An Echelon Media Company
Friday November 13th, 2026

A leap of courage

Candidate Sajith Premadasa made a critically concise, piercingly persuasive statement on Thursday, just nine days before the final faceoff. 

“The common hope of the entire country is how to change this rotten, corrupt political and societal system”

He added “I will appoint a new, first-time Prime Minister who will be endorsed by the majority,” 

Why did he say what he said? This essay undertakes to comprehend what he said and to unravel the reasons why he said it.  

Having closed the gap between him and his main opponent he has no choice but to announce now what he must do anyhow if, and when, he wins. 

Clearly, he intends to make a quantum leap well past the 50% plus one by wooing the disenchanted segment that has gravitated to alternative candidates

At age 52, he is a world minded candidate. He has in the last fortnight closed the gap between him and his septuagenarian opponent whose primary purpose is to regain the family fiefdom.

Sajith has recognized the compelling logic of the ascension of the alternative candidacy of  Anura Kumara Dissanayake and the telling impact of two other candidates Mahesh Senanayaka and Ajantha Perera. 

Progressive voters are discerning voters. They now have a clear option of a second preference that appeases both ideology and the pragmatic imperative from which they have no escape unless saddled with some suicidal despair. 

It is startlingly straightforward statement. 

“We have to change who holds power and how they hold power.  It has become clear to me that there is only one way for solving Sri Lanka’s problems. That is by clean up politics in this country while not sacrificing our cherished democracy and individual freedoms.”

“No Minister will be able to appoint family members to important positions.”

In his scathing sweep, the candidate propelled by an insurgency within the UNP,  has broken free from the dead weight of the anti-incumbency fatigue, ingrained in the public psyche,  linked to the dull as dishwater leadership of his party that has meandered through the last four and half years with some noteworthy achievements eclipsed by scandal and cronyism.   

With disarming disdain, he pronounced ““We have to change who holds power and how they hold power.” 

Politics rewards the liar, the coward and the egoistical. What politicians are good at is to put the past behind them and move on. 

There is a common denominator applicable to Mahinda Rajapaksa who ruled the country for a decade and Ranil Wickremesinghe who persistently tried to give his best shot at the job for a quarter century. It is their nonchalance and self-poise to put the past behind them and move on that keeps them going.   

The simplest and the easiest way to move on is to ignore the mistakes made and to convince yourself that you never made them. The younger brother of the affable tyrant is equally endowed with that spirit. 

Both Mahinda and Ranil are deliriously dexterous at obfuscation. They both excel in denial of any wrongdoing, even in the light of overwhelming evidence. 

The past four and half years is ample proof of how the two make believe adversaries played the system. 

It is a system that rewards duplicity and punishes decent behavior. 

Three decades of a horrendous conflict has had its toll on our politics. For too long, we have regarded blind self-confidence and boorish bluster as the single significant quality of leadership. 

We must consider Sajith’s statement in this context.  

At this point a confession is in order.

 I was extremely skeptical of his candidacy in this looming battle against a neo fascist family kleptocracy. They would spare no effort in regaining their stranglehold of a people petrified in ancient consecrated tribal prejudice. 

Ranil Wickremesinghe cynically avoided reforming the system. He paved way for a neo fascist candidate in the belief that democratic forces would coalesce around him. 

Like many others. I was ready to vote for one of the two alternative candidates who correctly and accurately identified the sizable constituency of weary citizens. We could exercise our franchise together with the frustrated curse -a plague on both houses. 

Since his official nomination, Sajith Premadasa has displayed great stamina as an effective campaigner. With surprising ease, he has succeeded in ridiculing the bombast of his opponent who now seems frozen within his undoubtedly substantial tribal base. 

After imperiously acknowledging ‘hurrahs’ from the stage Gotabaya delivers his lecture. In contrast, Sajith has the remarkable ability to talk to people.  While talking he gives the impression that he in fact is listening to them. He loves doing it and draws his energy from the people. 

Most politicians are trained to move through crowds smiling, holding hands. But the smile does not reach their eyes. Sajith Premadasa makes eye contact with the hoi polloi with genuine ease. 

As Victor Ivan has surmised, Sajith has wider nationwide coalition that transcends the usual political and ideological fault lines. 

Cutting across partisan politics, he commands a primary, structural relationship with the voiceless and the deprived. 

With the conspicuous exception of Gotabaya Rajapaksa, all other major candidates have pointed to the unforgivable socio-economic disparities in our society. 

As pointed out in my earlier essay – a centrist social compact, Sajith Premadasa has presented a manifesto that advocates a centrist policy program. It has an Eagle’s eye focus on social equity.

It is natural that the Rajapaksa family would not approach the subject of social equity. Royals don’t do that sort of rubbish. They will offer handouts. In any event they would approach this sensitive subject with some trepidation.

 The lavish nuptials of three offspring greeted with wild frenzy by adoring fans in the social media precludes them from an honest approach to the subject of opulence greeted with vague jealously or censored as downright vulgar.  

There are somethings that never change.  Some sixty years ago, the influential economist JK Galbraith dealt with this hypersensitive social malaise.  He was Kennedy’s hand-picked ambassador to Nehru’s India. 

His book ‘The Affluent Society’ excited my generation of progressives. We relished his catchy expression “private opulence amidst public squalor”. 

Galbraith was echoing the words of the Roman historian Sallust,  who said it in Latin about five centuries after Buddhism that has supposedly impacted our collective conscience.  

 “Habemus publice egestatem, privatim, opulentiam – We have luxury and avarice, but as a people poverty, and in private, opulence.” 

As I said earlier somethings don’t change. What characterized the late stages of the Roman republic seems to be what ails our republic today. 

We are now the subject of a tug-of-war between the Rajapaksa family, their followers and the rest still clinging on to sanity.   

The idea that the state has an obligation to assist the less privileged in terms of opportunity has acquired the sanctity of releveled truth.  That every citizen is entitled to the basic necessities of a modern society is guiding principle that is observed in breach even by despots who depend on elections.  

Even the most diehard champions of free marketeering as the means of creating wealth concede that, market competition invariably leaves a segment of our society behind. 

This presidential election will tell us the size of that left behind segment. However, one has to make allowance for the devout percentage who would attribute their deprivation to ‘karmic influence’. The clerical establishment cocooned in patronal politics has a vital role in the politics of poverty.  

A free market has an embedded mechanism that constantly threatens the poor.  Today poverty has become the focal point of our political discourse. Seventy-one years of politics of poverty has exposed the poverty of our politics. 

For too long the vulnerable and the marginal have been used as pawns in the chess game of the elite class. 

Those who evaluate candidates in the comfort of their self-satisfying world of schadenfreude will play the blame game. They will have difficulty in assigning the fault of being poor to the victims of an inherently imperfect system.  

We must remember that Sajith’s nomination was the result of a grassroots revolt against the elite leadership that has outlived its relevance and forfeited its integrity.   

Instead of playing the blame game, Sajith Premadasa has dived into the deep end to fight poverty, create jobs, increase wages and above all tackle income disparity. 

In his manifesto Sajith Premadasa, sums up his task in one simple line. He promises “A progressive country that leaves no one behind”. 

Political courage is the most admired, rarely displayed virtue in representative democracy. Sajith has made a leap of courage.  

It is a bold appeal to all progressive voters who have developed a bleak cynicism towards all politicians and the entire political process.  

With this unambiguous declaration of intent, he has earned the second preference of the progressive constituency whose first preference would be Anura Kumara or any other.  

Sajith has enabled them to be ideologically consistent and politically pragmatic. 

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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