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Sri Lanka hits the nail on the head at UN ECOSOC Financing for Development Forum

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Shehan Semasinghe, State Minister of Finance speaks at the UN ECOSOC Financing for Development (FfD) Forum held in New York, on 17 April 2023

• Says existing system of international debt schemes hinders vulnerable, developing economies

• Urges for political will at global level to reform international financial architecture

• Requests for support in debt restructuring, debt sustainability and adequate climate financing

By Sanath Nanayakkare

Shehan Semasinghe, State Minister of Finance speaking at the UN ECOSOC Financing for Development (FfD) Forum held in New York, on 17 April 2023 said that Sri Lanka’s recent experience has shown the constraints developing countries face in the existing system of the debt architecture, particularly when developing economies are faced with vulnerabilities that are beyond their control.”

Referring to the 54 countries categorized as having severe debt problems given the global outlook of high inflation, low growth and high interest rates, Semasinghe appealed to the high-profile international finance forum that it needs to have a look at the global financial architecture and ensure that the vicious cycle of debt and default does not repeat itself.”

Further speaking he said:

“I came to New York after attending the Spring Sessions of the IMF and the World Bank with whom we have an ongoing dialogue on the reforms being undertaken by Sri Lanka towards economic recovery, and the IMF’s Extended Fund Facility approved last month. As observed by the UN Secretary-General, many developed countries, adopted expansionary fiscal and monetary measures to aid recovery in the aftermath of the pandemic. However, many developing countries could not do so and were burdened with high interest rates and lowered credit ratings. According to the UNDP’s Paper on “Avoiding ‘Too Little Too Late’ on International Debt Relief,” 54 countries are categorized as having severe debt problems given the global outlook of high inflation, low growth and high interest rates. Sri Lanka has had its share of above challenges in recent times,”

“With the successful conclusion of negotiations with the IMF on an Extended Fund Facility, we have reason for optimism and are now engaged in a debt restructuring programme within a framework comprising of a Special Creditor Coordinator Committee comprising of India, France and Japan. Towards this objective, the government of Sri Lanka is committed to making the hard policy decisions needed for the restoration of its economy on sound economic practices.”

“We meet at a time when the development agenda [sustainable development goals of the UN] that we embarked on in 2015 seems to have regressed and is in danger of remaining unachieved in 2030. Even before the pandemic, the development agenda was somewhat constrained due to a multitude of factors. These factors have exacerbated due to a combination of events stemming from the pandemic to the conflict in Ukraine and climate change. Multilateralism and multilateral organizations as well as the process of globalization have today come under threat due to the perception that institutions committed to delivering the Development Agenda have not achieved their milestones. The lack of adequate and sustainable financing remains the primary and key challenge today that many states face in meeting the targets of the 2030 Agenda.”

“The key message in the report on “Financing for Sustainable Development” provides a snapshot of the predicament we are in, the urgency of the action to be taken and the clear recommendations on what needs to be done. What remains to be seen is whether there is political will at the global level to take adequate measures, especially on reform of the international financial architecture, to meet already expressed pledges on Official Development Assistance, assist countries in debt restructuring and debt sustainability and ensure adequate climate financing.

” It is our hope that the SDG Stimulus proposed by the Secretary-General and the deliberations at this Forum will find fruition; stop the back sliding and provide the necessary stimulus to ensure that the Agenda 2030 regains its traction . We cannot be in a state of inertia; we must act with the necessary political will now, if we are to ensure that the global sustainable development prospects will not back slide further and reach a point of irretrievability when we will see an exacerbated finance divide and a yawning sustainable development divide. The time horizons available to scale up SDG financing, investment and development cooperation is short. My government is committed to undertaking national actions to accelerate sustainable industrial transformations. We look forward to forging bilateral and multilateral partnerships to assist this process,” Semasinghe said.



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DIMO KNIGHTS 2026 Reinforces a Culture of Recognition and Growth

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DIMO celebrated DIMO KNIGHTS 2026, recognizing employees whose exceptional dedication, leadership, innovation, and commitment continue to shape the organization’s success. More than an employee recognition event, DIMO KNIGHTS reflects DIMO’s unwavering commitment to cultivating a workplace where people are empowered to thrive, reinforcing the Employee Value Proposition of ‘Making Work Enjoyable and Rewarding’ while bringing its Corporate Purpose of Fuelling Dreams and Aspirations to life.

Held under the theme “Illuminating Leadership, Inspiring Achievement,” the event celebrated individuals who exemplify DIMO’s values and inspire excellence across the organization. By recognizing those who consistently go above and beyond, DIMO continues to foster a high-performance culture where people are empowered to innovate, lead, and create meaningful impact.

