Business

Treasury Secretary urges public to have a ‘pragmatic view’ of economy and fiscal discipline

Published

2 years ago

2024/06/24

Thilina Walpola

Mahinda Siriwardana

‘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.

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Business

HNB Finance strengthens Board with four independent directors

Published

22 hours ago

2026/09/13

Thilina Walpola

Newly appointed HNB FINANCE PLC Independent Non- Executive Directors (from left): Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi

HNB FINANCE PLC has strengthened its Board with the appointment of four Independent Non-Executive Directors, effective September 8, 2026.

The new directors are Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi, who collectively bring extensive experience in financial regulation, banking, risk management, corporate finance, investment strategy, development finance and public policy.

Wijayawardhane, an Attorney-at-Law and capital market professional, retired in July 2025 as Chief Regulatory Officer of the Colombo Stock Exchange after more than 31 years with the Exchange. His experience covers securities regulation, corporate governance, market infrastructure and compliance.

Gnanapragasam has over four decades of banking experience spanning treasury, risk management, credit and trade finance. She currently serves as an Independent Non-Executive Director of Cargills Bank, Wealth Trust and Vision Fund Lanka.

Mohamed is a corporate finance and investment professional who previously served as Lead Transaction Advisor at the State-Owned Enterprise Restructuring Unit of the Ministry of Finance, where she led five divestiture transactions worth over US$600 million.

Dr. Wanniarachchi brings over a decade of experience in development finance, institutional reform and social protection, including work with the World Bank and the Government of Sri Lanka.

Business

Prime Residencies hands over The Palace Gampaha

Published

22 hours ago

2026/09/13

Thilina Walpola

Prime Group Chairman Premalal Brahmanage speaking at the event

Prime Lands Residencies PLC has completed and officially handed over The Palace Gampaha, described as the largest planned gated residential community in Gampaha, to its homeowners.

The development, which commenced construction in 2021, is located two kilometres from Gampaha town and 100 metres from the Colombo-Kandy main road.

Spread across 13.5 acres, The Palace Gampaha comprises 480 two- and three-bedroom apartments in a ground-plus-three-floor development, with prices starting from Rs. 27.5 million.

The project allocates about 80% of its land to landscaped areas and common facilities, while the remaining 20% is used for apartment development. Facilities include a swimming pool, gymnasium, clubhouse, library, community kitchen, laundry, mini-mart and a daycare centre managed by the Lyceum Group.

The fully gated community also incorporates solar power for common areas, underground electricity cabling and a sewage treatment plant with water recycling facilities.

Prime Residencies said all statutory approvals required for the handover had been secured, including certifications from the Condominium Management Authority and registration of the Condominium Plan and Deed of Declaration.

Prime Group Chairman Premalal Brahmanage said the project reflected the company’s vision of creating large-scale residential communities designed to enhance the quality of life of Sri Lankan families.

The project is the latest addition to Prime Group’s portfolio of more than 70 gated community and apartment developments.

Business

SLANA warns NVOCC business losing ground amid THC concerns

Published

22 hours ago

2026/09/13

Thilina Walpola

SLANA Chairperson Swabha Wickramasinghe presenting a memento to Minister of Ports and Civil Aviation Anura Karunathilaka at the eventually

Sri Lanka’s Non-Vessel Operating Common Carrier (NVOCC) sector is losing ground despite the expansion of the industry in several regional markets, Sri Lanka Association of NVOCC Agents (SLANA) Chairperson Swabha Wickramasinghe said.

Wickramasinghe, re-elected for a third consecutive term at SLANA’s ninth Annual General Meeting last week said the continued difficulty in collecting Colombo Terminal Handling Charges (THC) as a separate land-based cost was among the key challenges facing the industry.

She said the practice placed Sri Lanka at a competitive disadvantage as principals consider the overall economics of operating through Colombo.

“When Sri Lanka becomes less commercially attractive compared with other regional destinations, the consequences eventually reach our members,” she said.

Wickramasinghe said a committee had been proposed at a recent meeting with the Minister and Deputy Minister to evaluate the THC issue, urging the authorities to expedite its appointment and review.

She also called for an early solution to the problem of uncleared salt containers at the Port of Colombo, which has resulted in delays in releasing empty containers.

With more than 75 NVOCC lines operating in Sri Lanka, she stressed the sector’s importance to regional trade, particularly links with India and China.

Ports Minister Anura Karunathilaka said Sri Lanka should expand regional business while exploring areas such as bunkering, freight forwarding and e-commerce logistics.