Business
WB, IMF and G7 governments accused of aggravating South’s economic woes

By Ifham Nizam
Members of the Asian People’s Movement on Debt and Development (APMDD) took to the streets yesterday, accusing the World Bank (WB), the International Monetary Fund (IMF) and G7 governments of aggravating economic conditions in the global South and of further exacerbating the climate crisis.
In Sri Lanka, Center for Environmental Justice’s (CEJ) Advocacy and Campaign Unit Director Janaka Withanage told The Island Financial Review that the WB had not funded to mitigate fossil fuel issues in Sri Lanka.
Withanage added that, on the other hand, the World Bank should not fund fossil fuel energy projects in G7 countries, but assist them in launching renewable energy projects.
Withanage said that the IMF should not compel Sri Lanka to pay its debts by taking more debts to settle it. “Strengthening resources and production is the key,” he said.
He also stressed that the IMF should cancel all unaudited debts in Sri Lanka.
“A Wealth Tax should be imposed on the affluent class, like in other countries. In Sri Lanka monies are squeezed in from the needy to pay the rich; this concept should be immediately stopped, he stressed.
Withanage also said that to coincide with the annual meetings of the IMF-WB, Asian activists joined hundreds of other organizations worldwide to mark the Global Week of Action for Debt, Climate and Economic Justice.
A statement endorsed by close to 500 organizations and individuals from 74 countries across all global regions denounced the IMF-WB to the effect that, “Together with other private and public lenders, they perpetuate a flawed international financial architecture that exacerbates debt, climate, and economic crises, violating the basic needs and rights of millions of people.”
In Manila, Philippines, hundreds of demonstrators marched to Mendiola, gateway to the presidential palace, with the call, “Cancel the debt and pay reparations for historical and continuing injustices!”
“Global South governments should stop paying for these illegitimate debts!” said Lidy Nacpil, APMDD Coordinator. “At the same time, lenders such as the IMF, the World Bank and G7 governments should stop pushing more loans as climate finance, and swiftly start the process of debt cancellation, adoption of wealth taxes for spending on urgent economic and climate action, and the rechanneling of public funds away from fossil fuel subsidies towards renewable energy systems.”
APMDD members in other countries also rallied to the calls of the Global Week of Action and mobilized in the hundreds to spotlight debt, climate and economic injustices, and to hold the IMF-World Bank and the G7 governments accountable.
Business
Ceylon Tea conquers Libya: Exports leap 416%

In a world where every strong cuppa tells a unique story, Sri Lanka’s famed Ceylon Tea continues to carve its legacy – one cup at a time. The latest tea export figures for March 2025 reveal a tale of resilience, with total shipments rising to 23.43 million kilograms, up from 21.25 million kgs the previous year.
But the real headline is; Libya’s staggering 416% surge in Ceylon Tea imports – marking a bold new chapter in Sri Lanka’s tea trade. While traditional markets like Iraq and Russia held steady, Libya emerged as the ‘breakout star’, importing 5.31 million kgs in the first quarter of 2025 – a jaw-dropping leap from just 1.03 million kgs in 2024.
This explosive growth signals a burgeoning demand for Sri Lanka’s premium leaves in North Africa, where the rich, aromatic flavors of Ceylon Tea are winning hearts and palates.
Quadrupling Libya’s appetite for Ceylon Tea even in challenging global markets, is reflecting the fact that Sri Lanka’s tea can find loyal fans in evolving markets.
However, while the export values shine in USD terms, the rupee value of tea exports dipped slightly – a stark reminder of currency fluctuations impacting export earnings. Yet, the broader trend remains positive for Ceylon Tea, with cumulative exports for Q1 2025 reaching 63.21 million kgs, up from 62.33 million kgs last year.
Key markets like Iraq (+7%) and Chile (+41%) showed strong growth, while Russia and the UAE saw mild declines. Meanwhile, Tea Bags and Instant Tea have posted gains even in rupee terms – marking a bright spot in an otherwise mixed landscape, where Tea in Bulk and Green Tea segments have witnessed a decline against the same period of the previous year.
On the production front, tea production for the month of March 2025 totalled 24.43 M/Kgs, showing an increase of 4.86 M/Kgs vis-à-vis 19.57 M/Kgs of March 2024. All elevations showed an increase in comparison with the corresponding month of 2024.
“As Sri Lanka’s tea industry navigates global headwinds, the increase in production and Libya’s soaring demand could offer a breather,” analysts said.
(Source: Forbes & Walker Pvt Ltd, Sri Lanka Customs, Central Bank of Sri Lanka)
By Sanath Nanayakkare
Photo Credit: Sri Lanka Executive Aviation Services
Business
Fits Retail and Abans unveil exclusive DeLonghi Premium Coffee experience

In a groundbreaking collaboration set to transform Sri Lanka’s premium coffee landscape, Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.
This exclusive partnership presents a rare opportunity for coffee aficionados to experience firsthand why DeLonghi has become synonymous with coffee perfection worldwide.
With a heritage spanning over 100 years, DeLonghi proudly holds the title as the number one coffee machine brand in more than 46 countries, celebrated globally for its exceptional quality, innovation, and unrivaled Italian craftsmanship. Fits Retail’s collaboration with Abans PLC brings these legendary machines directly to Sri Lankan coffee enthusiasts, creating immersive experience zones designed to elevate everyday coffee moments into extraordinary rituals.
At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide.
Business
Ceyline Group and Lion Brewery Forge a Sustainable Future with Eco-Friendly Warehousing and Distribution.

Ceyline Total Solutions, the end-to-end logistic solutions provider of Sri Lanka’s leading maritime and logistics group Ceyline, has built Lion Brewery’s first sustainability-focused warehousing and distribution center in just 100 days.
Located in Tangalle, the facility reflects a strong commitment to environmental responsibility. Half of the structure is made from repurposed shipping containers, reducing both waste and carbon emissions. The project, executed by Ceyline’s brand for sustainable living spaces “Out of the Box” features interior fittings made from recycled and reused brewery waste materials, maximizing sustainability and cost efficiency. Ceyline also has already applied for CEB approval to install solar power for the facility to ensure its operation is powered by clean and green energy.
Lion Brewery will further its mission for an efficient and eco-friendly supply chain by incorporating elements such as electric forklifts, rainwater harvesting, and energy-efficient lighting.
This collaboration not only delivers a pioneering green logistics facility but also sets a new benchmark for sustainable warehousing in Sri Lanka. It showcases the power of collaborative innovation in driving responsible industrial development.
Kaveen Gayathma, Senior Vice President (Outbound Logistics) of Lion Brewery, added, “This project further strengthens our distinctive ‘route-to-market’ approach. Our collective efforts in conceptualizing,
drafting, and crafting have culminated in the creation of a truly one-of-a-kind model. The company’s unwavering commitment to environmental stewardship and sustainability is clearly demonstrated here, all while achieving our strategic objectives in a practical and cost-effective manner.”
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