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Sri Lanka likely to revert to US$ 400mn foreign currency swap with India

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The Sri Lanka-RBI swap deal came under the facilities available to SAARC countries in 2020.

Central Bank of Sri Lanka (CBSL) would return to a $400 million foreign currency swap with the Reserve Bank of India (RBI) as part of Sri Lanka’s measures to boost the foreign reserves hit by the COVID-19 pandemic, New Delhi Television (NDTV) reported on Friday.

Accordingly, Central Bank Governor Professor W D Lakshman said the country could draw down on the USD 400 million foreign exchange swap with the RBI in August 2021.

Sri Lanka originally signed the swap deal available to SAARC countries in 2020 and repaid it in February 2021 after rolling it over once. On February 1, the Sri Lankan Central Bank settled the USD 400 million currency swap facility from the RBI. Central Bank Governor Lakshman said hence the same swap could be obtained after August.

The Sri Lanka-RBI swap deal came under the facilities available to SAARC countries in 2020. A few weeks back, Sri Lanka entered a 200 million dollar swap with the Bangladesh central bank. According to the Governor, the signing of the agreement for the Bangladesh swap would happen soon.

Sri Lanka has to pay a billion US dollar sovereign bond in July 2020. Sri Lanka reported just above 4.4 billion US dollars of reserves in May 2021. COVID-19 struck Sri Lanka in March 2020, putting its foreign reserves under strain as tourism, worker remittances and exports were badly hit since then.

The SAARC currency swap framework came into operation on November 15, 2012, to provide a backstop line of funding for short term foreign exchange liquidity requirements or short-term balance of payments stress till longer term arrangements are made.

The facility is available to all SAARC member countries, subject to their signing the bilateral swap agreements, NDTV said.

 

 

 

 



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‘Invest Sri Lanka’ forum to be held in March 2025 in Colombo

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The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) in association with the Stock Broker industry, will host the “Invest Sri Lanka” Capital Market Investor Forum on March 27th and 28th 2025, at the Shangri-La Hotel in Colombo. The event is aimed at promoting investment in the Sri Lankan capital market among institutional investors and fund managers based both locally and internationally.

This flagship forum will bring together key stakeholders from Sri Lanka’s capital market ecosystem to showcase the country’s investment potential. It will highlight Sri Lanka as an attractive investment destination, especially in light of recent economic reforms and the latest upgrade from Fitch Ratings, which has raised Sri Lanka’s long-term foreign currency issuer default rating from Restricted Default (RD) to CCC+. This upgrade reflects the country’s significant progress in stabilizing its economy and signals that the risk of imminent default has eased, fostering growing confidence in Sri Lanka’s financial recovery. It is a crucial milestone in the country’s efforts to rebuild credibility and regain investor trust, playing an essential role in attracting both domestic and international investors, particularly through debt restructuring efforts, fiscal reforms, and securing international support, such as the ongoing IMF program.

This improvement is expected to provide an important boost to investor sentiment, as it demonstrates Sri Lanka’s commitment to addressing its economic challenges and taking necessary steps to ensure long-term fiscal stability.

The ‘Invest Sri Lanka’ Capital Market Investor Forum 2025 will feature leaders in Government, financial and capital market sectors, including regulators, market intermediaries and listed companies to make a collective case for Sri Lanka as an attractive investment destination.

The forum will provide networking opportunities, fostering meaningful connections and promoting synergies that highlight the investment potential within Sri Lanka’s dynamic capital market. Pre-scheduled one-on-one discussions between international fund managers and Sri Lankan companies will facilitate further investment partnerships.

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Premier PR expands services to social media marketing

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Deepika Gunasekera – Director, Premier PR

Premier PR, the premier public relations and marketing communications company, has expanded its services portfolio from public relations to social media marketing. Furthermore, Premier PR will also publish news releases of other corporates on its newly designed website.

Celebrating its 17th anniversary in Public Relations, Premier PR will now support its clients to design and execute their social media marketing campaigns to the target groups via social media platforms such as Instagram, Fb, and LinkedIn. Premier PR’s clients range from multinationals and blue-chip companies to SME and family businesses in diverse industries such as IT & technology, education and HR, retail, manufacturing, pharmaceuticals, print, automotive after-market, leisure, mobile and telecommunications, healthcare, fashion, tea, and beverages.

Premier PR is headed by Deepika Gunasekera, who holds an honors degree in mass communications, philosophy, and French from the University of Kelaniya. Having worked in multinationals and local companies such as Nestle, Caltex, Maharaja, Bates Strategic Alliance, etc. handling popular brands, Deepika is an experienced Brand Management and marketing communications professional.

