An Echelon Media Company
Friday November 13th, 2026

Sri Lanka president urges new landholders to safeguard right

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe who distributed an initial 10,000 freehold titles to land to farmers as part of the first phase of the Urumaya program urged beneficiaries to safeguard their new right.

“I urge everyone to cherish and safeguard this right, not just for themselves but for future generations,” Wickremesinghe said during the ceremony at the Rangiri Dambulu Stadium on Monday (5).

The ‘Urumaya’ program will be rolled out nationwide benefiting an estimated 2 million farming families. The 2024 budget allocated 2 billion rupees for the program’s implementation.

Applicants seeking full ownership of land will receive freehold titles in three main stages. To streamline the process and address community concerns, a Urumaya National Operations Secretariat was established under the Presidential Secretariat, coordinating relevant institutions.

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Sri Lanka launches operations secretariat for free hold land distribution

“This monumental step empowers our citizens to exercise control over their land without the need for constant approvals from authorities,” Wickremesinghe said when he personally distributed a first batch of land deeds. “Let us capitalize on this opportunity for progress and development.”

“If the Government Land Ordinance could grant land to white individuals and provide free land rights to investors, there is no reason why the same rights cannot be extended to the general public.”

The president’s full speech on the occasion is as follows:

“This is our homeland, the place of my birth, the nation that defines my heritage. Today marks a significant occasion as we gather to address a longstanding struggle faced by the people of our beloved nation—the quest for land rights. What we are witnessing today is a transformative moment, a revolution, as we grant land rights to 02 million individuals. This monumental step empowers our citizens to exercise control over their land without the need for constant approvals from authorities.

I urge everyone to cherish and safeguard this right, not just for themselves but for future generations. Let us capitalize on this opportunity for progress and development. While many parts of the world have witnessed revolutions to secure land rights, our country is distinguished by achieving this milestone without the need for such upheavals.

Many deemed this impossibility, but our government made the decisive choice. Specifically, those engaged in farming and those who have built houses will now hold the rights to that land. I extend my gratitude to all involved in agricultural activities. Your support in the last Maha and Yala seasons played a crucial role in revitalizing the country’s economy, leading to a successful harvest.

Additionally, I acknowledge those who have constructed homes on these lands. It is in appreciation of their contributions that we grant this freehold land right. This marks a historic moment, as even during the Sinhalese dynasty, there was no established deed system. Lands were allocated to the privileged and Nilames through letters, while others received land for cultivation without permanent deeds. The Waste Land Act designated all such lands to the government, leaving the people with nothing.

Mr. D.S Senanayake initiated efforts to allocate land to people for farming under the Land Development Ordinance Act of 1935. The Land Acquisition Act was utilized to acquire land for village expansion, but ownership rights were not granted.

Subsequently, settlements were established in arid regions, accompanied by the commencement of paddy cultivation. Mr. Philip Gunawardena introduced the Paddy Act to enhance paddy fields in the wet zone where the majority existed, facing considerable opposition. However, the initiative persevered.

During the Mahaweli movement, Mr. J R Jayawardena allocated additional acres to the people. We are now launching a similar program.

In the past, Mr. Gayantha Karunathilaka faced legal challenges when initiating this program, accused of introducing a new law. However, this time, I did not encounter such opposition. If the Government Land Ordinance could grant land to white individuals and provide free land rights to investors, there is no reason why the same rights cannot be extended to the general public.

Today, we are granting free land rights to everyone using the same ordinance that facilitated land allocation to investors. No legal hurdles need to be overcome again. This program is historic and revolutionary. Land rights have only been granted in Asia by Japan and South Korea, and today, the people of our country have acquired this right.

I have instructed the swift implementation of this initiative in every divisional secretariat. I urge all Members of Parliament to unite without party distinctions for the success of this endeavour.

It must be acknowledged that the current government in Sri Lanka is unprecedented, with individuals from various parties coming together to take on responsibilities during challenging times. Despite the complexities of forming a government with contributions from different parties, we faced the task of rebuilding the country.

