Business
Treasury Secretary urges public to have a ‘pragmatic view’ of economy and fiscal discipline
‘Fortunately, help came from IMF in 2022 when economy suddenly plunged into crisis’
By Sanath Nanayakkare
Mahinda Siriwardana, Secretary to the Treasury and the Ministry of Finance recently warned that any policy inconsistency in handling the economy or veering away from the current fiscal consolidation programme would lead to disaster with no hope of future bailouts for Sri Lanka.
“The Public Finance Management Bill should have been brought many years ago. How many drafts were made – how many years were spent – before it was eventually finalized? We waited till we had our ‘back hit the ground’ to bring this. Why couldn’t we bring it earlier? There are several other things also that we should have done to avoid the crisis, but we didn’t,” he said.
“I am saying this from my personal experience. When you look back at the last two years and compare it with now, we have achieved relative stability, but we are still not in a comfortable position as a country. At the Treasury we are aware that the country is in a difficult place. But that difficulty is not visible on the surface. Fuel is available, electricity is available and public and private transportation is in place. As public servants, we got our salaries because the government didn’t impose s pay cuts like in Greece during the bailout program of the International Monetary Fund. That’s a good thing. But we still pay the salaries with difficulty.
Now that money printing has been brought to an end, government revenue has to come from taxes. In addition, we are trying to restrict our spending. That is not easy. For many decades, we have been used to one method and it is very difficult to change it. With the lessons we learned from the economic crisis, now we have to think as a country. We can’t just think as political parties. I would like to tell the whole country that political parties may have different policies, but if they say things to just get political power, that’s wrong. The head of the International Monetary Fund’s mission in Sri Lanka Peter Brewer has said it is witnessing the beginning of a virtuous cycle in Sri Lanka which must be sustained rather than reverting to a ‘vicious cycle’ as the country is on a ‘knife edge’ path. That is why we need to act wisely. Now we don’t print money or make unnecessary expenditures to maintain fiscal discipline. If the country needs to shift from the current course, then the people need to be told how it would be done and its impact on the people. Otherwise the people would plunge into a more difficult place than they were in 2022.”
“Fortunately, a positive reaction came from the IMF in 2022 when we plunged into the crisis. Today the debt restructuring has been successful to some extent. The international community is watching us. If we engage in fiscal indiscipline again, if we lose our current consolidation path altogether, don’t think anyone will come and bail us out next time. This is the fragile situation we are in and we need to understand that very well.”
“A lot of pain had to be taken in the process of achieving current level of stability which was done under the guidance of the President. Now we all need to get together and move the country forward on the current track and sustain the reform momentum. Otherwise we will have to pay a heavier price in the future than in 2022 as a consequence,” he said.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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