Business
NCE draws President AKD’s attention to his pledge of ridding SL of corruption and waste

A critical factor for the success of the new government will be the fulfillment of key election promises, especially the eradication of corruption and waste, which have long hindered the country’s economic and administrative systems, the National Chamber of Exporters (NCE) states in a congratulatory note to President Anura Kumara Dissanayake on his assuming office as the President of Sri Lanka.
‘As we celebrate this transition, we must also acknowledge the significant challenges ahead. Sri Lanka faces severe financial constraints, particularly in meeting its debt repayment obligations. Balancing these commitments while fostering economic growth will require steady leadership and innovative solutions, the NCE congratulatory message adds.
The press release: ‘The National Chamber of Exporters (NCE) extends its sincere congratulations to Mr. Anura Kumara Dissanayake on his historic victory as the newly elected President of Sri Lanka. This decisive mandate reflects the trust and confidence the people have placed in his leadership to guide the country forward.
‘We also take this opportunity to express our deepest gratitude to the outgoing President, Mr. Ranil Wickremesinghe, whose exceptional leadership steered the country through one of its most challenging periods. Under his stewardship, Sri Lanka experienced a remarkable economic recovery, particularly during a time when the nation was on the brink of collapse. His efforts to stabilize the country and lay the groundwork for recovery will be remembered as a key chapter in our nation’s history.
‘We further recognize and appreciate Mr. Sajith Premadasa for his steadfast role as Leader of the Opposition, providing essential checks and balances to the government. His leadership has been instrumental in safeguarding the democratic values of the country.
‘The NCE expresses its gratitude to the people of Sri Lanka for conducting a peaceful election, once again demonstrating the resilience of the country’s democratic processes. The electorate has shown commendable civic responsibility by voting responsibly and ensuring the preservation of democracy.
‘The NCE fully supports President Dissanayake’s commitment to maintaining transparency and accountability in governance, which are essential for restoring public trust and fostering a more efficient and productive state. Additionally, the removal of bureaucratic red tape is crucial for accelerating economic growth. Exporters and businesses have faced unnecessary delays and obstacles due to outdated administrative processes. We urge the new administration to streamline procedures and create a more business-friendly environment that empowers entrepreneurs and exporters to drive the economy forward.
‘We also urge the newly elected President to prioritize an export-driven economy as a key strategy for sustainable development. Increasing export revenues is vital not only for easing the country’s debt burden but also for improving the balance of trade and boosting national income. The NCE believes that Sri Lanka’s economic future depends on empowering exporters, creating favorable trade policies, and facilitating access to new global markets.
‘The NCE stands ready to offer its assistance in steering the country toward economic resilience. We look forward to working closely with the government in driving growth within the export sector and ensuring that the policies implemented contribute to the long-term prosperity of Sri Lanka.
‘Once again, we congratulate President Anura Kumara Dissanayake and wish him great success in leading Sri Lanka through these challenging times toward a brighter and more prosperous future.’
Business
Cabinet nod to celebrate centenary of Tea Research Institute from 9th November to 14th November 2025

The Cabinet of Ministers has approved the proposal presented by the Minister of Plantation and Community Infrastructure Facilities to hold the 26th Session of the Intergovernmental Group on Tea of the Food and Agriculture Organization of the United Nations and the 4th Annual Meeting of the Asian Tea Alliance to commemorate the Centenary Anniversary of the Tea Research Institute in Colombo from 9th November to 14th November in 2025 and to take necessary steps in that respect.
Business
‘This must be your last IMF Programme; lapses cannot be repeated’