While our nation is gradually recovering, I recognize the hardships endured by the people. Efforts have been made to provide relief through programs such as the ‘Aswesuma’ program and salary increases for government employees. Emerging from a state of bankruptcy, the next step involves granting free land rights to the people. Despite economic challenges, undertaking these initiatives raises the question of what cannot be achieved in the future with a strengthened national economy.

Continuing on the path we have embarked upon, there is the potential to achieve a 5% economic growth in 2025. Our collective efforts, transcending party politics, have contributed to the success achieved so far. I urge everyone to unite in carrying forward this work, keeping the future of our people in mind.

We have already granted land rights to 02 million people and provided benefits to another 02 million, along with salary increases for 1.5 million. The development of the tourism sector has also created new income streams. If such significant accomplishments can be achieved with parliamentary unity, envision the possibilities if all members collaborate. This is the direction we must take.

Anticipating further legislative measures to foster the country’s development, let us advance together. An extensive agricultural revolution is underway, transforming the landscape through agricultural modernization.

We must avoid falling into debt again and prevent becoming a nation of beggars. Safeguarding our pride is crucial, and we must embark on this journey together. Today, each one of you is a stakeholder in this country. I encourage everyone to act with pride and wish you all the best.”

(Colombo/Feb6/2024)

Sri Lanka stocks close down 0.60-pct, dragged by HNB and LOLC

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.60 percent.

The ASPI was down 133.22 points at 22,024.18, while the more liquid S&P SL20 was down 1.06 percent, or 67.55 points, at 6,298.02.

The ASPI ended the week up 784.53 points from last Friday.

Positive contributors to the ASPI were Dialog Axiata (up 0.40 percent at 50.20 rupees), Distilleries Company of Sri Lanka (up 0.52 percent at 58.30 rupees), Aitken Spence (up 3.60 percent at 151.00 rupees), Ceylon Tobacco Company (up 1.05 percent at 1,828.50 rupees), and LOLC Finance (up 1.96 percent at 5.20 rupees).

Hatton National Bank (down 1.88 percent at 403.75 rupees), Richard Pieris and Company (down 6.21 percent at 27.20 rupees), LOLC Holdings (down 2.17 percent at 405.00 rupees), Sampath Bank (down 1.91 percent at 154.00 rupees), and Singer (Sri Lanka) (down 2.40 percent at 77.30 rupees) were top negative contributors.

Market turnover was 3.23 billion rupees. Capital goods led turnover with 869.21 million rupees. (Colombo/Nov13/2026)

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Sri Lanka MP slams budget speech for omitting Tamil national question

ECONOMYNEXT – A Sri Lanka legislator has voiced strong disappointment that the President’s budget speech failed to make a single mention of the Tamil national question.

“It is very unfortunate that in His Excellency the President’s speech, there has not been a single word mentioned about the Tamil national question. Not a single word,” Shanakiyan Rasamanickam said.

“A budget speech generally, is a policy direction of the government for the next year. The budget speech is not only a statement of the country’s fiscal position or the economy’s position. It is the country’s, the government’s, plan, or what the government plans to do the following year. That’s a policy statement.”

Former presidents would at least mention the Tamil question even if it was not resolved, he said.

Former President Ranil Wickremesinghe in his speech, in his policy statement, he would mention: “The Tamil national question must be resolved,” Rasamanickam said.

Former Presidents Maithripala Sirisena and Gotabaya Rajapaksa also mentioned that the national ethnic question must be resolved, he added.

“Every President, every country’s Head of State, in their policy statements, have acknowledged the fact that there is an unresolved national issue, the Tamil national question, that it needs to be resolved. Various governments have proposed various mechanisms; none of them have succeeded, but at least it was mentioned.”

This year’s budget made allocations for the Office of Missing Persons, and the Office of Reparations.

