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U.S. willing to help Sri Lanka find sustainable solutions to urgent economic challenges

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Julie Chung, the U.S. Ambassador to Sri Lanka meets with UNP Leader and former prime minister Ranil Wickremasinghe on Monday, March 21 at the latter's private residence in Colombo.

by Sanath Nanayakkare

Julie Chung, the U.S. Ambassador to Sri Lanka met with UNP Leader and former prime minister Ranil Wickremasinghe (RW) on Monday, March 21 at the latter’s private residence in Colombo. The meeting took place two weeks following her talks with Denis Chaibi, the EU Ambassador to Sri Lanka on potential areas for collaboration in Sri Lanka and the Indo Pacific.

The official Twitter account of Ambassador Julie Chung said, “A vibrant political opposition is vital in any healthy democracy. Thank you RW for meeting with me to discuss ways the U.S. and Sri Lanka can work together to find sustainable solutions to today’s urgent economic challenges,”

On March 8, she met with TNA Leader R. Sampanthan on the need for a political solution, accountability and justice for all Sri Lankans. Following this meeting she said that she was looking forward to more conversations on democracy, governance and inclusive economic growth for all of Sri Lanka’s diverse communities.

Earlier, the U.S. Ambassador met with Justice Minister Ali Sabry and discussed their ‘shared commitment’ to the rule of law and support for Sri Lanka’s efforts to ensure justice for is citizens including the adoption of modern tech international standards through USAID’s efficient and effective justice project.

Julie Chung during her recent meeting with AmCham Sri Lanka said that the U.S. is committed to working with the local partners to foster a Sri Lankan economy that is sustainable, innovative and inclusive. She further discussed with AmCham ways to increase the prosperity of all Sri Lankans.

She also met with Foreign Secretary Jayanath Colomboge and discussed bilateral cooperation at the UNHRC and continued U.S. support for economic development on the island.

The U.S Ambassador’s assurance to Sri Lanka comes at a time the island nation’s currency reserves have slumped 70% in the last two years to $2.31 billion and it has to repay about $4 billion in debt in the remainder of this year.

Reuters said on Monday that the drain of dollars has left Sri Lanka struggling to pay for critical imports including food, fuel and medicine.

Meanwhile, the government yesterday ordered the military to post soldiers at hundreds of filling stations belonging to Ceypetco to ensure the distribution of fuel without causing more social unrest and deaths.

Sri Lanka’s finance minister is due to head to Washington next month for talks with the IMF with the objective of getting funding assistance from the international lender.

A report by Reuters said that Sri Lanka is going to hire a global law firm to get technical assistance on debt restructuring ahead of the talks IMF.

Ajith Nivard Cabraal, the Governor of the Central Bank of Sri Lanka repeatedly said that Sri Lanka would not seek assistance of the IMF and would replenish foreign reserves with financial assistance from friendly countries and non-debt creating inflows.



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Mahindra Ideal Finance One of Sri Lanka’s Great Places to Work

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MIFL team at the Great Place to work® Awards ceremony for Best 10 companies in the Banking, Financial Services and Insurance industry held at the Hilton Hotel, Colombo.

Mahindra Ideal Finance is not only one of Sri Lanka’s leading finance companies, but also one of Sri Lanka’s top employers of choice, attested to by the Company being certified as a Great Place to Work for 3 consecutive years, most recently in 2021.The Company has also been recognized amongst the Best 10 companies in the banking, financial services and insurance sector in 2021 by the Great Place to Work® Sri Lanka. As a result, Mahindra Ideal Finance has attracted a diverse group of individuals at the top of their game to be a part of the Company’s various teams. Having embarked on a landmark islandwide network expansion strategy, Mahindra Ideal Finance is also creating new opportunities for aspiring Sri Lankan professionals looking to build solid careers in financial services.

Duminda Weerasekara – Chief Executive Officer said, “As we are growing our presence around the country through the expansion of our branch network, we are looking for driven and passionate people to reinforce our teams. As we have been a dedicated, caring and trustworthy employer since our inception, Mahindra Ideal Finance is the ideal platform for dynamic young professionals looking to launch or grow their careers.”Great Place to Work®, headquartered in the USA, is the global authority on high-trust, high performance workplace cultures. Great Place to Work provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures.

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Daraz Cares introduces ‘Buy one Give One’ initiative – To support families in vulnerable communities

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The unfolding economic crisis in the country has presented Sri Lankans with unprecedented challenges, including scarcity of essentials, escalating living expenses and deteriorating living standards. The impacts of the crisis are graver and more ominous for those in vulnerable communities, where families struggle to make ends meet amidst mounting financial difficulties.As part of its commitment to give back to the community, Daraz Cares has come forward with a social initiative that pledges support for families in vulnerable communities. The initiative themed ‘Buy One, Give One’ will support Sri Lankan families faced with financial challenges with a pack of selected daily essentials. The selected items for the ‘Buy One, Give One’ initiative are, a 1kg pack of CIC Sudu Suduru Rice,a 500g of Orient Mysoore Dhal, a 300g pack of Maggi Coconut Milk Powder, 500g of Orient White Sugar, and 500 g packs of Sunlight Lemon and Rose Detergent Powder, which are all available for purchase via Daraz Mart.

The initiative will be implemented in a manner that, each time an individual purchase any desired quantity of one of the nominated items on the Daraz app, Daraz will donate an equal quantity of the same product to a family in vulnerable communities.Daraz invites everyone to purchase a preferred quantity of the selected items via www.daraz.lk/dmart/ and become a part of the ‘Buy One, Give One’ social initiative.

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DIMO partners with Allianz to provide innovative insurance scheme to its TATA customers

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DIMO together with Allianz recently introduced a state-of-the-art motor insurance & claim settlement scheme designed exclusively for DIMO’s TATA customers.The partnership is focused on assisting the customers to reduce costs incurred during conducting accident repairs through exemption of the owner’s payable portion for TATA vehicles within 5 years of date of manufacture. This innovative facility also offers all TATA customers of DIMO special insurance premium rates at the time of renewal of insurance. DIMO’s TATA customers will enjoy the utmost convenience and zero hassle as both DIMO and Allianz will coordinate all tasks from towing the vehicle to the nearest DIMO-TATA workshop, quick and efficient estimation & approval process, repairing of the vehicle according to exact manufacturer’s specifications, settlement of repair bills to handing over of the vehicle to the customer in original condition.

Ranjith Pandithage, Chairman & Managing Director of DIMO, said, “This partnership will further assist us in offering an enhanced service for our valued customers. As a company, DIMO has always stood for fuelling the dreams and aspirations of the communities we serve in, and it is a pleasure to be able to offer an innovative insurance scheme at a time like this, in collaboration with Allianz.

Gany Subramaniam, CEO of Allianz Insurance Lanka Ltd, said “We are extremely pleased to be partnering with DIMO to offer a customer-centric product, ensuring a vehicle is repaired and restored with minimum hassle.”

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