Business
Sri Lanka still trying hard to convince China and India on the need for creditor assurances
By Sanath Nanayakkare
President Ranil Wickremesinghe said on Friday that he was looking for ways to speed up Sri Lanka’s economic recovery with the assistance of the IMF and main creditor nations; Japan, India and China which would have to be complemented with other ‘bitter medicine’
“IMF’s sovereign debt support mechanism is the only way out for Sri Lanka. We still we have to get creditor assurances from India and China. Japan and other creditor nations have given their assurances already. We will need to take other ‘bitter medicine’ as well. We can take further steps once we have got the assurances from China and India. No sooner than we get it we will do the needful.”
The President made these observations during a meeting held with the trade union representatives at the President’s Office. Government, semi-government and private sector trade union leaders and representatives participated in the meeting which was presided over by the President and the Prime Minister where they discussed corrective measures that could be taken to find solutions to the economic and financial crisis in the country.
“When all is in place, we will get USD 2.7 billion from the IMF in three or four tranches. And when there is such confidence in Sri Lanka’s financial condition, we should be able to obtain additional assistance from the World Bank, ADB etc. worth about USD 5 billion. And then we should be able to kick off with the LRT project with Japan possibly this year. We have to get there by and by. I expect that things will be better after the first quarter of 2023 in terms of economic stability and we will be able to shift to a growth path in 2024,” the President said.
He emphasized the need for working within one policy framework for at least 10 years to steer out of the crisis. He said he is aware of the hardships the people are going through and added that the government is taking steps to provide relief to the public.
“The public sector and the private sector should be strengthened to provide support to the people while we continue with the development programs of the country. I suggest the public sector, private sector, trade chambers, trade unions, farmer associations and all other stakeholders should discuss at length and reach a framework of a social contract on how we should continue with a consistent economic programme for sustainable growth.”
Speaking at the meeting Prime Minister Dinesh Gunawardena said due to the measures taken by the government in the last few months, the economic situation of the country has changed to some extent. “But in order to strengthen the situation in the future, we need to cooperate and improve our products and services. It is on that basis we can recover as a country, therefore, the participation of trade unions in that endeavor is of paramount importance,” he said.
Union leaders and representatives also spoke at the meeting while President’s Secretary Saman Ekanayake, Finance Ministry Secretary Mahinda Siriwardena, President’s Senior Economic Adviser Dr. R.H.S. Samaratunga, President Trade Union Director General Saman Ratnapriya and other officers attended the discussion.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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