Business
Sri Lanka’s crisis seen as highlighting lessons from Greece
‘In some of the key metrics, such as debt/GDP, fiscal and current account deficit, you can see a lot of similarities between the crisis in Greece and that in Sri Lanka, which also has a lot to do with the actual incidents of the crisis, including accumulating of early warning signals and the failure to see the signals, rising deficits and debt to around 10% of GDP and triple deficits in 2009, in the case of Greece, former Finance Minister of Greece, Dr. George Papaconstantinou said at a Sri Lanka Institute of Directors (SLID)-initiated webinar recently.
‘The deeper causes behind the crisis was a combination of clientelism, a dysfunctional political system and weak institutions that could not act as a counterbalance to check political decision-making, Dr. Papaconstantinou added.
A SLID press release said: ‘The Sri Lanka Institute of Directors recently held a webinar titled Sri Lanka’s Economic Crisis: Lessons from Greece, featuring Dr George Papaconstantinou, the former Finance Minister of Greece. The session drew several pertinent lessons from Greece’s own experience through its tumultuous period of unprecedented economic crisis in 2009-2018 and its road to recovery. The session was moderated by Faizal Salieh, chairman of SLID. It had a 30-minute keynote speech by Dr Papaconstantinou followed by a 30-minute Q & A discussion.
‘Dr Papaconstantinou in his keynote said; “No two crises are the same. but there are many similarities such as warning signals, incidents, and unfortunately the same long and painful recovery periods.” He spoke about the key learnings from the Greek experience, critical actions that are required from a political and economic sense, the roles of business, government, and citizens in trying to find right solutions, short term quick fixes vs long term sustainability, and gave some broad recommendations that can be considered as Sri Lanka moves forward.
‘Greece had three bail outs, by far the biggest in any country. Unsustainable debt levels, excessive public expenditure, massive tax evasion, huge credit expansion and wages outstripping productivity gains contributed to the decline in the economy’s competitiveness.
‘He said that the Greek crisis was longer than it should have been due to mistakes that were made which need to be avoided in Sri Lanka, and that it is important to focus on the logic of the IMF bailout which is to provide funds until Sri Lanka regains access to international financial markets. In order to continue getting these funds, a combination of fiscal consolidation, monetary and exchange rate policies, and reforms in product, labour, and financial markets must be implemented which can be extremely unpleasant. He pointed out that fiscal consolidation would lead to recession but would eventually restore investor confidence and enable the return of long-term investors. He stressed the importance of long-term investors over the short-term opportunity-seekers for the economy’s long-term sustainability.’
‘Dr. Papaconstantinou cautioned that the country risk immediately spilled over to the corporate sector and had stayed over a long period in Greece, and they had a hard time tapping into international markets and had to grapple with issues such as acute forex shortages, and flight of highly skilled human capital that was essential for rebuilding the economy. He said the Greek economy was still carrying the cost of lost human talent.
“A lesson that we learnt was that one should not delay taking painful decisions, which is important for politics as well, because the longer it waits the tougher it becomes.” He stressed the need to move fast on the restructuring of debt. “Delay entails costs and typically, time is not in your favour. There is also a trade-off between short and long-term transformation with IMF asking for a lot of short-term measures which makes it harder to have long-term reforms. It is important to push for long-term transformation and growth potential of the country. In the private sector, when the bubble bursts there will be many losses and very few wins,” he added. “The crisis inevitably entails political polarisation, and even good companies can go bust. That’s where the Government should step in and support them.”
‘Speaking of the role of the citizens, business, and government, he said “Crises are transformative, dramatic and tend to completely upend a society, politics and business and often go through the 5 stages of grief – denial, anger, bargaining (Sri Lanka’s current stage), depression, and acceptance. Crises consume governments. It is important to keep the political climate non-toxic helping to keep the crisis duration shorter as in Portugal and Ireland and elites must also take the pain. If they are sheltered it is going to prolong the crisis. Social partners need to be part of the solution and should have a seat at the table even with IMF discussions on what needs to be done, and often IMF also gets it wrong as their recipes are not necessarily useful for every country.”
“The pain which accompanies every crisis needs to be apportioned in a socially fair manner. Everyone will suffer but the vulnerable will suffer more. If it is seen that business and political elites were carving out a secure environment, it will backfire. The government needs to be fully accountable with maximum publicity, honesty, and openness. Greece passed a law where every government expense is published on the web, if it is not, then it is not legal. Also, a realistic fiscal path needs to be determined, if not it could lead to a vicious circle and lead to economic collapse which happened in Greece. Embrace the necessary reforms whether they are public sector, product/market reforms, opening up markets, professions or reforming SOEs, and privatisation. It is important for the government to stand firmly behind these rather than as an afterthought to fiscal consolidation. Finally, it is important to get the narrative right, and recognize the reasons how you got to this situation, and who is accountable. In Greece, we blamed the IMF, the Germans for being too tough, and blamed everyone else except for ourselves, the government and the business community for making some wrong decisions like relying too much on the government and not standing on its own feet,” he concluded.
