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Friday November 13th, 2026

Hundreds of Sri Lankans hospitalised in Russia-Ukraine war; legislator seeks special envoy

ECONOMYNEXT – Sri Lanka should make greater efforts to bring back citizens in mercenary companies who injured in a war between Russia and Ukraine, including sending a special presidential envoy, legislator Dayasiri Jayasekera said.

At the moment there is no Sri Lanka ambassador in Russia.

“If we can, send a special envoy from the President to Russia, and discuss with the Defence Secretary at least to bring back the injured in Russian hospitals,” Jayasekera who was one of the first legislators to bring attention to the growing recruitment of Sri Lankan ex-soldiers for Russia’s war.

“There are many injured Sri Lankans in Russia. Some have lost their fingers, in others legs have been cut (kakul kaperla).

“Then we can secondly bring back the people in the camps. There is a diplomatic intervention that is needed. We need some plan to bring back the 600 or so people who are there.”

One Sri Lanka ex-soldier estimated that 200 to 300 Sri Lankans may be treated in Russian hospitals at the moment and about 200 may have died. Up to 800 or more Sri Lankans – mainly ex-soldiers – may have left the country to fight for Russia, he said.

Related Over 200 Sri Lanka ex-soldiers dead in Russia-Ukraine frontline as drone fodder, escapee says

How Many?

Authorities are still trying to find out how many left for Russia and Ukraine.

Assistant Superintend Harendrda Janakantha of the Human Trafficking and Maritime Crimes unit of Sri Lanka’s Criminal Investigation Department told Derana Television last week that they confirmed that 60 Sri Lankans have left for Russia and 54 tried to leave for Ukraine, and 23 made it.

“People can say that there are 800 to 1,000,” Janakantha said. “May be that is also possible. But so far these are numbers we have confirmed through our investigations.

So far only three are confirmed to have returned, he said.

“There is information that that about 700 to 800 have left,” Senior Superintended Nihal Thalduwa said.

“But we cannot say that. We are still investigating. We have only recently started the investigation.

“Large numbers (visharler sankyawak) are injured and large numbers have died.”

A retired Major General who was involved in an recruitment drive has already been arrested.

Shadowy PMCs

Several Private Military Companies (PMCs) including Wagner, at one time headed by Yevgeny Prigozhin, who who was killed in a plane crash shortly after a mutiny against Russian President Vladimir Putin are recruiting convicts and foreigners to fight the war against Ukraine.

All Wagner fighters who are willing to continue to fight for Russia were given new contracts, reports said at the time.

Several other shadowy PMCs including Redut, believed to be under Russian intelligence agency GRU, are recruiting mercenaries, according to western media reports.

Ukrainian researchers who interviewed captured mercenaries and seized documents left behind in regained territories found that mercenaries were promised a salary of 200,000 roubles (about 653,000 rupees at current exchange rates), 25,000 dollar for grave injury and 60,000 compensation for death.

Sri Lanka returnee have said salaries of 700,000 rupees Sri Lanka a month or more but the promised amount has not been given.

The mercenary firms are financed by the Russian defence ministry and according to Western reports, and are set up to provide veneer of distance and deniability.

After his mutiny Wagner fighters were given a chance to sign fresh contracts with the Russian Defence Ministry, reports said at the time.

When Prigozhin was alive, Wagner was said be recruiting mercenaries including convicts on 6-month contracts, after which they were set free.

But Sri Lankans who have now come back to the country say they have been recruited on 12-month contracts.

A BBC report said half of prisoners recruited when Prigozhin lived at least 4 months before dying in combat. However half of those recruited by the Russian Defence Ministry died within three months.

Prigozhin went public had he had lost 22,000 fighters in taking back Bakmut from Ukraine.

Suicide Missions

An escaped soldier who was interviewed on Sri Lanka’s Derana television said there was no medivac process to recover injured foreign mercenaries and they had to crawl back to Russian position on their own as drones rained fire on them as soon as they moved.

If they got back, they were taken to hospital, given a one-month break and send back to the front, one escaped soldier said.

One soldier described the operations as ‘suicide missions’ done under drone fire with little outside support.

The escaped fighter was serving in the Donetsk region which has Russian speakers, which declared independence and was is operating as a separate republic loosely annexed to Russia.

Several teams were recruiting people from Sri Lanka charging between 350,000 to 1.6 million rupees according to what returnees say.

State Minister for Defence Pramith Tennakoon said Jayasekera and Gamini Valeboda, another legislator who had helped bring national attention to the plight of the Sri Lankan took part in a National Security Council meeting at the invitation of President Ranil Wickremesinghe.

“Instructions were given immediately to the forces to take action,” Tennakoon said. “As a result several arrests were made.”

Sri Lanka has already arrested a retired Major-General and a Sergeant Major several who who are suspected to have recruited Sri Lankan ex-soldiers.

Sri Lankan retired soldiers are made various false promises including Russian citizenship, a piece of land in St Petersberg as well as high salaries and sign up bonuses of 2.0 million rupees, he said. (Colombo/May14/2024)

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.

Read more
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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