted over 200 IMF training programmes conducted to strengthen institutional capacity, stating, “The IMF laid the foundation for stability.”
Notably present at the discussion was Peter Brewer, the IMF’s former Senior Mission Chief for Sri Lanka, underscoring the close collaboration between Sri Lanka and the Fund.
Siriwardana traced the roots of the crisis to political instability between 2017–2019, the 2019 Easter attacks, and contentious tax policies, which collectively deepened Sri Lanka’s economic vulnerabilities. “Yet,” he noted, “Difficult reforms are now yielding positive results.”
By Sanath Nanayakkare
Calcey, a global software services provider, has achieved ISO 27001:2013 certification, the international benchmark for Information Security Management Systems (ISMS). This certification highlights Calcey’s strong measures in safeguarding client data and managing security risks.
The rigorous audit covered Calcey’s security protocols, risk management, and operational processes across its offices in Singapore, Sri Lanka, and the U.S.
Mangala Karunaratne, CEO of Calcey Technologies, stated that this milestone underscores their dedication to top-tier data security, reinforcing trust among clients in the U.S., Europe, and the Nordic regions.
The certification ensures compliance with global security standards, benefiting Calcey’s diverse clientele, from startups to large enterprises.
Chinese Dragon Café, a leading Sri Lankan-style Chinese restaurant, has announced that its temporary outlet at Alpine Hotel in Nuwara Eliya will remain open until April 30, catering to both loyal customers and tourists during the Avurudu season.
The seasonal branch has already gained popularity among locals and visitors, offering signature dishes like seafood fried rice, fried noodles, tom yum soup, hot butter cuttlefish, and crispy spring rolls. To enhance convenience, the café provides free delivery within Nuwara Eliya for hotel guests and holidaymakers.
This marks the brand’s first seasonal expansion to Nuwara Eliya, capitalizing on the influx of tourists especially from Colombo, enjoying the cool climate and festive atmosphere.
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