Business
Call for urgent tax reform and state sector restructuring
COYLE annual diplomats’ evening:
The Chamber of Young Lankan Entrepreneurs (COYLE), consisting of a membership of over 120 entrepreneurs and highly recognized business entities, hosted their annual evening of open discussion and networking with the diplomatic community in Sri Lanka.
Foreign Minister, Ali Sabry was invited as the chief guest who delivered an impassioned and clear message on the importance of international cooperation amongst the global community in supporting the economic recovery of Sri Lanka. The foreign minister thanked COYLE for being the strength of the Sri Lankan economy, given that the COYLE member organizations contribute billions of rupees annually to the Sri Lankan GDP. Most of the COYLE members are exporters that bring in vital dollars back to the country and have investments, joint ventures and collaborations globally that play an important role in the continued progress of the nation’s economy and now economic recovery.
Chairman of COYLE, Dimuth Chankama Silva, welcomed the delegates and the COYLE membership to a Sri Lankan cultural extravaganza that enhanced the warm reception and helped to renew and strengthen relationships with the diplomatic community. The Chairman acknowledged the sustainable and ethical businesses that COYLE represents and their intent to continue exporting and investing internationally, for which the support of the invitees that evening, was vital. Senior Vice Chairman, Rasith Wickramasingha, invited the distinguished guests who included, ambassadors, high commissioners, representatives of foreign diplomatic missions and global funding agencies to work with COYLE to make rewarding connections.
He expressed that COYLE was ‘open for business’ and that while Sri Lanka is at a crossroad, the members of COYLE have embraced the changes thrust upon their companies, despite the economic hardships and have been able to successfully weather the storm. On behalf of the COYLE community, he further praised President, Ranil Wickremesinghe, the government of Sri Lanka and the Central Bank Governor, Dr. Nandalal Weerasinghe, for taking bold and decisive actions that prevented further economic collapse. COYLE urged the government to prioritise restructuring of the public sector so as to reduce the burden on taxpayers and add value that is essential for the recovery of the Sri Lankan economy. COYLE is confident that hikes in taxation and interest rates were stop gap solutions at the time and that necessary tax reforms are underway to make it more equitable and that measures will be implemented to widen the tax net and reduce tax evasion. Subcommittee Chairman of the event, Dan de Silva, commented that the event was a roaring success and had been well received by the diplomatic attendees.
(COYLE)
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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