Business
Sri Lanka had been ‘hiding its bankruptcy’ before it was officially announced: CBSL Governor
By Sanath Nanayakkare
The Governor of the Central Bank, Dr. Nandalal Weerasinghe said on Tuesday that Sri Lanka had been hiding its bankruptcy which had actually occurred months before it was officially announced.
He said so during a multi-TV channel programme where several key political and public officials responsible for the country’s economy were quizzed by journalists.
“At present, we are taking necessary measures to resurrect such an economy plagued by bankruptcy,” he recalled in response to a query about the economic crisis.
“The first quarter of Sri Lanka had had a negative contraction. One of the short-term measures we had to take was to obtain foreign fund assistance to finance the budget deficit while at the same time increasing our foreign earnings to reduce our dependency on foreign loans. That was the only solution we could take in the short-term,” he said.
When asked whether there wasn’t any other source to increase state revenue other than imposing higher taxes on the people, the Governor said, “Definitely there is one. The loss-making state owned enterprises (SOEs) gobble a huge share of the government’s tax revenue. Although we have identified them as national resources, in real terms, they are not.
‘These SOEs which are widely believed as national assets have become liabilities that burn up government’s tax revenue. SriLankan Airlines carries with it a debt of about USD one billion and that’s why no investors are coming to partner with SriLankan Airlines. Some people identify it as trying to sell the national career. But truly speaking, it is a liability rather than an asset. The government has a lot of assets which should be used productively. Take Sri Lanka Telecom for an example. It had been a fully government-owned entity. It was opened to other investors and today SLT is of great importance to various stakeholders and the entire country. If it was not opened for diversified investments, you wouldn’t have an effective telecommunication service in the country today. It provides its offering competitively in the market in line with international standards. If it didn’t have such a diversified investor profile, SLT would not have been productive and the devices you use and the bills you get today from service providers would be 10 times as high. It provides value to the country and SLT’s asset value has increased. The government of Sri Lanka is still the primary shareholder of SLT and it is not a liability. Likewise if we open our electricity supply, SriLankan Airlnes, Ceylon Petroleum Corporation etc, we could reap its benefits. Another example is the Sri Lanka Ports Authority which does not receive financial allocations from the government but operates on its own revenue and resources. If we could open the loss-making entities to such an investment and operational model, there will be no need to collect and waste tax payers’ money on them.”
“For investors to come to Sri Lanka, there needs to be political stability, macro-economic stability and ease of doing business. Vietnam has all these attractions for investors and even some Chinese businesses are relocating in Vietnam due to these reasons. Sri Lanka also has that opportunity. We have to make necessary reforms for that. We will have to move forward through a competitive, open economy to conquer the world. Being a small country, we can’t progress only with internal competition and internal trade. Only when we are globally competitive in price and quality can we capture a share of the internal market. For that we need to open the country for investment,” he said.
According to the Department of Census and Statistics, the year on year GDP growth rate for the first quarter of 2022 had been estimated as negative 1.6 percent which indicated a considerable contraction of the economy compared to the first quarter of 2021. Within the first quarter of 2022, the economic growth rate had slowed down compared to the first quarter of 2021 due to adverse effects of factors including inflation, foreign exchange devaluation and US dollar deficit in the country.
Business
Ogilvy Group tops award tally at Dragons of Sri Lanka 2026
Nine awards, including two Golds, across disciplines recognise business-driven creativity
Ogilvy Group Sri Lanka delivered a standout performance at the recently concluded Dragons of Sri Lanka 2026 Awards, securing a total of nine awards comprising two Gold Dragons, one Silver Dragon and six Black Dragons, among the festival’s highest overall award tallies, a company news release said.
Gold Dragon wins for Phoenix Ogilvy and Ogilvy Digital, together with the seven additional recognitions across multiple categories, highlighted Ogilvy’s ability to combine creativity, strategic thinking and commercial effectiveness to deliver business results.
Organised by the 4As Sri Lanka, the third edition of Dragons of Sri Lanka shortlisted more than 50 agencies and corporates, making it one of the country’s most competitive marketing communications awards. These local awards, along with the chapters in Malaysia and Pakistan are part of the Dragons of Asia platform, one of the region’s leading programmes for marketing communications effectiveness, with entries being judged on strategy, originality, execution and measurable results.
Ogilvy Digital accounted for eight awards in total, including a Gold Dragon in the Business & Trade Marketing category, and a Silver Dragon in the Innovative Idea or Concept category. The Agency additionally received six Black Dragons across the categories of Innovative Idea or Concept, Business & Trade Marketing, Content Creation, Small Budget, Event or Experiential, and Brand Trial or Sales Generation.
