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ADB Vice President underscores importance of macroeconomic management and necessary reforms in Sri Lanka

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From left: ADB Country Director for Sri Lanka Chen Chen, ADB Vice-President (Operations1) Shixin Chen, President Gotabaya Rajapaksa, and ADB Secretary Muhammad Ehsan Khan

Reaffirms ADB’s support to Sri Lanka’s long-term development agenda

Asian Development Bank (ADB) Vice-President Shixin Chen who was in Sri Lanka on a 6-day visit, has underscored the importance of macroeconomic management and necessary reforms for robust and inclusive growth in Sri Lanka.

The ADB Vice-President Shixin Chen met with Sri Lanka President Gotabaya Rajapaksa on 10 January and commended the government’s rapid vaccination programme and other efforts to speed the country’s socioeconomic recovery from the coronavirus disease (COVID-19) pandemic.

During meetings with the Prime Minister, Finance Minister, and Central Bank Governor, Chen underscored the importance of macroeconomic management and necessary reforms for robust and inclusive growth.

“The pandemic has reminded us of the importance of health and that investment in the health sector is critical to ensuring we are able to respond to public needs and emergencies,” said Chen. “ADB is committed to working with the Government of Sri Lanka to continue the vaccination drive and to provide other COVID-19 support, including for the most vulnerable.”

Acknowledging the government’s efforts to address economic challenges, Chen reaffirmed ADB’s support to Sri Lanka’s long-term development agenda.

Along with ADB Secretary Muhammad Ehsan Khan, Chen reviewed preparations for the 55th Annual Meeting of ADB’s Board of Governors to be hosted by Sri Lanka during the first week of May 2022.

Chen travelled to Dambulla to review progress of the ADB-funded Mahaweli Water Security Investment Program. The programme is a key climate change adaptation initiative that will help secure much-needed access to water resources for agriculture, domestic and industrial use, and environmental flows in the North Central, Central, North Western, and Eastern Provinces, thus improving climate resilience and food security, and sustaining rural economic growth.

He also visited Colombo Port and the Port Access Elevated Highway Project, which provides a direct link to the port from the expressway network. Colombo Port received support from ADB to improve container handling capacity and is now one of South Asia’s few deep-water ports strategically linking the key Asia–Europe shipping route.

Chen inspected Sri Lanka’s first microgrid pilot, which can operate in both grid-tied and off-grid modes, at the University of Moratuwa.  The project, supported under the Supporting Electricity Supply Reliability Improvement Project, has the potential to be replicated and contribute to a green and climate resilient future.



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Global CEO Forum fetes one of most influential SL entrepreneurs

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In tribute to the late Merril J. Fernando, the esteemed Founder of Dilmah Tea, the Global Brand Creator 2023 Award was bestowed at the Global CEO Forum held recently in Sri Lanka. This prestigious accolade was presented to Kirmali Fernando (the daughter-in-law of late Merril J. Fernando) by the Governor of the Central Bank Dr. Nandalal Weerasinghe, Kataro Katsuki, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Janaka Abeysinghe, CEO -SLT MOBITEL, Dr. DMA Kulasuriya, Director General-NIBM, Ahamed Ikram, Director-Emerald International , Dilanga Karunaratna- Director Otto Bathware and Anura Siriwardena, Chairman-Global CEO Forum.

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Coca-Cola Sri Lanka extends its ‘Adopt A Beach’ program for a third year

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The volunteers from Coca-Cola's ‘Say We Care’ team, Clean Ocean Force, the media, and the Chief Guest.

Coca-Cola Sri Lanka Ltd. proudly continues its mission to safeguard Sri Lanka’s shorelines by extending the ‘Adopt A Beach’ initiative for a triumphant third year. This exciting announcement aligns with the celebration of International Coastal Cleanup Day on September 16, 2023, emphasizing the paramount significance of coastal preservation.

Commemorating the partnership with an exclusive beach cleanup and an enlightening session at Crow Island Beach, the day’s proceedings were honored by the presence of the Governor of the Western Province and Marshal of the Sri Lanka Air Force, Roshan Goonetileke and key government stakeholders representing the Ministry of Local Government, Colombo Municipal Council, Environmental Police Division, Coastal Conservation Department, Waste Management Authority and the Crow Island Beach Management Society.

Additionally, underlining the vital role that the youth of our nation play in forging cleaner and safer coastal regions, particularly through the realms of media and volunteerism, the occasion also brought together young talents from the media sector and a dedicated team of volunteers from the Clean Ocean Force, Clean Ocean Force Youth Club of the Ocean’s University, Clean Ocean Force Youth Club in Negombo, Rotaract Club Colombo Regent, Shri Vimukthi Youth Association, youth from International Schools and Adfactors Public Relations Lanka.

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PLC’s profits surge 80.9% in Q1, amidst challenging environment

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People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.

PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.

Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.

Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.

In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.

Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.

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