Business
SL seen as having made ‘commendable strides towards fiscal discipline’
By Ifham Nizam
Sri Lanka has made commendable strides towards fiscal discipline, particularly in the area of controlling government spending and managing inflation, Rockefeller International chairman and founder and CIO, Breakout Capital Ruchir Sharma said.
Sharma was speaking at a special public lecture in Colombo recently, organized by the Central Bank of Sri Lanka. At the outset he said that Sri Lanka is a country to which he could connect emotionally. `I love coming here whenever I can. If I have to come for a vacation it has to be Sri Lanka, he said.
Sharma added: ‘Sri Lanka’s mounting government debt and its low Tax-to-Gross Domestic Product (GDP) ratio is causing concern. These are significant fiscal challenges that the country must address.
‘Sri Lanka’s effective monetary policy has helped tame inflation. However, there should be sustained vigilance to prevent inflationary pressures from resurfacing.
‘In my book, “The 10 Rules of Successful Nations”, I have defined 10 rules and areas of growth. They are; Population, Politics, State, Debt, Currency, Investment, Inflation, Geography, Inequality and Sentiment.
‘There are some 200 countries and of these countries only 40 countries or so are classified as developed countries. All the other countries are classified as emerging markets and most of them have been emerging forever.
‘The only country to move up from developing to developed country status was South Korea in the 1980s and since then no other country has followed suit.
‘Sri Lanka too has been ranked as a developing country for many years but has not moved up. This is despite Sri Lanka having notched many a positive landmark, such as in education and health.
‘Sri Lanka has to do much to improve overall development and accelerate the engine of growth.
‘Sri Lanka’s working age population growth, for example, remains 0.1%, which is an obstacle to economic growth.
‘Furthermore, Sri Lanka scores low in the area of State because the tax contribution to the state remains minimal. Due to the current politically volatile state of the country, Sri Lanka also ranks low in terms of Politics, where results of an election would determine its development.
‘Currency being cheap is good if it is stable, but the key is avoiding unreliable measures. Sri Lanka ranks well in the area of Currency because it is cheap.
‘In terms of Geography, despite the many opportunities and potential, Sri Lanka has not been able to fully exploit and capitalize on its geography. Intraregional trade is vital for the development of countries, yet South Asia has low intraregional trade and therefore misses many opportunities for growth.
‘The problem of internal geography is of such proportions that much of the wealth is concentrated in the Colombo area and there is not enough in the other areas.
“Generally, I would say, Sri Lanka ranks relatively well at this point from an investment perspective and issues of liquidity, among other things. But this is a big improvement over the last couple of years. Once the political situation becomes stable, the key for Sri Lanka is, what is going to be your growth engine?
‘The classic growth engine is manufacturing exports. For countries with Sri Lanka’s per capita income, the latter is necessary to grow rapidly. But with that growth engine looking difficult to bring about, what could be the growth engine for Sri Lanka to grow even at 5%, because 6-7% seems very difficult given the demographics of the country.
‘The country should determine a suitable growth engine for it as even raising the economic growth rate by 5% is crucial. Sri Lanka should catch up considering the time lost during its economic crisis.’
Meanwhile, on the question of introducing a wealth tax, Sharma said, among other things, that it is very difficult to correct inequalities by initiating such a tax.
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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