Business

President confident China will help Sri Lanka in its debt restructuring process

Published

3 years ago

2023/04/24

Thilina Walpola

President Ranil Wickremasinghe addresses the Business Today Top 40 Awards Ceremony on April 21

By Sanath Nanayakkare

Sri Lanka behaving maturely and professionally during the period of its debt crisis has talks ongoing with China – its largest bilateral creditor – and President Ranil Wickremasinghe is confident that China will help the sovereign’s debt workout and support it in concluding a restructuring.

This was revealed during the President’s address at the Business Today Top 40 Awards Ceremony at the Presidential Secretariat in Colombo on April 21.

“Recently, I had a Zoom meeting with the Japanese Minister of Finance, India’s Minister of Finance, and the Head of the Paris Club in France, who represented all the creditors. They encouraged us to move forward, and we are also in talks with China, our other main partner, to join us in resolving this issue,” he said.

“We will move forward together and individually, and the progress we have made so far has impressed many. In a short period, we turned the situation around through common sense and tough decision-making. This was probably the most challenging phase of my life, surpassing even my time in the Ministry of Education. We had to make decisions that adversely affected a segment of the population, but in the long run, it was necessary for the betterment of the country. In the medium term, we can expect to see positive results,” he said.

The following are some excerpts from the President’s speech.

“There are two main challenges we face; the first is revenue. We must find ways to increase revenue. The second challenge is debt restructuring, and there is no need to fear it. As we move forward, we must address the issue of salaries for the government’s 1.7 million employees, some of whom will retire while others will find new jobs. The government’s expenditure on the armed forces is also a concern, but we have calculated that until 2028, this issue will be under control. However, the larger concern is the amount of money we will need to pay salaries and pensions for those who will retire in the coming years. According to Treasury estimates, we may run into trouble from about 2030 onwards. Therefore, this is a crucial issue that we must address. We can restructure debt and increase revenue, but we must also focus on the budget and retirement benefits for current employees. Amid these challenges, we will need to obtain loans from time to time as we move forward.”

“Our balance of payment is not currently in our favour, so the next step we are taking is to implement reforms and restructuring to create opportunities for growth. Our immediate action this month has been to present the IMF arrangement to Parliament and request its support. By the end of next month, we aim to have our growth agenda ready, with the Economic Stabilization Committee having already prepared their report and other drafts being reviewed and amended by the President’s Office and other stakeholders. Our objective is to reach the RCEP standards and eventually join the Comprehensive and Progressive Agreement for Trans-Pacific. To achieve this, we must modernize traditional industries such as agriculture and fisheries, develop a new approach to tourism and logistics, focus on green and renewable energy, and prioritize artificial intelligence for which we have set aside a billion rupees next year for this purpose. But I am not sure whether we could utilize the full amount for the purpose.”

Meanwhile, US Treasury Secretary Janet Yellen speaking at Johns Hopkins University’s School of Advanced International Studies recently welcomed China’s recent provision of credible financing assurances for Sri Lanka. “China’s participation is essential to meaningful debt relief’, Yellen said at the forum.

According to a Reuters news report on April 21, IMF chief Kristalina Georgieva said that the new Global Sovereign Debt Roundtable had made “tangible progress” on debt restructuring issues. She said that China and other participants had reached a common understanding that multilateral development banks could provide positive net flows to countries in need, instead of accepting outright reductions in debt levels.China has long been unwilling to accept losses on loans unless private-sector creditors and multilateral development banks shoulder their share of the burden, Reuters report said.

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Business

Canada Day celebration highlights deepening Sri Lanka-Canada business ties

Published

18 hours ago

2026/07/3

Thilina Walpola

H.C. Isabelle Martin

The vibrant celebration of Canada’s 159th National Day in Colombo brought together diplomats, government representatives, leading business executives and members of the Sri Lankan and Canadian communities, highlighting the growing strength of bilateral economic and commercial relations between Sri Lanka and Canada.

Hosted by the Canada Sri Lanka Business Convention (CanCham Sri Lanka), the event attracted one of the largest gatherings in its history, providing an important platform for business networking while celebrating the enduring friendship between the two countries.

Addressing the gathering, High Commissioner for Canada in Sri Lanka and the Maldives Isabelle Martin said Canada and Sri Lanka continue to enjoy a warm and expanding partnership built on shared values, people-to-people links, trade, investment and development cooperation.

“Canada Day is an opportunity not only to celebrate our country but also to celebrate the strong friendships and partnerships we have built with Sri Lanka.

The remarkable turnout this evening reflects the strength of those relationships and the growing collaboration between our two nations,” Martin said.

She noted that the close engagement between Canadian and Sri Lankan businesses continues to create new opportunities in trade, innovation, education, sustainable development and investment.

CanCham Sri Lanka officials said this year’s celebration was among the most successful Canada Day events ever organised by the Chamber, drawing an outstanding crowd and creating exceptional opportunities for business networking.

“What an incredible celebration of Canada Day. This was truly one of the most successful Canada Day celebrations in history, with an outstanding crowd and exceptional networking opportunities. It was wonderful to see so many distinguished guests, business leaders and community members come together,” the organisers said.

