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No-IMF path would have been ‘twice as painful’ for Sri Lanka, says Dr. Ahluwalia

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Dr. Montek Singh Ahluwalia

In a compelling address that offered a fresh perspective on Sri Lanka’s ongoing economic recovery, eminent Indian economist Dr. Montek Singh Ahluwalia argued that the alternative to the International Monetary Fund (IMF) programme would have demanded reforms ‘twice as painful’ for the Sri Lankan people.

Dr. Ahluwalia, a key architect of India’s economic liberalisation, was delivering the keynote speech at a public forum organised by the Central Bank of Sri Lanka on October 10.

His remarks provided a powerful counter-narrative to the prevalent criticism that the IMF’s conditions are the primary source of public hardship.

He explained that had Sri Lanka opted to forgo an agreement with the IMF, the country would have faced the monumental task of creating its own economic programme to restore international confidence.

“To be credible, such a homegrown plan would have necessitated even more severe and drastic policy measures than those currently being implemented under the IMF’s Extended Fund Facility (EFF),” he said.

“If Sri Lanka hadn’t entered into an agreement with the IMF, it would have had to present its own economic programme to restore confidence,” Dr. Ahluwalia stated. “That would require twice as much painful economic reforms and policies than what the IMF has asked for, leading to more painful consequences for the people,” he noted.

Dr. Ahluwalia highlighted that the IMF’s involvement is not merely about financial assistance; it serves as a crucial ‘seal of approval’ to the global community.

“With the entry of the IMF, Sri Lanka could tell the world that the country is operating in line with proper economic principles under its guidance,” he noted.

“This signal is vital for reassuring investors, creditors, and international markets, thereby buying the nation valuable time to stabilise its economy and navigate the complex process of debt restructuring,” he pointed out.

This perspective directly challenges the narrative from some political quarters that have consistently criticised the last administration headed by former president Ranil Wickremesinghe for adhering to the IMF’s benchmarks, often blaming the programme for the economic strain faced by citizens. Dr. Ahluwalia’s analysis suggests that while the current path is difficult, the alternative would have been significantly harsher.

When to say goodbye to IMF?

Addressing the future of Sri Lanka’s engagement with the Fund, Dr. Ahluwalia cautioned against a premature exit from the programme. He stressed that any decision to withdraw must be based on solid economic fundamentals, not political expediency.

He advised that Sri Lanka should only consider concluding the IMF programme when its economy demonstrates robust health and a proven resilience to both internal and external shocks, supported by strong economic indices.

“Until the corrective measures are in place, you shouldn’t do so,” he warned.

“When they are in place and you are resilient… you can tell the IMF, ‘Okay, thank you, we don’t need your support anymore. If the need arises, we will let you know,’ and wrap up the IMF programme.”

His speech provided a vital, and until now unheard, perspective for the Sri Lankan public and policymakers, reframing the painful but necessary reforms as the less severe of two difficult paths toward sustainable economic recovery.

By Sanath Nanayakkare



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Ogilvy Group tops award tally at Dragons of Sri Lanka 2026

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The Ogilvy team with the Gold and Silver awards at the Dragons of Sri Lanka 2026

Nine awards, including two Golds, across disciplines recognise business-driven creativity

Ogilvy Group Sri Lanka delivered a standout performance at the recently concluded Dragons of Sri Lanka 2026 Awards, securing a total of nine awards comprising two Gold Dragons, one Silver Dragon and six Black Dragons, among the festival’s highest overall award tallies, a company news release said.

Gold Dragon wins for Phoenix Ogilvy and Ogilvy Digital, together with the seven additional recognitions across multiple categories, highlighted Ogilvy’s ability to combine creativity, strategic thinking and commercial effectiveness to deliver business results.

Organised by the 4As Sri Lanka, the third edition of Dragons of Sri Lanka shortlisted more than 50 agencies and corporates, making it one of the country’s most competitive marketing communications awards. These local awards, along with the chapters in Malaysia and Pakistan are part of the Dragons of Asia platform, one of the region’s leading programmes for marketing communications effectiveness, with entries being judged on strategy, originality, execution and measurable results.

Ogilvy Digital accounted for eight awards in total, including a Gold Dragon in the Business & Trade Marketing category, and a Silver Dragon in the Innovative Idea or Concept category. The Agency additionally received six Black Dragons across the categories of Innovative Idea or Concept, Business & Trade Marketing, Content Creation, Small Budget, Event or Experiential, and Brand Trial or Sales Generation.

Commenting on the achievement, Sajith Weerasinghe, Chief Operating Officer of Ogilvy Digital, said, “These recognitions reflect the breadth of capabilities we’ve built across strategy, creative, content, experience design, technology and performance marketing. The fact that the work was recognised across so many different disciplines demonstrates our ability to apply creativity to a wide range of business challenges and objectives. We’re proud that this achievement spans multiple clients, categories and types of work, reflecting both the versatility of our people and our commitment to delivering results.”

