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Government has settled US$ 1,909.7 million foreign debt and interest – Rajith Keerthi Thennakoon

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Rajith Keerthy Tennakoon Director General of Community Affairs at the President’s Office delivering a special media statement today (05) stated that between the assumption of office by  President Ranil Wickremesinghe and February 2024, the Government of Sri Lanka has settled a total of US$ 1909.7 million in foreign debt and interest payments.

He also highlighted that from July 21, 2022, to February 2024, the government has disbursed $1338.8 million in multilateral loans and interest, and that there were no outstanding arrears in loan installments or interest payments up to February 2024.

He said that according to the Department of External Resources, payments totaling US$ 760.1 million have been made to the Asian Development Bank and US$ 7.0 million to the Asian Infrastructure Investment Bank. Additionally, payments of US$ 22.3 million have been made to the European Investment Bank, US$ 17.9 million to the International Fund for Agricultural Development, and US$ 9.8 million to the EFF 23-26 program of the International Monetary Fund. Furthermore, US$ 1.7 million has been disbursed to the Nordic Development Fund, US$ 29.9 million to the OPEC Fund for International Development, and US$ 489.9 million to the World Bank. Consequently, the government’s total payments for loans and interest amount to US$ 1,338.8 million.

It is noteworthy that the Asian Development Bank, the International Monetary Fund, and the World Bank have extended further financial support to the government due to its commendable track record in debt repayment. During this period, negotiations are underway with relevant states and institutions to finalize agreements regarding the repayment of bilateral loans and interest, which currently stand at US$ 571.0 million.

Additionally, preliminary agreements have been reached concerning debt and interest payments, involving members of the Paris Club, with outstanding interest to be settled by the end of February 2024 amounting to $450.7 million.

Tennakoon said that it is worth noting that several countries, including Japan, have provisionally agreed to resume numerous projects halted in the past

Moreover, bilateral loan transactions have been conducted with nearly 25 other financial institutions, such as Canada, China, France, Germany, India, Japan, South Korea, Kuwait, Pakistan, Russia, Spain, the United States, China Development Bank, Sino-Hungarian Bank, Indian Exim Bank, and American Exim Bank.

These loans and interest payments have been denominated in US Dollars, Euros, Japanese Yen, and Canadian Dollars. The Central Bank of Sri Lanka has bolstered its dollar reserves in foreign currencies to facilitate local payments to institutions like People’s Bank, Bank of Ceylon, and Hatton National Bank after settling local debt and interest obligations.

Furthermore, following the repayment of multilateral, bilateral, and local dollar loans, the country’s cash reserves have surged to over $4.9 billion ($4950 million). The government is actively engaged in restructuring business loans and interest totaling $4,439.2 million, acquired at high-interest rates. It is important to note that payment of these funds will be deferred until negotiations regarding debt restructuring are finalized.

He reiterated that the ongoing discussion regarding the special interest rate offered for fixed deposits of senior citizens warrants attention.

(PMD)



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From Gut Feel to GPS: Why Sri Lankan brands must own their AI intelligence

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Experts air their views at the forum.

By Ifham Nizam

Sri Lankan brands are standing at a strategic inflection point. Digital budgets have surged, social platforms have multiplied, and artificial intelligence has moved from novelty to necessity. Yet, despite unprecedented access to data, many organisations remain trapped in reactive decision-making—looking backwards rather than anticipating what lies ahead.

That contradiction was sharply articulated at a industry forum on Tuesday night bringing together global platform experts and local practitioners, where the central question was not whether Sri Lankan brands should adopt AI-powered intelligence, but whether they are prepared to own it.

Angel Calinisan, a global social intelligence leader working across emerging markets from Southeast Asia to South Asia, offered a compelling metaphor that framed the discussion.

“Brands are no longer using social intelligence as a rear-view mirror,” Calinisan said.

