Business

Reckless spending by governments and public sector created debt crisis – Prof. Lakshman Watawala

Published

4 years ago

2022/08/18

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.’

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Business

Indo-Sri Lanka Chambers forge alliance to drive infrastructure and real estate investment

Published

17 hours ago

2026/09/14

Thilina Walpola

The exchange of the MoU between the two organisations

By Sanath Nanayakkare

In a major boost to bilateral economic ties, the Chamber of Construction Industry of Sri Lanka (CCISL) and the Indo–Sri Lanka Chamber of Commerce & Industry (ISCCI) have signed a strategic Memorandum of Understanding (MoU) to deepen cooperation in real estate, infrastructure, and urban development.

The agreement establishes a formal framework for both institutions to drive collaborative initiatives, including business delegations, high-level conferences, workshops, B2B matchmaking sessions, and technical site visits. Designed to bridge businesses, government institutions, and project stakeholders across the Palk Strait, the partnership aims to unlock new avenues for cross-border joint ventures and technology transfers.

A focal point of this newly minted partnership is the facilitation of an upcoming trade delegation from the National Real Estate Development Council (NAREDCO) of India. Comprising major Indian players in the real estate and infrastructure sectors, the visiting delegation will engage in targeted business meetings, workshops, and inspection tours of prominent construction projects in Sri Lanka.

Under the terms of the MoU, CCISL will serve as the principal host coordinator in Sri Lanka. In close consultation with ISCCI, the apex construction body will curate itineraries, identify viable projects for engagement, and facilitate high-level dialogues with key government agencies, regulatory bodies, and industry leaders.

With both nations prioritizing sustainable urban growth, modern construction technologies, and infrastructure expansion, industry leaders view the partnership as a timely catalyst for economic rejuvenation. The collaboration is anticipated to accelerate market access, knowledge exchange, and foreign direct investment into Sri Lanka’s burgeoning property and development sectors.

To ensure the success of the upcoming NAREDCO delegation, CCISL has issued an urgent appeal to statutory authorities and relevant project owners to come forward with viable investment proposals. Stakeholders holding projects seeking foreign investment or technical partnerships are invited to submit comprehensive details to the Secretary General and CEO of CCISL via email at secyces@gmail.com.

Both chambers emphasize that translating this foundational agreement into tangible partnerships and robust capital flows will significantly strengthen bilateral connectivity between the construction and real estate sectors of India and Sri Lanka.

Business

Hettich celebrates a decade in Sri Lanka with partner meet in Colombo

Published

17 hours ago

2026/09/14

Thilina Walpola

Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality

Hettich, the globally renowned German manufacturer of furniture fittings and architectural hardware known for its state-of-the-art manufacturing plants and magical interior solutions across the world celebrated a significant milestone in Sri Lanka, marking 10 years of presence in the country with its inaugural Partner Meet in Colombo.

The landmark event brought together Hettich’s key partners, stakeholders and industry leaders to celebrate a decade of growth, collaboration and shared success, while reaffirming the company’s long-term commitment to the Sri Lankan market.

Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality, contributing to the creation of contemporary and intelligently designed living and working spaces across the country.

The gala evening was graced by a distinguished delegation of senior leaders, including Dr. Andreas Hettich, Chairman, Hettich Group Advisory Board; S. K. Poddar, Chairman, Hettich India & Adventz Group; Mr. Akshay Poddar, Director, Hettich India; Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa; Rahul Thakkar, Director – Sales, Hettich India & SAARC; and Dinusha Bhaskaran, Managing Director, Vallibel One PLC.

Business

GS Evo Motors launches all-new JMEV EWIND

Published

17 hours ago

2026/09/14

Thilina Walpola

Priyantha Perera, Chief Executive Officer of GS Evo Motors (left), and Sunil Wettasinghe, Chairman of GS Evo Motors, introducing the latest JMEV Ewind Electric SUV to the local market

GS Evo Motors Limited, the authorized distributor of JMEV electric vehicles in Sri Lanka, has officially launched the JMEV EWIND, a next-generation compact electric SUV. The vehicle is designed to offer strong performance, intelligent technology, premium comfort, and high safety standards, marking another milestone in Sri Lanka’s growing electric mobility sector.

The EWIND features a sleek, aerodynamic exterior with penetrating LED daytime running lights, trapezoidal chain-inspired LED tail lamps, 19-inch alloy wheels, and a bold silhouette. Inside, it offers a spacious cabin with a panoramic moonroof and retractable curtain, an ultra-thin suspended instrument panel, a D-shaped multifunction steering wheel, multi-colour ambient lighting, premium finishes, and electrically adjustable front seats.

The SUV is available in single-motor front-wheel drive configurations, producing up to 108 kW and 210 Nm, with 0–100 km/h acceleration in 8.9 seconds.