Business
‘IMF has spoken diplomatically about minimising corruption in Sri Lanka’
Public appeal for economic reforms at an all-time high : economist
By Sanath Nanayakkare
It is time for Sri Lanka to make a series of economic decisions with important consequences, and making state owned enterprises (SOEs) directly accountable to the people rather than politicians is key among them, Shanta Devarajan, a professor of the Practice of Development at Georgetown University said on Saturday .
“Economic reforms in Sri Lanka used to be a solitary concern weighing on the mind of the International Monetary fund (IMF) in the past. But today it is interesting to note that Aragalaya, the government, politicians and even the general public agreeing on the critical need for reforms in making public entities and the entire economic system be made accountable to the people rather than politicians”, he said.
“For example, the Samurdhi movement was designed to eliminate poverty in Sri Lanka, mainly through the inclusion of low-income households and the provision of resources to support economic improvement, but it ended up turning into a vote-spinning mechanism to benefit politicians. And the loss- making SOEs such as the CPC, CEB, Sri Lankan Airlines landed on their dismal performance over the past decades because they were accountable to only politicians who kept them financing with public money without creating the right policies and a business model to get them running on their own cash flow without becoming a burden to the public. However, today that perception has changed notably after the public protests spilled out on to the streets through Aragalaya – the unprecedented people’s movement that clamoured for ‘system change’. It was obvious that their struggle was to push and force the decision makers to introduce new reforms to bring an end to the ‘elite capture’ of resources at the expenses of the poor people.”
“Sri Lanka will not limit borrowing if it can have access to borrowing funds from China or India whose debt will have a political element than a business case. It is a lot better if Sri Lanka can raise funds from the international capital market because then the government will be held accountable to make repayments subject to conditions. In the context of ISBs, the government will have to consistently demonstrate its creditworthiness, low country risk, manageable fluctuations in exchange rate and that the borrowed funds will be used wisely and it won’t be stolen.”
Shanta Devarajan made these remarks at the virtual monthly economic seminar organized by the Sri Lanka Economic Association (SLEA) on ‘’Economic Reforms in Sri Lanka and ‘Aragalaya’ .
When asked during the Q&A whether IMF wouldn’t push Sri Lanka to eliminate corruption, he said,” The IMF has said that to Sri Lanka in a polite way. The Aragalaya’ fight against pervasive corruption at elite level has also been a concern for the IMF and they have conveyed it to the government through ‘diplomatic language’. Today everyone is on the same page.”
Sirimal Abeyratne, Professor in Economics, University of Colombo who moderated the panel discussion quipped at this point saying if efforts are made at all levels to eliminate corruption in Sri Lanka, the public sector could even launch a general strike.
A five star 100-room Maldivian resort hotel property controlled by Browns Investments PLC has been disposed for USD 57.5 million, Browns Investment said in a stock exchange filing on Friday. The company had previously disclosed in September that the deal was in the pipeline pending completion of precedent conditions.
The property. Barcelo’ Whale Lagoon Maldives, belonged to Browns Ari Resort (Private) Ltd., a subsidiary of Browns investments, was purchased by ASB Hotel Properties Maldives Private Ltd.
“The transaction was completed following the satisfaction of the conditions precedent set out in the Sale and Purchase Agreement, for a total consideration of USD 57,500,000,” the filing said. The price was considered “significant” but was not the highest in the Maldives where high end hotel properties command top dollar.
Browns Investments (BIL) has a significant presence in the Maldives, developing multiple properties, notably through partnerships with Spain’s Barceló Hotel Group for projects like Barceló Whale Lagoon (now sold), Barceló Nasandhura (city hotel/apartments), and the Bodufaru Beach Resort (a major integrated project with three hotels) in North Male Lagoon, with BIL aiming to be a major Sri Lankan hotel operator in the Maldives with large room capacity.
BIL’s key Maldives projects are:
Bodufaru Beach Resort: A large-scale development in North Male Atoll with three five-star hotels, a significant undertaking with Barceló Hotel Group and Syno Hydro Corporation.
Nasandhura Palace Hotel (Barceló Nasandhura): A luxury city hotel and apartment complex in Male, managed by Barceló.
Strategy & Partners:
Browns Investments partners with Barceló Hotel Group, a Spanish hotel chain, for management and investment in their Maldivian properties.