‘In response to a question from the moderator that the usual criticism levelled against IMF was that it has a “one-size-fits-all” prescription for remedy and how it was managed in Greece, Dr George explained that the IMF is now different from the Asian crisis times, “it is a different beast, they do actively try to be more understanding of the social situation and they are open to keeping a recipe of measures that is balanced and protects the vulnerable, and they are open as long as you got the data to back it up, and arguments to exchange some measures for others if you can show them that a specific measure is detrimental. At the end of the day, they have the money and therefore the veto rights, so it’s a delicate situation and they have to be convinced of your sincerity and competence. The conversation with the IMF does not finish with the signing of the agreement.”
Business
From Gut Feel to GPS: Why Sri Lankan brands must own their AI intelligence
By Ifham Nizam
Sri Lankan brands are standing at a strategic inflection point. Digital budgets have surged, social platforms have multiplied, and artificial intelligence has moved from novelty to necessity. Yet, despite unprecedented access to data, many organisations remain trapped in reactive decision-making—looking backwards rather than anticipating what lies ahead.
That contradiction was sharply articulated at a industry forum on Tuesday night bringing together global platform experts and local practitioners, where the central question was not whether Sri Lankan brands should adopt AI-powered intelligence, but whether they are prepared to own it.
Angel Calinisan, a global social intelligence leader working across emerging markets from Southeast Asia to South Asia, offered a compelling metaphor that framed the discussion.
“Brands are no longer using social intelligence as a rear-view mirror,” Calinisan said.
“They are starting to use it as a GPS. A rear-view mirror tells you what has already happened. A GPS tells you where you are headed—and warns you before you take the wrong turn.”
According to Calinisan, the most advanced brands are deploying AI-driven listening tools to spot anomalies in real time—early signals that indicate shifts in consumer behaviour, emerging reputational risks, or nascent trends before they peak.
“These anomalies could be negative sentiment during a brewing crisis, or they could be the first signs of a behavioural change,” he explained. “AI does what humans cannot do at scale—monitor conversations 24/7, identify what has changed, where it is happening, and who is driving it.”
Crucially, Calinisan stressed that prediction—not reporting—is where competitive advantage now lies. “You need to know whether a trend is just a fad or whether it has velocity and longevity. That predictive layer is what separates leaders from followers.”
For Sri Lankan companies operating in volatile economic and reputational environments, this ability to anticipate rather than react could be the difference between resilience and decline.
One of the most striking insights from Calinisan was her assertion that data is no longer the currency—time is.
“If you read about an issue in the newspaper or see it trending publicly on social media, you are already late,” he warned. “Conversations move across platforms at incredible speed. The brands that survive are the ones that detect signals early and buy themselves time to respond.”
This shift has significant business implications. Early detection allows organisations to protect brand equity, manage crises proactively, and even capitalise on emerging opportunities before competitors are aware they exist.
Calinisan pointed to metrics increasingly used by global brands, such as share of voice, which he said is “highly correlated with market share,” and net sentiment, a measure closely linked to digital brand equity. “These metrics are no longer for reporting decks—they are guiding business decisions.”
Beyond vanity metrics to boardroom relevance
That evolution from surface-level engagement to boardroom relevance was echoed by Anubhav Khanduja, who works closely with enterprise clients across India, South Asia, APEC and global markets.
“Likes and shares are no longer what boards care about,” Khanduja said. “Leadership teams want to see intent and revenue. They want to know how social media contributes to the funnel—from intent creation to conversion and attribution.”
According to Khanduja, enterprise measurement frameworks are rapidly shifting toward metrics that can be directly linked to business outcomes. “Attribution is critical. If you can connect intent and conversion back to your social platforms, that’s when digital earns its seat at the board table.”
This shift reflects a broader maturation of digital marketing—from a communications function to a revenue and growth driver.
As brands juggle five to seven platforms simultaneously, another challenge has emerged: how to centralise operations without flattening the unique culture of each platform.
Khanduja cautioned against the old model of pushing uniform content everywhere. “Content creation has become easy—anyone can do it. What matters now is not missing the essence of what each platform is built for.”
He argued that AI should be used to improve marketer productivity, not replace human judgment. “You can centralise research, workflows and optimisation, while keeping the authentic voice intact and respecting platform-specific nuances.”
The goal, he said, is “doing more with less—without losing relevance.”
A recurring theme throughout the discussion was the danger of outsourcing intelligence entirely to agencies and consultancies.
