Business

SL needs laser-like focus on IMF programme implementation: Dr. Indrajit Coomaraswamy

Published

3 years ago

2023/03/27

Thilina Walpola

Dr. Indrajit Coomaraswamy, Former Governor

‘If it gets suspended, it would have pretty dramatic consequences’

by Sanath Nanayakkare

There are three most important priorities for Sri Lanka in the wake of the IMF Programme; implementation, implementation and implementation of the agreed upon benchmarks of the programme. Last thing we need to suddenly find is that we have gone off the track of the programme and it is suspended, Dr. Indrajit Coomaraswamy, Former Governor, Central Bank of Sri Lanka said on Friday.

He said so while giving the keynote speech at a Central Bank hosted webinar titled “What is next for Sri Lanka in the wake of IMF Programme?”

Deshal De Mel, Economic Advisor, Ministry of Finance, Murtaza Jafferjee, Managing Director, JB Securities, Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Bank were the panelists at the forum where the moderator was Shiran Fernando, Chief Economist at the Ceylon Chamber of Commerce

The following are a few comments made by Dr.Coomaraswamy.

The IMF EFF has now been successfully negotiated. This is in some way the beginning. There is lot more to do. It’s time to start thinking about what happens next. A little under a year ago, there were acute shortages of the most essential good. There were long queues and one or two people passed away while in queue. Prices were skyrocketing and exchange rate was collapsing, inflation was spiking and the Central Bank had to push up interest rates. All this happened only a few months from where we are today. The fact that things have stabilized to a significant extent clearly is a very favourable outcome but actually there is no room for complacency because the stabilization has happened at a low-level equilibrium.

It has happened when the economy experienced a 7.6% contraction last year. It was better than what was anticipated by the IMF and the World Bank, but still it is a very sharp contraction. And we need to get to a situation where we have macro-economic stability with a growth rate of about 4%. There is a lot to be done for this. But this is a very commendable place to get to after all. The Paris Club comprising G7 countries has endorsed our efforts to restore debt sustainability. The non-Paris Club creditors such as India and China also have endorsed and supported our efforts too. So the largest countries and creditors are willing to support Sri Lanka to get back on track in terms of debt sustainability. So this is not a bad place to be.”

“IMF programme implementation has always been a weakness on our part. This time we have already done a lot as prior action but there is more as you would have seen from the documentation tabled in parliament including structural reforms and institutional reform. So we have to have laser-like focus on implementation and move forward with the programme. If the programme gets suspended, it would have pretty dramatic consequences. So we need to keep it on track. We can’t give up the absolutely compelling need for fiscal discipline. What is next for us is; discipline and making the needed economic policy and implementing what e have agreed to do. During our past IMF programmes, the issue was lack of implementation by the Sri Lankan authorities.

Earlier this week Dr. Chandranath Amarasekare, Executive Director at the CBSL arranged for the Irish authorities to brief Sri lankan authorities on the implementation unit set up in Ireland when the global financial crisis hit Ireland which led them to go into an IMF programme. Ireland was meticulous in the way they set up the implementation framework. They identified all the action that had to be taken and assigned parts of it to relevant government entities to implement them. Ireland is back on track now. We need to have the same degree of laser-like focus on implementing the benchmarks. We have to figure out what needs to be done and ascribe responsibility for each action and monitor

carefully how we are going about it. We have to make sue we are hitting all the targets and structural benchmarks as we go along. These are embedded in the IMF programme. Last thing we need is to suddenly find that we have gone off the track of the programme and the programme is suspended. That will constrain the inflows to the country and it will affect the confidence beginning to build up now. All that will get undermined if the programme gets suspended because we are not able to keep it on track. So the Implementation Unit will need a very good authority to reach out to any part of government and get things done. We need this Implementation Unit to be well-structured and running well. And it should have the authority of the President behind it,”he said.

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Business

SLTDA launches NTSP campaign to elevate national tourism quality and standards

Published

16 hours ago

2026/09/15

Sahan Weerasooriya

Tourism top officials at Ella programme launch.

by Claude Gunasekera

The Sri Lanka Tourism Development Authority (SLTDA) officially launched its nationwide capacity-building campaign, “Grow your Tourism Business with National Tourism Skilling Programme (NTSP),” August 31, from the scenic regional hub of Ella. Directed under the leadership of the Tourism Deputy Minister, Prof. Ruwan Ranasinghe, the comprehensive initiative aims to transform micro, small, and medium enterprises (MSMEs) by accelerating their digital readiness and business formalization across the local hospitality ecosystem.