The company aims to become the largest Sri Lankan hotel investor and operator in the Maldives, significantly expanding its room keys in the region, as described on the Browns Investment website.
Browns Investments is actively developing and managing luxury hotel properties in the Maldives, focusing on large integrated resorts and city hotels, leveraging international partnerships to grow its presence in the high-end tourism market, according to the company.
Business
Marketing Alumni Association of USJ Outlines Strategic Vision to Strengthen the Future of Marketing in Sri Lanka
The Marketing Alumni Association (MAA) of the University of Sri Jayewardenepura (USJ) set out its strategic direction for the year ahead at its Annual General Meeting (AGM) held on 10 December 2025. The event brought together academic representatives from the Department of Marketing Management and a strong contingent of alumni, providing a platform to review the association’s progress and reaffirm its commitment to advancing the marketing profession in Sri Lanka.
As the official body representing graduates of the Department of Marketing Management of the University of Sri Jayewardenepura, the MAA has, over the past 25 years, supported a network of more than 1,500 marketing professionals who now hold influential roles in leading private and public sector organizations. The association remains committed to elevating the standing of the Japura Marketing degree by strengthening industry partnerships, supporting academic excellence, and fostering a high-performing alumni community.
A key focus of the AGM was the appointment of Oshadee Withanawasam as President of the MAA for the upcoming term (2025-2027). In his inaugural address, Mr. Withanawasam emphasized the importance of strategic leadership, industry relevance, and collaborative growth in positioning USJ and its alumni at the forefront of marketing innovation in Sri Lanka.
Over the past year, the MAA has intensified its engagement efforts through a series of high-impact initiatives. The Kings and Queens Dinner Dance 2025, which brought together over 200 members, strengthened camaraderie within the alumni network. On the academic front, the association’s flagship ‘Fine Touch’ guest lecture series, conducted in partnership with the Department of Marketing Management, USJ, continued to offer undergraduates valuable exposure to industry best practices and emerging trends.
A significant milestone for the association was the launch of its first structured mentoring program for undergraduates of the department. This initiative marks a notable advancement in bridging academic training with practical corporate experience, equipping students with the competencies required to excel in a competitive business environment.
The MAA also continued to deliver meaningful social impact through its ‘Bring a Smile’ initiative, which has supported rural schoolchildren for three consecutive years (2023–2025) by providing essential stationery supplies. Further strengthening its commitment to education, the association introduced a scholarship scheme in 2024 to support deserving undergraduates pursuing their higher education in marketing.
During the AGM, outgoing President Dr. Darshana Jayasinghe and the Head of the Department of Marketing Management of USJ, Prof. Sandamali Galdolage, commended the association’s continued progress and reiterated their support for its long-term vision.
The following office bearers were appointed for the new term: Oshadee Withanawasam (President), Amitha Amarasinghe (Deputy President), Nipuni Karunarathna (Vice President), Vimukthi Kaushalya (Secretary), Thisaru Menake (Assistant Secretary), Nuwan Indika (Treasurer), and Thilanka Kalpage (Assistant Treasurer). Committee Members for the term include Prof. Ashoka Malkanthie, Chandra Kodithuwakku, Manuri Jayasinghe, Champika Vincent, Naleendra Yasassri Perera, Kaushan Agalawatte, Chandranath Gamage, and Pamudi Ketawalage.
Dr. Darshana Jayasinghe and Lalith Sumanasiri will serve as Advisors, while Prof. Sandamali Galdolage, Manojee Dabare, and Prof. Lalith Chandralal will continue as Trustees of the MAA.
A graduation ceremony for 18 Certified Sales Training Consultants, qualified to mentor aspiring marketing professionals and enhance standards in the country’s sales sector, was held recently at the Bandaranaike International Conference Hall.
The graduates represent the first phase of a programme aimed at producing 50 Certified Sales Training Consultants nationwide. The training and certification were conducted by the Asian College of Sales and Marketing (ACSM).
According to ACSM Director and Learning Consultant Sugath Munasinghe, the need for professionally certified sales training consultants to raise the quality and effectiveness of the sales sector has been identified for some time. He added that ACSM, as a higher education institute, will continue to provide structured training and certification to meet this demand.
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