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Friday November 13th, 2026

SLFP yields

In what will no doubt prove to be a historic day for the nearly seven-decade-old centre-left giant, the Sri Lanka Freedom Party (SLFP) formally announced its decision today to back the candidate of its biggest breakaway faction-turned rival party yet, in the upcoming presidential election.

Ending months of speculation, bitter disagreements and very public airings of grievances, the SLFP will sign two separate Memoranda of Understanding (MoUs) with the Sri Lanka Podujana Peramuna (SLPP) and its presidential candidate Gotabaya Rajapaksa this week.

All but four MPs representing the SLFP in the United People’s Freedom Alliance (UPFA) were present at an unusually crowded party headquarters on Darley Road this morning to announce its decision before the media.

Analysts speculate that with the new alliance, the SLFP, a party that produced three executive presidents and a number of prime ministers and opposition leaders, will effectively be reduced to something less than the diminished role it played in the ill-fated Yahapalana coalition with the United National Party (UNP) — an outcome that’s nevertheless hotly contested by the SLFP leadership.

Speaking to reporters today, General Secretary Dayasiri Jayasekara insisted that his party’s identity will not be diluted in the proposed Sri Lanka Podujana Nidahas Sandhanaya (Sri Lanka People’s Freedom Alliance).

“We’re not ready to betray our party for anyone. We will, however, embark on a new journey with all progressive forces of the country. We see Gotabaya Rajapaksa as a candidate traversing that same path. So, as a party, we extend to him our fullest support, whilst maintaining our strength and respect,” he said.

Similar sentiments were expressed by SLFP Vice President Nimal Siripala de Silva, UFPA General Secretary Mahinda Amaraweera and other party seniors who maintained that the SLFP’s support is conditional and extended strictly to the candidate and not to the SLPP proper.

Today’s announcement came against a backdrop of repeated disagreements over the symbol for the proposed alliance, which led to a near-total breakdown of talks in the past weeks. The SLFP had insisted on fielding Rajapaksa under a common symbol such as the chair (previously used by the People’s Alliance) instead of the lotus bud, or pohottuwa, which has come to dominate opposition politics as a demonstrably marketable brand of its own. It appears the SLFP has finally given up its demand.

“Though we couldn’t change the symbol this time, in upcoming elections we will go for an alliance under the chair symbol,” said de Silva.

In an unexpected move, President Sirisena stepped down from his chairmanship of the party last night, appointing in his place Professor Rohana Lakshman Piyadasa, head of the Mass Communications Department at the Kelaniya University.

Explaining this to the media today, Jayasekara and others claimed that the President had decided to take a neutral position in the run-up to the polls on grounds of propriety, as he did not wish to be party to any campaign as President of the Republic.

“The President gave leadership and strength to our party. He is 100% behind all party decisions. He has bestowed the responsibility of this decision upon us. It would not be appropriate for him as President to get on stage [with a candidate from any party],” said Jayasekara.

“ජනාධිපතිතුමා නිල්පාක්ෂිකයි,” joked Amaraweera, playing on the Sinhala word for ‘impartial’ to suggest that the President, while remaining neutral, will have the blue-themed SLFP’s interest at heart.

All twenty SLFP/UPFA parliamentarians, bar one, are firmly behind the decision, along with rest of the party hierarchy and membership, with the blessings of Sirsisena, Amaraweera said.

MPs Duminda Dissanayake and Weerakumara Dissanayake were not present at the media briefing as they are in Anuradhapura today addressing candidate Rajapaksa’s inaugural election rally.

One key party stalwart that was conspicuous by his absence was the outspoken Kumar Welgama, who had on numerous occasions gone on record expressing his displeasure at the candidacy of the former Defence Ministry Secretary. Welgama went to the extent of placing a cash deposit at the Election Commission last week as a potential independent candidate, though he did not hand over his nomination papers on Monday.

Asked about his colleague and where his loyalties lay, Jayasekara said the SLFP is still talking to Welgama.

“He is an SLFP MP. I think he will join us. With him, it’ll be 20 MPs,” he said. Talks will also be held with former President Chandrika Bandaranaike once she returns to the island, he added.

Along with the SLFP, said Amaraweera, the 20+ parties that form the UPFA will back Rajapaksa in the upcoming election. These include the Ceylon Workers’ Congress (CWC) led by Arumugam Thondaman. MP Faiszer Musthapha, too, said that Rajapaksa has the Muslim vote.

“Gotabaya Rajapaksa already won today. The UNP thinks minority votes are with them. The president has done more for the minorities than any other leader,” said Musthapha. In a thinly veiled reference to Sri Lanka Muslim Congress (SLMC) leader Rauf Hakeem, the MP said “Just because ‘community leaders’ are over there, it doesn’t mean the communities have flocked to them.”

Asked about allegations levelled against Rajapaksa of being behind the abduction and killing of journalists and activists, the SLFP spokesmen were defensive.

“Everyone’s hands are dirty. Under President Sirisena, there was much media freedom. This will be continued under a Gotabaya presidency, with the support of the SLFP,” he said.

“The Ministry of Justice, the police department, etc were all under the UNP these past four years. They could’ve prosecuted the wrongdoers. There’s no point bringing it up at this juncture,” said Amaraweera.

The SLFP parliamentarians also expressed confidence that an SLFP-SLPP government will be formed immediately after the election of Rajapaksa, with former President Mahinda Rajapaksa as Prime Minister.

“Once Gotabaya is elected, we will form a government with Mahinda Rajapaksa as Prime Minister At some point after that, at an appropriate time, we will call a parliamentary election,” said Jayasekara.

Amaraweera, meanwhile, attempted to allay fears that supporting the candidacy of the former military-man could pave the way for a dictatorship.

“People who talk about militarism have already joined the other side. We will not help bring about a dictatorship in any way,” he said.

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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