Business
Sri Lanka debt relief prospects will become clearer at G20 meeting in Bengaluru: President
By Sanath Nanayakkare
The prospects for lightening the debt burden of low-income countries such as Sri Lanka will become clearer at the G20 meeting to be held in Bengaluru, President Ranil Wickremesinghe said in Colombo on Tuesday.
He said so referring to the G20 Finance Ministers and Central Bank Governors meeting under the G20 Indian presidency, scheduled during 24th-25th February, 2023.
‘By the end of this week, we will get to hear the outcome of these talks. Then we will know with greater clarity as to how they intend to cooperate on debt relief for Sri Lanka, and how we should go forward,” he said.
The President made these remarks at the Tax Forum organised by Sri Lanka Institute of Marketing (SLIM) at Kingsbury Colombo.
The 1st G20 meeting under the G20 Indian presidency will see the participation of finance ministers and central bank governors of the G20 members, invitee members and heads of international organisations. In total, there will be 72 delegation attending the meeting. According to Indian media, the Indian presidency has designed the meeting agenda in a manner that can foster a meaningful exchange of ideas among ministers and governors on pragmatic and meaningful approaches to address some of the key global economic issues including the debt crisis faced by low-income countries.
Further speaking, President Wickremesinghe recalled that India has already sent a letter ‘acceptable’ to the IMF giving their financial assurances for Sri Lanka, to facilitate a trade-off on Indian debt given to Sri Lanka
“The Paris Club also has formally announced their willingness to do the same. China has also informed us that they would stand with Sri Lanka and support us to resolve our debt crisis. The Chinese approach is different from the approach of the West in this regard. Wordings used by China is different from the wordings used by creditors in the West. And rather than joining a common platform, China has said that they would separately communicate with IMF, India and other creditors to explorer ways to help Sri Lanka lighten its debt burden. We are in discussions with China in this regard and I hope there will be a favourable outcome of these talks soon, ” he said.
“I know that people are experiencing many economic hardships. No politician would like to place economic burdens on the people. But several painful decisions had to be taken to restore significant tax revenue as a ratio to GDP, If those measures had been taken earlier, those could have been taken gradually without causing much pain. Now that the crisis has escalated, resurrection measures have to be taken faster and with greater intensity. I know that I am not popular for doing this. The IMF pointed out that our tax revenue needs to be elevated to 15% plus of the GDP at least as it was in 2019. Currently this stands at 9% plus. They asked us how we expect to get assistance from the tax money of the people of other countries while giving tax relief to our people. IMF also indicated that loss-making state owned enterprises need no longer be a burden on the Treasury.”
“The IMF listed 15 benchmarks for the government to complete by 31 December 2022. We fulfilled 14 of them in a timely manner but the electricity tariff hike dragged on. When it was finally cleared on February 15, we informed the IMF of fulfilling all benchmarks. IMF was amenable to giving us enough time till 2026 to optimize on these benchmarks by and by and improve our exports trade and foreign exchange liquidity to pay our way through the world on our own.””No country will bail us out of this crisis other than than the IMF. When the UNP ran the last election campaign on a platform that favoured an IMF bailout, we were sent home. And now the IMF benchmarks for Sri Lanka to fulfill and qualify for an IMF facility are much higher. We have to meet these benchmarks and as there is no other option. If there are alternative proposals to those of the government, please submit them to the IMF rather than talk to the press. So far only the Ceylon Chamber of Commerce has submitted a plan to the IMF with their proposals for recovery. I will be committed to continuing the government’s programme of rebuilding the country until a better set of proposals is submitted to IMF by a political party or any other organization. I hear that some trade unions are willing to talk to the IMF. I think that will be good if they go ahead and do so. Some political parties have said that if they are elected to office they will increase the tax threshold, but they have not announced how they will fill the resulting revenue deficit. They have also said that they would go the IMF and negotiate. If they do so, that’s good too because it will help accelerate the recovery process,” the President said.
Business
Sri Lanka betting its tourism future on cold, hard numbers
National Airport Exit Survey tells quite a story
Australia’s role here is strategic, not charitable
In a quiet but significant shift, Sri Lanka’s tourism sector is moving beyond traditional destination marketing and instinct-based planning. The recent launch of the “From Data to Decisions” initiative jointly backed by Australia’s Market Development Facility and the Sri Lanka Tourism Development Authority, sent an unambiguous message: sentiment is out, statistics are in.
