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‘Reforms within World Bank likely to benefit Sri Lanka’

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Mahinda Siriwardena, Secretary to the Treasury, State Minister of Finance Shehan Semasinghe, Kenji Okamura, Deputy Managing Director-IMF and Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka , on the sidelines of the World Bank Group/International Monetary Fund Spring Meetings 2024.

By Sanath Nanayyakare

Parameswaran Iyer, the World Bank Executive Director for India and Sri Lanka has told State Minister of Finance Shehan Semasinghe that various internal restructurings within the World Bank could benefit countries like Sri Lanka.

The State Minister mentioned this on April 15 on his X (Twitter) account.

“Mr. Iyer congratulated the Sri Lankan authorities on implementing the series of difficult reforms. He updated us on the various internal restructurings within the World Bank and how these changes could benefit countries like Sri Lanka, and assured his fullest support to Sri Lanka,” Semasinghe noted.

Semasinghe, who is in Washington D.C. for the 2024 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) and related ancillary events is accompanied by Dr. Nandalal Weerasinghe, Governor of the Central bank of Sri Lanka and Mahinda Siriwardena, Secretary to the Treasury.

The Spring Meetings comprise joint World Bank-IMF Development Committee and the IMF’s International Monetary and Financial Committee events. The ancillary meetings will be held from April 17 to 19.

“We kicked-off the IMF/WBG Spring meeting with a very productive bilateral discussion with Mr. Kenji Okamura, Deputy Managing Director of the IMF. Mr. Okamura commended the Sri Lankan authorities on strong programme implementation and excellent reform progress. He emphasised the need to preserve the hard earned gains Sri Lanka has experienced since the beginning of the IMF programme and continue strong ownership.”

“I, along with Governor of the CBSL and Secretary to the Treasury, explained to Mr. Okamura the recent socio-economic developments and the authorities’ commitment to ensuring continuity and consistency of macroeconomic policies and reforms undertaken under the programme,” the State Minister noted.

For some years now, the World Bank has been engaged in a series of reforms to modernise and simplify its lending practices in response to concerns by borrowers.

Presenting a paper on the topic the World Bank had recently said the following:

“Among the concerns were that cumbersome and inflexible procedures were impeding rather than facilitating operational work, were not keeping pace with the capacities of our partner countries, and thus were potentially hindering the development impact of Bank-supported development interventions.”

An area has been identified in need of modernising project restructuring and changes in procedures to strengthen the impact of operational work, according to the paper.

Furthermore, it has identified more effective supervision tools such as project restructuring coupled with clear procedures and reinforcing corporate incentives would help improve project implementation results.

It proposes to modify the approach to restructuring during project supervision, to aim for improved developmental outcomes by project closing.

The proposed approach is based on the potential of increasing implementation effectiveness, particularly for projects in the portfolio that contain risk factors.

The paper has also identified current obstacles in order to improve outcomes through more proactive and early restructuring before project problems become irreversible.

However, the timeline is still not clear as to when the proposed changes in the World Bank’s lending practices will benefit countries like Sri Lanka.



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Financial literacy central to country’s development – CBSL Governor

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Dr. Nandalal Weerasinghe: ‘Financial literacy vital’.

By Hiran H. Senewiratne

Sri Lanka’s financial literacy rate is approximately 58 percent. Such literacy is absolutely necessary for the inclusion of people in the country’s financial system which in turn is central to overall economic development, Central Bank Governor Dr. Nandalal Weerasinghe said.

‘One needs to have knowledge and skills of a financial nature to figure in financial inclusiveness. While 86 percent of Sri Lanka’s population has access to the country’s financial system, 82 percent of the public has at least a savings account in the country’s banking system, Dr Weerasinghe said.

The Governor made these comments recently at the inauguration of Financial Literacy Month 2026 at the Central Bank’s Centre for Banking Studies, Rajagiriya.

Dr. Weerasinghe added: ‘Suitable, affordable and quality financial instruments are needed to enhance financial literacy in the country.

‘Financial information has to be accurate, risk-free and accountable, thus creating confidentiality in the financial system, which would enable the sector to reach greater heights’.

Meanwhile CBSL sources said: ‘The Literacy Month opened with the two-day ‘FinLit Expo Colombo’. The expo gives the public the opportunity to engage with institutions, better understand financial services, gain practical insights into managing their finances and learn how to protect themselves from financial fraud and scams.

‘The CBSL is leading the program in collaboration with stakeholder institutions. It forms part of the Financial Literacy Roadmap for Sri Lanka, which is implemented under the National Financial Inclusion Strategy (NFIS), the national framework for widening access to and use of formal financial services.

