An Echelon Media Company
Friday November 13th, 2026

Mangala, Monks, Mangala Sutta, and Marx

In the Buddhist belief system, “Mangala” means a ‘blessing’. In the abstract ‘Mangala’ denotes an “auspicious sign”. 

In the ‘Mangala Sutta”, the Buddha has enumerated thirty-eight of the highest blessings that we must or should be guided by.

Mangala says that Buddhism is not a religion. That it is a message to all mankind. He says that he follows the vision of the Buddha and does not regard it as an inflexible dogma held in hegemony by the Sinhala Buddhist tribe. 

The Monks insist otherwise. They contend that “Sinhala Buddhism is the exclusive preserve of Sinhala Buddhists. Anybody who thinks or suggests a contrary point of view, is neither a Buddhist nor a true Sinhalese.”    

In the matter of Mangala vs Monks, I would frame my attempted adjudication in the context of one of the twelve stanzas in the homily known as the ‘Mangala Sutta”. 

“He whose mind does not waver, by contact with worldly contingencies, sorrowless, stainless and secure; this is Blessing Supreme.”

Now, we must give the devil his due. Mangala did not waver. He stood by his conviction that there is a wide chasm between what the Buddha taught and what the Sinhala Buddhist Sangha preach.  Now that is a ‘Mangala’ attitude.

At this point, I must record a caveat in defending Mangala. I fully stand by his libertarian humanism. With equal vehemence I condemn his neo liberal market anarchism.

With these paradigms set I venture to unravel the dead lock between Mangala and our Monks with some help from Karl Marx. 

The Daily Mirror carries a report of Mangala’s latest clarification made on Thursday 23rd May in Parliament.

He has told the house that he will not call himself a Buddhist but a person who follows the Buddhist Philosophy.

“There is no religion called Buddhism as it is only a philosophy. Buddhism does not belong only to Sinhalese as Buddha’s teachings have covered the entire universe. Some Buddhist monks who think Buddhism is a religion create troubles in this country”

He has reiterated that those who are living in this country are Sri Lankans and the majority are   Sinhalese Buddhists.

“I was scolded in raw filth for making a similar statement earlier. However, I would repeat that sentiment again,”

It seems that Khema’s boy is not afraid to be the boy on the burning deck.

“The boy stood on the burning deck, whence all but he had fled.” I weep for Mano Ganesan!

Mangala must also get off his high horse. The soaring eagle has one view. The grasshopper has a different view. Both views are true from their respective points of view.

The Monks claim that Sinhala Buddhism is a religion. Mangala claims that what Prince Siddhartha discovered after his runcination is a philosophy.

Any dimwit should know that both parties are right. There is no real argument here.  An argument has a premise and a conclusion. Mangala and Monks stand on different premises and it is only natural that they reach different conclusions.

Mangala’s Prince Siddhartha renounced his worldly kingdom.   The monks are the historical custodians of the kingdom that offers the foremost position to Buddhism while guaranteeing religious freedom to all faiths.

Surely Mangala should comprehend Sinhala Buddhist clerical logic. An eminent prince of the Catholic Church has accepted their logic with such saintly sanguinity that he is now a serious candidate to be inducted as an honorary grand vizier of the Sinhala Buddhist Klan.

The monks are right. Sinhala Buddhism is not a philosophy that is open for debate or dissension. Sinhala Buddhism is a religion. It is a doctrine of faith. It demands acceptance allegiance and unreserved loyalty.  It is the most primal form of insidious authority.

Karl Marx respected religion. He more than any philosopher understood the purpose of religion. Religion is the fulcrum on which the exploitative process balances the accumulation of wealth and the sanctity of private property and capital.

 The accurate context in which the oft misquoted Marxian  cliché is this. 

“Religion is the sigh of the oppressed creature, the heart of a heartless world, just as it is the spirit of a spiritless situation. It is the opium of the people.”

Can we reasonably dispute this little dose of Marxist wisdom?

Isn’t Sinhala Buddhism the spirit of a sprit less situation? Can we not wholeheartedly endorse the Marxist proposition that ‘Sinhala Buddhism ‘as opposed to what the Buddha taught is the heart of a heartless world?

 Can we ignore the cold logic of Karl Marx is asserting that religion is the sigh of the oppressed creature on whose behalf an Anunayake of the Asgiriya chapter demanded that Gotabaya should decide to be another  Hitler?

Marx maintained that all criticisms begin with the criticism of what we call religion.

 When he said that religion is the sigh of the oppressed class, he was reaffirming a truth that stares at us every time a politician visits a monastery in Kandy to offer “Atapirikara’ and exchange profound inanities.

Those politicians demonstrate that religion is their   crutch to lean on to escape our hostility. We don’t need Marx to remind us that we live in a hostile world.

Karl Marx said that philosophers have only interpreted the world in various ways; the point was to change it.

This dictum is carved on the gravestone of Karl Marx at the Highgate cemetery.

If only Khema’s boy reads Karl Marx instead of reading the old budget speeches of Ronnie De Mel! 

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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