The initiative is anchored by a 12-month National Airport Exit Survey, a trove of data covering 16,000 travellers. The findings sketch a new traveller profile: nearly half are young (20–35), independent, and book online. Galle, Ella, and Sigiriya are the hotspots; women travellers outnumber men; and a promising 45% plan to return. This isn’t just trivia. It’s a strategic blueprint. If Sri Lanka Tourism listens, it can tailor everything from infrastructure to marketing, moving from guesswork to precision.
The keynote speaker, Deputy Minister Prof. Ruwan Ranasinghe called data “a vital pillar of tourism transformation.” Yet the unspoken truth is that Sri Lanka has long relied on generic appeals -beaches, heritage, smiles. In today’s crowded market, that’s no longer enough. As SLTDA Chairman Buddhika Hewawasam noted, this partnership is about “elevating how we collect, analyse, and use data.”
Australia’s role here is strategic, not charitable. By funding research and advocating for a Tourism Satellite Account, it is helping Sri Lanka build a tourism sector that is both sustainable and measurable. Australian High Commissioner Matthew Duckworth linked this support to “global standards of environmental protection” – a clear nod to the growing demand for green travel. This isn’t just aid; it’s influence through insight.
“The real test lies ahead,” a tourism expert told The Island. “Data is only as good as the decisions it drives. Will these insights overcome bureaucratic inertia? Will marketing budgets actually follow the evidence toward younger, independent, female travellers?,” he asked.
“The comprehensive report promised for early 2026 must move swiftly from recommendation to action. In an era where destinations are discovered on Instagram and planned with algorithms, intuition alone is a high-stakes gamble. This forum made one thing clear: Sri Lanka is finally building its future on what visitors actually do – not just what we hope they’ll do. The numbers are in. Now, the industry must dare to follow them,” he said.
By Sanath Nanayakkare
Business
New ATA Chair champions Asia’s small tea farmers, unveils ambitious agenda
In his inaugural address as the new Chairman of the Asia Tea Alliance (ATA), Nimal Udugampola placed the region’s millions of smallholders at the core of the global tea industry’s future, asserting they are the “indispensable engine” of a sector that produces over 90% of the world’s tea.
Udugampola, who is also Chairman of Sri Lanka’s Tea Smallholdings Development Authority, used his speech at the 6th ATA Summit held in Colombo on Nov. 27 to declare that the prosperity of Asian tea is “entirely contingent” on the resilience of its small-scale farmers, who have historically been overlooked by premium global markets.
“In Sri Lanka, smallholders account for over 75% of our national production. Across Asia, millions of families maintain the quality and character of our regional teas,” he stated, accepting the chairmanship for the 2025-2027 term.
To empower this vital community, Udugampola unveiled a vision focused on Sustainability, Equity, and Digital Transformation. The strategic agenda includes:
Climate Resilience: Promoting climate-smart agriculture and regenerative farming to protect smallholdings from environmental disruption.
Digital Equity: Leveraging technology like blockchain to create farm-to-cup traceability, connecting smallholders directly with premium consumers and ensuring fair value.
Market Expansion: Driving innovation in tea products and marketing to attract younger consumers and enter non-traditional markets.
Standard Harmonization: Establishing common regional quality and sustainability standards to protect the “Asian Tea” brand and push for stable, fair pricing.
Linking the alliance’s goals to national ambition, Udugampola highlighted Sri Lanka’s target of producing 400 million kilograms of tea by 2030. He presented the country’s “Pivithuru Tea Initiative” as a model for other ATA nations, designed to achieve this through smallholder empowerment, digitalization, and aligned policy objectives.
By Sanath Nanayakkare
Business
Brandix recognised as Green Brand of Year at SLIM Awards 2025
Brandix Apparel Solutions was recognised as the Green Brand of the Year at the Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards 2025, taking home Silver, the highest award presented in the category this year.
The ‘Green Brand of the Year’ recognises the brand that drives measurable environmental impact through sustainable practices, climate-aligned goals and long-term commitment to protecting natural resources.
A pioneer in responsible apparel manufacturing for over two decades, Brandix has championed best practices in the sphere of sustainable manufacturing covering environmental, social, and governance aspects. The company built the world’s first Net Zero Carbon-certified apparel manufacturing facility (across Scope 1 and Scope 2) and meets over 60% of its energy requirement in Sri Lanka via renewable sources.
Head of ESG at Brandix, Nirmal Perera, said: “Being recognised as Green Brand of the Year is an encouraging milestone for our teams working across sustainability.”
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