Business and Economics
INSEE Ecocycle has partnered with e-commerce giant Daraz to provide sustainable waste management solutions as part of their shared commitment to strengthen Sri Lanka’s circular economy.
Under the groundbreaking partnership, INSEE Ecocycle is providing innovative, sustainable resource recovery solutions tailored to Daraz’s specific needs. The focus is on managing the waste generated at Daraz’s warehouse, predominantly comprising expired or damaged Fast-Moving Consumer Goods (FMCG).
“This is a very proud moment for all of us at INSEE Ecocycle. It is our first partnership with Daraz and the first time we are collaborating with an e-commerce company,” said Sujith Gunawardhana. “Our cutting-edge Resource Recovery Centre is the central hub for this project, where we will segregate and pre-process waste. In projects like this, we pay special attention to brand security and compliance with regulations and standards.”
HNB General Insurance carried out an island-wide street promotion campaign to take the word out of its revolutionary ‘03 in 01’ MotorGuard product to the general public.
HNBGI’s flagship product, MotorGuard, has been upgraded to offer an additional home insurance coverage in case of fire and a personal accident cover along with the comprehensive vehicle insurance cover under a single motor policy.
The special promotion, which covered every corner of the island, received excellent reception from the public as all HNB General Insurance branches joined hands in a unified effort to engage with communities, raise awareness and reaffirm their commitment to going above and beyond to protect the policyholder’s interests.
The Sri Lanka economy slowly but steadily has been pulled back from the abyss over the course of 2023 and these positive developments were a result of the implementation of economic stabilisation measures and groundwork for institutional and regulatory reforms by the government to support future growth.
These measures included securing the 17th IMF bailout and implementing substantial increases in value-added taxes (VAT), personal income taxes, energy prices, and others. This was pointed out by the IPS’ Annual Flagship Publication, STATE OF THE ECONOMY 2023 stated.
Sri Lanka has faced a turbulent economic journey in recent years, with 2022 witnessing an unprecedented crisis marked by a staggering 8.7% GDP contraction. Notably, the Sri Lankan rupee has stabilised and even appreciated by 12%, inflation has dropped to 1.3%, import restrictions are being eased and interest rates are on the decline.
Differing medium term growth forecasts from the International Monetary Fund (IMF) and the Central Bank of Sri Lanka (CBSL) point to the complexities of accurately predicting the future of an economy that has suffered a sudden and sharp crisis. In 2023, the IMF predicts a contraction of -3%, while the CBSL holds a more optimistic view at -2%.
“Both anticipate a return to positive growth in 2024, but uncertainties linger due to social and political opposition to austerity policies, ongoing debt negotiations, and volatile global economic conditions driven by geopolitical tensions.”
