Business
CB Governor urges general public to be mindful of any deviations from the path of stability
Let’s continue along the conservative path we have carefully chosen’
In 5 years, we will be in a much better position in terms of debt sustainability’
by Sanath Nanayakkare
Central Bank Governor Dr. Nandalal Weerasinghe insisted Friday that the general public who elect governments has a responsibility to be mindful if the governments elected by them deviate from the path of stability because it could adversely affect all stakeholders of the economy and communities across the country.
“Stay mindful about any deviations from the current path of debt sustainability, recovery and growth targets, and if you see any veering off course, it is your responsibility to get them back on the right track,” he said.
The Governor made this remark on Friday while delivering the keynote speech at the CFA Society Sri Lanka CEO Forum.
Speaking further he said,” We have been able to achieve some stability in the short term. And next important step in completing the stabilization programme is to complete both Domestic Debt Optimization (DDO) and external debt restructuring and signing a deal with external creditors – both commercial and bilateral creditors.
We hope we will be able to complete it somewhere in September –October 2023, and complete the first review of the IMF programme. Once that is done, the most difficult path on short term reforms will be over. Then we have to get ready for medium term growth and recovery, stable exchange rate, higher reserves, robust policies and growth enhancing structural reforms. That is the only path we have to pursue.”
“Some people are concerned whether there would be a second DDO. If we deviate from the current path there could be a second DDO or even there could be another default or bankruptcy. The government has committed itself to 0.3% primary surplus through prudent fiscal policies. If Sri Lanka turns back and moves backwards to -6% primary surplus, then there would be another debt unsustainability issue and would need another DDO.
As things stand now, Sri Lanka doesn’t need another DDO because the current one is strong enough and consistent with the targets to restore debt sustainability subject to other policy elements moving in parallel; namely, fiscal policy, structural reforms and the envisioned growth path. In my view, this DDO and debt sustainability is a conservative path we have rightly chosen and we need to be consistent with it.”
“The current trajectory is targeted on a 3% growth rate. But Sri Lanka has the capacity to grow its economy by about 5%. So if we are able to exceed that growth target, we would be better off than we think, and we won’t have to wait for 10 years to achieve debt sustainability.
In five years, we will be in a much better position in terms of debt sustainability. Given the outlook is conservative, we have room to go higher in terms of growth , expected inflation targeting outcomes and building foreign reserves. The authorities have to maintain a prudent fiscal policy for which the government has committed itself. Because this is the only path, I hope they will continue on it.
Then we should be able to give relief to the people earlier than expected. But if we move on a different path, and go back to 4-5% deficit, then things would be worse. There is strong commitment on the part of both monetary and fiscal authorities to keep to the original programme. We need the support of the private sector and the general public also for this strategy to come to fruition,” Dr. Weerasinghe said.
By Ifham Nizam
Australian High Commissioner to Sri Lanka Matthew Duckworth described Omega Traders’ latest investment in a modern dhal-processing facility as a strong example of how cross-border supply chains can translate into productive investment, local value addition and new business opportunities in Sri Lanka.
The investment, which adds a 150-metric-tonne-per-eight-hour-day processing capacity to Omega Traders’ operations, marks a significant expansion of the company’s manufacturing footprint as it celebrates 45 years in Sri Lanka’s food commodity industry.
Speaking at the inauguration of the new Lentil and Orid Dhal Processing Factory in Wattala, last Friday, H.C. Duckworth said the facility represented more than an increase in production capacity, pointing to the wider economic value created when Australian agricultural production is connected with Sri Lankan processing and distribution.
‘This facility is not operating on its own. It is part of a long supply chain and a trade partnership between Sri Lanka and Australia, Duckworth said.
His comments placed the Omega Traders’ investment within a broader commercial context: Australia brings agricultural production and established export capabilities, while Sri Lanka provides processing capacity, labour, market access and opportunities for further value addition.
The investment comes as Sri Lanka continues to look towards greater domestic processing and value-added manufacturing rather than relying solely on the import and distribution of finished commodities.
Dr. (Mrs.) Siddhika G. Senaratne, Director General/CEO of the Sri Lanka Standards Institution (SLSI), who attended the inauguration as Guest of Honour, highlighted the importance of quality assurance in food processing and the role of standards in maintaining confidence across the supply chain.
