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Friday November 13th, 2026

The Hope That President Rajapaksa Will Deliver

COOPERATION – President Gotabaya Rajapaksa wants Sri Lankans to come together

The government’s inability to obtain the support of the ethnic and religious minorities was visible in the outcome of the presidential election. The popular vote in the districts in which the minority communities predominated went overwhelmingly to President Gotabaya Rajapaksa’s main challenger, Opposition leader Sajith Premadasa. At his swearing-in ceremony, President Rajapaksa was straightforward enough to acknowledge this reality. He said he had been elected president on the votes of the ethnic majority. But in a statesmanlike manner, he promised to govern as the president of all Sri Lankans. This is a pledge that the president has repeated on other important occasions, most recently on Independence Day.

In his Independence Day speech, the president said, “I have the vision that I must serve as the leader of the country looking after all citizens rather than serve as a political leader concerned only about a particular community. As the President today, I represent the entire Sri Lankan nation irrespective of ethnicity, religion, party affiliation or other differences.” These words of the president make him a leader in the mode of Prime Minister Lee Kuan Yew of Singapore, who was no-nonsense and firm when it came to dealing with political opponents, but scrupulously mindful in treating all communities in his country alike and ensuring that they mixed together in the areas in which they lived.

The statesmanlike words of President Rajapaksa, to be the president of all Sri Lankans and to treat all communities without discrimination needs to be respected. This will facilitate a Sri Lankan nationalism to germinate on the fertile soil of the motherland so as to yield a bountiful harvest as stated in the national anthem. Sri Lanka has so far been unfortunate not to have a national leader of the calibre of Abraham Lincoln, Nelson Mandela or Jawaharlal Nehru who is able to convince the entire nation, in its multi-ethnic and multi-religious diversity that they are all children of one mother as so meaningfully proclaimed in the anthem.

The Government is Falling Short

However, despite the president’s statesmanlike words, the government is continuing to fall short in its efforts to realize the president’s vision of being the president of all Sri Lankans. The failure of the government to have the national anthem sung at the Independence Day celebrations in both official languages of the country, in Sinhala and Tamil, was a setback to the dream of having a Sri Lankan leader with the depth and capacity to rise to the pantheon of great national unifiers. This failure came as a great disappointment to those who expected the government to be responsive to the sentiments of the ethnic and religious minorities to feel a sense of belonging to the country.

Today, President Rajapaksa has an unparalleled opportunity to become a truly national leader. The war is over more than ten years and there is no uncooperative entity such as the LTTE with the power to wreck a unifying initiative. During her period of office, President Chandrika Kumaratunga displayed both the intellectual qualities and the political will to reach out to the ethnic and religious minorities, but her aspirations were undermined by the actions of the LTTE over which she had no influence. This was also an opportunity that President Rajapaksa’s elder brother Mahinda had when he became president for a second term after having defeated the LTTE in battle, but failed to take.

President Mahinda Rajapaksa’s government was elected to power in 2010 with a large majority and high expectations. But the opportunity to include the ethnic and religious minorities was not taken as the government preferred to traverse the path of ethnic majoritarian dominance which effectively excluded the minorities. This alienated the minorities who felt that they had become the main victims of impunity by government and paramilitary actors. In addition, the international community began to put pressure on the government for its reluctance to put forward a viable roadmap to reconciliation. They began to put economic sanctions, including the withdrawal of the GSP Plus tax concession which undermined the prospects for rapid economic development with foreign participation.

Pragmatic Options

With the general elections going to be held in April this year, the government would need to pay attention to the possibility of a similar set of negative factors to converge on it at the present time. As in the period 2010—15 the government is moving in the direction of conflict with the international community led by the United States. The travel ban imposed on the Sri Lankan army commander and also his entire family has evoked widespread condemnation within the country especially for the inclusion of family members. This is a continuation of a regime of international sanctions against Sri Lanka on the grounds of its unwillingness to deal with unresolved issues of the last phase of the war, including those of missing persons and accountability for human rights violations.

Unfortunately, the government’s immediate response was to announce it would be pulling out of Sri Lanka’s co-sponsorship of UNHRC resolution 30/1. This resolution set up a roadmap to reconciliation that had the support of the international community. In terms of reaching to the ethnic and religious minorities, there is a need for the government to minimize their sense of being targeted for hostile action. The sudden revival of security checkpoints in the north and east would be affecting mostly ethnic and religious minority populations, as they are predominant in those areas. At the present time both those who travel in public buses and private vehicles are being compelled to get down at security barriers even in the middle of the night and personally carry their baggage to the checkpoints. Even very elderly people, in their eighties, have been subjected to this treatment.

If the government hopes to dispel the sense that it is opposed to ethnic and religious minorities and obtain their support at the forthcoming general election it will need to make positive gestures to them, such as finding ways to minimize the inconvenience to travellers. Another concern is the checking of meetings and discussions in the north and east especially but also elsewhere by state intelligence agencies. This is done politely for the most part without any element of a direct threat. However, this is still worrying to people who have a memory of events not so long ago when they were similarly questioned though in different circumstances. Such questioning today sends a message to those being questioned that they are not trusted. Any leader who wishes to be a statesman would wish to build trust with the people as a first step, regardless of their ethnicity or religion, by making them feel safe.

Dr. Jehan Perera is the Executive Director of the National Peace Council

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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