Business Today Sri Lanka Magazine - July 2013

In this issue

In a day and age where becoming a politician is easy and taken for granted, there are those who have worked hard and earned the positions that they hold today. Minister Nimal Siripala De Silva needs no introduction. He has journeyed on a political path for 30 years where he has not wavered from the principles and ethics that the Party – Sri Lanka Freedom Party (SLFP) – stands for and what he believes in. He has stood firm with the SLFP through good times and bad, and has always ensured that the identity and interests of the Party are always maintained. He has never switched sides and he always believes that a person earns the positions they hold. He is well loved by the people of Badulla and Borella, where he has served tirelessly. A veteran politician that should be emulated.
2012 was a challenging year for the Sri Lankan economy where extreme and unusual weather conditions such as drought and then heavy rains resulting in floods demonstrated the susceptibility of several growth sectors such as agriculture, power generation, wildlife and biodiversity to climate change, which is a factor that had not been seriously considered previously. Furthermore, the rapid deterioration in the global economy especially in major export markets in Europe and the US was also a great challenge to the Sri Lankan economy. Increase in imports and rising oil prices had a major effect throughout the economy, where the stability of the Balance of Payments was undermined in 2011 due to the widening trade deficit. This also led to an accumulation of large losses in several state sector enterprises such as CPC, CEB and SriLankan Airlines compelling the Government and State banks to finance such losses.