The facility is equipped with new-generation cleaning, processing, sorting and quality-control machinery, including advanced colour-sorting technology, automated systems and an in-house quality-control laboratory.
The additional capacity will support Omega Traders’ three principal Mysoor Dhal brands — Rainbow Jumbo Dhal, Komas Dhal and Rozanna Dhal — which serve different segments of the Sri Lankan market.
But the investment also has a distinctly local agricultural dimension.
Through its Orid Dhal operation, Omega Traders plans to source locally grown black matpe from Sri Lankan farmers and process it at the new facility.
That creates a domestic value chain linking farmers to industrial processing and consumers, while potentially increasing demand for locally produced agricultural commodities.
Duckworth said this type of business partnership could generate benefits for both countries.
‘Australia produces some of the world’s best agricultural products and we are very efficient and very capable at trading them. But that alone is not going to bring success to Australia. Just as building a factory like this is not going to bring success to Sri Lanka, he said.
‘It’s when we bring these entities together that our products produced in Australia can be processed in excellence here in Sri Lanka that enables this to be a success, the H.C. explained.
The investment therefore combines two complementary supply streams: imported agricultural commodities, including Australian-origin products, and locally produced black matpe for the Orid Dhal operation.
For Sri Lanka, the business significance extends beyond Omega Traders itself. Increased processing capacity creates demand for logistics, packaging, distribution, services and agricultural inputs, while supporting employment within the food-processing ecosystem.
HR-led transformation places people, culture and business performance at the heart of the organisation
Ideal Motors (Pvt) Ltd,has achieved a significant milestone by securing multiple prestigious workplace and organisational culture accolades in 2026, reinforcing its position as an employer of choice in Sri Lanka’s automotive sector.
Among its latest achievements, Ideal Motors has been recognised as one of the 20 Great Workplaces for Young Talent in Sri Lanka 2026, ranked No. 1 and awarded the Gold Medal in the Small and Medium category of Best Workplaces™ in Sri Lanka 2026, and ranked No. 18 among Best Workplaces™ in Asia in the Medium Scale category—the highest-ranked Sri Lankan organisation in the category. The company also received Industry Excellence for Workplace Culture – Trading Industry.
The Young Talent recognition was presented at the Great Place To Work® CXO Forum 2026 held on 10 September 2026 at Cinnamon Life, Colombo. The recognition followed an evaluation of more than 100 certified organisations and highlights workplaces that create meaningful opportunities for employees under 35 to develop, contribute and grow.
At the Best Workplaces™ in Sri Lanka Awards Gala 2026, held on 11 September 2026 at Cinnamon Life, Colombo, Ideal Motors achieved another historic milestone by entering the Best Workplaces Sri Lanka list for the first time and securing the No. 1 Gold Medal in the Small and Medium category. The company also achieved No. 18 in Best Workplaces™ in Asia, reflecting the strength of its workplace culture beyond Sri Lanka.
These achievements represent more than a collection of awards. They reflect the transformation taking place within Ideal Motors, where people, culture and business performance are increasingly viewed as interconnected drivers of sustainable growth.
Over the past few years, the organisation’s HR function has evolved from a predominantly administrative role into a strategic business partner, with greater emphasis on employee experience, capability development, engagement, performance, communication, wellbeing, diversity and inclusion, and data-driven HR practices.
The Automobile Association of Ceylon (AAC) conducted a seat belt safety awareness programme in front of its headquarters and along Galle Face Centre Road, encouraging motorists and passengers to make seat belt use a habit on every journey.
AAC staff, working alongside officers of the Sri Lanka Police Traffic Division, distributed specially designed hanging tags and stickers to drivers. The material carries a clear reminder that seat belts protect drivers as well as passengers in both the front and rear seats.
The public awareness drive was held ahead of the requirement taking effect on 20 September 2026, under which seat belt use becomes mandatory for every occupant of a vehicle travelling on an expressway.
AAC emphasized that the regulation should be understood as a life-saving measure rather than only a legal obligation. Wearing a seat belt can help prevent occupants from being thrown inside or from a vehicle during a collision and can lessen the severity of injuries.
The Association said road safety legislation must be supported by sustained public education, visible enforcement and responsible behaviour by all road users. The participation of the Traffic Police helped the campaign reach motorists directly in a busy part of central Colombo.
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