Business and Economics
CA Sri Lanka Past President’s felicitate Minister Cabraal

All Past Presidents of CA Sri Lanka other than Gamini Wikramanayake who was indisposed, gathered together to felicitate the first-ever Minister from the Chartered Accountant fraternity in Sri Lanka, Ajith Nivard Cabraal.

The incumbent CA President Manil Jayasinghe and Vice President Sanjay Bandara were also present at the felicitation ceremony that was held at the Kingsbury Hotel.

Standing (Left to Right):Aside Talwatte, Sujeewa Rajapaksha, Sanjaya Bandara, Nishan Fernando, Yohan Perera, Arjuna Herath, Indrajith Fernando, Jagath Perera, Lasantha Wickramasinghe, Sujeewa Mudalige, Ranel Wijesinha Seated (Left to Right):Manil Jayasinghe, Lal Nanayakkara, Lakshman Watawala, Ajith Nivard Cabraal, Uditha Palihakkara, Mohan Abenaike, Reyaz Mihular.

oneworld member airlines commit to net zero carbon emissions by 2050

oneworld® member airlines have committed to net zero carbon emissions by 2050, becoming the first global airline alliance to unite behind a common target to achieve carbon neutrality.

The alliance’s 13 member airlines plan to achieve this target within the existing environmental framework previously agreed to by governments, including through the International Civil Aviation Organisation (ICAO).

The airlines will develop their individual approaches to reach the target of net zero carbon emissions by 2050, through various initiatives such as efficiency measures, investments in sustainable aviation fuels and more fuel-efficient aircraft, reduction of waste and single-use plastics, and carbon offsets among other measures.

Read More
Microfinance -Why Interest Rates are higher than Banking

The Sri Lankan economy benefits tremendously from its Microfinance sector which fulfills financial needs of the country’s low income segments in a secure and convenient manner.Amongst many evidence available such as various research findings, thousands of successful entrepreneurs emerging and growing through microfinance, the figure bellow exhibits how poverty level of the microfinance clients are reduced when microfinance clients move from one loans cycle to the next.

As the industry dedicated for helping low income people to move out of poverty towards prosperity, microfinance industry welcomes the government’s efforts to revise the present loan interest rates downward to the benefit of the borrowers, and support development of micro enterprises. However, there are number of practical difficulties for MFIs in achieving this objective and therefore, as the President of the representative body of Microfinance Practioners in Sri Lanka, it is my obligation to bring to the spotlight some of the challenges facing the industry at present especially in the post-pandemic context where many financial institutions have come under pressure to be ‘flexible’ with clients who are, understandably, affected by the economic downturn owing to complete lockdown of country & economy fortwo to three months.

MFIs provide loans to micro enterprises whosefinancial requirements are low by amount. The average loan size provided by MFIs is about Rs. 50,000. Despite loan amounts being relatively small, cost to service the same is often relatively higher when compared with commercial banks/finance companies which provide large loans.

Read More