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World Bank reassures support for Sri Lanka to build back better from COVID-19

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The World Bank’s Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, concluded a successful visit to Sri Lanka where he reiterated the World Bank’s commitment to support Sri Lanka’s efforts towards recovery and to build back better from the COVID-19 shock.

Based in Kathmandu, Nepal, this latest mission followed the Country Director’s introductory visit to Sri Lanka last November after assuming his new role in July 2020. Hadad-Zervos was joined by Chiyo Kanda, the Country Manager for Maldives and Sri Lanka, based in Colombo.

“Sri Lanka’s economy is on the road to recovery after the worst downturn on record last year. The World Bank stands ready to support the Sri Lankan government as it strives to protect its people from the pandemic, while addressing the vulnerabilities in the macro-fiscal environment,” said Faris. H. Hadad-Zervos, the World Bank Country Director for Maldives, Nepal and Sri Lanka. “Recovery and resilience in the post-COVID era can be accelerated by an export-oriented growth model that taps the full potential of private investments and that increases competitiveness and growth.”

The visit coincided with the launch of the Sri Lanka Development Update: Economic and Poverty Impact of COVID-19, which was released on April 9. The report provides an update on Sri Lanka’s economy and outlook, highlighting the devastating impact of the pandemic. Sri Lanka’s economy contracted by 3.6 percent in 2020, the worst growth performance on record, as is the case in many countries fighting the pandemic, but is expected to recover to 3.4 percent in 2021, mainly due to foreign investments as well as normalizing tourism and other economic activities.

During the visit, the World Bank management team met with key government officials, including Minister of Plantations Ramesh Pathirana, Minister of Water Supply Vasudeva Nanayakkara, Minister of Highways Johnston Fernando, State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal, chairman of the Special Presidential Task Force on Economic Revival and Poverty Alleviation Basil Rajapaksa, Secretary to the President Dr. P.B. Jayasundera, Secretary to the Treasury Ajith Attygalle, Secretary at the Ministry of Technology Jayantha de Silva, Principal Advisor to the President Lalith Weeratunga, and the Governor of the Central Bank Prof. W. D. Lakshman.

Meetings were also held with private sector representatives, development partners as well as thought leaders to better understand how the World Bank can add value to Sri Lanka’s inclusive growth and sustainable development story.

“The in-depth discussions we have had with government officials, private sector and development partners will help us focus on the priority areas – critical for building a greener and more resilient economy that benefits all Sri Lankans,” said Chiyo Kanda, World Bank Country Manager for Maldives and Sri Lanka “We explored many new, exciting avenues for collaboration including harnessing the power of digital technologies to provide more and better opportunities for all Sri Lankans.”

The visit also saw the signing of two important agreements between the World Bank and Sri Lankan Government. A $69.53 million credit will help improve dams and irrigation schemes covering 165,000 hectares of agricultural land and improve the management of watersheds and water resources, benefitting 356,000 farming families. Under a second $69.33 million loan, a modern transport terminal will be built in Kandy city that will integrate rail, bus, three-wheeler, and pedestrian traffic to make it safer and more efficient.

The World Bank responded to the COVID-19 outbreak in Sri Lanka by repurposing a large portion of its current portfolio to assist the government in reducing the pandemic’s effects. Supplying critical personal protective equipment (PPE), providing temporary cash assistance to vulnerable groups, strengthening COVID-19 security mechanisms on public transportation, promoting tele-education for students, and providing technologies to enhance public service delivery are some of the initiatives supported by the World Bank. Further support in managing the situation, especially through a speedy and efficient vaccination program, is also on the table.

The current World Bank portfolio in Sri Lanka consists of 19 ongoing projects, with a total commitment value of US$2.33 billion in a variety of sectors including transport, urban, agriculture, water, education and health. Link: https://www.worldbank.org/en/news/press-release/2021/04/25/world-bank-reassures-support-for-srilanka



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Businesses urged to address environmental challenges

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Dignitaries at an environment-linked awareness-raising event.

Central Environmental Authority (CEA) chairman Dr. Tilak Hewawasam urged businesses to take greater responsibility in addressing environmental challenges, warning that failure to act could have severe long-term economic consequences.

Speaking to journalists, Dr. Hewawasam emphasized that sustainability is no longer just a compliance issue but a core business strategy.

“Environmental responsibility is not just a regulatory obligation—it is a business imperative. Companies that integrate sustainable practices will lead the way in economic resilience and innovation, he said.

Hewawasam’s remarks come as Sri Lanka faces mounting environmental concerns, including waste mismanagement, deforestation and rising carbon emissions. The CEA has been advocating for stronger corporate participation in tackling these issues, encouraging industries to adopt cleaner technologies, efficient waste disposal systems and renewable energy sources.