The entire islandwide operation is under the direct coordination of Ms. Tharanga Rupasinghe, the SLTDA Director of Standards and Quality Assurance, ensuring that all rural operators align seamlessly with international hospitality standards. By utilizing the framework of the NTSP, the campaign focuses on delivering essential digital payment tools, modern online marketing insights, and compliance frameworks directly to village-level enterprises, handcraft artisans, and independent tour operators. Speaking at the launch event in Ella, Tourism Deputy Minister Prof. Ruwan Ranasinghe emphasised that sustainable growth in the travel sector relies heavily on empowering smaller stakeholders to become resilient, data-driven participants in the modern market. “True economic resilience in our tourism sector cannot be achieved through large-scale infrastructure alone, but must be built from the ground up by transforming our local communities and regional MSMEs into direct, digitally enabled beneficiaries of global travel traffic,” Prof. Ranasinghe noted. Through this synchronized, localized training approach, the SLTDA intends to systematically protect cultural heritage while elevating the service quality benchmarks of regional travel hotspots nationwide.

Regional hospitality groups, led by the Ella Tourism Association, have strongly welcomed the launch of the SLTDA national skilling campaign, calling it a vital step toward safeguarding the destination’s international reputation. Local operators noted that rapid commercial growth in the Uva Province has highlighted an urgent need for structural standardization, making the arrival of the National Tourism Skilling Programme (NTSP) highly timely. The grassroots response focused heavily on the benefits of formalization and digital integration for the region’s diverse service sector. The Ella Homestay Owners Collective praised the focus on digital payment tools, noting that transition support will help smaller vendors capture direct bookings and reduce their reliance on third-party booking commissions.

The Uva Tuk-Tuk and Adventure Guides Association highlighted that the safety and compliance training will build trust with high-spending international travelers, effectively raising service quality benchmarks across the town. Local association leaders emphasized that having Ms. Tharanga Rupasinghe, SLTDA Director of Standards and Quality Assurance, directly coordinate the field training ensures the program addresses practical, local challenges rather than just theoretical rules. Following the initial rollout, regional committees have pledged to work alongside the SLTDA to ensure that even the smallest village artisans and micro-enterprises achieve official registration, positioning Ella as a model hub for high-quality, community-driven sustainable tourism.

Business

Sri Lanka–Indonesia Business Council holds 3rd Annual General Meeting

Published

16 hours ago

2026/09/15

Sahan Weerasooriya

Newly Appointed Executive Committee of SLIBC for the year 2026/2027

The Sri Lanka–Indonesia Business Council of The Ceylon Chamber of Commerce held its 3rd Annual General Meeting recently, bringing together Council members and key stakeholders to review the Council’s activities and priorities for the year ahead. The AGM was graced by Dewi Gustina Tobing, Ambassador of Indonesia to Sri Lanka and Patron of the Council

Delivering her address, Dewi Gustina Tobing, Ambassador of Indonesia to Sri Lanka, provided a comprehensive overview of Indonesia’s political and economic landscape, highlighting the country’s focus on promoting economic independence, strengthening sectoral resilience, improving public welfare, and facilitating both inbound and outbound investment.

Re-elected as President of the Council for 2026/27, Sheamalee Wickramasingha, Chairman / Group Managing Director of Ceylon Biscuits Ltd. acknowledged the instrumental role played by the Ambassador in the re-establishment of the Council and reflected on the Council’s key achievements during the past year. She highlighted the successful Sri Lanka–Indonesia Business Delegation to Indonesia, which provided valuable opportunities for Sri Lankan businesses to engage with Indonesian counterparts and explore avenues for commercial cooperation.

Business

LAUGFS Supermarkets opens 46th outlet in Kotahena

Published

16 hours ago

2026/09/15

Sahan Weerasooriya

LAUGFS Supermarkets has further strengthened its growing retail presence with the opening of its 46th outlet at No. 78, K.B. Christy Perera Mawatha, Kotahena. The new outlet operates 24 hours a day, offering customers a wide range of products together with bakery and hot food options, providing greater convenience and accessibility to the surrounding community.

The new Kotahena outlet further expands LAUGFS Supermarkets’ growing network and reflects the Group’s continued focus on strengthening its presence in strategic locations across the country. The opening ceremony was attended by the Group Chairman, Group Executive Vice Chairman, Acting Group Managing Director/Group Executive Director and senior management.

Commenting on the opening, the Sector Managing Director/CEO – Retail, Niroshan De Silva, said, “The opening of our 46th outlet reflects the dedication, teamwork and determination of our people, who have worked exceptionally hard to bring this outlet together. The new Kotahena outlet is designed to offer customers greater convenience, with an inbuilt bakery and hot food facility that provides freshly prepared food alongside our wide range of products, all under one roof. Our focus is to ensure that every LAUGFS Supermarket operates to the highest standards and consistently delivers quality, convenience and service excellence to our customers.”

The opening of the Kotahena outlet marks another significant milestone in LAUGFS Supermarkets’ ongoing expansion, bringing its products and services closer to more customers while further enhancing its 24-hour retail offering. With its growing network of outlets and continued focus on customer convenience and service excellence, LAUGFS Supermarkets remains committed to strengthening its presence and creating greater value for customers across Sri Lanka.