Micro credit (finance): Facts and fallacies

Perhaps, micro credit to some and micro finance to others is the term used, misused and abused in many recent discourses on economic recovery following the COVID-19 pandemic.

Protecting Sri Lankan MSMEs during pandemic: Need for innovative solutions

The micro, small, and medium enterprise (MSME) sector in Sri Lanka accounts for 90 percent of all businesses in the country, provides 45 percent of employment, and contributes 52 percent to the nation’s GDP.

Digital transformation -a reality

Digital Transformation has become the talk of the town after the coronavirus pandemic and most private and public sector companies have had to adapt overnight to the new norm.

Controlling NCDs in Sri Lanka in age of a pandemic

According to the World Health Organisation (WHO), non-communicable diseases (NCDs) accounted for 83 percent of all deaths in Sri Lanka in 2016. Even more concerningly, the WHO states that those with pre-existing NCDs, such as cardiovascular diseases, chronic respiratory diseases, diabetes or cancers, are at a higher risk of becoming severely ill with COVID-19.

Banning cattle slaughter: Need to look at all facets of matter

The media reported some days ago of a proposal by the prime minister, to bring legislation to stop cattle slaughter and apparently majority of the government MPs are supportive of his proposal. Many Buddhist monks have also risen vehemently supporting the proposal. Have the proponents and the supporters looked wisely into all facts of the matter before rushing into this decision?

Gunaruwan’s questionable MCC report hampers Sri Lanka’s economic and investment prospects

The future of MCC remains bleak. Last year, the government appointed an experts panel to review the content of the agreement and the panel report was presented to the members of the Cabinet for their recommendations before the last parliamentary election. The government now has a two-thirds majority in Parliament and is in a position to make a final decision on the signing of the agreement.

Challenges in catalysing SMEs: Bridging missing link?

Developing small and medium enterprises (SMEs) has always been a priority for the government and there is a renewed push to catalyse SMEs to aid post-COVID-19 recovery. From directed credit to technical assistance programmes, successive governments and development agencies have tried many methods to develop SMEs.

COVID-19 and Sri Lanka’s labour market gaps: Permanent protection for temporary employees

The COVID-19 pandemic emerged as a public health crisis and morphed into a global economic crisis, with severe impacts on commercial activity, employment and trade. The International Labour Organisation (ILO) describes COVID-19 as the “worst global crisis since the Second World War”.

Cooperative movement can be used to give MSMEs new lease of life

COVID-19 has made an adverse impact to our economy, where many businesses fall into the micro small and medium enterprises (MSME) category and some in the small and medium enterprise (SME) category. A majority of Sri Lanka’s businesses fall into both the MSME and SME category.

Key economic sectors’ resurgence to bring fresh challenges to banks

This is part of an interview series titled ‘Mirror Business S&P SL2 - Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features Hatton National Bank PLC Managing Director/CEO Jonathan Alles. Following are excerpts from the interview.

Key reforms in consolidating NBFI sector come under spotlight

The non-banking financial institutions (NBFI) sector has evolved over the past years to be a stronger force in the finance industry in Sri Lanka. Unfortunately, the public only remembers NBFIs in light of unethical practices of non-regulated finance companies.

Emerging Asia: securing solid fundamentals for post-COVID future

Asia’s emerging economies are at different stages in combatting the Covid-19 pandemic. For some, the light at the end of the tunnel is getting brighter as social distancing measures are being eased and economic activity is starting to ramp up again. Others are still grappling with outbreaks and lockdowns.

A long journey: IFC’s 50 years in Sri Lanka

In the midst of a global pandemic, IFC steps up its work in Sri Lanka—aiming to help mitigate some of the worst economic impacts and deliver tangible long-term benefits.

COVID-19 in decline: Over by June 2021?

End of the COVID-19 pandemic? When? The responses map itself somewhere within a range from at least one year to 10 years plus. Wide agreement: it is something here to stay. There is no way out. Better get used to the ‘new normalcy’.

Minefield of economic uncertainty with no vaccine in sight

With more than 270,000 new cases daily and around 6,000 deaths daily, globally, most world leaders are pursuing a highly uncertain best-case scenario — the discovery of vaccines or a drug — while pushing for the pandemic-controlling options that are available and tested. They are however only part of a whole package of steps to save ourselves from the pandemic and the world economy contracting further.