“But the domestic mechanism is a mechanism that the victim community has rejected. So you all are allocating money to a mechanism where the victim community is not going to be part of.”

Last year’s budget 1 billion was allocated to be spent on the Trincomalee and Jaffna airports.

“Where was that 1 billion for the Trincomalee and Jaffna airports spent last year?”

“The trajectory of this government, Honourable Deputy Speaker, is worrying to me. It’s really worrying to me. Because if the objective is to say that there is no Tamil national question, if the objective is to say that you all have resolved any ethnic issue that this country faced, then Honourable Deputy Speaker, then I think the Tamil people will teach this government a very, very, very harsh lesson in the future.” (Colombo/Nov13/2026)

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Sri Lanka sells extra Rs6.5bn Treasury bills after auction

ECONOMYNEXT – Sri Lanka has sold 6,500 million rupees of treasury bills offered on tap at an average rate of 9.95 percent, the public debt management office said, bringing the total of bills sold in the week to 85.562 billion rupees.

The issue offered 90 billion.

Total market subscription was 6.5 billion rupees.

The debt office sold a 12-month bill at 9.95 percent.

On Wednesday (11) the debt office raised 79 billion rupees of 3, 6 and 12 month bills after offering 90 billion.

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Sri Lanka Treasury bill yields hold broadly steady, less bills sold

The settlement date is November 13. (Colombo/Nov13/2026)

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Access Engineering Sept quarter group net profit surges 200-pct to Rs4.75bn

ECONOMYNEXT — Sri Lanka’s Access Engineering PLC recorded a group net profit attributable to equity holders of Rs. 4.75 billion for the quarter ended September 30, surging 200 percent from Rs. 1.58 billion a year earlier, interim accounts showed.

Basic earnings per share rose to Rs. 4.08 for the September quarter, up from Rs. 1.58 previously.

Quarterly group revenue expanded 36 percent to Rs. 20.39 billion from Rs. 14.94 billion, underpinned by condominium property handovers — reflected in inventories dropping Rs. 7.69 billion since March to Rs. 35.71 billion — alongside strong automobile sales and steady civil engineering execution.

Cost of sales rose at a slower 27 percent to Rs. 14.34 billion, lifting gross profit by 64 percent to Rs. 6.05 billion and expanding gross margins to 29.7 percent from 24.7 percent.

Other income jumped 144 percent to Rs. 259.9 million, while administrative expenses rose 75 percent to Rs. 1.14 billion, leaving operating profit up 64 percent at Rs. 5.16 billion.

However, finance costs more than doubled, rising 107 percent to Rs. 1.18 billion on elevated group borrowings of Rs. 43.74 billion, partly offset by finance income climbing 302 percent to Rs. 42.2 million.

Share of results from equity-accounted investees rose 122 percent to Rs. 26.7 million, pushing pre-tax profit up 56 percent to Rs. 4.05 billion.

Income tax swung to a net reversal of Rs. 186.6 million from an expense of Rs. 804.1 million, boosted by deferred tax assets on unrelieved losses from a 100 percent enhanced capital allowance claimed by 60 percent-owned radiopharmaceutical subsidiary Access Medical Tracers (Private) Limited.

Total period profit rose 136 percent to Rs. 4.24 billion, with non-controlling interest declining 24 percent to Rs. 164.9 million following last year’s buyout of minority shareholders in Harbour Village (Private) Limited.

No separate exchange gain or loss was itemized in quarterly earnings, though foreign currency translation via associates recorded a Rs. 17.4 million loss in other comprehensive income, alongside USD 16.6 million in corporate guarantees.

Notes also flagged an expected Rs. 1.45 billion recovery from the terminated South Asia Commercial and Logistics Hub project, a Rs. 225 million post-quarter legal settlement already provided for, and a Supreme Court appeal over a 2011/12 PAYE tax ruling.

Group assets stood at Rs. 132.4 billion as of September 30, with net asset value per share at Rs. 46.70, as the Employees’ Provident Fund raised its stake to 5.69 percent.