Calinisan was blunt: “The brands pulling ahead are bringing these capabilities in-house. They have management support, clear KPIs, and training programmes that allow teams to experiment, fail, learn and iterate.”
This internalisation of intelligence allows organisations to respond faster, protect institutional knowledge, and build long-term strategic muscle—rather than “renting insight” on a project-by-project basis.
Khanduja reinforced this view, noting that as trust deficits grow in an age of AI-generated content and saturated advertising, credibility increasingly comes from authentic voices—especially employees.
“Employees are becoming central to brand amplification,” he said. “People trust people more than ads. When organisations activate employees responsibly, they gain reach, credibility and resilience—especially during times of change or crisis.”
For Sri Lanka’s corporate sector, the message was clear. Digital transformation is no longer about spending more on ads or adopting the latest tool. It is about owning intelligence, embedding predictive thinking into decision-making, and aligning technology with culture.
As Calinisan summed it up: “It’s not about having more data. It’s about knowing sooner than everyone else—and having the time to act.”
In an increasingly competitive and uncertain environment, that early insight may well become Sri Lankan brands’ most valuable asset.
By Ifham Nizam
Business
Dialog sponsors Gangaramaya Navam Maha Perahera
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, reaffirms its commitment to preserving national heritage by sponsoring the Gangaramaya Navam Maha Perahera for the fourteenth consecutive year, supporting a revered religious celebration while advancing cultural patronage, community stewardship, and corporate responsibility that strengthens shared values and continuity across Sri Lanka.
The annual Gangaramaya Navam Maha Perahera, one of Sri Lanka’s most significant religious and cultural expressions, was held on 31st January and 1st February, drawing thousands of devotees and visitors to the historic Gangaramaya Temple in Colombo. As a long-term patron, Dialog’s continued sponsorship enables the seamless conduct of this eminent Perahera while reinforcing its role as a leading corporate advocate of Sri Lankan culture and heritage.
Beyond the Gangaramaya Navam Maha Perahera, Dialog has been a long-term patron of many significant national events including the Kandy Esala Perahara, Kelaniya Duruthu Festival, Katharagama Esala Perahara and Gatabaru Esala Perahara. These efforts align with the company’s broader heritage preservation initiatives, which include constructing the vestibule for the Dimbulagala Aranya Senasanaya, launching a website and directory of Amarapura Maha Nikaya Temples, and restoring the Anuradhapura Maha Vihara Sannipatha Shalawa.
Business
Kala Pola – Sri Lanka’s iconic open-air art fair – returns
Sri Lanka’s renowned open-air art fair, Kala Pola, is set to bring alive the streets of Colombo with colour, creativity, and conversation as Kala Pola returns for its 33rd edition on Sunday, 8th February, along Ananda Coomaraswamy Mawatha (Green Path), Colombo 07.
Conceptualised and introduced by The George Keyt Foundation in 1993, and sponsored and co-presented by the John Keells Group through an unbroken patronage since 1994, Kala Pola has grown into a cultural landmark that continues to reshape how visual art is showcased and experienced in Sri Lanka. Remaining true to its founding philosophy, the event is proudly uncurated, providing participating artists and sculptors with the opportunity to showcase their talent, connect with art enthusiasts, learn from and network with other artists, and expand their clientele.
Kala Pola displays a broad variety of forms and styles, ranging from intricate sculptures, humorous caricatures, and abstract paintings to modern and traditional Sri Lankan art. Attracting art lovers, collectors, connoisseurs, and students from all parts of the country and tourists from various parts of the world, the event creates a vibrant, welcoming, and wholesome atmosphere spurred by music, camaraderie, art discussions, children’s art workshops, and an array of cultural performances.
As a longstanding and iconic visual art flagship amidst Sri Lanka’s vibrant calendar of arts and cultural events, Kala Pola continues to stand as a unique open-air platform for visual expression. By bringing together both established and emerging artists in an inclusive, uncurated setting in the heart of Colombo, the event fosters meaningful connections between creators and audiences, offering accessibility, diversity, discourse and a shared appreciation for art among a wide cross-section of the public, while spurring the creative economy of the country. Nations Trust Bank (NTB) also supports Kala Pola as its official banking partner.
Arts falls within the focus area of Social Health and Cohesion which is one of the four focus areas of John Keells Foundation (JKF) – the CSR entity of John Keells Holdings PLC (JKH), Sri Lanka’s largest listed conglomerate in the Colombo Stock Exchange operating over 80+ companies in 7 diverse industry sectors. With a history of over 150 years, John Keells Group provides employment to over 18,000 persons and has been ranked as Sri Lanka’s ‘Most Respected Entity’ for 20 Years by LMD Magazine. Whilst being a full member of the World Economic Forum and a Participant of the UN Global Compact, JKH drives its CSR vision of “Empowering the Nation for tomorrow” through JKF.
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