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Friday November 13th, 2026

Gota meets the press; high in confidence, short on candour

By Himal Kotelawala

In his first-ever press conference, amid increasingly awkward allegations of evading the media, presidential hopeful Gotabaya Rajapaksa fielded questions today on his vision for the country as well as his performance and track record as Defence Ministry Secretary.

Flanked by his former president brother Mahinda Rajapaksa and leaders of the alliance led by the Sri Lanka Podujana Peramuna (SLPP), Rajapaksa took questions on, among other things, the country’s human rights obligations, media freedom, foreign policy, reconciliation and development.

Held in a partitioned section of the glitzy ballroom of the Shangri-La hotel in Colombo — whose construction, incidentally, began in the Rajapaksa era on prime real estate that had once belonged to the Army Headquarters — the press conference had all the trappings of a Rajapaksa INC event. Two rows of high tables were reserved for the presidential candidate and his politically colourful entourage, against a mammoth digital backdrop displaying the SLPP’s now-iconic pohottuwa (lotus bud) symbol and the words ‘Vision in Action’, with blown-up images of the two Rajapaksa brothers on either end.

As far as inaugural press briefings for a presidential candidate go, this morning’s event was certainly one of the more impressive ones on record, even accounting for the Rajapaksa brand of pomp which rarely fails to impress. In terms of substance, however, there was much to be desired.

Candidate Rajapaksa himself appeared sufficiently confident that his first powwow with the press would be smooth sailing from start to finish — and to his credit, it was, for the most part — but one wishes that more satisfactory answers were provided to some of the more probing questions fired his way.

The very first question directed at Rajapaksa had to do with Sri Lanka’s commitments to the United Nations Human Rights Council (UNHRC).

Asked how a Rajapaksa government would proceed with the matter, the SLPP candidate was entirely dismissive of the agreement entered with the UNHRC by the Yahapalana Government.

“My personal view is that [the agreement] is not a legal document, but we will always work with the UNHRC to solve any issues they might have,” he said, stressing that he didn’t recognise the agreement as one signed by the Sri Lankan state.

“We have already rejected that agreement as a party. It is not a document we signed. On this issue, our policies and the present government’s are far apart,” he added.

Among the more controversial of Rajapaksa’s pronouncements on the campaign trail has been a remark that, upon assuming office, he would immediately release military personnel put behind bars in the recent past for various alleged crimes. Responding to a question about the implications of this statement, Rajapksa insinuated that the judicial process that ended up trying the soldiers in question was politically motivated — a familiar refrain.

“You already know how these soldiers and others were politically victimised. Two very senior officials from the Attorney General’s Department have revealed the procedure that was adopted. There has never been a situation in Sri Lanka where [such decisions] were made at the headquarters of a political party,” he said, referring to incriminating comments made by former Solicitor General Dilrukshi Dias Wickramasinghe in a leaked telephone conversation last month.

All of the soldiers arrested thus were tried using B reports, said Rajapaksa, insisting that it was not a process that could be justified.

His brother Mahinda meanwhile, responding to a question on debt servicing, claimed without too much elaboration that finding funds would not be a problem.

The younger Rajapaksa was then asked about accountability for those reported missing during the final phase of the war in 2009.

“When this government came into power, they neglected our process and started a new one. We will continue the process initiated by the Mahinda Rajapaksa government. Under the census department, we carried out a survey and found the number of people missing – whether they were LTTE terrorists or any others.

“We produced a document on that, but the foreign investigators, without even listening to us, produced their own reports and numbers. There are a lot of ambiguous documents there. We’re an independent country, where we can follow [the law] without foreign-appointed people producing documents without even coming here,” said Rajapaksa.

SLPP Chairman Prof. G. L. Pieris interjected at this point, noting that the incumbent government has admitted that some of the commitments made in the UNHRC agreement were contrary to the country’s constitution.

“No government, either present or future, can take actions that are in direct conflict with the highest law of the land,” said Prof. Pieris.

Asked about combatants said to have surrendered to the army in the last days of the war, the former Defence Ministry Secretary said, with a laugh: “I was not the commander of the army.”

Rajapaksa recalled how 13,784 people who surrendered were rehabilitated and reintegrated into society in an ambitious programme that even received the commendation of foreign observers.

Some of surrendered LTTE cadres were recruited to the civil defence force, he said, and some even signed up for the military proper.

Drawing a distinction between “missing people” and people who surrendered to the military, Rajapaksa said there were missing people in the government forces too.

“There are more than 3,000 officers missing in the military. There were certain instances on the battlefield where we couldn’t even recover our own bodies. In Jaffna Fort, there were bodies we couldn’t recover because the fighting intensity was so high,” he said.

When a journalist pointed out that some of the missing were not, in fact, part of the rehabilitated 13,784 according to some families in the North, Rajapaksa said it’s only an allegation that’s not substantiated by official records of surrender. A rebuttal by the same journalist that a commission appointed by the then government itself had recorded details of surrender was left hanging.

