Business
‘Driving Policy Action in Sri Lanka from Economic Crisis to Recovery’
The Institute of Policy Studies of Sri Lanka (IPS) held a seminar on 25 October 2022 to coincide with the release of the Institute’s annual flagship report, Sri Lanka: State of the Economy 2022, on the theme Driving Policy Action from Crisis to Recovery. IPS researchers Chathurrdhika Yogarajah and Kimuthu Kiringoda captured the highlights of the discussion.
Session I: Economic Crises and Policy Adjustments for Stabilisation
Presenter:
Dr Dushni Weerakoon, Executive Director, IPS
Keynote Speakers:
Dr Nandalal Weerasinghe, Governor, Central Bank of Sri Lanka
K M Mahinda Siriwardana, Secretary to the Treasury/Ministry of Finance, Economic Stabilisation and National Policies
In her presentation, Dr Dushni Weerakoon drew attention to the need to minimise output losses in the short term amidst the ongoing economic challenges. Towards this end, (1) debt restructuring negotiations must be concluded as swiftly as possible and (2) credibility established by stabilising macroeconomic fundamentals. In the medium term, Sri Lanka will require more macroeconomic flexibility without throwing standardisation efforts into reverse, along with a gradual shift to an emphasis on growth aligned with an appropriate long-term policy framework.
Dr Weerakoon further noted that Sri Lanka’s inflation trajectory over the last few months had been driven primarily by high food inflation and increased transport costs. However, there has been a moderation in food price inflation in recent months. With Sri Lanka’s current elevated inflation levels, there is no scope for trade-offs. Anchoring inflation expectations is essential to help contain inflation at a lower economic cost. Equally, it is necessary to watch for wage catch-up in the context of the erosion of real wages, tax-related income cuts, and higher labour mobility.
Dr Weerakoon stressed the need to bring inflation under control to stabilise the exchange rate. Persistent high inflation leads to immediate or anticipated currency depreciation, as experienced during the last 12 months. The exchange rate has stabilised to some extent. Still, in recent months, because of the appreciation of the US dollar, exchange rates are coming under pressure again, and the Sri Lankan currency is no exception. Managing the exchange rate will continue to be one of the biggest macro policy challenges for Sri Lanka in the coming months.
The IPS’ annual flagship report, Sri Lanka: State of the Economy 2022 is available for sale at IPS, No. 100/20, Independence Avenue, Colombo 07, and at leading bookshops island-wide. For more details, contact Amesh Thennakoon, Mob: +9477 373 7717; Dir: +94-11-214 3107; Gen: +94-11-2143 100
Link to original blog:
https://www.ips.lk/talkingeconomics/2022/10/31/driving-policy-action-in-sri-lanka-from-economic-crisis-to-recovery/
Business
SEC renews partnership with the University of Jaffna to empower future capital market professionals
The Securities and Exchange Commission of Sri Lanka (SEC) renewed its Memorandum of Understanding (MoU) with the University of Jaffna, strengthening its commitment to developing the next generation of capital market professionals.
The partnership with the University of Jaffna began in 2009, as part of the SEC’s broader initiative to collaborate with national universities in 2008. This has been instrumental in bridging academia and the capital markets industry. The latest renewal reinforces this collaboration, ensuring undergraduates continue to benefit from a robust platform for academic and professional growth.
The renewed MoU continues to offer a range of benefits to undergraduates, including academic recognitions such as gold medals and cash awards for excellence in capital market-related subjects, opportunities for research grants in the field, and enhanced industry exposure through internships and hands-on learning experiences facilitated by the SEC.
The revised MoU was formally signed with the participation of key representatives from the University and the SEC. Tushara Jayaratne, Deputy Director General of the SEC, represented the Commission, while University of Jaffna was represented by its Vice Chancellor, Prof. Sivakolundu Srisatkunarajah, Prof. N. Kengatharan, Dean of the faculty of Management Studies and Commerce and Prof. Lingesiya Kengatharan, Head of Department of Financial Management.
The SEC continues its mission to expand partnerships with other national universities, emphasizing its dedication to creating professional opportunities for students across the country. Through initiatives like these, the SEC aims to inspire a new generation of forward-thinking professionals, fostering academic excellence and driving innovation in Sri Lanka’s capital market.
Sales professionals from Sri Lanka Insurance Corporation General Ltd (SLICGL) converged at the Head Office on 11th November 2024, to compete in the grand final round of the General Insurance Quiz Competition 2024 and awards ceremony. The eagerly anticipated annual event hosted by SLICGL celebrates knowledge, teamwork and competitive spirit among its sales force across all its regional offices. The competition comprised regional and inter-regional rounds, culminating in an exciting final witnessed by the Chairman, Group CEO, COO, and other top management of the company, adding further prestige to the event. The Eastern Regional Team emerged triumphant as Champions while the Man of the Match was awarded to S.A.W.M. Sathurusinghe, representing the Western 3 Region.
Sampath Bank has once again reinforced its unwavering support for Sri Lanka’s export community by renewing its partnership with the National Chamber of Exporters (NCE) for the 32nd Annual Export Awards. This significant milestone reflects the Bank’s long-standing commitment to empowering the nation’s exporters through tailored financial solutions, fostering ethical trading practices, and driving sustainable economic growth.
The official signing ceremony, held at the Sampath Bank Head Office, was attended by senior representatives from both organisations. This partnership emphasises Sampath Bank’s role as a trusted financial ally to exporters, with plans to support key NCE-led initiatives, including the much-anticipated Annual Export Awards on 6th December 2024.
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