“They are starting to use it as a GPS. A rear-view mirror tells you what has already happened. A GPS tells you where you are headed—and warns you before you take the wrong turn.”

According to Calinisan, the most advanced brands are deploying AI-driven listening tools to spot anomalies in real time—early signals that indicate shifts in consumer behaviour, emerging reputational risks, or nascent trends before they peak.

“These anomalies could be negative sentiment during a brewing crisis, or they could be the first signs of a behavioural change,” he explained. “AI does what humans cannot do at scale—monitor conversations 24/7, identify what has changed, where it is happening, and who is driving it.”

Crucially, Calinisan stressed that prediction—not reporting—is where competitive advantage now lies. “You need to know whether a trend is just a fad or whether it has velocity and longevity. That predictive layer is what separates leaders from followers.”

For Sri Lankan companies operating in volatile economic and reputational environments, this ability to anticipate rather than react could be the difference between resilience and decline.

One of the most striking insights from Calinisan was her assertion that data is no longer the currency—time is.

“If you read about an issue in the newspaper or see it trending publicly on social media, you are already late,” he warned. “Conversations move across platforms at incredible speed. The brands that survive are the ones that detect signals early and buy themselves time to respond.”

This shift has significant business implications. Early detection allows organisations to protect brand equity, manage crises proactively, and even capitalise on emerging opportunities before competitors are aware they exist.

Calinisan pointed to metrics increasingly used by global brands, such as share of voice, which he said is “highly correlated with market share,” and net sentiment, a measure closely linked to digital brand equity. “These metrics are no longer for reporting decks—they are guiding business decisions.”

Beyond vanity metrics to boardroom relevance

That evolution from surface-level engagement to boardroom relevance was echoed by Anubhav Khanduja, who works closely with enterprise clients across India, South Asia, APEC and global markets.

“Likes and shares are no longer what boards care about,” Khanduja said. “Leadership teams want to see intent and revenue. They want to know how social media contributes to the funnel—from intent creation to conversion and attribution.”

According to Khanduja, enterprise measurement frameworks are rapidly shifting toward metrics that can be directly linked to business outcomes. “Attribution is critical. If you can connect intent and conversion back to your social platforms, that’s when digital earns its seat at the board table.”

This shift reflects a broader maturation of digital marketing—from a communications function to a revenue and growth driver.

As brands juggle five to seven platforms simultaneously, another challenge has emerged: how to centralise operations without flattening the unique culture of each platform.

Khanduja cautioned against the old model of pushing uniform content everywhere. “Content creation has become easy—anyone can do it. What matters now is not missing the essence of what each platform is built for.”

He argued that AI should be used to improve marketer productivity, not replace human judgment. “You can centralise research, workflows and optimisation, while keeping the authentic voice intact and respecting platform-specific nuances.”

The goal, he said, is “doing more with less—without losing relevance.”

A recurring theme throughout the discussion was the danger of outsourcing intelligence entirely to agencies and consultancies.

Calinisan was blunt: “The brands pulling ahead are bringing these capabilities in-house. They have management support, clear KPIs, and training programmes that allow teams to experiment, fail, learn and iterate.”

This internalisation of intelligence allows organisations to respond faster, protect institutional knowledge, and build long-term strategic muscle—rather than “renting insight” on a project-by-project basis.

Khanduja reinforced this view, noting that as trust deficits grow in an age of AI-generated content and saturated advertising, credibility increasingly comes from authentic voices—especially employees.

“Employees are becoming central to brand amplification,” he said. “People trust people more than ads. When organisations activate employees responsibly, they gain reach, credibility and resilience—especially during times of change or crisis.”

For Sri Lanka’s corporate sector, the message was clear. Digital transformation is no longer about spending more on ads or adopting the latest tool. It is about owning intelligence, embedding predictive thinking into decision-making, and aligning technology with culture.

As Calinisan summed it up: “It’s not about having more data. It’s about knowing sooner than everyone else—and having the time to act.”

