Business

Sri Lanka still trying hard to convince China and India on the need for creditor assurances

Published

4 years ago

2023/01/16

By Sanath Nanayakkare

President Ranil Wickremesinghe said on Friday that he was looking for ways to speed up Sri Lanka’s economic recovery with the assistance of the IMF and main creditor nations; Japan, India and China which would have to be complemented with other ‘bitter medicine’

“IMF’s sovereign debt support mechanism is the only way out for Sri Lanka. We still we have to get creditor assurances from India and China. Japan and other creditor nations have given their assurances already. We will need to take other ‘bitter medicine’ as well. We can take further steps once we have got the assurances from China and India. No sooner than we get it we will do the needful.”

The President made these observations during a meeting held with the trade union representatives at the President’s Office. Government, semi-government and private sector trade union leaders and representatives participated in the meeting which was presided over by the President and the Prime Minister where they discussed corrective measures that could be taken to find solutions to the economic and financial crisis in the country.

“When all is in place, we will get USD 2.7 billion from the IMF in three or four tranches. And when there is such confidence in Sri Lanka’s financial condition, we should be able to obtain additional assistance from the World Bank, ADB etc. worth about USD 5 billion. And then we should be able to kick off with the LRT project with Japan possibly this year. We have to get there by and by. I expect that things will be better after the first quarter of 2023 in terms of economic stability and we will be able to shift to a growth path in 2024,” the President said.

He emphasized the need for working within one policy framework for at least 10 years to steer out of the crisis. He said he is aware of the hardships the people are going through and added that the government is taking steps to provide relief to the public.

“The public sector and the private sector should be strengthened to provide support to the people while we continue with the development programs of the country. I suggest the public sector, private sector, trade chambers, trade unions, farmer associations and all other stakeholders should discuss at length and reach a framework of a social contract on how we should continue with a consistent economic programme for sustainable growth.”

Speaking at the meeting Prime Minister Dinesh Gunawardena said due to the measures taken by the government in the last few months, the economic situation of the country has changed to some extent. “But in order to strengthen the situation in the future, we need to cooperate and improve our products and services. It is on that basis we can recover as a country, therefore, the participation of trade unions in that endeavor is of paramount importance,” he said.

Union leaders and representatives also spoke at the meeting while President’s Secretary Saman Ekanayake, Finance Ministry Secretary Mahinda Siriwardena, President’s Senior Economic Adviser Dr. R.H.S. Samaratunga, President Trade Union Director General Saman Ratnapriya and other officers attended the discussion.

All News Advertisement

Business

SLEIS 2026 to examine Sri Lanka’s energy transition and its implications

Published

33 mins ago

2026/09/26

Thilina Walpola

Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.

Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.

The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

Business

A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

Published

47 mins ago

2026/09/26

Thilina Walpola

The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

Business

Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

Published

51 mins ago

2026/09/26

Thilina Walpola

Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.