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Public support vital for SL’s economic recovery process – CBSL Governor

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By Lynn Ockersz

The duration of Sri Lanka’s economic recovery process depends on how successfully the governing authorities implement the relevant reforms and restructuring programme currently under discussion. Moreover, without public support for these recovery efforts, they would not prove fully successful, Central Bank Governor Dr. Nandalal Weerasinghe said.

Making the keynote address yesterday on the occasion of the launching of its 2022 ‘State of the Economy’ report titled, ‘Driving Policy Action from Crisis to Recovery’, by the Institute of Policy Studies, Sri Lanka, at its Dr. Saman Kelegama Auditorium, in Colombo Dr. Weerasinghe expressed optimism that Sri Lanka could achieve economic stability going forward.

However, public support is vital for the successful implementation of Sri Lanka’s economic recovery process, the Governor observed. Underscoring the importance of the media in this regard he said that it is up to the media to convey clearly to the public the issues at the heart of the economic recovery effort. Right now, this is not occurring to the desired extent. He said a vital requirement is responsible reporting and commentary by the media on the questions at hand.

The following are some extracts from Dr. Weerasinghe’s address: ‘The ongoing economic stabilization effort is a painful one, but whether there is an alternative to it is the question. It is up to those criticizing the state’s decision to go to the IMF to come out with a viable alternative programme and this is not easy to formulate. Conspiracy theories are also being aired in some quarters to the effect that the state announced a debt default prematurely to bring the country under IMF control. There is no truth in this allegation. Going forward, the recovery process is going to be difficult for the country but there are some improvements in the local economy currently.

‘Recovery is possible through Sri Lanka’s debt restructuring effort but we need to have a stable banking system which our creditors could believe in. Currency and banking crises need to be averted as we forge ahead and we need to establish market access for our export products sooner rather than later.’

Answering a question from the audience with regard to the fairness of some stipulations in the envisaged tax reforms, Dr. Weerasinghe said that taxation is only a short term solution to the country’s economic worries. While it is true that very many sections could be affected negatively by some of the income criteria that would be guiding the paying of taxes from the better-off sections of the public, people living below the poverty line, who are numerous, are more gravely affected than the middle classes. The contemplated taxation measures would help in extending and sustaining welfare measures to these poverty-stricken sections.

‘But there is no denying that there is a need to widen the tax net in an equitable manner. Burden-sharing in taxation is of vital importance. Fiscal transparency is important and the same goes for corruption-reduction, the Governor said.

Speaking earlier, Secretary to the Treasury/Ministry of Finance, Economic Stabilization and National Policies K.M. Mahinda Siriwardana said, among other things, that it is vital that the ‘political will’ be demonstrated by the authorities to take necessary but unpopular decisions to take the country on the recovery track. He underscored the importance of debt restructuring and pointed out that in the short term, monetary and fiscal policy improvements are vital. Likewise, it is important to adopt consistently, monetary and fiscal policy measures in the long term.

Pointing out the importance of revenue-based fiscal consolidation, Mr. Siriwardana stressed the need to reduce the budget deficit. In this effort the raising of enhanced corporate income tax becomes important.

The same applies to personal income tax. Some proposals under the latter head when implemented, could prove very painful to some sections, but there is no alternative. Such taxation measures could go a long way in assisting the poor. He focused on the need for short term sacrifices.

Initially, IPS Executive Director, Dr. Dushni Weerakoon, flagged off the event by making a wide-ranging analysis of the state of the Sri Lankan economy. In the course of her presentation she drew attention to the risks of ‘shallow restructuring’ that could prove counter-productive to countries such as Sri Lanka. Minimizing output loss, she said, is essential. ‘Bringing inflation under control is critical to economic stabilization, she stressed. These and other issues raised by the IPS Head set the stage for the presentations by the key speakers of the morning’s session of the forum.



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Global regulators convene in Colombo for key IOSCO enforcement and cooperation discussions

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Dignitaries at the wide-ranging discussions.

The Securities and Exchange Commission of Sri Lanka (SEC) successfully hosted a series of high-level meetings of the International Organization of Securities Commissions (IOSCO), bringing together leading securities regulators and enforcement officials from around the world to discuss emerging regulatory challenges, strengthen international cooperation, and enhance collective efforts to combat cross-border securities market misconduct.

The meetings, held at the Hilton Colombo from 13 to 16 October 2026, included sessions of the IOSCO Enforcement and Cooperation Committee and its Screening Group (Committee 4/SG), as well as meetings of the Monitoring Group and the Steering Committee. The event attracted approximately 50 senior representatives from securities regulators and exchanges across several jurisdictions, including Australia, Japan, the United States, the United Kingdom, France, Italy, Canada, New Zealand, India, Germany, Belgium, Singapore, China and Spain, reflecting the global significance of the discussions and the growing importance of international regulatory collaboration.

Welcoming delegates to Sri Lanka, Senior Professor D.B.P.H. Dissabandara, Chairman of the SEC, emphasized the critical role of international cooperation in safeguarding market integrity and investor confidence in an increasingly interconnected financial landscape.