They thanked sponsors, partners, supporters and volunteers whose dedication ensured the success of the event.

The evening showcased Canada’s multicultural heritage while reaffirming the Chamber’s commitment to promoting stronger commercial links between Sri Lanka and Canada.

Guests representing a wide cross-section of industries exchanged ideas on expanding trade, investment and innovation partnerships.

Canada remains an important economic partner for Sri Lanka, with bilateral trade spanning apparel, agriculture, seafood, ICT services, education and professional services.

Canadian companies continue to explore opportunities in renewable energy, infrastructure, technology and sustainable development, while Sri Lankan exporters maintain a significant presence in the Canadian market.

Business leaders attending the celebration expressed confidence that closer collaboration between the two countries would further strengthen economic resilience and create new opportunities for investment, entrepreneurship and knowledge sharing.

The event concluded on a celebratory note, reaffirming the longstanding friendship between Canada and Sri Lanka and the shared commitment to fostering stronger business and people-to-people ties in the years ahead.

By Ifham Nizam

Business

Tokyo Cement inspires future-ready construction at BUILD BEYOND 2026 Technology Summit

Published

18 hours ago

2026/07/3

Thilina Walpola

Senior Professor Priyan Mendis from the University of Melbourne, speaking at the ‘Build Beyond 2026 Summit

Tokyo Cement hosted ‘Build Beyond 2026 Summit’, a premier knowledge-sharing conference that brought together leading academics, civil and structural engineering experts and professionals of the Sri Lankan construction industry. The event featured keynote addresses by renowned construction technology specialists, Professor Shashank Bishnoi from the Indian Institute of Technology (IIT) Delhi-Abu Dhabi, and Senior Professor Priyan Mendis from the University of Melbourne.

The summit marked the second edition of the Build Beyond Engineering Technology Summit organized by the Tokyo Cement Group, designed to foster collaboration between academia and industry while highlighting global trends, innovations, and emerging technologies in cement and concrete. This year’s discussions focused on advancements in material science that are driving more sustainable and cost-efficient construction practices.

The event drew participation from state-sector authorities, research institutions, academia, engineering students, and public and private sector organizations, creating a dynamic platform for engagement across the construction industry. A key feature of the summit was a high-level panel discussion on “Building a Resilient and Sustainable Construction Future,” featuring several distinguished industry leaders.

The panel included Eng. Nissanka Wijerathne, the Secretary General/CEO of the Chamber of Construction Industry Sri Lanka (CCI), Founder and Deputy Chairman of Civil & Structural Engineering Consultants (Pvt.) Ltd.; Eng. Shiromal Fernando, the Chairman of CTBUH Sri Lanka and Vice President of the Green Building Council Sri Lanka, Adjunct Senior Lecturer at the General Sir John Kotelawala Defense University and visiting lecturer at the University of Moratuwa; Eng.

Business

ComBank and Carmart join forces to make Peugeot and Leapmotor vehicles more accessible

Published

18 hours ago

2026/07/3

Thilina Walpola

Kapila Liyanage, Assistant General Manager – Personal Banking and Retail Products at Commercial Bank and Senake Amerasinghe, Managing Director of Carmart (Pvt) Ltd. exchange the agreement in the presence of representatives of the two companies.

Strengthening its commitment to making vehicle ownership more accessible and affordable, Commercial Bank of Ceylon has entered into a strategic partnership with Carmart (Pvt) Ltd. to offer specially structured leasing facilities for Peugeot and Leapmotor vehicles.

Formalised through a Memorandum of Understanding (MoU), the collaboration brings together the Bank’s expertise in flexible financing and Carmart’s portfolio of internationally recognised vehicle brands, creating a value-rich proposition for customers seeking to purchase new vehicles.

Under this MoU, valid until 30th June 2027, Commercial Bank will offer attractive interest rates, concessions on documentation charges, and a complimentary credit card with the first year’s annual fee waived. These benefits are designed to reduce upfront costs and ease the financial commitment associated with vehicle ownership.

With leasing facilities available through Commercial Bank’s island-wide branch network, a cross section of customers will be able to part-finance their vehicle purchases while structuring repayments to align with their income patterns, enabling greater financial flexibility.

Further enhancing the value proposition, Carmart (Pvt) Ltd. will offer customers a range of added benefits, including a complimentary full tank of fuel, free vehicle registration, and other exclusive privileges, making the overall vehicle ownership experience more rewarding.

The Bank said the partnership reflects its continued focus on delivering practical and customer-centric leasing solutions in collaboration with reputed vendors. By combining competitive rates with cost-saving concessions, the Bank aims to make vehicle ownership more attainable for both existing and new customers.

This collaboration is particularly significant in the current market context, as it offers customers the opportunity to benefit from preferential leasing terms while managing repayments in a way that suits their financial circumstances.

As a pioneer in leasing solutions, Commercial Bank continues to innovate through strategic alliances that enhance value, broaden choice, and support customers in achieving their lifestyle aspirations.