Deshabandu Tilak De Zoysa has joined the Independent Board of Trustees of OrphanCare. Established and managed as an independent trust, OrphanCare aims at addressing a very important yet mostly unattended need of orphan children; which is to secure the fate of orphans once they reach the age of 18 and are compelled to leave institutional care. All OrphanCare activities and operations are fully sponsored by Amãna Bank.
A well-known figure in the Sri Lankan business community, Tilak de Zoysa, also known for his humanitarian work, is the chairman of HelpAge, Sri Lanka’s leading NGO supporting disadvantaged senior citizens. Being the Global Ambassador and Past Chairman of HelpAge International (UK) and in recognition of his services to the country through various philanthropic and meritorious projects, Tilak de Zoysa was conferred the title of Deshabandu by the President of Sri Lanka. He is also the recipient of “The Order of the Rising Sun – Gold Rays with Neck Ribbon” conferred by the Emperor of Japan. Tilak was also recognized by LMD in their Lifetime Achievers Award for 2017.
Tilak currently is the chairman of Carsons Cumberbatch PLC, Associated CEAT (Pvt) Ltd, Amaya Hotels and Resorts USA (Radisson), Jetwing Zinc Journey Lanka (Pvt) Ltd, Trinity Steel (Pvt) Ltd, CG Corp Global Sri Lanka and Sasakawa Memorial Sri Lanka Japan Cultural Centre Trust. He is currently an Advisor to the Al- Futtaim Group of Companies in Sri Lanka, who are the principals of AMW, in which Tilak chairs the Supervisory Board. He is also the Vice Chairman of CEAT Kelani Holdings (Pvt) Ltd, Orient Insurance Ltd, and serves on the Boards of several listed and private Companies which include Tal Lanka Hotels PLC (Taj), Tal Hotels and Resorts Ltd, Nawaloka Hospitals PLC, Associated Electrical Corporation Ltd, INOAC Polymer Lanka (Pvt) Ltd, Cinnovation INC, and Varun Beverages Lanka (Pvt) Ltd (Pepsi).
Tilak de Zoysa was the Past President of the Colombo YMBA and past Chairman of the Ceylon Chamber of Commerce and the National Chamber of Commerce of Sri Lanka. He also served as a Member of the Monetary Board of Sri Lanka from 2003 to 2009.
Sharing his views on joining the OrphanCare Trust Tilak de Zoysa said “As the Chairman of Helpage Sri Lanka for the past two decades and having served for two years as the Chairman of HelpAge International (HAI) UK, my primary focus and objective, has always been, to improve the quality of life, of the under privileged ‘Elderly Citizens’ of Sri Lanka. I am now eagerly looking forward to working with the commendable ‘OrphanCare Trust’ which has been providing the much required love and care, to our most unfortunate Orphans of our Country.”
Commenting on Tilak De Zoysa joining the Board of Trustees, OrphanCare Trust Chairman Ruzly Hussain said “We are very honoured to have a person of Tilak’s caliber joining to support our cause. I am confident that along with his multitude of experience in managing many charitable projects across the globe, OrphanCare is in good hands to grow and support the vulnerable orphan children.”
Tilak de Zoysa will be joining the OrphanCare Trust which constitute as follows: Chairman of the Trust Mr Ruzly Hussain (founder of the Roteract movement in Sri Lanka), Mr Osman Kassim (Founder Chairman Amãna Bank) Mr K R Ravindran (Chairman, Board of Trustees of Rotary Foundation and former Rotary International president), Mr Rohan Tudawe – Treasurer (Chairman Tudawe Brothers), Mr Sharad Amalean (Co-founder MAS Holdings), Mr Tyeab Akbarally (Senior Director Akbar Brothers) Mr Harsha Amarasekera (President’s Counsel and Chairman CIC Holdings), Mr Jazri Magdon Ismail (Past President AAT) and Mohamed Azmeer (CEO Amãna Bank).
Despite the challenging circumstances, OrphanCare to date, has enrolled over 3,000 orphans from across 80+ orphanages and has completed seven rounds of uninterrupted quarterly fund disbursements to recipient accounts. The project has been lauded both locally and internationally which is testified by Amãna Bank winning the CSR Bank of the Year Sri Lanka at Global Banking & Finance Awards, Best Social Upliftment Project at the SLIBFI Awards, Best CSR Project at the south-asian based IFFSA Awards and the Social Responsible Bank of the Year at the IRB Awards.
Sri Lanka still ‘under test’ before it can receive crucial second tranche from IMF
by Sanath Nanayakkare
International Monetary Fund (IMF) staff concluding their visit to Sri Lanka yesterday reaffirmed their support to Sri Lanka to move out of the ongoing economic crisis, but did not specify an exact timeline for releasing the second tranche of its Extended Fund Faculty (EFF) arrangement to Sri Lanka.
The IMF mission team led by Peter Breuer and Katsiaryna Svirydzenka that visited Colombo from September 14 to 27, is yet to be convinced that it has received a robust programme from the Sri Lankan authorities where they indicate how they would be addressing the persistent revenue shortfall besides outlining progress in foreign debt restructuring which would give Sri Lanka a breather to balance its financing requirements as it starts to repay its foreign debt.
“We had constructive and productive discussions with the Sri Lankan authorities on economic performance and policies underpinning the first review under the IMF Extended Fund Facility (EFF) arrangement. The people of Sri Lanka have shown remarkable resilience and the authorities have made significant progress on important reforms. The discussions will continue towards reaching a staff-level agreement in the near term that will maintain the reform momentum needed to allow Sri Lanka to emerge from its deep economic crisis, Peter Breuer said.
