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Nawaloka Hospitals triumphs at CMA Excellence in Integrated Reporting Awards 2021

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Kicking off 2022 on a victorious note, pioneering healthcare provider Nawaloka Hospitals, garnered the highly coveted award for the Best Integrated Report within the healthcare sector, at the CMA Excellence in Integrated Reporting Awards 2021. Nawaloka Hospitals also went on to receive a Merit Award for Overall Integrated Reporting Practices.

Organised by the Institute of Certified Management Accountants of Sri Lanka (CMA), the awards ceremony, held for the eighth successive year, was introduced to promote both listed and unlisted Sri Lankan companies as well as state-owned enterprises and small and medium enterprises to undertake integrated reporting, for the benefit of both investors and stakeholders.

“Nawaloka Hospital’s outstanding win at the revered CMA Excellence in Integrated Reporting Awards stands testament to the firm commitment that we have made to adhere to the highest standards of integrated financial reporting for many years now. Integrated reporting is particularly important to healthcare companies as we deal in transparency, trust and social responsibility of the highest levels with all our stakeholders. The COVID-19 pandemic only amplified this need for the disclosure of healthcare operations in both financial and non-financial terms. I would like to congratulate and thank our deeply dedicated team for their proactive drive to produce such an exceptional Annual Report utilizing impactful, best-in-class financial reporting practices of international standards,” Nawaloka Hospitals Chairman Dr. Jayantha Dharmadasa said of the victory.

The integrated reports are evaluated using guidelines applicable in the International <IR> Framework issued in December 2013. The evaluation considers not only the accounting and financial information but also the non-financial information provided in <IR>. Forty One companies had submitted applications and were reviewed by a competent evaluation panel and an eminent panel of international and local judges.

Nawaloka Hospital’s Integrated Annual Report voluntarily embraces global benchmarks such as the ‘International <IIRC> Framework’ and the Global Reporting Initiative (GRI) Standard ‘Core’ options. This is part of the company’s vision to share its journey of value creation with all its stakeholders by adopting the Six Capital Reporting Framework, under the Integrated Reporting Framework. This past year also saw the Hospital Chain bag the highly coveted gold award for exceptional integrated financial reporting practices within the healthcare sector, at the CA Sri Lanka’s 56th Annual Report Awards.



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‘Economic Transformation Bill ‘ and ‘Public Financial Management Bill’ to Parliament on May 22 – Acting Finance Minister Shehan Semasinghe

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Acting Finance Minister Shehan Semasinghe announced plans to introduce two significant bills to Parliament on May 22, aimed at bolstering the country’s economy.

These bills, the “Economic Transformation Bill” and the “Public Financial Management Bill,” are designed to enhance the management of public finances, thereby safeguarding against future economic downturns.

Minister Semasinghe made this announcement during a press conference at the Presidential Media Centre today (20), themed ‘Collective path to a stable country’.

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Macroeconomic policies in Sri Lanka are starting to bear fruit: IMF

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Julie Kozack, Director of IMF Communications

However, the global lender still requires two things from Sri Lanka

By Sanath Nanayakkare

Julie Kozack, Director of IMF Communications, last week highlighted Sri Lanka’s macroeconomic policies, rapid inflation decline, and steady economic growth as commendable.

“Sri Lanka now anticipates finalizing debt restructuring with private and official creditors. Domestic debt operations are largely completed, paving the way for faster-than-expected economic recovery following the crisis”, she said.

“So, just stepping back and giving the lay of the land. On March 21st of this year, the IMF staff and the Sri Lankan authorities reached a staff-level agreement for the second review of the program and also concluded the and also finished the Article IV mission. Completion of the review by the Executive Board of the IMF requires two things. The first is implementation by the authorities of the agreed prior actions, and the second is the completion of the financing assurances review, and that would confirm multilateral partners’ financing contributions. And the financing review will also assess adequate progress with debt restructuring.”

“With respect to Sri Lanka’s economic performance, macroeconomic policies in Sri Lanka are starting to bear fruit. Commendable outcomes include a rapid decline in inflation, robust reserve accumulation, and initial signs of economic growth, while also preserving stability in the financial system. Overall, program performance has been strong. The next steps with respect to the debt restructuring are to conclude negotiations with external private creditors and to implement the agreements in principle with Sri Lanka’s official creditors. The domestic debt operations are largely completed. The initial debt restructuring negotiations with external bondholders ended in mid-April without an agreement, and discussions are continuing with a view to reaching agreement in principle. And on the official creditor side, these agreements in principle still need to be finalized,” she said.

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CMTA hosts forum to explore Sri Lanka’s economic growth and mobility

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On Left - Katsuki Kotaro, Deputy Head of Mission - Embassy of Japan delivers the keynote address. On Right - Thilaka Jayasundara (Secretary, Ministry of Education), Eng. Ranjith Rubasinghe (Secretary, Ministry of Transport and Highways), Bingumal Thewarathanthri (Chairman, Sri Lanka Bankers Association), Katsuki Kotaro and CMTA officials

The recent event organized by the Ceylon Motor Traders Association (CMTA), themed “Mobility and Economic Growth,” brought together key stakeholders and thought leaders to delve into crucial discussions shaping Sri Lanka’s economic landscape. The event, highlighted by a keynote speech from Katsuki Kotaro, Minister and Deputy Head of Mission at the Embassy of Japan, and a dynamic panel discussion, provided invaluable insights and strategies for sustainable growth and enhanced mobility.

Kotaro emphasized Sri Lanka’s significant strides in economic recovery since the challenges of 2022. He explained that Sri Lanka’s economy has rebounded since 2022, with steady growth rates approaching the 3% target for 2024. Inflation, previously at 70%, has dropped to 2.5%, though prices remain high. Government efforts and IMF support have stabilized the economy. He went on to explain, that Sri Lanka’s practical strategy should involve starting with hybrid vehicles until about 2030, then transitioning gradually to EVs and fuel cell vehicles by 2035, mirroring Japan’s carbon neutrality goals. This phased approach acknowledges Sri Lanka’s current infrastructure and fiscal limitations. It’s crucial to develop industrial policies that support automobile production and enhance mobility while balancing economic growth with environmental sustainability.

During the course of the discussion, Bingumal Thewarathanthri, Chairman of Sri Lanka Bankers Association, spoke about Sri Lanka’s current economic trajectory, and possible risks the country might face. He explained, “We don’t see a risk of not crossing this review. As a country, we’ve made significant progress in several areas, including fiscal policy and the external sector, which has performed exceptionally well. Although there are still areas that need improvement, particularly in debt restructuring, the requirement is to show meaningful progress rather than completion for the second review. Given our advancements, I’m confident that Sri Lanka will secure the $300 million needed to move forward.”

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