Commenting on the achievement, Sajith Weerasinghe, Chief Operating Officer of Ogilvy Digital, said, “These recognitions reflect the breadth of capabilities we’ve built across strategy, creative, content, experience design, technology and performance marketing. The fact that the work was recognised across so many different disciplines demonstrates our ability to apply creativity to a wide range of business challenges and objectives. We’re proud that this achievement spans multiple clients, categories and types of work, reflecting both the versatility of our people and our commitment to delivering results.”
The Ogilvy Group’s second Gold Dragon win was Phoenix Ogilvy’s recognition in the Product Launch or Re-Launch category for the relaunch of American Premium Water. It was a multi-dimensional campaign which refreshed the identity and rejuvenated the positioning of one of Sri Lanka’s pioneering bottled drinking water brands, bolstering its 30-year heritage while connecting with a new generation of consumers.
Commenting on the win, Siddhartha Roy, Chief Operating Officer at Phoenix Ogilvy, said, “There’s always something special about reimagining a brand with a rich heritage. American Premium Water has been a trusted name in Sri Lanka for more than three decades, but the challenge was to make it relevant and compelling for a new generation of consumers. We created a new blueprint for growth for the brand’s positioning, proposition and visual identity, and manifested it through design, packaging and storytelling. To see that transformation recognised with a Gold Dragon, and more importantly reflected in the brand’s renewed momentum in the market, makes this a particularly rewarding achievement.”
The Ogilvy Group Sri Lanka operates across multiple marketing communication disciplines and comprises over 290 staff in creative, strategy, digital, media, public relations and integrated communications. As part of the global Ogilvy network, the Group partners with leading local and international brands to create integrated campaigns that build brands, influence behaviour and drive business growth.
Business
Musical tribute to Fr. Marcelline Jayakody held in California
A musical tribute celebrating the life and legacy of Rev. Fr. Marcelline Jayakody, OMI, renowned for his contribution to Sri Lankan arts, music, culture and religious harmony, was held in California with the participation of a large gathering of Sri Lankans.
Titled “Sri Lanka Rani Maniye,” the event was organised by the Sri Lankan Catholic Community in California (SLCCC) under the guidance of Rev. Fr. Rashmi M. Fernando, S.J.
The programme honoured Fr. Jayakody, affectionately known as “Pansale Piyathuma” (The Priest of the Temple), for his efforts to promote Buddhist-Catholic understanding, interfaith dialogue and a shared Sri Lankan identity.
The event brought together members of the Maha Sangha, the Consul General of Sri Lanka in Los Angeles, musicians, singers, donors, parents, children and members of the Sri Lankan community from Los Angeles and other parts of Southern California.
Music, song and Sri Lankan cultural traditions featured prominently, with organisers placing particular emphasis on introducing the country’s artistic and cultural heritage to younger generations of Sri Lankans growing up overseas.
The programme also highlighted the importance of community unity, religious harmony and mutual respect among Sri Lankans living abroad.
Rev. Fr. Fernando told the gathering that the event marked only the beginning of efforts that could achieve more through unity “for the pride and greater good of our motherland, Sri Lanka.”
The organisers thanked the performers, volunteers, donors and well-wishers who contributed to the event, which concluded as a celebration of Fr. Jayakody’s enduring cultural legacy and the Sri Lankan diaspora’s continuing connection with its homeland.
Business
Hayleys Fentons completes Rs. 1 bn manufacturing facility in Wathupitiwala
Hayleys Fentons Limited has completed construction of a state-of-the-art manufacturing facility for Shield Restraint Systems (Pvt) Ltd at the Wathupitiwala Export Processing Zone, with the project completed on schedule within approximately 14 months.
The project, valued at more than Rs. 1 billion, commenced with the laying of the foundation stone on January 7, 2025. It was undertaken by the project arm of Hayleys Fentons, with Design Consortium International (Pvt) Ltd serving as the principal design consultant.
The facility has been designed to meet international industry standards and incorporates advanced safety and energy-efficiency features. A pre-engineered building structural system was used to facilitate faster construction and optimise project costs.
The new facility will manufacture safety restraint systems for the international automotive industry through Shield Restraint Systems.
Hayleys Fentons Deputy Managing Director – Projects Sujith De Alwis said the timely completion of the project demonstrated the company’s engineering and project management capabilities and the ability of Sri Lankan construction expertise to meet stringent international standards.
Hayleys Mobility Executive Director Roshani Dharmaratne said the project required detailed planning, quality management and coordination across multiple disciplines.

Sujith De Alwis, Deputy Managing Director – Projects of Hayleys Fentons Limited and Roshani Dharmaratne, Executive Director of Hayleys Mobility Limited
Chairman Design Consortium Migara Alwis said the project further strengthens its portfolio in specialised industrial construction and supports investment linked to Sri Lanka’s participation in the global automotive supply chain.
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