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SL’s Rs. 2.4 trillion fiscal deficit and the need for ‘incremental, transformative adjustments’

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Dr. Rohan Pethiyagoda

By Ifham Nizam

Sri Lanka has long grappled with economic instability and the Rs 2.4 trillion fiscal deficit remains a daunting challenge for the newly elected National Peoples’ Power (NPP) government, Dr. Rohan Pethiyagoda, a taxonomist and a former senior state official said. Among other things, he is a major contributor to biodiversity research in Sri Lanka.

‘Despite promises of change, bridging this gap requires more than just increased taxation or large-scale reforms. Dr. Pethiyagoda, told The Island Financial Review. He said the way forward is through incremental but transformative adjustments that prioritize efficiency, accountability and governance reform.

Pethiyagoda added: ‘One of the most pressing issues facing the new government is the staggering deficit that no amount of taxation can cover. Even a doubling of taxes will not be sufficient to resolve this economic challenge. Instead, adopting a more conservative approach to economic management—a “conservative batting style”—where efficiency and cost-cutting take precedence over flashy reforms or quick fixes is appropriate.

‘This approach calls for a fundamental shift in how the government operates. It begins by reducing wasteful expenditures, streamlining public services and improving institutional efficiency. References could be made to the success of past efforts to meet government targets in areas like public services, which provide a roadmap for future reforms.

‘To tackle the deficit and improve public service delivery, the government needs to set clear and measurable goals for each institution. The government has already succeeded in meeting targets, such as issuing same-day (4-hour) passports, NICs, driving licenses and EPF releases. These successes demonstrate that, with the right focus, government institutions can be made to function with greater efficiency.

‘Other potential areas for reform include reducing waiting time for essential documents, such as birth, death and marriage certificates, to 30 minutes. Additionally, regulatory institutions should be held accountable for issuing permits, licences and registrations within strict timeframes. The government could publicly advertise these mandatory response times, making the process transparent and creating consequences for institutions or heads that fail to meet these goals.

‘The strategy of improving public services extends to everyday interactions between citizens and the state. Reducing queuing times in hospitals, post offices and other public facilities is another straightforward yet impactful change. By increasing the speed and efficiency of these services, the government can drastically improve the daily lives of citizens, boosting public trust and satisfaction.

‘A critical element in building a more efficient society is improving public discipline. This does not only apply to government institutions but to society at large. Public behavior on the roads and in service queues is a reflection of the country’s broader efficiency issues. Addressing simple matters, like better driving practices and the formation of orderly lines in public spaces, would contribute to an overall culture of discipline and respect for rules.

‘Small improvements in how people interact with government services and each other can set the tone for broader societal changes. My argument is that these incremental improvements in public discipline will, over time, create a more functional and efficient society.

‘It’s clear that Sri Lanka cannot solve its economic problems overnight, but by focusing on small, tangible improvements, the government can create a momentum for lasting change. Reducing public holidays, improving the speed of essential services and holding institutions accountable are the building blocks of a more efficient, transparent, and disciplined society.

‘Do these things, and the rest will follow. These incremental changes might seem minor, but they will make a significant difference over time, helping Sri Lanka move towards economic recovery and societal improvement.

‘The path to reform is not through sweeping changes or aggressive policies, but through consistent, small steps that prioritize efficiency, discipline, and accountability. By focusing on these goals, the government can begin to close the fiscal gap and build a brighter future for Sri Lanka.’



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Acuity Knowledge Partners fuels global finance with Sri Lanka’s homegrown talent

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Jehan Jeyaretnam

In an era where global financial markets demand innovation and agility, Acuity Knowledge Partners has positioned Sri Lanka as a strategic hub for high-value knowledge services. At the helm of this transformation is Jehan Jeyaretnam, Country Head of Acuity’s Sri Lanka operations, whose two-decade journey with the firm mirrors the nation’s growing prominence in the global knowledge process outsourcing (KPO) sector.

Sri Lanka’s exceptional talent pool, which is highly educated, tech-savvy, and globally aware, is the cornerstone of Acuity’s success, asserted Jeyaretnam during an interview with The Island Financial Review. The following are some excerpts from the interview.

“With over 500 professionals in Sri Lanka supporting global clients in investment research, compliance, and data analytics, the firm has forged robust partnerships with universities like Kelaniya, fostering talent through graduate programmes, mentorship, and initiatives such as its decade-long sponsorship of inter-university academic competitions.’’

“Acuity’s commitment to nurturing expertise is evident in its status as a leading employer of CFA charter holders locally and its consistent recognition as a top employer by AICPA & CIMA, climbing to 9th place globally in 2024. Our people access global opportunities and clear career pathways,” Jeyaretnam noted, emphasising long-term growth over talent development.

“Beyond its economic footprint, Acuity’s “Be Kind” ethos drives community initiatives focused on education, sustainability, and welfare. Partnerships with NGOs like Child Action Lanka, tree-planting campaigns, and digital literacy programmes underscore Acuity’s dedication to uplifting underserved communities. Giving back isn’t optional. It’s ingrained in our culture,” Jeyaretnam stated.