‘The Colombo event will be followed by six regional ‘FinLit Expos’ aimed at direct engagement with local communities. Partner institutions will also run awareness activities. Together, the events are intended to provide financial education to communities and encourage people to apply financial knowledge in everyday life.

‘A public awareness campaign on television, radio, newspapers and social media will extend the program’s reach. The program also includes digital financial literacy activities and the promotion of QR codes and other online payment methods.

‘The public and stakeholder institutions are encouraged to take part in the month’s activities under the theme, “Towards a Financially Literate Sri Lanka”.

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HUTCH strikes five awards as the only telco honoured at SLIM DIGIS 2.6

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HUTCH Sri Lanka strengthened its position as a leader in digital engagement by securing five accolades at SLIM Digis 2.6, emerging as one of the most recognized brands at this year’s digital excellence awards. The achievement was further highlighted by HUTCH being the only telecom operator to be recognized at the event.

Organized by the Sri Lanka Institute of Marketing (SLIM), SLIM Digis is Sri Lanka’s premier platform celebrating excellence, innovation, and outstanding achievements in the digital marketing industry. The recognition highlights HUTCH’s growing strength in digital-first, agile, and creative marketing, and its ability to respond to everyday moments, engage audiences, and deliver impactful digital campaigns.

The Gold Award for Best Use of Agile and Moment Marketing, a Silver for Best Use of Digital in a Marketing Campaign, and a Bronze for Best Performance Marketing were all awarded for “Keeping Sri Lanka Connected Through Ditwah,” HUTCH’s response to the cyclone that struck Sri Lanka in November 2025, recognised for the speed and relevance with which HUTCH kept customers better connected and informed.

HUTCH Roaming also earned two further Bronze awards for Best Use of Digital in a Marketing Campaign and Best Use of Creative Content. Bringing together AI-led storytelling, the campaign was designed around distinct customer clusters, each characterized by unique travel behaviours, needs, and perceptions, delivering relevant content for different audiences within a single overarching campaign.

“These wins are a strong reflection of how HUTCH approaches marketing today, staying close to the moments that matter to our customers and responding with speed, relevance, and creativity. Being the only telco recognised at SLIM DIGIS 2.6, and across five categories, is proof that agility and thoughtful storytelling can go hand in hand. This recognition reflects the collective efforts with our strategic partners, whose collaboration, expertise, and shared commitment brought great campaigns to life,” said Hamdhy Hassen, Chief Marketing Officer, HUTCH Sri Lanka.

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Fairway Colombo named Official Accommodation Partner of Manhunt International 2026

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(L-R): Gamunu Cooray, Ms. Tharushi Kulathunga, Avinga Wanigasekara, Arjuna Senanayake, and Jagath De Almeda at the signing ceremony held at Fairway Colombo.

Sri Lanka’s Smart Luxury Business Hotel to Host Delegates and Contestants from Over 40 Countries as the Island Nation Hosts Its First-Ever Global Pageant of This Scale

Fairway Colombo, a subsidiary of Fairway Holdings (Pvt) Ltd, has been appointed as the Official Accommodation Partner for Manhunt International 2026, one of the world’s most prestigious male pageants, scheduled to take place in Sri Lanka.

The event marks a historic milestone for Sri Lanka, as the country prepares to host a global pageant of this scale for the very first time. More than 40 contestants representing countries from across the world will arrive in Colombo, bringing together diverse cultures, international media attention, and a global audience — further strengthening Sri Lanka’s position as a premier destination for tourism, culture, and hospitality.

As the official accommodation partner, Fairway Colombo will welcome and host international delegates and contestants throughout their stay in Colombo, delivering the exceptional hospitality experience and personalized service that the hotel is recognized for.

A Landmark Partnership for Sri Lankan Tourism

“We are truly honored to be selected as the Official Accommodation Partner for Manhunt International 2026. This partnership is a proud moment not only for Fairway Colombo but also for Sri Lanka as a whole. Hosting an event of this global stature provides us with an opportunity to showcase our commitment to smart luxury, innovation, and authentic Sri Lankan hospitality to an international audience. We look forward to creating a memorable and seamless experience for all delegates and guests,” said Avinga Wanigasekara, General Manager of Fairway Colombo.

Strategically located in the heart of Colombo’s historic Fort district, Fairway Colombo is recognized as a Smart Luxury Business Hotel, combining modern comfort, advanced technology, and exceptional service. As part of Fairway Holdings (Pvt) Ltd, the property represents the group’s vision of delivering innovative, world-class experiences across the hospitality and leisure sectors.

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