An Echelon Media Company
Friday November 13th, 2026

An uplifting policy statement

The hullabaloo over sanitary pads has served a salutary purpose. It has exposed our collective confusion over what is ‘poverty’ and what is ‘development’.  

Other than ‘National Security’ that acquired a new urgency in the light of the Easter Sunday massacre, poverty and development are the two central issues dominating the furious debate on who should be our next president.  

The subject of menstrual hygiene of women and girls who constitute 52 percent of the population was first taken up by candidate Sajith Premadasa.  

It promptly elicited a studied response from NPP Candidate Anura Kumara Dissanayake.  

While it has not appeared on Gotabaya Rajapaksa’s teleprompter, Bandula Gunawardena his spokesman on matters economic and Wimal Weerawansa his villifier extraordinare have dismissed any discussion on the subject as out of bounds in refined society. 

It is pure, simple sanctimonious humbuggery.  

‘Pohottuwa’ politicians who scoff at this very human issue are brazen bounders.  

They have forgotten that some of our modish lasses of the ‘Lamborghini ‘and ‘Aston Martin’ class were brave and brash to throw their ‘bras’ on to the stage of pop singer Enrique Iglesias who performed in Colombo.  

 Yet, Menstrual hygiene is not a subject for discussion in a society that is reconciled to have a Buddhist monk as the president of the largest trade union of female nurses. 

It is evidence of our limitless capacity for self-delusion.    

Sajith’s manifesto is an honest attempt to rise above partisan, clientelist political culture.  

It opens, the possibility for a new majority of the center with the potential to become a genuinely new governing coalition.  

Sajith has done something that even Anura Kumara of the JVP has not done at this threshold point in our politics. 

He has brought back state intervention to ensure social equity as declared government policy.  Something that senators Elisabeth Warren and Bernie Sanders are attempting to do in the heartland of free-market capitalism during their primary campaigns.   

Ranil’s free marketeering stripped the UNP of its identity with the ordinary people – a folk consciousness that was ingrained in the public psyche for generations since the founder of the party opened the dry zone to settle the land-less in their own homesteads.  

A culture that Gamini Dissanayake painstakingly infused into UNP politics under J.R. Jayewardene the essential free marketer.   

Sajith has restored the legitimacy of the party by distancing himself from value-neutral economics based on mathematical models.  Such planning sounds good in Washington. It fails to take note of the subtleties of human behaviour which is more often erratic than rational.  

It is drawn up in the realization that the last four and half years have been years of locusts, frittered away in promises not kept and slogans debased.  

Sajith Premadasa was right in focusing attention to an issue that cried out for remedial action by the state.  

Women and adolescent girls face multiple challenges in the current consumer culture.  

 Ensuring proper menstrual hygiene management is not a mere matter of personal hygiene but an important step towards safeguarding the dignity, bodily integrity and overall life opportunities of women and girls. 

Poverty is not about money. It is about opportunity. Amartya Sen the economics Nobel laureate defines poverty in his classic ‘Development as Freedom.’  

“Poverty is not just a lack of money; it is not having the capability to realize one’s full potential as a human being. Economic growth without investment in human development is unsustainable – and unethical” 

The label ‘neoliberal’ is an empty epithet that ‘Pohottu Politicos’ defending the family kleptocracy often use to win a political argument. 

Gotabaya Rajapaksa has also adopted the practice of using the term ‘neo-liberal’ in his carefully framed homilies on economic development and helping the poor.   

In the current equation, Sajith Premadasa is ahead in the game. Gotabaya addresses poverty with social order and national security. He is the quintessential ‘neo-liberal’.   

Sajith identifies poverty as deprivation of opportunity. He is the social democrat. 

Both Adam Smith and Karl Marx defined ‘value’ as based on objective conditions of labor, machinery and capital.  

For neo-liberals’ ‘value’ is a function of exchange. Only what has a price is valuable.  

Collective effort is ignored. As economist Mariana Mazzucato points out, neo-liberals consider “even wages as outcomes of the wage earners choice between leisure and work.”   

Remember how Gotabaya used troops to manicure lawns and clear the clogged drains in the city.   

Let us not beat around the bush.  Ranil Wickremesinghe and Nivard Cabral share the same idea. In this indictment of right-wing neo-liberal school, we must not be too harsh on Mahinda Rajapaksa the prime ministerial choice of candidate Gotabaya. 

The two brothers have no idea of value creation.  For them, value is something that is out there with the Chinese.   

The UNP has finally stumbled upon reality. It has discovered social democracy. It has embarked on the practical path of redefining market economics and capitalism.   

