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.

HNB Assurance PLC (HNBA) has been honored as a ‘Company with Great Managers’ for the third consecutive year at the prestigious Great Manager Awards 2024, organized by the Colombo Leadership Academy.

This year, seven distinguished HNBA managers received individual accolades for their outstanding leadership and contributions: Deepal Punchihewa (SBU Head), Rukshan Wijesinghe (Senior Manager – Underwriting, Group Life & DTA), Niranjan Croos (Senior Manager – Customer Experience), D. P. S. Anuranga Peiris (Software Architect), Asanka Gonagala (Manager – Alternate Channels), Vinu Jayasuriya (Senior Manager – Finance), Amaz Irshad (Senior Manager – Marketing, Digital & PR)

This recognition underscores HNBA’s robust leadership development framework and its commitment to fostering future-ready leaders who drive innovation and excellence across the organization.

Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, remarked:

“Great companies are built by great leaders. This third consecutive recognition reaffirms our investment in cultivating exceptional talent. I commend our award-winning managers for their dedication to inspiring teams and delivering outstanding results. My gratitude also extends to the Colombo Leadership Academy for this esteemed honor.”

Navin Rupasinghe, Head of Human Resources at HNB Assurance, added:

“At HNBA, we empower leaders to drive impact with purpose. This accolade reflects our strategic focus on talent development and fostering a growth mindset. Congratulations to our managers for exemplifying these values daily, and we thank the Colombo Leadership Academy for this recognition.”