“No regulator can effectively address cross-border misconduct in isolation. The speed with which information, transactions and illicit activities can move across borders requires an equally coordinated and timely regulatory response. Strong international cooperation, effective information sharing and mutual trust among regulators are essential to maintaining fair, transparent and resilient capital markets,” he stated.

The discussions focused on a range of enforcement and cooperation matters, including mechanisms for enhancing cross-border information exchange, strengthening investigative collaboration among regulators, addressing increasingly sophisticated forms of securities fraud and market abuse, and promoting the effective implementation of international standards and best practices. Participants also exchanged experiences and insights on emerging enforcement challenges arising from technological developments, digitalization of financial services, and increasingly interconnected global markets.

IOSCO is recognized as the leading international body that brings together the world’s securities regulators and serves as the global standard setter for securities regulation. Through its policy work and cooperative initiatives, IOSCO plays a central role in promoting investor protection, ensuring that markets are fair, efficient and transparent, reducing systemic risk, and strengthening confidence in capital markets worldwide.

Sri Lanka has maintained a strong and active relationship with IOSCO for more than three decades. The SEC became an Ordinary Member of IOSCO in 1993 and has been a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) since 2004. The MMoU is the internationally recognised benchmark for cooperation and information sharing among securities regulators and serves as a critical tool in facilitating cross-border investigations and enforcement actions.

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Pan Asia Bank partners Ideal Motors to offer leasing solutions

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Representatives of both parties are seen exchanging the agreement (Standing from left to right) Officials from Ideal motors: Trevene Ferdinand, AGM - Corporate/Tender; Dinesh Manage, Business Development Manager; Kasun Fernando, General Manager - Commercial Vehicles; Nimisha Welgama, Director – Legal and Corporate Affairs; Officials from Pan Asia Bank: Naleen Edirisinghe, Director/CEO; Yohan Ebell, Head of Retail Credit; Sudharshana Hettiarachchi, Officer in Charge – Leasing; and Kanchana Kannangara, National Sales Manager – Leasing.

Pan Asia Bank recently entered into a one-year Memorandum of Understanding (MOU) with Ideal Motors (Pvt) Ltd, creating a new financing avenue for customers purchasing vehicles from the authorised Mahindra dealer. The strategic partnership will enable customers of Ideal Motors to access leasing facilities from Pan Asia Bank, making vehicle financing more convenient while supporting their mobility and business requirements. The agreement also provides an opportunity for the Bank to expand its leasing portfolio and strengthen its presence in Sri Lanka’s vehicle financing market.

Ideal Motors is the authorised dealer for the Mahindra vehicle range in Sri Lanka, including the Mahindra Bolero CPU Truck and Scorpio Jeep/Pickup. The vehicles cater to a range of requirements, from commercial and business applications to personal mobility, making accessible financing an important part of the purchasing decision.

The Bank’s vehicle leasing facilities are designed to simplify the financing process, with convenient repayment options and professional support to help customers select a solution suited to their requirements. For customers, the arrangement brings vehicle selection and financing closer together, reducing the need to navigate the two processes separately.

“Our partnership with Ideal Motors enables us to bring financing closer to customers at the point of vehicle purchase. We remain focused on providing convenient and flexible leasing solutions that support both personal mobility and the needs of businesses,” said Naleen Edirisinghe, Director/CEO of Pan Asia Bank.

Pan Asia Bank and Ideal Motors will work closely during the one-year partnership to maximise business opportunities and deliver a seamless financing experience to customers. The collaboration is expected to strengthen both organisations’ ability to respond to demand for commercial and personal vehicles while creating greater value for customers.

Yohan Ebell, Head of Retail Credit, Pan Asia Bank, said: “Through this partnership, we aim to make vehicle financing simpler and more accessible, with leasing solutions designed to meet the varied requirements of Ideal Motors’ customers.”

The collaboration also reflects Pan Asia Bank’s commitment to building partnerships that make financial services more accessible and responsive to the needs of individuals and businesses.

Pan Asia Bank has established a growing presence in vehicle financing, offering leasing solutions designed around customer convenience and flexibility. Its leasing proposition is supported by a nationwide branch network and a customer-focused approach, enabling customers to obtain guidance on financing options while completing their vehicle purchase.

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Heritance Hotels and Resorts secures four wins at World Travel Awards 2026

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Heritance Hotels and Resorts has secured four distinguished titles at the World Travel Awards 2026, with three national awards recognising its Sri Lankan properties and an international title for Heritance Aarah in the Maldives.

The three Sri Lankan titles recognise Heritance Tea Factory as Sri Lanka’s Leading Heritage Hotel 2026, Heritance Ahungalla as Sri Lanka’s Leading Luxury Hotel 2026, and Heritance Kandalama as Sri Lanka’s Leading Wedding Hotel 2026. Heritance Aarah was named the Indian Ocean’s Leading All-Inclusive Resort 2026.

Internationally recognised within the global travel and tourism industry, the World Travel Awards celebrate excellence across hotels, resorts, and destinations. Recognition at this level affirms the quality, distinctiveness, and consistency of the experiences delivered by Heritance Hotels and Resorts.

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