Sajith Premadasa must make a clean break with crony market economics of Ranil Wickremesinghe.  

As Senior Journalist and peerless iconoclast, Victor Ivan pointed out at Sajith Premadasa’s manifesto launch, in the next fortnight we should hope to see the emergence of a broad alliance of progressive and democratic forces.  

 That alone is the sine qua non to prevent a neo-fascist dictatorship of either one man or an entire family brood.  

Some retrospective soul searching is required. Why did the alliance of democratic and progressive forces disintegrate in the last four years?  

The first budget of the ‘Yahapalanaya’ regime proposed a ‘mansion tax’. The wizard who introduced the innovative revenue proposal moved into a penthouse. That is the last we heard of the mansion tax.  

In the age of connectivity, proclivity for the preposterous has a price.  

This is a Candidate-Centered contest. Sajith Premadasa has come this distance by clearly straying away from the politics of the last four years.  

In the next fortnight he must make a clean break.   

His manifesto has its own brand and messaging. It demands not growth in terms of per capita income. In a sharp rerouting of strategy, it demands target-oriented state intervention in education, healthcare and social inequality.  

Sajith’s manifesto is an honest attempt to rise above the partisan clientelist political culture that has lasted since the 1972 Republican constitution blurred the distinction between the executive and the legislature.  

That is when members of parliament became guidance counsellors on all matters in our daily lives. It acquired added weight when members were given decentralized budgets.  

Now we stand in bus halts provided under the ‘Sankalpaya’ the oft-abused Sinhala word for ‘concept’ of some jackass who has condescended to provide it with our own money.   

Joseph Goebbels, Hitler’s Minister of Propaganda explained for all time the idea of propaganda in a democracy. “This will always remain one of the best jokes of democracy, that it gives its deadly enemies the means by which it was destroyed.    

‘Liberty ‘is not a shopping mall. Independence is not an arcade. Freedom is the capacity of people to do something and to make things happen, to bring about change for the better in their lives.  

What people can achieve is influenced by “economic opportunities, political liberties, social powers.  

Development is not building highways that only a fraction of the population use. Development is the process of expanding human freedom. It is “the enhancement of freedoms that allow people to lead lives that they have reason to live”.  

Development is not hyperactivity by a repressive state apparatus in the guise of ‘national security’.  

As Professor Jayadeva Uyangoda points out, this presidential contest has brought about a realignment of rightwing Sinhala nationalist forces. It has also precipitated a fragmentation of democratic and progressive elements.   

The need of the hour is a consolidation of the democratic centre. That calls for a rejection of both neo-liberal economics and extreme ethnoreligious tribalism.  

In order to reach that broad consensus, Candidate Sajith Premadasa must decidedly and determinedly jettison the politics of the privileged and reach out to social segments that Victor Ivan identified as those clamouring to be heard after seventy-one years of independence.  

At the launch of Sajith’s Social Revolution manifesto, Lakshman Kiriella, reminisced on the inclusive ethos of the historic Kandyan kingdom which successfully repelled foreign invasions for three hundred years. 

The Kandyan kingdom offered a safe refuge for Muslims who fled Portuguese pogroms. It offered asylum to the Catholic missionary Father Joseph Vaz fleeing Calvinist persecution by the Dutch. 

The two Buddhist monastic orders of Kandy had opted for a Dravidian prince in preference to a Sinhala contender for the throne of Kandy purely on his fealty and devotion to the Buddhist faith. 

King Kirthi Sri Rajasinghe of this Tamil dynasty was instrumental in restoring the important Buddhist institution – that of higher ordination which had become extinct due to colonial intrusion and political strife.   

King Kirti Sri Rajasinghe got down monks from Siam (Thailand) for the purpose. Without ordination, Buddhism as we know it would be extinct. 

What Kirielle did not say or failed to say, is that in pre-colonial Sri Lanka there were no sperate Sinhala and Tamil identities.   

As some of our main Electronic media outlets and most Sinhala print media demonstrate in the current stampede for hearts and minds, demagoguery has an effective rhetorical strategy to corner the media market. Racist conspiracy theories are much easier than serious ideological debate.  

Demagoguery is simple.  The demagogue exhorts;  

“I am not wrong. I am always right.  There is no such thing as a complicated problem. Only people complicate things. Even listening to those who differ is a betrayal of the nation.” 

“All you need to know is that you are safe in my hands. And it will be a very pleasurable experience! “ 

When you believe in the strong leader who needs more clarity?  

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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