In an increasingly competitive and uncertain environment, that early insight may well become Sri Lankan brands’ most valuable asset.

By Ifham Nizam

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Dialog sponsors Gangaramaya Navam Maha Perahera

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Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, reaffirms its commitment to preserving national heritage by sponsoring the Gangaramaya Navam Maha Perahera for the fourteenth consecutive year, supporting a revered religious celebration while advancing cultural patronage, community stewardship, and corporate responsibility that strengthens shared values and continuity across Sri Lanka.

The annual Gangaramaya Navam Maha Perahera, one of Sri Lanka’s most significant religious and cultural expressions, was held on 31st January and 1st February, drawing thousands of devotees and visitors to the historic Gangaramaya Temple in Colombo. As a long-term patron, Dialog’s continued sponsorship enables the seamless conduct of this eminent Perahera while reinforcing its role as a leading corporate advocate of Sri Lankan culture and heritage.

Beyond the Gangaramaya Navam Maha Perahera, Dialog has been a long-term patron of many significant national events including the Kandy Esala Perahara, Kelaniya Duruthu Festival, Katharagama Esala Perahara and Gatabaru Esala Perahara. These efforts align with the company’s broader heritage preservation initiatives, which include constructing the vestibule for the Dimbulagala Aranya Senasanaya, launching a website and directory of Amarapura Maha Nikaya Temples, and restoring the Anuradhapura Maha Vihara Sannipatha Shalawa.

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Kala Pola – Sri Lanka’s iconic open-air art fair – returns

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Sri Lanka’s renowned open-air art fair, Kala Pola, is set to bring alive the streets of Colombo with colour, creativity, and conversation as Kala Pola returns for its 33rd edition on Sunday, 8th February, along Ananda Coomaraswamy Mawatha (Green Path), Colombo 07.

Conceptualised and introduced by The George Keyt Foundation in 1993, and sponsored and co-presented by the John Keells Group through an unbroken patronage since 1994, Kala Pola has grown into a cultural landmark that continues to reshape how visual art is showcased and experienced in Sri Lanka. Remaining true to its founding philosophy, the event is proudly uncurated, providing participating artists and sculptors with the opportunity to showcase their talent, connect with art enthusiasts, learn from and network with other artists, and expand their clientele.

Kala Pola displays a broad variety of forms and styles, ranging from intricate sculptures, humorous caricatures, and abstract paintings to modern and traditional Sri Lankan art. Attracting art lovers, collectors, connoisseurs, and students from all parts of the country and tourists from various parts of the world, the event creates a vibrant, welcoming, and wholesome atmosphere spurred by music, camaraderie, art discussions, children’s art workshops, and an array of cultural performances.

As a longstanding and iconic visual art flagship amidst Sri Lanka’s vibrant calendar of arts and cultural events, Kala Pola continues to stand as a unique open-air platform for visual expression. By bringing together both established and emerging artists in an inclusive, uncurated setting in the heart of Colombo, the event fosters meaningful connections between creators and audiences, offering accessibility, diversity, discourse and a shared appreciation for art among a wide cross-section of the public, while spurring the creative economy of the country. Nations Trust Bank (NTB) also supports Kala Pola as its official banking partner.

Arts falls within the focus area of Social Health and Cohesion which is one of the four focus areas of John Keells Foundation (JKF) – the CSR entity of John Keells Holdings PLC (JKH), Sri Lanka’s largest listed conglomerate in the Colombo Stock Exchange operating over 80+ companies in 7 diverse industry sectors. With a history of over 150 years, John Keells Group provides employment to over 18,000 persons and has been ranked as Sri Lanka’s ‘Most Respected Entity’ for 20 Years by LMD Magazine. Whilst being a full member of the World Economic Forum and a Participant of the UN Global Compact, JKH drives its CSR vision of “Empowering the Nation for tomorrow” through JKF.

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