Business
Economic recovery hinges on continuity of reforms implemented thus far: Central Bank

The Annual Economic Review and Financial Statements and Operations of the Central Bank for the Year 2023 points out that backtracking from the implemented and planned critical reforms will tip the economy to a state of instability.
Thus, continuing with the broader political and social consensus on economic reforms will be critical to avoid recurring policy reversals and resultant economic downturns, to ensure uplifting the welfare of the general public through sustained growth, it states.
The Review further states:
“The economic progression witnessed in the latter half of 2023 is expected to continue in the years ahead, supported by the continuation of the reform agenda under the International Monetary Fund’s Extended Fund Facility (IMF-EFF) arrangement, according to the Central Bank of Sri Lanka.”
“While a broadbased economic expansion is envisaged across all sectors, domestic price stability is expected to be preserved with greater independence and accountability of the Central Bank in monetary policymaking and the prohibition of monetary financing of the government budget deficit.”
“The external sector is anticipated to retain its stability, supported by augmenting external buffers, normalisation of foreign inflows and completion of the restructuring of the foreign debt portfolio of the Government. Reinforced by the legislative amendments and greater consolidation, the financial sector is expected to remain resilient.”
“While continuing the implementation of much needed institutional and policy reforms aimed at enhancing productivity and efficiency, the Government is expected to strive with its fiscal consolidation efforts to ensure the transition of the economy towards a sustainable path. However, the formidable recovery of the Sri Lankan economy hinges on the continuity of the reforms implemented thus far, and as part of this process, the successful continuation of the IMF-EFF arrangement and completion of the debt restructuring process remain paramount.”
“Since the country has not fully exited the crisis, there is no space available for any slippages from the committed path. Recent experiences proved the devastating socioeconomic costs of uncharted policy experiments.”
Business
ComBank unveils new Corporate Branch at Head Office

The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.
The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.
Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.
Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”
Business
Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.
At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.
Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”
“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.
Business
Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce

The Sri Lanka-Russia Business Council (SLRBC) of The Ceylon Chamber of Commerce (CCC) hosted a Members’ Night on March 27, at the Sophia Colombo City Hotel. The event, attended by His Excellency Levan S. Dzhagaryan, Ambassador of Russia to Sri Lanka, offered a valuable platform for business leaders, embassy officials, and Members to discuss and explore opportunities for deeper Sri Lanka-Russia collaboration, a CCC news release said.
SLRBC President, Mr. Jude Fernando, kicked off the evening with a speech highlighting the importance of strengthening international ties, which was followed by H.E. Dzhagaryan’s address on the need for continued engagement between the two countries. The event featured networking opportunities, allowing Members to connect with key stakeholders and discuss future business ventures, followed by a delightful dinner.
The event was made possible with the generous support of sponsors, including OCEAN 7 Logistics (Pvt) Ltd, Bally/Walkers Tours, Fibre cement associations, Ceylon Fresh Teas, SCANWELL Logistics, Regency Teas, Shan Teas, and others, whose contributions were key to its success.
The SLRBC is committed to further facilitating trade and cultural exchange between Sri Lanka and Russia, continuing to foster stronger business relationships.
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