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Friday November 13th, 2026

The state of the race: A sprint to a close finish ahead

The race appears to be closer this week with the principle candidates sprinting to the finish. Gotabaya Rajapaksa is said to be ahead and the younger challenger, Sajith Premadasa closing in fast.

Team Gota had, for a few days, decided to go into a holding pattern as they felt they were comfortably ahead and did not want to push the campaign or their candidate to the fore lest they make mistakes.  

With what they thought was a “stagnant” Gota campaign, Sajith’s cohorts went for broke.

Nine days before the day of the Presidential election Premadasa took a leap in the dark by making an “address to the nation” which was broadcast on his Facebook page.

In eleven minutes, the 52-year old Premadasa promised an electorate disgusted with the current political culture, that he would bring in sweeping changes.

He promised a Prime Minister who will be a “first-timer,” and a Cabinet full of vibrant young, qualified men and women who have not been touched by corruption that will “maintain a gender and generational balance.”

Pro Sajith Premadasa crowd at his inaugural rally/Amitha Tennekoon RepublicNext

He says he was moved to make the promise because on the campaign trail he was asked the question how he would transform the current corrupt political culture of the country.

He said “it became clear to me that there is only one way Sri Lanka’s problems can be fixed and that will be to clean up politics in this country while not sacrificing our cherished democracy and individual freedoms.”

In that, he has said a mouthful and set himself a gargantuan task, and possibly set off a civil war inside the UNP just days before the poll.

This is because at the culmination of his bruising battle inside the UNP to wrest the candidacy from Ranil Wickremesinghe, Premadasa had agreed that the Party Leader will stay in place as the Executive Prime Minister even if and when he is elected President according to sources in Temple Trees.

Constitutionally, as President Maithripala Sirisena learnt, it is not possible to remove the PM easily. So that means to fulfil this promise to the nation Premadasa will have to dissolve Parliament at the earliest opportunity, which is in mid-March, and also build enough backing from the party to handpick the nominees who will contest the poll from the UNP.

The question here is will his promise to take away the trappings of MP-ship, the Duty Free Luxury vehicle, the houses, the ability to give jobs to friends and family pose a challenge in build support around him.

But with trends and polls showing that he is catching up with his rival Gotabaya, he needs a final push to climb the steep hill that will take him over the 50 percent mark.

That is why, while taking the risk of angering some UNPers, he pitched this line aiming at the voters going to Anura Kumara Dissanayake and the outlier candidates such as Gen Mahesh Senanayake, Ajantha Perera. Voters supporting these candidates are mostly disgusted with the people and practices of current politics.

State Minister for Foreign Affairs Wasantha Senanayake accepts a sheaf of Lotus Buds as he joins Gotabaya Rajapaksa on the stage in Polonnaruwa/SLPP Media

In response, Gotabaya, went on a punishing round of rallies, flying from the plains of Polonnaruwa to the hill country and into the South.

At Polonnaruwa, the serial party crossover artist, State Minister of Foreign Affairs Vasantha Senanayake joined Gotabaya on stage. The candidate appeared a bit miffed that the noisy entrance of Senanayake was made in the midst of his speech, but later smiled as the descendant of the father of the nation D S Senanayake took off his Green cap and put on the Maroon headgear of the SLPP.

At all the rallies, Gotabaya and his brother, Leader of the Opposition Mahinda Rajapaksa kept on offering more goodies to voters. These are pro-poor items that did not appear in detail on the manifesto, which includes free housing which also goes against what he has been expounding at the Viyath Maga discussions that preceded his formal candidateship.

“We will ensure every poor family receives, free of charge, a bag of nutritious food stuff as well as a government job for one member of the family,” he told the crowds.

Gotabaya has also offered free fertilizer for paddy farmers and vegetable growers amid a number of other concessions.

Mahinda also raked up an old controversy that the UNP was cutting deals with the Tamil parties by agreeing to greater devolution than the current Constitution would allow. It was a clear gambit to shore up his core Sinhala-Buddhist Nationalist Base vote.

As a tumultuous week ended, one-time Mahinda confidante former MP Sajin Vaas Gunewardena entered the fray, accusing the former President of threatening his family and showering allegations of corruption against the Rajapaksa family. They ranged from bribing Velupillai Prabhakaran to block votes to the UNP in the Presidential elections of 2005 to siphoning off commissions from the sale of the Army land in Galle Face to the Chinese to build the Shangri La Hotel and Mall. He alleged that the Rajapaksa’s had bought hotels in Tangalle with the money.

Gotabaya Rajapaksa’s purported document proving he has renounced US citizenship

The constant thorns in Gotabaya’s side Ministers Harin Fernando and Mangala Samaraweera went on Twitter over the weekend to resuscitate the question of whether Gotabaya has renounced his American citizenship. This was prompted by the fact that Gotabaya’s name did not appear in the list of persons who have given up US citizenship published by the US government this week in the Federal Registry. This has been a controversy that has dogged the former Secretary to the Ministry of Defense for years.

His nephew, MP Namal Rajapaksa and his lawyer President’s Counsel Mohamed Ali Sabri have stoutly defended Gotabaya with Ali Sabri pointing out that the National Elections Commission raised no objections when they accepted his nomination papers.

This has been a Presidential race that has pitted the old versus the new in a way totally unexpected just a few months ago. Many believed it would be a contest between Ranil from the United National Front versus a member of the Rajapaksa family, probably Gota. A fight between Gotabaya who carries the burdens of the authoritarian practices, the corruption and misdeeds of 10 years of Rajapaksa rule versus the unpopular Ranil who squandered the mandate to bring in Good Governance and punish the wrongdoers would have been dull and wearying. We would have been wallowing in the same cesspool, where these opponents have, over the decades covered up for each other.

But the advent of Premadasa and in some way the JVP’s Anura Kumara has added spice and some excitement to the race. New ideas have been discussed, and all of them, except for Gotabaya have been open to the Media and appeared at debates. Perhaps there is hope for our nation  after all.

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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