Business
President renews conciliatory approach to rebuild Sri Lanka
= Says debt restructuring is a meticulous, sequential journey
= SL to resume debt rework talks with China after Chinese Communist Party Convention
=Japan to co-chair Sri Lanka creditor conference
= President to visit New Delhi to meet with Indian PM= London Club’s private creditors also to be approached
= Caps to be imposed on high deposit interest rates
by Sanath Nanayakkare
President Ranil Wickramasinghe making a special statement in parliament yesterday renewed his earlier appeal to all members of parliament to cast aside their political animosities and work together to rebuild the country, and create a sustainable political and economic environment where they can realize their desired political goals.
“I embarked on this journey at great risk when other political parties and leaders were not willing to take the risk. Now we are moving ahead this risky path slowly but steadily. A majority of the country supports this journey as they aspire for a decent life, country and future. But some sections want to block the path of stability and come to power by making life more difficult for the masses. It is easy to criticize, find fault and protest but finding solutions is hard. If they grab power through such moves, the country will suffer even more as such tactics won’t be sustainable. So let’s unite and face the country’s challenges together. I invite all of you to join the endeavour of rebuilding the country by making contributions through the National Council and other parliamentary committees,” he said.
President Wickramasinghe further said:
“During my recent oversea tours, I was able to speak to a number of world leaders, and a large number of foreign ministers and global financial authorities at a minimal expense of money and time. We hope to come to a common agreement with creditor nations including Japan, China and India. We have also commenced dialogues with ambassadors from other countries that have provided Sri Lanka with loans. Subsequently, we expect to discuss with private creditors such as the London Club on debt restructuring. I tried to get maximum benefit to Sri Lanka by meeting leaders of the U.K., Japan, Philippines, officials of international organizations such as Asian Development Bank (ADB), JICA etc.”
“Japan is willing to assist Sri Lanka in its debt restructuring process. We have requested Japan to co-chair the Sri Lanka creditors’ conference.
We have also requested International Development Association (IDA) to assist us in getting concessional financing as Sri Lanka currently lacks the credit worthiness to borrow from the World Bank or other institutions. This journey can be strengthened only with everyone’s support, therefore, I urge you to put aside old political animosities and help drive this journey forward.”
“Some political parties act thinking that the country is in a normal situation and express their ideas and propose solutions accordingly. Just because fuel queues are not there anymore , the situation is not back to normal.”
“After obtaining the endorsement from the IMF and obtaining loan assistance and stabilizing the economy, we will be able to shift the country to a growth path. However, this is going to be a meticulous, sequential journey. I have briefed all those important people I met about the measures we are taking to rebuild the country in order to obtain their support for it. I was able to interact with 68 finance ministers working with the ADB when I met them in Manilla. Singapore Prime Minister also pledged his support to Sri Lanka. I had a brief discussion with Indian Prime Minister Narendra Modi and I told him that I would visit Delhi to give him more information about the latest economic developments in Sri Lanka. India has helped us immensely and we are grateful to India for that.”
“Japan whose relations with Sri Lanka had turned sour in the past few years have now given us the green light to support us in the future as the relations are normalizing. We have started initial discussions with China. After the Convention of the Chinese Communist Party, we will resume discussions with China. Japan’s willingness to talk to China about our debt restructuring is a favorable development. China has helped us substantially in the past. We are confident that China will help Sri Lanka through this difficult time too. From leaders of the UK and Philippine also we received favourable responses for resolving the crisis in our country. It was a rare opportunity I got in Manilla to speak to so many finance ministers and officials at a minimal cost of time and money under one roof.”
“Now we have to arrive at a common agreement on debt restructuring with the support of Japan, China and India. We have also discussed with ambassadors of other creditor nations. We hope to come to an agreement with them also. After the success of these talks, we will hold discussions with London Club’s private creditors for restructuring their debt. Once these agreements are finalized, we shall be able to get the IMF endorsement. In this backdrop, the ADB has already pledged a loan of USD 500 million. Then we should be able to obtain bridging finance from the World Bank, ADB and other institutions worth USD 1- 2 billion. This will pave the way for getting financial assistance from other countries at concessional rates.”
“We shall be able to achieve significant economic stability by end of 2023 end along with a re-strengthening of Sri Lanka rupee. We shall be able to see the trending towards such stabilization by mid-next year. But I don’t like to make a special mention about it right now.”
“Printing of money has to be paced in line with increase in production or otherwise inflation will grow at an alarming rate and Sri Lanka will face a dangerous future.”
“Restructuring of loss making SOEs will be a vital undertaking to put in motion. By the first half of 2021, CPC, SriLankan and CEB have made losses of Rs 1057 billion, Rs. 799 bn and Rs. 261 respectively. This will accrue to Rs 4000 billion by end 2022. This burden should not be placed on the people endlessly.”
“Tax revenue needs to be maintained at 18 percent of GDP if the government is to maintain free education and health. The government must earn revenue through taxes as the country will have no future if money printing continues.”
“We expect to boost our gross foreign reserves to about USD 2-3 billion with expected ADB funds, by saving money from restructuring of SOEs and the compensation X-Press Pearl ship.”
“Due to the steps we took in the agriculture sector by providing fertilizer, Yala season’s yield was better than expected. Maha season is ready to be provided with enough seeds and fertillizer. As food production goes up, price will come down in the next few months. In the meantime we have launched food security programmes at village level which are ongoing.”
“High deposit interest rates are advantageous to some, but as a whole it’s a disadvantage as the private sector suffers and economy contracts. According to forecasts, this year, economy would contact by 7-8%. To face this, we are taking measures that include: controlled prices for essential food items, increase of local production of food and other commodities, relaxing of forex regulations to some extent, controls on non-essential imports, ensuring a more efficient market economy and imposing a cap on deposit interest rates at a manageable level.”
“We will win the confidence of our migrant workers to elevate their remittances to earlier higher levels. When all these elements including the boosting of our foreign reserves begin to trend in as planned through these measures, Sri Lanka will regain the much needed international confidence it needs to enable the country to shift to a sustainable growth path,” the President said.
Business
Cabinet approves establishment of two 50 MW wind power stations in Mullikulum, Mannar region
Adhering to the broad plan of the Government to reach the objective of accomplishing 70% of the country’s electricity supply from renewable energy sources by the year 2030, the approval of the Cabinet of Ministers was granted on 10.02.2025 to invite requests for resolutions from interested developers of the private sector in order to implement the Mullikulum Wind Power – 100 Mega Watts (two (02) wind power stations of
50 Mega Watts each) on the basis of construction, ownership and execution with a monitoring period of 20 years.
Accordingly, requests for proposals have been called to implement the relevant project by adhering to the international competitive bidding methodology, and seven (7) prospective project proposals were submitted.
Evaluating the said proposals, based on the recommendations submitted by the negotiation committee appointed by the Cabinet of Ministers, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Power to award the contracts of establishing the two (02) 50 Mega Watts Wind
Power Stations to Consortium of Vidullanka PLC & David Pieris Motor Company (Lanka) Limited and WindForce PLC.
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
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