But SL receives wake-up call on implementation of prior actions

Completion of financing assurances

Reaching a staff-level agreement on the third review under Sri Lanka’s extended fund facility arrangement, the IMF said on Saturday that Sri Lanka has met most structural benchmarks stipulated by it to continue receiving its financing support.

“Programme performance was strong, with all quantitative performance criteria and indicative targets (IT) for end-June 2024 met, as well as the ITs for end-September 2024, except for the IT on social spending. Most structural benchmarks due before October-2024 were either met or implemented with delay,” IMF said.

“The new government’s commitment to the program objectives has enhanced confidence and ensures policy continuity. Sustaining the reform momentum is critical to safeguarding the hard-won gains under the program thus far and putting the economy on a path towards durable recovery and stable and inclusive growth,” the international lender noted.

The visiting delegation said that the IMF’s Executive Board will consider completion of the review based on (i) the implementation by the authorities of prior actions; and (ii) the completion of financing assurances review, confirming multilateral partners’ financing contributions and assessing adequate progress with debt restructuring.

“Upon completion of the Executive Board review, Sri Lanka would have access to SDR 254 million (about US$333 million), bringing the total IMF financial support disbursed under the arrangement to SDR 1,016 million (about US$1,333 million).

“Sri Lanka’s ambitious reform agenda supported by the EFF is delivering commendable outcomes. The economy expanded on average by 4 percent y-o-y in the four quarters ending in June 2024. High-frequency indicators point to continued expansion across all sectors. Average headline and core inflation remained contained at 0.8 and 3.8 percent during the third quarter. Gross official reserves increased to US$6.4 billion at end-October 2024 with sizeable foreign exchange purchases by the Central Bank. Public finances have strengthened following substantial fiscal reforms,” IMF said.

Offers visiting Sri Lankans an interchange for business connections

By Sanath Nanayakkare

Sri Lanka’s Thambapanni leisure chain has four hotels in Unawatuna with more than 100 star-class rooms. When the economic crisis hit Sri Lanka in 2022, the company ventured out to Australia seeking more stable business operations there.

With their restaurant business in Brisbane Australia thriving by dint of their hard work, they have now set up an Italian restaurant in Hanoi, Vietnam. And they say Sri Lankans visiting these two countries can expect to make proactive business connections with top-end natives at their two well-patronized restaurants.

“Whichever of the two countries you go seeking to meet people of good business repute to do business with, the chances are high that you could link up with the right people you are searching for at our seafood restaurant in Brisbane, Australia and our Italian restaurant in Hanoi, Vietnam, “they said.

The Island Financial Review found the two business partners – Preshan Dissanayake and Isuru Yapa were bold enough to take their restaurant business from the pearl of the Indian ocean to the southern hemisphere of Australia to Vietnam in Southeast Asia, at a time the Indian ocean’s pearl had become its tear drop.

“We had no other option. We were looking for survival. we took that initiative, putting a significant upfront investment at risk, and today we are seeing the rewards of that difficult decision,” they said.

“We started the restaurant ‘Coco Gabba’ next to Gabba Stadium in Brisbane, Australia where 2032 Olympics is going to happen. Coco Gabba is a well-patronized seafood restaurant today and on the back of its success, we are now preparing to start a Thai restaurant in the same place,” they said.

“We want to especially mention that about three months ago, we set up a new Italian restaurant named Mano Italian in Hanoi, Vietnam where the Director Operations is Manju Priyankara who is a master chef in Italian cuisine with 15-years of authentic experience. Top-end individuals patronize this restaurant and so is our seafood restaurant in Brisbane. Literally speaking, we have built bridges in these two countries for Sri Lankan entrepreneurs to benefit from; particularly for those who don’t have a base in these two countries to foster their business ties. Our restaurants in these countries will prove to be very useful for you if you are looking to do business in these markets,” they said.

They told the Island that they would be opening their second restaurant in Brisbane and the second in Vietnam in the near future.

‘We are also planning to diversify into the property business in Australia. Our reputation in the restaurant business will pave the way for it,” they opined.

The Embassy of Switzerland, in collaboration with the Government of Sri Lanka and the International Labour Organization (ILO), hosted the hand-over ceremony of the Safe Labour Migration Programme (SLMP) at Cinnamon Life, Colombo. This event marked the formal conclusion of a 14-year partnership that significantly advanced the safe and regular labour migration landscape in Sri Lanka.

Launched in 2010, the SLMP was implemented through a multi-stakeholder collaboration, funded entirely by the Swiss Agency for Development and Cooperation (SDC) with an investment of CHF 16.65 million. The programme was implemented by the International Labour Organization (ILO), HELVETAS Swiss Intercooperation, the International Executive Service Corps (IESC), and several civil society organizations (CSOs), fostering a broad and inclusive approach to achieving its objectives.

Some of key achievements of the SLMP include:

Policy Advancements: The revised National Labour Migration Policy and Action Plan for 2023-2027 was approved, ensuring improved protection and welfare for migrant workers.

Capacity Building: Over 600 Development Officers for Foreign Employment (DOFEs) were trained, and more than 250,000 migrant community members were directly reached with safe migration information.

Skills Development: Guidance and skill recognition services were provided to over 6,400 migrant workers, supported by new curriculums and certification systems.

Grassroots Impact: 13 Migration Information Centers are actively operational, providing vital services at district levels.

The Embassy of Switzerland and the ILO extended their heartfelt appreciation to the Government of Sri Lanka, trade unions, civil society organizations, employers’ associations, and all implementing partners for their unwavering collaboration and dedication to the programme. Their collective efforts were instrumental in ensuring the successful implementation of the SLMP and achieving its far-reaching outcomes.

The outcomes of the SLMP were officially handed over to the Government of Sri Lanka, ensuring continued implementation of the National Policy and Action Plan on Migration for Employment 2023-2027.