More questions followed in a similar vein, but the SLPP presidential candidate, it appeared, was not one to dwell on the past. He was keen to move on to what he called his policies as a future president.

“People in the North and East have more important issues: jobs, education, etc, and we can’t hang on to old things; we have to move forward,” he said.

The older Rajapksa brother, on a separate note, said that the SLPP is still open for talks with the Tamil National Alliance (TNA), but denied reports that discussions had already taken place.

The former president then alluded to disappearances from 1983 onward under the then United National Party (UNP) government, in response to a question about disappearances said to have taken place under his watch.

The aspirant to the presidency, meanwhile, stressed that leaders of the Tamil community had talked to the SLPP about “regional development” and solutions to various problems in areas of employment, education and others. 

With respect to development, Gotabaya Rajapaksa highlighted his already stated policies of targeting self-sufficiency in food and economic growth built on the advancement of technical fields.

“Today, the centre of gravity of development is moving to Asia. Asian countries were developed based on technology. We have to invest more in education, targeting this particular economic development,” he said.

Asked about his foreign policy, Rajapaksa said he is committed to neutrality.

“We have to be a neutral country. We can’t get caught up in the power struggles going on between various countries in this region. We were a non-aligned country, and under the present situation we have to be neutral,” he said.

One journalist asked the former military man to elaborate on his philosophy on reconciliation.

“People should live in dignity. [We should] give an opportunity to every person aspiring for a good living, good education and access to affordable housing. These we have to develop irrespective of regions or ethnicities. Because of the 30 year war, certain areas were not developed like others,” he said.

His responses to further questions seemed to illustrate Rajapaksa’s “it’s the economy” reading of the ethnic issue, as he went on to highlight post-war economic interventions of the Rajapaksa government in the North and East.

“The then government should be given credit not only for ending the war but also for post-war development. We pumped a lot of money into the region. The road network, the two railway lines, electricity for every village, drinking water and irrigation canal rehabilitation projects were carried out,” he said.

Rajapaksa also insisted that his brother’s government was responsible for releasing some 90% of the land in the North.

“When we took over the government, Jaffna peninsula was like a camp, with bunkers all around. Both the LTTE and the military were occupying the land. In 2014, more than 90% of the land had to be released,” he said, adding that 300,000 people were resettled in their time.

“Unfortunately, nobody talks about this,” he said.

The SLPP candidate was more evasive about the matter of the controversial ACSA and SOFA agreements with the United States.

“The agreement we signed was a different one. It went on for 10 years. Nothing actually happened with that. The benefit was for us, but not for them. The present agreement is a different matter. I’m always for a sovereign independent nation. I will not do anything to harm our sovereignty. Any government that negotiates has to start with me as president,” he said.

A question about constitutional reform and abolishing the executive presidency went unanswered by the candidate, but his brother, the would-be Prime Minister could be heard saying: “We’re of the position that the executive presidency should be abolished. It is up to the Parliament.”

Many of the questions that followed were either softball questions, if not outright full-tosses, that weren’t especially challenging to either the candidate or his entourage. It must also be noted that the organisers did little to ensure that as many journalists as possible got an opportunity to ask questions, what with the microphone being repeatedly passed onto those who had already asked more than one question. However, when the inevitable question of media freedom finally arose, the response from the panel took a predictably opportunistic flavour.

Said Gotabaya Rajapaksa: “I didn’t start a white van culture. Everyone’s forgotten how people were abducted not just in white vans but white lorries in 1989. A period of burning tires, torture chambers — everyone including journalists have forgotten that period.”

Asked about disappearances reported during his tenure as Defence Ministry Secretary, Rajapaksa said: “The people who did this are on that side now.”

Pivithuru Hela Urumaya (PHU) leader Udaya Gammanpila, meanwhile, chimed in with a recollection that four presidential commissions appointed by President Chandrika Bandaranaike Kumaratunge in 1996 had found that abductions using white vans took place in the late 1980s.

He also recalled a question he had raised in Parliament about how many abductions or murders of journalists were carried out in the second term of President Mahinda Rajapaksa from 2010 to 2015.

“[UNP Minister] Gayantha Karunatillake answered in Parliament that the number was zero,” he said.

Pronouncements were made to the effect that a victory for rival presidential hopeful UNP deputy leader Sajith Premadasa could spell a possible return to the dark days of the late ’80s, one of the bloodiest periods in the country’s history, under the presidency of his late father Ranasinghe Premadasa.

To expect this occasion — where journalists themselves were confronting the Rajapaksas on their press freedom record — to have been seized for the opportunity that it was for the SLPP campaign to turn it into a moment of sombre reflection, if not a mea culpa, would be naive. It was instead reduced to an exercise in abject whataboutery, as was par for the course.

But if Gotabaya Rajapaksa is serious about winning over the media, a more sincere dialogue would likely yield more dividends than a micro-managed PR drive masquerading as a press conference.

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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