The Ogilvy Group’s second Gold Dragon win was Phoenix Ogilvy’s recognition in the Product Launch or Re-Launch category for the relaunch of American Premium Water. It was a multi-dimensional campaign which refreshed the identity and rejuvenated the positioning of one of Sri Lanka’s pioneering bottled drinking water brands, bolstering its 30-year heritage while connecting with a new generation of consumers.

Commenting on the win, Siddhartha Roy, Chief Operating Officer at Phoenix Ogilvy, said, “There’s always something special about reimagining a brand with a rich heritage. American Premium Water has been a trusted name in Sri Lanka for more than three decades, but the challenge was to make it relevant and compelling for a new generation of consumers. We created a new blueprint for growth for the brand’s positioning, proposition and visual identity, and manifested it through design, packaging and storytelling. To see that transformation recognised with a Gold Dragon, and more importantly reflected in the brand’s renewed momentum in the market, makes this a particularly rewarding achievement.”

The Ogilvy Group Sri Lanka operates across multiple marketing communication disciplines and comprises over 290 staff in creative, strategy, digital, media, public relations and integrated communications. As part of the global Ogilvy network, the Group partners with leading local and international brands to create integrated campaigns that build brands, influence behaviour and drive business growth.

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Musical tribute to Fr. Marcelline Jayakody held in California

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Rev. Fr. Rashmi M. Fernando with the performers at the event

A musical tribute celebrating the life and legacy of Rev. Fr. Marcelline Jayakody, OMI, renowned for his contribution to Sri Lankan arts, music, culture and religious harmony, was held in California with the participation of a large gathering of Sri Lankans.

Titled “Sri Lanka Rani Maniye,” the event was organised by the Sri Lankan Catholic Community in California (SLCCC) under the guidance of Rev. Fr. Rashmi M. Fernando, S.J.

Shalika Perera singing at the event

The programme honoured Fr. Jayakody, affectionately known as “Pansale Piyathuma” (The Priest of the Temple), for his efforts to promote Buddhist-Catholic understanding, interfaith dialogue and a shared Sri Lankan identity.

The event brought together members of the Maha Sangha, the Consul General of Sri Lanka in Los Angeles, musicians, singers, donors, parents, children and members of the Sri Lankan community from Los Angeles and other parts of Southern California.

Music, song and Sri Lankan cultural traditions featured prominently, with organisers placing particular emphasis on introducing the country’s artistic and cultural heritage to younger generations of Sri Lankans growing up overseas.

The programme also highlighted the importance of community unity, religious harmony and mutual respect among Sri Lankans living abroad.

Rev. Fr. Fernando told the gathering that the event marked only the beginning of efforts that could achieve more through unity “for the pride and greater good of our motherland, Sri Lanka.”

The organisers thanked the performers, volunteers, donors and well-wishers who contributed to the event, which concluded as a celebration of Fr. Jayakody’s enduring cultural legacy and the Sri Lankan diaspora’s continuing connection with its homeland.

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Hayleys Fentons completes Rs. 1 bn manufacturing facility in Wathupitiwala

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Hayleys Fentons Limited has completed construction of a state-of-the-art manufacturing facility for Shield Restraint Systems (Pvt) Ltd at the Wathupitiwala Export Processing Zone, with the project completed on schedule within approximately 14 months.

The project, valued at more than Rs. 1 billion, commenced with the laying of the foundation stone on January 7, 2025. It was undertaken by the project arm of Hayleys Fentons, with Design Consortium International (Pvt) Ltd serving as the principal design consultant.

The facility has been designed to meet international industry standards and incorporates advanced safety and energy-efficiency features. A pre-engineered building structural system was used to facilitate faster construction and optimise project costs.

The new facility will manufacture safety restraint systems for the international automotive industry through Shield Restraint Systems.

Hayleys Fentons Deputy Managing Director – Projects Sujith De Alwis said the timely completion of the project demonstrated the company’s engineering and project management capabilities and the ability of Sri Lankan construction expertise to meet stringent international standards.

Hayleys Mobility Executive Director Roshani Dharmaratne said the project required detailed planning, quality management and coordination across multiple disciplines.

Sujith De Alwis, Deputy Managing Director – Projects of Hayleys Fentons Limited and Roshani Dharmaratne, Executive Director of Hayleys Mobility Limited

Chairman Design Consortium Migara Alwis said the project further strengthens its portfolio in specialised industrial construction and supports investment linked to Sri Lanka’s participation in the global automotive supply chain.

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