Business
Reckless spending by governments and public sector created debt crisis – Prof. Lakshman Watawala
By Hiran H.Senewiratne
The entire government/ public sector ran on without accountability to their spending on various development projects, despite having a huge number of government servants, which runs into 1.5 million. That is why the country encounters a huge debt crisis that amounts to US $ 60 billion or Rs 70 trillion, Prof. Lakshman R. Watawala said.
‘The private sector’s accountability is a key area and without accountability we cannot exist. Unfortunately, we don’t see any accountability in the government/public sector. If they are accountable they will know how borrowed funds are utilized for various development projects. Due to that not only politicians but the public sector too should be responsible for this debt crisis, Prof. Watawala who is the Founder/President, Institute of Certified Management Accountants of Sri Lanka (CMA) said.
Watawala made these observations at a zoom forum organized by CMA Sri Lanka recently on the subject, “A Solution to Debt Crises Using Nature”.
Extracts from Watawala’s presentation:” We are planning to go to the IMF to get dollars. We can’t really imagine how we got into debt and therefore no one is ready to take responsibility for it. Therefore, our huge 1.5 million strong public sector is eating up our money, in other words tax payer’s money.
‘When Sri Lanka graduated to a developed country from a developing nation we were able to raise money from lending agencies and even from International Sovereign Bonds for different projects with liberty, sometimes with high interest rates. In the absence of a proper accountability mechanism nobody knows what happens to those funds. The respective governments never consider the repayment methods and the viability of those projects.
‘Our government departments spend colossal amounts money as if it has to be borne by society. In that sense money that was borrowed was never properly accounted for. Therefore, that money was wasted and some corrupt political and public servants robbed them.
‘In a landmark Indian Supreme Court judgment, the latter ruled that when a government imposes any taxes it should consult the Taxpayers Association on why it imposes taxes or on what and how that money is to be spent. Therefore, it is the need of the hour to have some system for the country to enable financial discipline.’
The Group Director Capital Maharaja Group Chevaan Daniel in his presentations said that Sri Lanka’s 3,000 year-old system still serves its people. Sri Lanka’s hydraulic heritage must be understood in order to be protected. Our ancient philosophy of water and soil conservation is amongst the greatest in the world. He talked on, ‘The Sea of Sri Lanka and Sri Lanka’s Water Heritage’.
Daniel added: “While the West has woken up to the importance of sustainability of late, the Sri Lankan civilization was built on a culture of sustainability that lasted for thousands of years. A key misconception that must be righted is the fact that we often think our water heritage is limited to our irrigation systems.
‘ An irrigation system is a function of hydraulic engineers who will see water as ‘inanimate and active’ but the conservationist and farmer will see water from the perspective of it being animate and passive.
‘The famous scholar, Joseph Needham once noted that the development of a water management system in ancient Sri Lanka in its technology and organization has been unparalleled in its sophistication elsewhere in the world.’
Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.
In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.
Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.
Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.
The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).
Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”
At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)
In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.
The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has successfully launched the highly anticipated vivo V50 smartphone, marking a significant milestone in its commitment to bringing 5G technology and pro-level mobile experiences to Sri Lankan customers, with the first customer handover taking place on 27th March 2025.
The vivo V50, designed in collaboration with ZEISS, combines advanced features such as a 50MP ZEISS OIS Main Camera, a powerful Snapdragon® 7 Gen 3 processor, and a stunning 6,000mAh battery, all housed in a sleek, ultra-slim design. Available at an attractive price, the vivo V50 delivers unmatched mobile performance for work, play, and creativity, offering features such as AI-enhanced photography, 4K video recording, and lightning-fast 90W FlashCharge technology. The vivo V50 also boasts a 41° golden curvature for a comfortable grip and a premium, cinematic mobile experience.
Dialog’s partnership with vivo underscores its commitment to bringing the latest in 5G innovation to Sri Lanka, providing customers with access to next-generation mobile experiences and empowering them to capture, create, and connect like never before. The vivo V50 is now available for purchase at Dialog’s Experience Centers and via https://www.dialog.lk/phones/vivo-v50-5g-12gb.
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Sun directly overhead Nainamadama, Sandalankawa, Kundasale, Mahiyanganaya and Kalmunanai at about 12:12 noon today [08]
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