IMF First Deputy Managing Director tells Sri Lanka
Sri Lanka’s long and difficult journey from economic collapse to cautious recovery reached a critical milestone as President Anura Kumara Dissanayake, IMF First Deputy Managing Director, Dr. Gita Gopinath, and Central Bank Governor Dr. Nandalal Weerasinghe addressed the high-profile “Sri Lanka’s Road to Recovery: Debt and Governance” conference yesterday in Colombo.
The event, jointly organized by the Central Bank of Sri Lanka (CBSL), the Ministry of Finance and the International Monetary Fund (IMF), underscored the urgency of sustaining reform momentum while opening a new chapter in the country’s 75-year partnership with the IMF.
With macroeconomic stability returning but fragility still looming, the message from all three leaders was clear: Sri Lanka cannot afford to backslide.
“This must be the last IMF programme for Sri Lanka, Dr. Gopinath stated firmly in her keynote speech. “We’ve had 16 before this—about half ended prematurely. Reform fatigue, policy reversals and lost discipline cannot be repeated. This time must be different.”
While the conference primarily focused on public financial management, debt sustainability, and governance, the implications for Sri Lanka’s business environment were unmistakable. According to Gopinath, structural reforms, transparent fiscal management and improved governance are not abstract policy ideals — they are the essential foundations for restoring investor confidence, revitalizing private enterprise and building a resilient economy.
“Comprehensive governance reform can raise GDP by over 7% and reduce debt-to-GDP by more than six percentage points over the next decade, Gopinath noted, citing IMF internal analysis. “These are not just theoretical benefits — they are real, measurable returns for the private sector, job creation, and inclusive growth.”
Dr. Weerasinghe echoed this sentiment, stating that the IMF-supported programme “has laid the groundwork for macroeconomic fundamentals essential for sustained growth. He emphasized that Sri Lanka’s financial institutions and monetary authorities are now better equipped to support private sector-led recovery, pointing to a stabilizing rupee, single-digit inflation and restored investor interest.
“With improved credit ratings and Sri Lankan bonds being re-included in global indices, capital markets are beginning to show signs of life, said Dr. Weerasinghe. “This creates a platform for increased foreign direct investment (FDI), trade expansion, and domestic entrepreneurial activity.”
President Dissanayake opened the conference with a stark reminder of the human cost of Sri Lanka’s economic collapse. He called for economic leadership that not only addresses balance sheets but also rights wrongs of the past.
“We lost three critical things — one in our economy, two in our country, and three in our people, he said. “We must recover what was lost. And we can only do that through trust, transparency and inclusive policies.”
Dissanayake acknowledged the sacrifices made by the public — especially the most vulnerable — and emphasized that public buy-in is essential to the success of reform. “The people of this country have already shown their willingness to endure hardship in service of recovery. It is now the responsibility of government and institutions to ensure that their sacrifices are not in vain.”
His words carried weight in a country where memories of fuel queues, food shortages and economic despair remain fresh. The President signaled his administration’s commitment to a social contract grounded in accountability and economic fairness.
Gopinath noted that:
USD 3 billion in external debt was forgiven.
USD 25 billion was restructured with longer maturities and lower interest rates.
External debt servicing was reduced by half over the next decade.
Debt-to-GDP ratios are expected to fall by 27 to 34 percentage points.
“Sri Lanka’s experience has helped us sharpen how we approach debt sustainability, creditor coordination and domestic financial sector resilience, said Gopinath. “It’s a case study in how complex, painful, but ultimately successful restructuring can be done.”
By Ifham Nizam
Business
Nestlé Golden Chefs’ Hat Competition 2025 recognizes Sri Lanka’s top culinary talent

Nestlé Professional Sri Lanka, in partnership with the Chefs Guild of Lanka, relaunched the Nestlé Golden Chefs’ Hat Competition this year – an island wide culinary competition focused on developing up-and-coming culinary talent in the hospitality industry.
Nestlé Professional also collaborated with the Sri Lanka Hospitality Graduates Association and Chefs Guild of Lanka to launch the Junior Nestlé Golden Chefs’ Hat Competition for the very first time – providing culinary students in the hospitality industry with a platform to showcase their talents and skills, while fostering the next generation of culinary experts.
The regional rounds, held across all nine provinces of the country, brought together 18 finalists from both the Professional category and the newly introduced Junior category, to compete in the Grand Finale at the Culinary Art Food Expo.
The winners of the Nestlé Golden Chefs’ Hat Competition 2025 were awarded at an event held on 15th June at Cinnamon Grand Colombo, with the participation of distinguished guests – Chief Guest, Her Excellency the Ambassador of Switzerland to Sri Lanka and Maldives, Dr. Siri Walt; Head of Nestlé Professional Strategic Business Unit, Nestlé S.A., Reinhold Jakobi; Regional Business Head – Nestlé Professional, Nestlé Asia, Oceania and Africa Region, Jeroen Pluijmers; Director – Nestlé Professional, Nestlé South Asia Region, . Saurabh Makhija; Chairman of the Chefs Guild of Lanka, Chef Gerard Mendis and President of the Sri Lanka Hospitality Graduates Association, Patrick Pereira.
Mr. Bernie Stefan, Managing Director of Nestlé Lanka commented “The hospitality industry plays a vital role in supporting the transition from stability to growth in the Sri Lankan economy. Nestlé Lanka is honoured to play a part in uplifting the industry through the Nestlé Golden Chefs’ Hat Competition. This initiative also embodies our Nestlé Needs YOUth initiative, which is dedicated towards empowering and upskilling the youth to excel in their field of expertise and contribute to the community”.
H.E. Dr. Siri Walt, Ambassador of Switzerland to Sri Lanka and Maldives mentioned “I congratulate Nestlé Professional, the Chefs Guild of Lanka and the Sri Lanka Hospitality Graduates Association on this wonderful initiative to promote culinary talent.
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