Business
‘IMF has spoken diplomatically about minimising corruption in Sri Lanka’
Public appeal for economic reforms at an all-time high : economist
By Sanath Nanayakkare
It is time for Sri Lanka to make a series of economic decisions with important consequences, and making state owned enterprises (SOEs) directly accountable to the people rather than politicians is key among them, Shanta Devarajan, a professor of the Practice of Development at Georgetown University said on Saturday .
“Economic reforms in Sri Lanka used to be a solitary concern weighing on the mind of the International Monetary fund (IMF) in the past. But today it is interesting to note that Aragalaya, the government, politicians and even the general public agreeing on the critical need for reforms in making public entities and the entire economic system be made accountable to the people rather than politicians”, he said.
“For example, the Samurdhi movement was designed to eliminate poverty in Sri Lanka, mainly through the inclusion of low-income households and the provision of resources to support economic improvement, but it ended up turning into a vote-spinning mechanism to benefit politicians. And the loss- making SOEs such as the CPC, CEB, Sri Lankan Airlines landed on their dismal performance over the past decades because they were accountable to only politicians who kept them financing with public money without creating the right policies and a business model to get them running on their own cash flow without becoming a burden to the public. However, today that perception has changed notably after the public protests spilled out on to the streets through Aragalaya – the unprecedented people’s movement that clamoured for ‘system change’. It was obvious that their struggle was to push and force the decision makers to introduce new reforms to bring an end to the ‘elite capture’ of resources at the expenses of the poor people.”
“Sri Lanka will not limit borrowing if it can have access to borrowing funds from China or India whose debt will have a political element than a business case. It is a lot better if Sri Lanka can raise funds from the international capital market because then the government will be held accountable to make repayments subject to conditions. In the context of ISBs, the government will have to consistently demonstrate its creditworthiness, low country risk, manageable fluctuations in exchange rate and that the borrowed funds will be used wisely and it won’t be stolen.”
Shanta Devarajan made these remarks at the virtual monthly economic seminar organized by the Sri Lanka Economic Association (SLEA) on ‘’Economic Reforms in Sri Lanka and ‘Aragalaya’ .
When asked during the Q&A whether IMF wouldn’t push Sri Lanka to eliminate corruption, he said,” The IMF has said that to Sri Lanka in a polite way. The Aragalaya’ fight against pervasive corruption at elite level has also been a concern for the IMF and they have conveyed it to the government through ‘diplomatic language’. Today everyone is on the same page.”
Sirimal Abeyratne, Professor in Economics, University of Colombo who moderated the panel discussion quipped at this point saying if efforts are made at all levels to eliminate corruption in Sri Lanka, the public sector could even launch a general strike.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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