Business
External sector battled strong headwinds in 2020: Central Bank
Supported by timely policy measures undertaken by the government and the Central Bank, the external sector battled strong headwinds in 2020, the Central Bank of Sri Lanka said last week releasing its Annual Report for the Year 2020.
“The slump in merchandise exports due to the mobility restrictions and lockdown measures was swiftly overcome, demonstrating the resilience of Sri Lankan
exporters.Accordingly, export earnings rebounded within a relatively short span of time to reach pre-pandemic levels. Measures to curtail non-essential imports, together with the significantly low global petroleum prices, helped reduce the import expenditure in 2020, resulting in a notable improvement in the trade deficit. The
tourism sector was severely affected by global travel restrictions. Foreign inflows, in terms of trade in servicesrelating to the Information Technology and Business Process Outsourcing (IT/BPO) sector, recorded a significant improvement,
supported by the surge in novel work arrangements amidst the pandemic,” the report said.
“The complex challenges encountered by the Sri Lankan economy in 2020 were efficaciously addressed through extraordinary policy interventions by the Government and the Central Bank.These interventions were essential to mitigate the socioeconomic impact of the spillovers of the COVID-19 pandemic and the resultant scarring of households and enterprises. Such interventions were also required to uphold the confidence in the economy, thereby averting acute stresses on macroeconomicand financial system stability.”
“Alongside the global economic downturn induced by the pandemic, the Sri
Lankan economy contracted by 3.6 per cent in real terms in 2020, recording the deepest recession since independence. Mobility restrictions and other containment measures imposed locally and internationally, with a view to preventing the spread
of COVID-19, hampered real economic activity across all sectors. The sharp contraction observed in Industry activities during the year was driven by the
significant slowdown in construction and manufacturing activities. Services activities also registered a notable contraction due to the pandemic driven deceleration in transportation, other personal services, and accommodation, food and beverage services.”
“The Agriculture sector, too, registered a contraction during the year as the impact of the pandemic outweighed the positive effects of timely policy support and favourable weather conditions. Investment expenditure contracted in
2020, reflecting subdued investor sentiments, while consumption expenditure displayed a marginal growth.”
“The contraction of investment expenditure exceeded the reduction in national savings, resulting in a decline in the savings-investment differential in 2020.
Meanwhile, the unemployment rate rose above 5 per cent for the first time since 2009, with a decline in the labour force participation rate, in the wake of uncertainties surrounding the pandemic. Reflecting the combined effect of the contraction in Gross Domestic Product (GDP) at current market prices and the depreciation of the Sri Lankan rupee against the US dollar, GDP per capita declined to US dollars 3,682 in 2020 from US dollars 3,852 in the previous year,” the Central Bank annual report said.
Business
UNDP, together with partners, brings together immersive insight into the cruel realities of SGBV
The 16 Days of Activism Against Gender-Based Violence is a global campaign observed annually from 25 November to 10 December, beginning on the International Day for the Elimination of Violence against Women and concluding on Human Rights Day. The campaign aims to raise awareness and inspire collective action to end all forms of violence against women and girls.
This year, in line with this, the United Nations Development Programme (UNDP), together with its key partners through ongoing flagship project initiatives, is taking a unique, never-before-seen approach to advocacy. ‘Through Her Eyes,
wef.aoEiska, அவளின் பார்வையில்’ narrates the heart-wrenching journey of ‘Sara’ in her search for justice through multi-medium storytelling that merges stage theatre, film and creative audio production techniques.
‘Through her eyes’ is in line with three UNDP Sri Lanka projects; Enabling Access to Justice for Victim-Survivors of SGBV in Sri Lanka funded by the Government of Canada and implemented together with UNFPA Sri Lanka; the Support to Justice Sector Project (JURE) funded by the European Union in partnership with the Ministry of Justice, and implemented together with UNICEF Sri Lanka; and the Action and Anticipation for The New Agenda for Peace (AAA) supported through UNDP’s Funding Windows with funding from the Governments of Denmark, Luxembourg and the Republic of Korea.
Commenting on the timeliness of such public activations, Azusa Kubota, Resident Representative, UNDP in Sri Lanka, stated, “As the country recovers from one of its worst natural disasters in its recent history, the focus on gender equality, inclusion, and structural change is more vital than ever. We all know SGBV leaves a deep scar in survivors, those around them and the society they live in. Yet, do we really know what it is like to live through that experience? In a crisis, how do we address root causes of SGBV that get exacerbated? We wanted to mark this year’s 16 days differently – by creating an experience where we, irrespective of our gender, culture, and all other differences, put ourselves in the shoes of those who live through the pain and hardships, and collectively think through ways in which we can tackle persistent challenges confronted by many. Our advocacy efforts aspire towards a nation and world free from SGBV- to achieve gender equality and empower. ‘Through Her eyes’ is a unique experience that is designed to bring this issue in front of a broad demographic audience, by bringing together stakeholders from across the Government, private sector, development partners, youth and CSOs, as we stand together to end SGBV and support Sri Lanka to build back better.”
Sharing the perspective from the Government of Sri Lanka, Minister of Justice Harshana Nanayakkara commented, “Through Her Eyes’ invites us to pause and truly understand the lived realities of survivors. It is a powerful reminder that every survivor who comes forward does so with immense courage. Their pathway to justice must be dignified, safe and free from fear. Ensuring the safety and empowerment of women and girls is not a task that can be achieved in isolation. A holistic approach is vital. Law enforcement, the judiciary, health services, social services, educators, civil society, the private sector and communities must stand together as allies.”
