Business
IMF encouraged by SL authorities’ commitment to continue reform efforts
Govt agrees to safeguard and build on hard-won gains
President keen on alleviating burdens on the people
A date to be set for 3rd review of the IMF programme
By Sanath Nanayakkare
An International Monetary Fund (IMF) team led by Krishna Srinivasan, Director for the Asia Pacific Department, visited Colombo October 2-4, 2024. During the visit, Krishna Srinivasan met with President Anura Kumara Dissanayake, Prime Minister Harini Amarasuriya, Minister Vijitha Herath, Central Bank Governor Dr. Nandalal Weerasinghe, Secretary to the Treasury Mahinda Siriwardena, and other stakeholders.
At the end of the visit, Srinivasan issued the following statement:
“We held productive discussions with President Dissanayake and Sri Lanka’s economic team on the economic and financial challenges facing the Sri Lankan economy. We agreed on the importance of continuing to safeguard and build on the hard-won gains that have helped put Sri Lanka on a path to economic recovery since entering one of its worst economic crises in 2022.
“We are encouraged by the authorities’ commitment to continue the reform efforts. The IMF remains a steadfast partner in supporting Sri Lanka and its people and stands ready to assist the country achieve its economic reform goals. The IMF team will continue its close engagement with Sri Lanka’s economic team to set a date for the third review of the IMF-supported program.”
Meanwhile, the President’s Media Division stated that President Anura Kumara Dissanayake engaged in a discussion with the IMF at the Presidential Secretariat on Oct. 4, marking the second day of talks with the President.
Following up on Oct. 3 discussion, the two parties discussed the way forward and measures to overcome delays pertaining to the third review.
At the meeting on the second day with the IMF delegation, President Dissanayake had expressed his government’s intention to provide relief for people while broadly agreeing with the objectives of the IMF programme.
President Dissanayake aims to achieve the objectives of the program in partnership with the IMF, seeking alternative approaches that will alleviate the burden on the citizens.
A constructive and cordial environment was effectively established between both parties during these discussions. The three-day series of talks concluded successfully, marking the end of the IMF delegation’s visit to Sri Lanka.
Director of the IMF’s Asia Pacific Department Krishna Srinivasan, Senior Mission Chief Dr. Peter Breuer, along with other senior IMF representatives and the Sri Lankan delegation attended the discussions.
The following are some comments made by key figures regarding the IMF framework, last week.
Former state minister of finance, Shehan Semasinghe: It is great to note the successful completion of the OCC and IMF consultation process and the formal confirmation that the terms of the agreement in principle are compatible with the comparability of treatment principle, following the agreement in principle reached with international and local holders of international sovereign bonds on 19th Sep. 2024. The achievement is a testament to the teamwork and dedication required to steer Sri Lanka out of bankruptcy under the leadership of former president Ranil Wickremesinghe. I am extremely proud to have led the negotiating team on behalf of Sri Lanka in my then capacity as state minister of finance.
Dr Harsha de Silva: The government is not making any attempts to change the Debt Stationarity Analysis of the IMF programme as they pledged the people to do during the election campaign. They have not and will not hold a single discussion with the IMF or the international creditors to alter any of the existing parameters or debt treatment principles. They lied to the people. We told the truth as to how it could be and people didn’t believe us.
Dr Anil Jayantha, head of the government’s economic council:
We have been able to finalize the agreement in principle in an accelerated manner with greater efficiency and achieve more in two weeks than the previous government did within two years.
Business
CIF, the world’s favorite multi-surface cleaning brand, arrives in Sri Lanka
CIF, the globally recognized multi-surface cleaning brand, has officially entered the Sri Lankan market, expanding the range of international home-care solutions available to local consumers.
CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif
Used by households around the world, CIF is known for its powerful cleaning performance and ability to tackle everyday dirt and some of the toughest cleaning challenges around the home.
Its introduction to Sri Lanka comes as consumers increasingly seek cleaning products that combine performance, convenience and versatility, particularly solutions that can be used across multiple areas and surfaces within the home.
One cleaner. So many possibilities.
From stubborn kitchen grease and grime to limescale around sinks and dirt that builds up on frequently used surfaces, CIF is designed to provide powerful cleaning performance while helping make every day cleaning simpler.
The brand’s multi-surface proposition allows consumers to address a range of household cleaning needs with one versatile solution, bringing greater convenience to modern cleaning routines.
CIF’s entry into Sri Lanka also brings the brand’s global philosophy closer to local consumers eventually helping people restore and rediscover the beauty of the places and things around them through effective everyday cleaning.
With its combination of global recognition, multi-surface versatility and powerful cleaning performance, CIF’s arrival provides Sri Lankan consumers with a new international option in the household cleaning category.
The world’s favorite multi-surface cleaning brand is finally here in Sri Lanka.
Just CIF it!
Business
A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy
By Sanath Nanayakkare
An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.
Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.
Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.
Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.
From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.
What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.
Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.
The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:
Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.
Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.
Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.
By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.
Business
Bring your own bag to book fair, CEA urges
By Ifham Nizam
The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.
CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.
“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.
The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.
The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.
The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.
The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.
These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.
The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.
The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.
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