“In addition to public relations campaigns, we have exciting new plans for 2025 to design and execute interesting and innovative social media campaigns to carry our clients’ messages to their target groups. Premier PR now has the expertise to provide integrated public relations as well as social media marketing making it convenient and efficient for our clients to conduct coordinated, efficient marketing communications campaigns for maximum engagement. Furthermore, we have redesigned our website, https://www.premierprsrilanka.com, to publish newsworthy business news of companies providing an additional channel for engagement with the target groups,” said Deepika Gunasekera.

Deepika is a regular contributor to national newspapers on important and current topics to enhance social engagement with policymakers.

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Sri Lanka hosts world’s first Meditation Conference

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A meditation session in progress at the Centre for Meditation Research

By Professor Saroj Jayasinghe

Unknown to many, Sri Lanka has made history. Few in the country were likely aware that the UN General Assembly had declared December 21st as World Meditation Day. On December 6th, a momentous occasion took place. According to the Permanent Mission of Sri Lanka to the United Nations in New York, the draft resolution L.27, titled “World Meditation Day,” was presented to the UN General Assembly.

A core group of six countries, including Liechtenstein, Andorra, Mexico, Nepal, and India, worked alongside Sri Lanka, which played a pivotal role in this achievement. Seventy-one member states from diverse geographical regions and cultural backgrounds co-sponsored the resolution, which was adopted by consensus without the need for a vote. The resolution acknowledges meditation’s universal contribution to health and well-being. Sri Lanka’s leadership in facilitating negotiations was instrumental in its adoption, marking a historic moment for the nation.

Unfortunately, this significant achievement received little prior publicity in Sri Lankan media, leaving many unaware of its importance. Nevertheless, with just 14 days until the inaugural World Meditation Day, a dedicated group of academics from the Faculty of Medicine at the University of Colombo took on the ambitious task of organizing an international academic conference, placing Sri Lanka firmly on the global map of meditation.

This event holds enduring significance as the world’s first conference dedicated to meditation, taking place on the very first World Meditation Day. The organizers collaborated with the Sri Lankan Mission for UNESCO, aligning the program with the UN resolution, which “invites all Member and observer States, organizations within the United Nations system, international and regional bodies, civil society, non-governmental organizations, and individuals to observe World Meditation Day in appropriate ways to raise awareness of the benefits of meditation.”

The outcome exceeded all expectations. The conference brought together experts and academics from nine countries, with over 250 registrants from around the world, reflecting global interest in meditation.

The online symposium commenced promptly at 9:00 AM Sri Lankan Time on December 21st and continued until 1:00 PM. The event opened with a welcome address by Senior Professor Vajira Dissanayake, Dean of the Faculty of Medicine at the University of Colombo. This was followed by a message from Sri Lanka’s Chargé d’Affaires, Sugeeshwara Gunaratna, who described the UN declaration as a significant step toward raising awareness of meditation’s contributions to health, well-being, and the broader vision of a peaceful, sustainable world. Dr. Sirimali Fernando, Secretary General of the Sri Lanka National Commission for UNESCO, highlighted UNESCO’s role in promoting mental health through cultural initiatives such as meditation.

The academic program was thoughtfully curated, featuring diverse topics such as the global impact of meditation, its potential in achieving sustainability, and cutting-edge research.

Renowned meditators from the UK, Australia, the USA, Sri Lanka, and Malaysia shared their personal reflections, while participants from Bhutan, India, Myanmar, and Thailand presented meditation practices unique to their countries. Groundbreaking research from India and Sri Lanka showcased meditation’s positive effects on bodily functions, the brain, well-being, and diseases such as Parkinson’s and diabetes.

A video presentation by the Centre for Meditation Research at the Faculty of Medicine in Colombo highlighted the work of seven doctoral students. Their research underscored meditation’s potential to promote social harmony and environmental awareness, emphasizing its relevance in fostering global peace and addressing the climate crisis.

Esteemed international speakers included Bhante Shravasti Dhammika from Australia, Ven. Luang Por Khemadhammo OBE from the UK, Malaysian practitioner Chee Bock Chwee, Dr. Karma Tenzin from Bhutan, Prof. Aurobinda Routray from the Indian Institute of Technology (IIT) Kharagpur, Dr. Moe Thida Kyaw representing Myanmar, Asst. Prof. Tanatchaporn Kittikong from Thailand, and Dr. Iresha Goonesinghe a cardiologist from the USA. Sri Lanka was represented by Professors Dilshani Dissanayake and Saroj Jayasinghe. The compere was Professor Jeevani Herath.

The symposium included a serene, guided meditation session led by Venerable Panadure Chandrarathana from the Nissarana Vanaya Forest Monastery in Sri Lanka. This session, joined by participants from across the globe, exemplified the unifying power of meditation.

The event received financial support from the University of Colombo, UNESCO, the Rekhi Foundation, and other contributors.

The Centre for Mediation Research can be reached at https://med.cmb.ac.lk/cmr/

(The writer is an advisor to The Centre for Mediation Research, University of Colombo)

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