“The objectives of the IMF-supported program will continue to focus on restoring macroeconomic stability and debt sustainability, while protecting the poor and vulnerable, safeguarding financial stability and stepping up structural reforms to address corruption vulnerabilities and unlock Sri Lanka’s growth potential, he said.
However, the press briefing given by the IMF team yesterday signaled that they needed to see more economic and financial policies to support the approval of the First Review of the program under the EFF arrangement.
“Sri Lanka has made commendable progress in implementing difficult but much-needed reforms. These efforts are bearing fruit as the economy is showing tentative signs of stabilization. Inflation is down from a peak of 70 percent in September 2022 to below 2 percent in September 2023, gross international reserves increased by $1.5 billion during March-June this year, and shortages of essentials have eased. Despite early signs of stabilization, full economic recovery is not yet assured. Growth momentum remains subdued, with real GDP contracting by 3.1 percent in the second quarter on a year-on-year basis and high-frequency economic indicators continuing to provide mixed signals. Reserve accumulation has slowed in recent months, he said.
Speaking further Peter Breuer said: “Sustaining the reform momentum is critical to put the economy on a path towards lasting recovery and stable and inclusive economic growth. The authorities have met the program’s primary balance targets and remain committed to this important pillar of the program so as to support their efforts to restore debt sustainability. However, revenue mobilization gains – while improved relative to last year – are expected to fall short of initial projections by nearly 15 percent by year end, in part due to economic factors.
“The onus of fiscal adjustment would fall on public expenditure if there were no efforts to recoup this shortfall. This could weaken the government’s ability to provide essential public services and undermine the path to debt sustainability. To increase revenues and signal better governance, it is important to strengthen tax administration, remove tax exemptions, and actively eliminate tax evasion.
“Against continued uncertainty, it also remains important to rebuild external buffers through strong reserves accumulation. Building on the Central Bank of Sri Lanka’s success in controlling inflation, refraining from monetary financing will help keep inflation in check. Other challenges include maintaining cost recovery in electricity pricing.
“The government has made steady progress on structural reforms. Key legislations passed in Parliament, including the new Central Bank Act and the Anti-Corruption Act, could improve governance if implemented effectively. The IMF Governance Diagnostic report would inform future reform measures to strengthen governance when published.
“A new welfare benefit payment scheme was enacted with new eligibility criteria that aims to improve targeting, adequacy, and coverage of social safety nets. To ensure financial stability, steps were taken on conducting bank diagnostics, developing a roadmap for addressing banking system capital and liquidity shortfalls and improving the bank resolution framework.
“The authorities have also made headway on regaining debt sustainability through the execution of the domestic debt restructuring and advancing discussions with external creditors. As Sri Lanka is restructuring its public debt which is in arrears.
“Executive Board approval of the first program review requires the completion of financing assurances reviews. These financing assurances reviews will focus on whether adequate progress has been made with debt restructuring to give confidence that it will be concluded in a timely manner and in line with the program’s debt targets.
“Discussions are on-going, and the authorities are continuing to make progress on their plans for revenue mobilization targets, anti-corruption efforts, and other important structural reforms.”
The IMF team held meetings with President and Finance Minister Ranil Wickremesinghe, Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe, State Minister Shehan Semasinghe, Chief of Staff to the President Sagala Ratnayaka, Secretary to the Treasury K M Mahinda Siriwardana, and other senior government and CBSL officials, during the visit. The IMF team also met with parliamentarians, representatives from the private sector, civil society organizations, and development partners.
‘Imposing minimum room rates on five star hotels could ruin tourism sector’
By Hiran H.Senewiratne
The imposing of a minimum room rate on five star hotels on the basis of a recent gazette notification is actually killing the industry. Room rates, accordingly, could henceforth rise to between 80 percent and 100 percent, top travel and tourism industry expert Chandana Amaradasa said.
“The minimum room rate of a five star hotel currently comes to about US $ 65 but with the new gazette notification it would go up to US $ 170 per day. But our competitors, such as, Thailand, Malaysia and Vietnam are maintaining a minimum room rate of US$ 80 to US$ 85, Amaradasa told The Island Financial Review.
Amaradasa said that the tourism industry is just picking- up and ‘this type of move is detrimental to the entire sector because these room rates are normally determined by demand and supply and not by gazette notifications.
Amaradasa added: ‘At present, Colombo five star hotels are mainly patronized by Indian tourists, corporate clients and MICE tourists. This will not only impact hotel revenue but the outside supply chain as well. Nowhere in the world is the tourism industry regulated in this manner and this would enable our competitors, such as, Vietnam and Thailand to attract tourists.
“As a long term consequence, some of the airlines could also pull out of Sri Lanka and hotels will halt recruiting new staff and training them with the limiting of their revenue sources.’
ADL’s journey continues: Unveiling new offices in Indonesia and Malaysia for tech excellence
Axiata Digital Labs (ADL), the renowned technology hub of Axiata Group Berhad, is proud to announce the grand opening of two new offices in Indonesia and Malaysia. These strategic expansions, respectively, mark significant milestones in the company’s journey since it’s inception in 2019. This signifies ADL’s unwavering commitment to revolutionizing the telecommunications industry and propelling the global rate of digital transformation.
The inauguration of these state-of-the-art offices exemplifies the dedication ADL has towards expanding its footprint and harnessing the power of innovation across Southeast Asia. As the first CMMI 2.0 Level 3 IT organization in Sri Lanka and an ISO-certified company, ADL is well-positioned to lead the charge in transforming traditional telcos into techcos through its groundbreaking Axonect Product Suite.
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