A highlight of the evening was the keynote address delivered by Mr. Ravi Kant, former Managing Director and Vice Chairman of Tata Motors India, who shared valuable insights on leadership, organizational transformation, and building resilient organizations capable of sustaining long-term success.

Commenting on the event, Ms. Dilrukshi Kurukulasuriya, Executive Director / Chief Human Resources Officer of DIMO, said: “Our Tribe is the driving force behind DIMO’s continued success. DIMO KNIGHTS is more than a celebration of outstanding performance; it is a reflection of the culture we strive to build every day. By recognizing and empowering our people, we reinforce our Employee Value Proposition of ‘Making Work Enjoyable and Rewarding’ while bringing our Corporate Purpose to life. When our people grow, innovate, and thrive, they create lasting value for our customers, partners, and the communities we serve.”

DIMO KNIGHTS reinforces the organization’s people-first philosophy by fostering a culture of appreciation, continuous learning, and purposeful leadership. The programme reflects DIMO’s conviction that when employees are empowered, recognized, and inspired to excel, they shape the future of the organization through innovation, collaboration, and sustained excellence, strengthening a high-performing culture that delivers lasting value, drives sustainable business success, and reinforces DIMO’s position as an employer of choice.

The evening recognized employees across a wide range of categories, celebrating outstanding performance, innovation, collaboration, customer focus, and leadership. The ceremony culminated with the presentation of the prestigious Innovator of the Year and Employee of the Year awards, with the Employee of the Year accolade presented to Mr. Chathura Gunasekera.

As DIMO continues to invest in developing exceptional talent, initiatives such as DIMO KNIGHTS reaffirm the organization’s belief that sustainable business success begins with its people. By creating an environment where individuals are recognized, empowered, and inspired to achieve their full potential, DIMO continues to cultivate a purpose-driven, high-performing workforce that is equipped to shape the future of the organization while delivering lasting value to all stakeholders.

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Sri Lanka’s lifestyle coffee culture boom and the two faces of its economy

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Cutting the cake for outlet number 100 - a symbol of urban commercial revival set against a backdrop of wider household economic recovery.

By Sanath Nanayakkare

On Baseline Road in Colombo, Barista Coffee recently opened its 100th outlet. For a modern café culture spreading across shopping centers, office districts, and provincial towns, this milestone is a major commercial success. It shows a thriving urban service sector and a growing class of lifestyle consumers who use coffee shops as places to work, socialise, and meet.

This is a curious new picture emerging from Sri Lanka’s post-crisis economic recovery: the coffee cup is getting bigger, even as the household tea cup tells a very different story.

Yet, looking past the espresso machines, a different reality unfolds in the country’s kitchens.

International financial institutions note that while Sri Lanka’s macro-economy is recovering, household welfare and employment remain below pre-crisis levels. Poverty rates sit at roughly double what they were in 2019, and food prices doubled over a three-year span, forcing families to cut back on essentials.

This creates a striking local paradox, especially given Sri Lanka’s proud heritage as a global tea producer. While the world pays top dollar for Ceylon Tea, local market studies and industry reports have long pointed out an unfortunate disparity: many ordinary families find high-quality tea too expensive, often settling for lower-grade alternatives at home.

The growth of a 100-outlet coffee network does not mean prosperity has spread evenly across the island. Instead, it proves that there is a specific, well-resourced segment of consumers with the purchasing power to sustain a premium lifestyle economy, even as many other households carefully calculate the cost of everyday groceries.

Barista’s 100th store is not a bad-news story; it is a testament to acute entrepreneurial grit, shifting consumer behavior, and the vital revival of the nation’s urban service sectors. But it serves as an uncompromising reminder that macroeconomic stabilisation is not synonymous with household recovery.

As Colombo’s coffee culture looks toward its next hundred outlets, the true pulse of the nation’s economic health will not be measured by the espresso machines humming in sleek urban hubs, but by the quiet arithmetic happening in millions of kitchens beyond its doors – where the fundamental question remains whether a family can comfortably afford a better cup of Ceylon Tea.

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Aitken Spence Hotel Holdings Rs. 5 billion debenture issue oversubscribed on opening day

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Aitken Spence Hotel Holdings PLC announced that its maiden listed, rated, unsecured, senior

redeemable debenture issue was oversubscribed on its opening day, 15th September 2026.

The Company sought to raise Rs. 3 billion through an initial issuance of 30 million debentures at Rs.

100 each, with an option to issue a further 20 million debentures in the event of oversubscription of the initial issue, increasing the total issue size to Rs. 5 billion.

The Company said it had received applications for more than 50 million debentures, the full amount on offer, prompting the issue to close at 4:30 p.m. on the opening day (15).

The basis of allotment will be announced to the Colombo Stock Exchange as per regulatory requirements in due course.

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