Access Engineering shares closed at 80.00 rupees at the end of September and are currently trading around 85.80 rupees. (Colombo/Nov13/2026)

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Sri Lanka private sector says timely implementation of Budget 2027 key

ECONOMYNEXT – Private sector body, The Ceylon Chamber of Commerce, said it was encouraged by the broad direction of Budget 2027, noting that it reinforces Sri Lanka’s commitment to economic transformation while maintaining policy continuity, macroeconomic stability, and fiscal discipline.

“This continuity is particularly important as the country seeks to transition from economic stabilisation to a more durable, investment-led growth trajectory.”

The chamber also noted several areas where the Budget could have placed greater emphasis to strengthen the country’s growth prospects.

“In particular, there is a need for a stronger focus on attracting Foreign Direct Investment (FDI), accelerating factor market reforms, particularly in land and labour, and fast-tracking public procurement reforms to improve the efficiency and speed of project implementation.

“More targeted and actionable proposals could have been introduced to unlock the potential of sectors with significant growth opportunities, including tourism, agriculture, IT/BPO and logistics.”

The chamber said the budget contains positive measures aimed at enhancing competitiveness, and external sector resilience, while presenting opportunities for focus on sectors that can accelerate growth.

“A number of the key structural reforms identified in last year’s Budget have been carried forward and strengthened, providing greater certainty and predictability to businesses and investors.

“These include the continued implementation of the Trade National Single Window (TNSW), the phased removal of para-tariffs, the rollout of the Digital ID framework, efforts to expand market access through new Free Trade Agreements (FTAs), the strengthening of one-stop-shop investment facilitation mechanisms, progress on Customs reforms, the expansion of Bandaranaike International Airport (BIA), enhanced financing support for SMEs, and reforms relating to the management of State-Owned Enterprises.”

The CCC said that more than 20 proposals submitted by it have been reflected in Budget 2027.

These include measures to strengthen investor facilitation through the establishment of a professionally managed investment promotion agency; continued efforts to improve trade facilitation and export competitiveness; the Government’s consideration of a successor programme with the International Monetary Fund (IMF); accelerated progress on key legislative reforms; the expansion of digital government services; and the promotion of cashless payments and broader digital adoption. The Budget has also captured several priorities relating to energy security, including the accelerated deployment of Battery Energy Storage Systems (BESS) and investments in fuel storage infrastructure, initiatives to optimize underutilized agricultural land, measures to support the expansion of the digital economy and the IT/BPO sector, and tax reforms to support exporters, including the acceptance of newly VAT-registered exporters as eligible exporters.

“The inclusion of these priorities reflects the value of sustained public-private dialogue and demonstrates increasing alignment between national policy objectives and the needs of a competitive, export-oriented economy.

“The priority now must be effective and timely implementation to translate policy commitments into investment, competitiveness, exports and sustainable growth.” (Colombo/Nov13/2026)

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Sri Lanka stocks trend lower day after budget reading

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trending lower on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.66 percent.

The ASPI was down 146.78 points at 22,011, while the more liquid S&P SL20 was down 0.94 percent, or 59.99 points, at 6,306.

Positive contributors to the ASPI were Access Engineering (up 1.30 percent at 85.80 rupees), LAUGFS Gas (up 3.31 percent at 49.90 rupees), Ceylon Tobacco Company (up 1.13 percent at 1,830 rupees), Ceylon Cold Stores (up 0.80 percent at 126 rupees), and Namunukula Plantations (up 1.79 percent at 68.10 rupees).

LOLC Holdings (down 1.03 percent at 409.75 rupees), Hatton National Bank (down 0.61 percent at 409 rupees), Sunshine Holdings (down 3.81 percent at 30.30 rupees), and Sampath Bank (down 1.91 percent at 154 rupees) were top negative contributors.

Market turnover was 1.55 billion rupees. Capital goods led turnover with 459.57 million rupees. (Colombo/Nov13/2026)

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