by Sanath Nanayakkare
If we opt for a debt restructuring programme with the support of the IMF, it will take another 10 years for us to emerge from the consequences related to such a move, so we must explore all ways in partnership with all the stakeholders of the economy and every citizen of this country to rally round a home grown solution to come out of the current economic crisis, Central Bank Governor Ajith Nivard Cabraal told a webinar hosted by the Advocata Institute on Saturday.
“We need not make unnecessary turbulence by going to the IMF. We are able to deal with the situation. We have enough local economic think tanks who do know about this country and how best a solution to the present crisis can be evolved. If we invite the IMF to come in, they will come with a prescription. That is not what we want right now. With a potential arrival of the IMF, our tourist arrivals won’t increase. We have been able to successfully conduct the vaccination drive without them.” he said.
“We have stabilized the value of the rupee against the U.S. dollar not because they asked us to do so. We maintained a low interest rate regime for economic recovery not because they recommended it. If they come in, they will ask us to stabilize the rupee at a different value. We need space for that.”
The Governor said that he and his team at the Central Bank have not only understood the issues, but also have explored ways to resolve the issues.
“When analysing the economy, everybody has an angle of his or own according to their aspirations. Our undertaking is to balance all these competing interests and allow the economy to move forward progressively. The two main things that we have on our minds are economic growth and stability. We will ensure growth and stability in the next 3-4 months. We will unveil the plan on how to do that when we roll out the Road Map on October 1.
When asked about debt repayment challenges , he said, “We can always roll over because we have instruments to do so.”
When asked whether there was a Balance of Payments crisis looming due to excessive money printing, he said, ” It is like doing an open heart surgery. The surgeons know when to open the heart, perform the operation properly and close it. Likewise, we know how to deal with it. We jnow when to give an economic stimulus and how to wrap it up. Money printing has now reached its maximum point. We will now ensure a soft landing,”
The Governor said the country’s under-utilized assets will be vested in investors to add their real value to the economy.
When asked about the transfer of the Secretary to the Monetary Board of the Central Bank Ms. K.M.A.N. Daulagala, the Governor said that it was in line with periodic changes, implying that the change was based on service requirements. He went on to say that if someone is not willing to move on, that also could convey a message.
Notably, the Governor emphasised the point that all citizens should contribute to the growth of the economy in their own way meaningfully.
Dhananath Fernando, the Chief Operating Officer of Advocata conducted the virtual interview.
Exterminators PLC certified as great place to work
Exterminators PLC announces that it has been certified as a Great Place to Work for the second year in a row. This achievement reaffirms our commitment to creating an environment that fosters learning, development, and success for our staff members. The certification was awarded after an independent audit and certification process conducted by the renowned organisation Great Place to Work (GPTW), which evaluated our company across various focus areas. Exterminators PLC excelled in the Trust Index, scoring high points in all focus areas during the certification process.
“The challenges we faced over the past twelve months were unprecedented. We are proud of our coworkers, who kept our business operating without interruption by working collaboratively and courageously and leaning on our collective creativity, innovation, and passion. Our slogan was ‘How can we’ keep the promise we made? and we constantly innovated to get the job done, no matter how difficult it was.
We are grateful to our coworkers who collaborated with us during these most challenging times and for their pure commitment and loyalty towards Exterminators PLC, which kept us moving forward despite unprecedented obstacles.” Marlon Ferreira the Managing Director said.
SLT-MOBITEL mTunes introduces ‘Be a Millionaire’ promo
Bringing elevated lifestyle experiences, SLT-MOBITEL is offering users the ultimate chance to turn music into wealth with its new ‘Be a Millionaire’ promo on mTunes.mTunes is a digital lifestyle service that allows customers to personalise their Caller Ring Back Tone (CRBT) with their favourite songs or audio content. It adds a unique and personalised touch to phone calls, allowing customers to express their originality and preferences with their loved ones.
With a vast collection of songs on the mTunes platform, the ‘Be a Millionaire’ promo offers users the opportunity to connect with their hearts’ content and win big cash prizes. From September 1st to November 30th, 2023, the ‘Be a Millionaire’ promo on mTunes promises incredible prizes for lucky participants. The grand prize is an amazing Rupees One million (Rs. 1,000,000) with additional rewards of Rs. 100,000 for the second winner and Rs. 50,000 for the third place. But the path to wealth does not end; seven more lucky winners will receive Rs. 10,000 each, and every week, there will be twelve lucky winners of Rs. 10,000 each in cash prizes.
Participating in the promotion is easy. Existing and new CRBT users have the chance to win these fantastic prizes, including becoming millionaires, by simply activating more mTunes during the promotional period. With multiple cash prizes available, there are numerous opportunities to win every week. The ‘Be a Millionaire’ promotion is a golden opportunity to make dreams come true.
Users can increase their chances of winning by simply activating more mTunes daily. Users can also experience the fun, excitement, and entertainment offered by mTunes and enjoy the world of music.
For more information, contact mTunes at 777 or visit mtunes.mobitel.lk
Lanka can build strong tourism ‘eco-brand’: UN official
By NETHMI RAJAWASAM
ECONOMYNEXT –Sri Lanka can build an ‘eco-brand’ catering especially to younger tourists who feel strongly about the environment, United Nations Resident Representative to Sri Lanka, Azusa Kobota said.
About 70 percent of global travellers prioritise sustainability in their holiday choices, marking a ten percent increase from 2021, while around 30 percent of travellers feel guilty about flying, due to carbon emissions, she said.
“As the world embraces green thinking during this time of economic recovery efforts, the objective of the tourism sector cannot simply be about increasing the number of inbound tourists,” Kobota said at an event marking World Tourism Day in Colombo.
“It has to be about enhancing their experience through green lenses, by implementing a responsible, eco-conscious paradigm for the sector and building a stronger eco-brand around the sustainable agenda for Sri Lanka,”
“This is no longer about reducing the trade offs between growing the industry and protecting the environment.
“We must see nature as our asset and solutions to be obtained for the exponential growth for our future generations.”
The sustainable tourism market is estimated to have earned 195 billion US dollars in 2022, and is expected to reach about 656 billion US dollars in 2032, she said.
“Tourists, particularly the younger generations from gen X,Y,Z are deeply, deeply conscious about the long term choices of their actions, and the adverse impact of tourists on the environment.
“Statistics show that a significant proportion of global travellers, about 30 percent, feel guilty about flying due to the environmental impact and 22 percent say they actively prefer public transport and bicycle rental options, over renting a car.”
Sri Lanka welcomed one million tourists by September 26 and is expecting more that 1.5 million tourists by the end of the year.
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