An Echelon Media Company
Friday November 13th, 2026

If Sajith wishes to win

Presidential elections are about the candidate. The party is incidental to the process. That explains the curious, yet, familiar phenomenon of candidates creating or structuring parties in their own image during presidential elections.   

The final contest depends on how the countrywide constituency perceives the ideology, promise and the measure of the candidate.  

It is the candidate who can make or unmake the winning coalition. The ‘persona’ looms larger than the hurriedly patched up package of ideology.   

In a presidential contest, the party turns to the candidate for its survival and success. The ‘person’ towers above the ideology of the party.  

The party may or may not provide the skeletal structure and the voter base that goes with it.  The movement that gradually takes shape around it acquires its dynamics through the ability and appeal of the chosen leader.  

UNP’s mass mobilization on Thursday at Galle face and the mass desertion on Friday, it suffered at Elpitiya constitute the point of departure for this brief essay.  

That is what Sajith Premadasa demonstrated at the Galle face rally.  This is the bitter practical truth the UNP learnt the day after at the Pradeshiya Sabah election at Alpitiya.  

At Galle Face we witnessed an amazing orchestra performing a prodigious symphony in praise of candidate Sajith Premadasa at the historic locale for public spectacle.   

What took place on Thursday at the Galle face Maidan was a masterly managed mass mobilization behind presidential hopeful Sajith Premadasa.    

What happened at Alpitiya on Friday is far more important. The UNP under Ranil Wickremesinghe has remained petrified in a state of political palsy since the year 2005, when he ran for the presidency.  

The immediate purpose was to prove to the vast electorate that those who defied Ranil Wickremesinghe’s grabbing appetite for power were right.   

When Ajith Perera announced that Ranil will remain prime minister for the foreseeable future he infused apprehension to hope.  

Sajith Premadasa must unambiguously proclaim that the torch has moved from privilege and elitism to self-ruling politics of the people.  

 It was an amazing orchestration of crowd symphony performed at the historic venue famous for political spectacle.   

Politics of memory is the subjective experience of a substantial social group that has a sustained and sustainable relationship with power.  

The multitude that greeted the son and political heir of Ranasinghe Premadasa were motivated by politics of memory that was collective and public.  Ranasinghe Premadasa carved his niche in the politics of the poor people.  

Ranasinghe Premadasa understood poverty.  

Ranasinghe Premadasa was a leader who understood the politics of poor people. The inner-city poor provided his political base. On assuming the Presidency, he discovered the rural poor. He also discovered a bewildered peasantry settled by a well-meaning government in starry-eyed pastoral pockets in the dry zone.   

He succeeded J.R. Jayewardene who, with Ronnie De Mel introduced unvarnished free-market economics.   

Premadasa deflected from that straight narrow path of pursuing creating wealth through market economics.  He instinctively knew that pure market economics left some people behind.  

The government had to intervene and assist the poor. By the time he succeeded to the presidency, he realized that the very success of creating wealth through free competition could seriously threaten people trapped in poverty.  

He created ‘Janasaviya’ that successive governments have continued under different labels. He knew that free-market wealth creation had to be taken to the hinterland.  He launched the 200 garment factories project.  

Thursday’s euphoria of solidarity should spur the UNP led coalition to make an accurate reading of the ground situation; what Lenin called the ‘balance of forces.  

Securing the gains of democratic progression after 2015 and arresting a regression towards the kakistocracy that we dismantled is the categorical imperative of our time.  

That calls for an overarching consensus among the profusion of parties and players now navigating towards the ideal of democratic accountability. 

They are sailing in different vessels, using different charts. Ironically one candidate with a substantial base that rejects both mainstream parties has opted for the compass as the election symbol.  

But if they proceed directionlessly, they face obliteration by the one merciless storm that is quietly gathering countercurrents!   

All credible candidates have good reason to be where they are. In the case of the JVP led alliance the ideological chasm is too deep to be ignored altogether. In the case of the highly articulate and fastidiously competent Mahesh Senanayake, the civil society candidate of the National Peoples Party, it is plain revulsion for the duplicitous politics and charlatanry of successive governments.   

The messianic modernizing autocrat has an extreme rightwing nationalist agenda. His action plan seeks to advance predatory oligarchic capitalism fueled with xenophobic tribalism.     

His policy promises and short-circuits the common good. It mocks the social contract that we have maintained from the days of colonial rule. His is a toxic mixture of ethnic superiority, ultra-nationalism, militarism, and plain stifling of dissent.   

His propagandists are not outright liars. They are only insincere when they announce the news. They have mastered habits of thought that justify their elite privileges.  Their sole purpose is to present their leader – the super predator as the single answer to the demand of the people for a tough guy.  

For four and half years, we have meandered in the cozy comfort of democratic disorder. We have arrived at a critical point.  

Politics should focus on what works and what is best in the larger interest of society. That requires compromise. Political parties and formations will champion differing ideologies and will disagree with each other. Yet on the issue of democratic freedom, human rights and the rule of law, they must not hesitate to seek middle ground.  If, instead, they seek temporary refuge in their respective fringes, the dictator will have a quiet walk to occupy centerstage.   

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)

Continue Reading

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)

Continue Reading

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)

Continue Reading

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)

Continue Reading

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)

Continue Reading

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)

Continue Reading