Hewawasam stressed that the government alone cannot drive sustainable change. “The private sector must step up, adopt green technologies and rethink supply chains to minimize environmental impact, he told journalists.

He also noted that businesses investing in sustainability are more likely to attract investor confidence and long-term profitability.

“With global markets increasingly rewarding eco-friendly brands, Sri Lankan companies risk being left behind if they fail to align with international environmental standards, he added.

“The CEA continues to push for stronger collaboration between businesses and policymakers to accelerate the country’s transition to a green economy.”Hewawasam stressed that businesses must view sustainability not as an obligation, but as an opportunity to drive innovation and long-term success.

By Ifham Nizam

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Sri Lankans Vote Dialog as the Telecommunication Brand and Service Brand of the Year

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Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has been honoured as the ‘Telecommunication Brand of the Year’ for the 14th consecutive year and the ‘Service Brand of the Year’ for the 4th time at the SLIM-KANTAR People’s Awards 2025, held on March 18, 2025. This recognition, awarded based on the voice of the people, reflects the strong relationship Dialog has built with Sri Lankans over the years and the trust they continue to place in the brand.

Since 2007, the SLIM-KANTAR People’s Awards have been a unique symbol of consumer-driven recognition in Sri Lanka. Unlike industry-judged awards, they are based on a comprehensive nationwide survey, providing a transparent reflection of public sentiment. These accolades honour brands and individuals who have earned the trust and admiration of Sri Lankans, forging strong emotional connections. For Dialog, this recognition underscores its deep-rooted relationship with the people and its commitment to delivering reliable connectivity and exceptional service.

“We are truly humbled and grateful to the people of Sri Lanka for this recognition,” said Supun Weerasinghe, Director / Group Chief Executive of Dialog Axiata PLC. “To be chosen as the Telecommunication Brand of the Year for 14 years and the Service Brand of the Year for 4 years is an honour we deeply appreciate. It reflects the trust and confidence placed in us by millions across the country, and we remain committed to strengthening this bond by delivering innovative, accessible, and reliable connectivity that enhances lives and enterprises.”

Dialog’s continued recognition at the SLIM-KANTAR People’s Awards is a testament to its dedication to serving Sri Lankans. As the nation’s #1 connectivity provider, Dialog will continue evolving to meet the changing needs of its customers, ensuring that every solution and service contributes to a more connected and empowered Sri Lanka.

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Sierra Cables’ share sale bolsters bourse; indices wax positive

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The CSE yesterday was somewhat active because Sierra Cables contributed more than half of the turnover. The company sold its shares at a price 24 percent lower than the previous price level. Market sources revealed that an LOLC Group company purchased 146 million Sierra Cables shares at a market price of Rs 12.30 per share, amounting to Rs 1.8 billion.

This gave some impetus to the market and the All Share Price Index also became positive. Sierra Cable’s previous price was Rs 15.50. Consequently, the All Share Price Index went up by 256.7 points, while S and P SL20 rose by 98.3 points. Turnover stood at Rs 3.67 billion with four crossings.

Those crossings were reported in Citizens Developments Business Finance, where two million shares crossed to the tune of Rs 464 million; its shares traded at Rs 232, HNB 295,000 shares crossed for Rs 90 million; its shares traded at Rs 305, JKH, 4 million shares crossed to the tune of Rs 80.8 million; its shares traded at Rs 20.20 and TJ Lanka 900,000 shares crossed for Rs 44.6 million; its shares traded at Rs 49.50.

In the retail market top six companies that mainly contributed to the turnover were; Sierra Cables Rs 1.8 billion (146 million shares traded), CCS Rs 168 million (2.2 million shares traded), JKH Rs 79.5 million (3.9 million shares traded), Sampath Bank Rs 67.8 million (562,000 shares traded), TJ Lanka Rs 60 million (1.2 million shares traded) and Vallibel One Rs 58.4 million (one million shares traded). During the day 197 million share volumes changed hands in 11468 transactions.

It is said that manufacturing sector entities were the main contributors to the turnover, especially with Sierra Cables and JKH, while banking sector counters were the second highest contributor to the market turnover.

Yesterday, the rupee was quoted at Rs 296.45/65 to the US dollar in the spot market, weaker from 296.30/40 the previous day, dealers said, while bond yields were slightly down.

A bond maturing on 01.07.2028 was quoted at 9.75/85 percent, down from 9.84/90 percent. A bond maturing on 15.09.2029 was quoted at 10.08/15 percent, down from 10.14/20 percent. A bond maturing on 15.10.2030 was quoted at 10.25/34 percent, down from 10.25/38 percent. A bond maturing on 15.12.2032 was quoted at 10.75/85 percent, down from 10.85/97 percent.

By Hiran H. Senewiratne

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