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.
Business
ComBank hands over fully refurbished wards at De Soysa Hospital for Women
The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.
Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.
Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.
Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.
The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.
Business
IIHS expands global nursing pathways
The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.
Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.
Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.
Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.
Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.
“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.
IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.
The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.
The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.
Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.
Business
Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair
Sampath GPay customers can enjoy 25% cash back on Book Fair purchases
Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.
Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.
Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”
The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.
Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.
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