Business
Dr. P. Nandalal Weerasinghe takes office as the Governor of the Central Bank of Sri Lanka
Dr. P. Nandalal Weerasinghe assumes duties as the 17th Governor of the Central Bank of Sri Lanka (CBSL). Dr. Weerasinghe is a career central banker, with extensive experience in Monetary and Exchange Rate Policy. Dr. Weerasinghe was promoted as Deputy Governor on 27 September, 2011 while he was serving as an Alternate Executive Director at the International Monetary Fund and assumed office as Deputy Governor of the CBSL on 01 September 2012. Dr. Weerasinghe holds a PhD and Master’s Degree in Economics from the Australian National University and a B.Sc. Degree from the University of Kelaniya in Sri Lanka.
As Deputy Governor, Dr. Weerasinghe has served as the Chairman of the Monetary Policy Committee and the Foreign Reserve Management Committee of the CBSL and has overseen the Departments of Economic Research, Statistics, International Operations, Domestic Operations, Macroprudential Surveillance, Exchange Control, Currency and Communications.
Prior to being released to the International Monetary Fund as the Alternate Executive Director for India, Sri Lanka, Bangladesh and Bhutan, from January 2010 to August 2012, Dr. Weerasinghe served as Assistant Governor from August 2009 to September 2012 as well as the Chief Economist and Director of Economic Research from January 2007 to August 2009.
Dr. Weerasinghe also served as Visiting Lecturer for the Master’s Degree Course in Economics at the University of Colombo, Visiting Research Economist at the SEACEN Centre, Malaysia and Visiting Research Fellow at the Australian National University. He is also an Advisory Board Member of the Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, Australian National University.
He has represented several Cabinet Sub-Committees on economic matters and was a member of the Committee appointed to review the Power Purchase Agreements, the Financial Sector Monitoring Committee of the Ministry of Finance & Planning, the Steering Committee on Market Program for Private Sector Development and the Petroleum Refinery Project Coordinating Committee. He was also a Director of the Board of Management of the Sustainable Energy Authority and the Board of Investment. He was responsible for negotiating Financial Services in bilateral trade and services agreements with China and Singapore. He has published several research papers in international and local journals, including the CBSL Staff Studies.
Dr. Weerasinghe retired from the Central Bank as the Senior Deputy Governor in January 2021 and worked as an Independent Consultant for economic and financial matters for multilateral agencies and Global Investment firms.
Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.
“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.
The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.
(PMD)
Business
Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)
The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.
Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.
The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.
Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.
Free ETA under this scheme can be applied up to 31-03-2024.
The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.
The Minister of Economy and Planning for the Kingdom of Saudi Arabia. Faisal F. Alibrahim, met with President Ranil Wickremesinghe on Monday (27) at the Presidential Secretariat.
During the discussions, Minister Faisal F. Alibrahim emphasized Saudi Arabia’s keen interest in strengthening economic ties with Sri Lanka across various sectors, including apparels and tourism. He elucidated that his government was focused on expanding economic relations within the region and regarded Sri Lanka with significant importance.
President Ranil Wickremesinghe welcomed the Minister’s comments, asserting that Sri Lanka is actively promoting enhanced cooperation in Asia, including West Asia. He further highlighted that the tourism and agriculture sectors were areas open to greater investment, as the country is committed to modernizing these domains.
(PMD)
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