Urgent economic action plan for new Cabinet

Now that the parliamentary elections are concluded, the focus of the new government should shift to the serious business of fixing the economy. COVID-19 has hit Sri Lanka’s economic outlook harder than expected.

To rebuild our economy let’s start with a logically assigned, development-oriented Cabinet

We are on the threshold of yet another parliamentary election. Whoever forms the next government will have a daunting task to revive our economy, badly battered by the COVID-19 pandemic.

A lifeline for economy amid crisis: Have banks done enough?

Businesses and individuals continue to struggle due to the impacts brought about by the global health crisis and it was the banking sector that all industries turned to, for help.

COVID-19 will drive banking sector digitisation push: Sampath Bank MD

This is part of the interview series titled ‘Mirror Business S&P SL2 - Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features Sampath Bank PLC Managing Director/CEO Nanda Fernando. Following are excerpts from the interview.

Need for a global reset along a more sustainable path

There is no doubt that we are faced globally with a terrible pandemic but it seems that we, humans, have yet to gain the level of wisdom necessary to see through to the consequences of our current way of life, organisations and relationships and also the long-term damage it has dealt to prospects for economic growth.

Tea industry review for first quarter 2020

The first quarter of the Sri Lankan tea industry saw an upward momentum with an increase in elevational averages to the comparative period in 2019. Tea production saw a sharp decline in the period of review whilst exports witnessed a decrease.

To be or not to be: Emotional labour of fighting a virus

The current realities of grappling with COVID-19 encapsulate many an emotional challenge to society. The attempt herein is to identify the challenges and propose a philosophy of ‘emotional labour’ management to overcome or minimise the ill-effects of emotional ‘burnout’ identified.

Return to import substitution won’t deliver rapid growth

Sri Lanka has imposed increasing levels of controls on imports since March 2020. While this was partly a reaction to a balance of payments crisis, the restrictions are also intended to promote domestic industrialisation.

Crisis has pushed banking industry to rapidly embrace digital future, says DFCC CEO

This is part of the interview series titled ‘Mirror Business S&P SL2- Insights’ conducted in collaboration with the Colombo Stock Exchange (CSE). The interview features DFCC Bank PLC Director/CEO Lakshman Silva. Following are excerpts from the interview.

SLTDA gathering steam to turnaround tourism

Sri Lanka’s tourism sector witnessed a major setback being hit by the double whammy of the Easter Sunday attacks and coronavirus (COVID-19) pandemic, both within a year.

Anantaya Chilaw becomes first resort certified by SLSI for COVID-19 Safety

Anantaya Resort & Spa Chilaw, owned and managed by Laugfs Leisure Limited, has recently become the first resort in Sri Lanka to receive the Sri Lanka Standard (SLS) 1672:2020 certification from the Sri Lanka Standards Institution (SLSI) for COVID-19 Safety Management Systems.

A digitally transformed Sri Lanka

The aim of creating a digital ideology for Sri Lanka has at its roots the empowerment of its people. The purpose of this exercise is to develop an indispensable medium where individuals can live out their relations, according to a social structure which encourages novel ideas, norms and values. A medium that would help us understand how we can localise and culturally fine-tune our systems and government into affecting lives positively.

Hatch ‘Open House’ mentorship programme supports 50 plus startups in Sri Lanka

Since the outbreak of the pandemic, Hatch began offering its services online, including the Hatch Open House mentorship programme.

Trade, deglobalisation and new mercantilism

The COVID-19 pandemic is accelerating the changes underway since the global financial crisis (GFC) in 2008. It is ushering in a new era of deglobalisation and protectionism — a new mercantilist world order. Three global shifts will likely shape international trade beyond the immediate crisis and into the ‘post-vaccine’ future.

Reimagining education to deal with future economic shocks

President Gotabaya Rajapaksa addressing the International Labour Organisation (ILO) Global Summit on ‘COVID-19 and the World of Work – Building a Better Future of Work’, said the skills sector in Sri Lanka requires a rethinking and re-engineering to accommodate the new normal, post COVID-19, while assuring to empower those who lost employment during this pandemic.