As a key partner, Kiril Iordanov, Head of Cooperation at the High Commission of Canada noted, “Addressing GBV is a shared responsibility. Canada continues to collaborate with partners to design and champion innovative solutions. Our approach is rooted in the belief that promoting gender equality and empowering women and girls has a multiplier effect on development. By placing women and girls at the centre, we contribute to building a more peaceful, inclusive, and prosperous world.”
The Safe Space of this immersive production also highlights the support and work being carried out by the projects, to support better access for justice for victim-survivors of SGBV, capacity building for relevant public sector institutions, media ethics when reporting SGBV and the promotion of male allyship and bystander intervention as a mechanism to eradicate SGBV in Sri Lanka.
Highlighting the priorities of the European Union, Carmen Moreno, Ambassador of the European Union to Sri Lanka and the Maldives, commented, “Gender-based violence endures when access to justice is made difficult by fear, stigma or indifference. This exhibition invites us to understand the experience through the eyes of the victim, and it forces us to question—and dismantle—the barriers that allow violence to continue without consequences. Justice systems Justice systems must act with determination in confronting this problem, but they cannot do so in isolation. Real change requires a society that supports women, recognises the realities of gender-based violence, and refuses to look away.”
In light of the current situation of the country, the event also hosted an interactive dialogue on the theme ‘Delivering Economic Independence for Survivors of Sexual and Gender-based Violence during Crises’ on the sidelines of the event. With participation from key individuals, including the Government, development partners, private sector leaders, civil society organisations and youth groups, the dialogue looked at key areas of Gender-responsive and intersectional crisis planning; protection, safety, and justice built into disaster preparedness and humanitarian response; safeguarding shelter design, ensuring access to health and reproductive services, psychosocial support, and safe reporting mechanisms.
The campaign aims to raise awareness and inspire collective action to end all forms of violence against women and girls. It calls on governments, organisations, and individuals to challenge harmful gender norms, support survivors, and demand accountability from perpetrators.
‘Through Her Eyes, wef.aoEiska, அவளின் பார்வையில்’ is open to the public from the 2nd to 7th of December from 10 AM to 7 PM at the Sri Lanka Foundation Institute.
To know more and engage in the immersive experience: https://go.undp.org/through-her-eyes
Business
Outstanding AI & Fintech Governance Leadership Award 2025 for Sopnendu Mohanty
Sopnendu Mohanty, former Chief FinTech Officer of the Monetary Authority of Singapore (MAS) and current Group CEO of the Global Finance & Technology Network (GFTN), has received the Outstanding AI & Fintech Governance Leadership Award 2025 for his global contribution to responsible fintech advancement, cross-border policy innovation, and AI governance.
While the recognition was announced at the Asian Digital Finance Forum & Awards held at Port City Colombo, the formal handing-over ceremony was held recently in Singapore, during the GFTN Insights Forum that took place in parallel with the Singapore FinTech Festival 2025 at Marina Bay Sands Expo & Convention Centre.
Presenting the award, Rajkumar Kanagasingam, Convener of the Asian Digital Finance Forum & Awards and Industry Fellow of the Global Fintech Institute (Singapore), lauded Mohanty’s unique global impact.
“Sopnendu has set global benchmarks in innovation-friendly regulation, Kanagasingam said.
“From cross-border payment connectivity to AI ethics and multi-CBDC frameworks, his leadership has not only shaped Singapore’s fintech ecosystem but has helped entire regions transition into the digital economy responsibly.”
He added that Mohanty’s strategic influence continues beyond regulatory leadership.
“His ability to galvanise central banks, policymakers and innovators onto common platforms is rare. What he built in Singapore is now influencing multiple jurisdictions, and that continuity through GFTN is immensely valuable.”
Serving from 2015 to 2025 as MAS’s inaugural Chief FinTech Officer, Mohanty is widely acknowledged for transforming Singapore into one of the most forward-looking and trusted digital finance environments.
Mohanty has also endorsed Sri Lanka’s initiative to shape the Colombo International Financial Centre (CIFC) at Port City Colombo as a South Asian fintech gateway. He was presented with an interim policy blueprint during the DigiEcon Global Investment Summit.
By Ifham Nizam
Business
Sales team of Maliban Group triumphs at SLIM National Sales Awards 2025
The Maliban Group Sales Team emerged among the distinguished winners at the SLIM National Sales Awards 2025, reaffirming the Group’s leadership in sales excellence and its enduring commitment to performance, innovation, and teamwork.
Recognized for their exceptional results during the 2024/25 financial year, the Maliban Sales Team’s achievement reflects the Group’s dynamic approach to market development and its ability to sustain strong growth across highly competitive product categories. The win stands as a testament to Maliban’s continued focus on people, process, and purpose the three pillars driving its success story over eight decades.
Organized by the Sri Lanka Institute of Marketing (SLIM), the National Sales Awards (NSA) is the country’s most prestigious platform dedicated to recognizing excellence in sales and marketing. NSA is known for its rigorous evaluation process that selects the elite from among the best, celebrating professionals and organizations who set new standards for performance, leadership, and innovation in Sri Lanka’s corporate landscape. To be recognized at NSA is not only a mark of achievement but also of distinction, earned through consistency, strategy, and excellence in execution.
This year’s recognition holds special significance for the Group, as Maliban Biscuits, Maliban Milk, and Little Lion competed together as a unified team after several years, marking a powerful return celebrated with multiple accolades. The success reflects the synergy and shared vision across Maliban’s diversified business units, strengthening the brand’s position as a trusted name in both local and international markets.
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