Reflecting on his 20-year journey, Jeyaretnam attributed Acuity’s evolution from a ‘small team with big ambitions’ to a global KPO leader with a philosophy centered on trust and empowerment.

“Leadership is about building others up,” he said, highlighting mentorship and continuous learning as catalysts for innovation.

When asked about his personal accomplishments, he said, “Witnessing employees ascend to leadership roles is my most rewarding accomplishment.”

To youth eyeing careers in capital markets, Jeyaretnam advised adaptability, curiosity, and integrity.

“Success stems from asking questions, seeking feedback, and grounding yourself in financial fundamentals,” he stressed, citing Acuity analysts who’ve risen to become industry experts.

As Acuity eyes the future, Jeyaretnam reaffirmed its commitment to innovation, talent development, and scaling Sri Lanka’s capabilities.

“We’ll keep investing in Sri Lanka, ensuring we’re resilient and ready to meet tomorrow’s challenges together,” he asserted, encapsulating Acuity’s clients, employees and stakeholders.

In a world where knowledge is currency, Acuity Knowledge Partners and Sri Lanka’s talent are proving to be invaluable global assets.

By Sanath Nanayakkare

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John Keells Properties and MullenLowe unveil “Minutes Away”

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In a bold and pioneering move, John Keells Properties (JKP), in collaboration with MullenLowe, has launched “Minutes Away – The Smartest Campaign in Sri Lanka” for JKP’s smart apartment development, TRI-ZEN. Redefining how real estate is experienced and promoted in the digital age, this campaign is the first in Sri Lanka to utilize Meta Ray- Ban Smart Glasses—bringing viewers into a fully immersive, first-person perspective that captures the essence of smart urban living like never before.

As Sri Lanka’s first smart apartment complex, TRI-ZEN has consistently set new benchmarks in urban innovation. Now, with the Minutes Away campaign, John Keells Properties elevates its brand storytelling by delivering a unique point-of-view (POV) journey, giving audiences the chance to see through the eyes of a resident navigating the conveniences of smart city living—from seamlessly connected spaces to vibrant city life just minutes away.

“Innovation is embedded in the DNA of John Keells Properties,” said Chamal Fonseka, Assistant Vice President of John Keells Holdings and Head of Brand Strategy s Customer Experience at John Keells Properties. “With ‘Minutes Away’, we wanted to push the boundaries of how real estate is communicated. The use of Meta Ray-Ban Glasses not only allows us to immerse our audience in the daily rhythm of a TRI-ZEN resident—it also marks a first for Sri Lanka in terms of campaign technology and narrative style. This campaign is not just about showcasing a product—it’s about enabling prospective homeowners to feel the lifestyle TRI-ZEN offers. And there’s no better way than putting them quite literally in the shoes of a resident.”

The Meta Ray-Ban Glasses are at the heart of this one-of-a-kind activation, enabling content to be captured from a natural, unfiltered perspective—no gimbals, no staging, just real- time storytelling. Whether it’s a short commute to Colombo’s key hotspots, smart home features activating at a touch, or the energy of city life just steps away, the viewer experiences it all through the eyes of the modern, connected homeowner.

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Amana Life policyholders enjoy 19 percent return on their Gold Investment Fund

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Gehan Rajapakse – CEO of Amana Takaful Life

As global gold prices soar and investors worldwide turn to gold as a trusted store of value, Amana Life Insurance stands out for offering Sri Lankans a rare and rewarding opportunity to invest in gold through life insurance.

Amana Life Insurance is the only life insurer in Sri Lanka offering customers access to a dedicated Gold Investment Fund across all life insurance products including retirement, education, and health plans. This presents a unique opportunity for Sri Lankans to save in gold and receive gold at maturity, combining financial protection with the long-term stability of a globally valued asset.

As of March 31st, 2025, the Gold Investment Fund delivered an impressive 12-month return of 19 percent, offering strong returns for policyholders who chose the Gold Fund investment option as part of their wealth planning strategy.

Whether you’re planning for your child’s education, retirement, or long-term wealth creation, Amana Life Insurance gives you access to one of Sri Lanka’s most diverse and high-performing investment portfolios. These include the Protected Multiple Fund, Stable Multiple Fund, Growth Multiple Fund, Volatile Multiple Fund, Bullion Multiple Fund, and the standout Gold Investment Fund, each designed to match different financial goals and risk profiles.

Commenting on the fund’s performance, Gehan Rajapakse, CEO of Amana Life Insurance, stated: “The continued rise in global gold prices underscores the importance of offering innovative, long-term investment options. The strong performance of our Gold Investment Fund reflects our deep commitment to creating lasting value for our policyholders. However, we remind customers that past performance is not indicative of future results, and every investment should be aligned with one’s financial goals and market outlook.”

As Sri Lanka’s most awarded insurer, Amana Life Insurance continues to lead with foresight, innovation, and a customer-first mindset, enabling every Sri Lankan to secure their future with confidence and clarity.

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