Business
WB, IMF and G7 governments accused of aggravating South’s economic woes
By Ifham Nizam
Members of the Asian People’s Movement on Debt and Development (APMDD) took to the streets yesterday, accusing the World Bank (WB), the International Monetary Fund (IMF) and G7 governments of aggravating economic conditions in the global South and of further exacerbating the climate crisis.
In Sri Lanka, Center for Environmental Justice’s (CEJ) Advocacy and Campaign Unit Director Janaka Withanage told The Island Financial Review that the WB had not funded to mitigate fossil fuel issues in Sri Lanka.
Withanage added that, on the other hand, the World Bank should not fund fossil fuel energy projects in G7 countries, but assist them in launching renewable energy projects.
Withanage said that the IMF should not compel Sri Lanka to pay its debts by taking more debts to settle it. “Strengthening resources and production is the key,” he said.
He also stressed that the IMF should cancel all unaudited debts in Sri Lanka.
“A Wealth Tax should be imposed on the affluent class, like in other countries. In Sri Lanka monies are squeezed in from the needy to pay the rich; this concept should be immediately stopped, he stressed.
Withanage also said that to coincide with the annual meetings of the IMF-WB, Asian activists joined hundreds of other organizations worldwide to mark the Global Week of Action for Debt, Climate and Economic Justice.
A statement endorsed by close to 500 organizations and individuals from 74 countries across all global regions denounced the IMF-WB to the effect that, “Together with other private and public lenders, they perpetuate a flawed international financial architecture that exacerbates debt, climate, and economic crises, violating the basic needs and rights of millions of people.”
In Manila, Philippines, hundreds of demonstrators marched to Mendiola, gateway to the presidential palace, with the call, “Cancel the debt and pay reparations for historical and continuing injustices!”
“Global South governments should stop paying for these illegitimate debts!” said Lidy Nacpil, APMDD Coordinator. “At the same time, lenders such as the IMF, the World Bank and G7 governments should stop pushing more loans as climate finance, and swiftly start the process of debt cancellation, adoption of wealth taxes for spending on urgent economic and climate action, and the rechanneling of public funds away from fossil fuel subsidies towards renewable energy systems.”
APMDD members in other countries also rallied to the calls of the Global Week of Action and mobilized in the hundreds to spotlight debt, climate and economic injustices, and to hold the IMF-World Bank and the G7 governments accountable.
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.
Ceylon Energy and HJT China have successfully completed the Mahiyangana-Kappalthurei 33kV power distribution lines and the Uhana Gantry as part of Sri Lanka’s Supporting Electricity Supply Reliability Improvement Project (SESRIP). Funded by the Asian Development Bank ($42 million), SESRIP aims to expand energy access in underserved regions, including conflict-affected areas and provinces like Uva and North Central.
The project’s infrastructure spans over 270 km of 33kV lines, 13 switching gantries, and 2,372 km of low-voltage extensions.
The projects connect 35,000+ households and improve reliability for 493,000+ consumers; integrates renewables to reduce losses.
The projects’ notable components include: Mahiyangana-Bibila Line: 36 km with 147 steel towers and Kappalthurei-Sixth Mile Post Line: 14 km with 58 towers.
Ceylon Energy Chairman Madushanka Fernando hailed it as a ‘new beginning of a brighter era’, emphasising the project’s role in uplifting rural communities and driving sustainable development.
The initiative underscores Sri Lanka’s commitment to inclusive, reliable energy and climate resilience.
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