An Echelon Media Company
Monday November 9th, 2026

Opinion: Government Alone Cannot Win War Against Covid-19

ECONOMYNEXT – The sudden spread of the Covid-19 coronavirus has caught both the government and larger society by surprise and generated collective alarm. President Gotabaya Rajapaksa has been chiding the people for failing to be more careful about their safety and taking the necessary precautions. Until the recent outbreak took on serious proportions, people felt obliged to wear face masks to avoid being questioned by the police rather than for their own personal safety and that of those around them. Participants at social gatherings frequently put aside their masks after they got inside the venue. The belief that was propagated by the government that Sri Lanka was the second most successful country in the world in terms of containing Covid took a firm grip on the popular imagination.

President Rajapaksa is reported to have said that if this was a real war, like the one he fought against the LTTE, he would know what to do. In leading the war with the LTTE as defence secretary, President Rajapaksa and his team of top military commanders looked at the lessons of the past and the known behaviours of the enemy and designed effective counter-strategies. But this war against coronavirus is one within the community and needs a different approach that is more inclusive and participatory than that of the military, which is usually exclusive and top-down only. Making the point that wisdom comes late in the day, too late to make a new beginning, the philosopher Hegel said: “The Owl of Minerva sets flight when the shades of twilight are already falling.” But it is human ingenuity and leadership that dares to rectify the mistakes that have been made by learning from the past and not repeating them. This applies as much to resolving peacetime problems as to wartime ones.

The Covid-19 spread has now reached the level of the community. More and more of Colombo is being shut down as a desperate measure. Where there is community spread, the problem cannot be solved by decisions made at the top without reference to what is happening at the ground level. Those who are working on health issues at the community level, including both medical personnel and civil society organisations, need to be brought into the campaign. Sociology Professor Kalinga Tudor Silva has stated that “In order to address these challenges effectively, we need to have a broader community participation at all levels, inclusive decision making and a two-way flow of information in place of a purely top-down communication pattern.”

Social Media

The lax attitude towards the coronavirus pandemic on the part of the general population was, in large measure, due to lack of adequate knowledge. A fatal trend of non-transparent decision making was set early on in the Covid crisis. At the root of the problem was the political desire to hold elections early and so the truth of the situation was confined to only a few. The responsibility for this needs to be borne by the government and not simply attributed to the lack of commitment of the people. Even after the coronavirus statistics had surged, large political gatherings were to be seen in which those government leaders in attendance appeared to demonstrate a cavalier attitude to safety concepts as social distancing and the wearing of face masks. The tragedy is that the government was caught by

surprise as much as the rest of the population because they did not know of, or foresee, the spread of the invisible enemy.

The failure in knowledge gathering and sharing could have been avoided if there had been more participation of those from outside the government, including the political opposition, independent professional associations and civil society organisations with experience in working with communities at the grassroots level. Apart from those in the central government, subsidiary layers of devolved government could have been utilized too, such as the local government authorities, to make the war against coronavirus a major national one conducted at all levels.

There is a concerted campaign on social media that is focusing on the government’s failures. The inability of the government to halt the spread of the coronavirus is the main theme of this anti-government propaganda. There are invidious comparisons made between the indecisiveness of the present government and drawing comparisons to the previous government which was also indecisive. There are several examples of decisions being made and changed with regard to the extension of lockdowns and withdrawal of subsidies given to the consumer and producer items. There is a parallel to the initial period of the previous government where it was opposed from the very beginning and not given the time and space to settle down and figure out what needed to be done.

Enlightened Leadership

In times of crisis and economic scarcity, it is easy to scapegoat and target minorities which can then spread into violence. There is hate news that focuses on ethnic and religious minorities with the allegation that the government is not doing enough to put them in their place. Starting with the Easter bombing last year and continuing to the presidential and general elections, government politicians attacked their opponents for their failures in ensuring national security and being single-minded in their decisions. They pledged to ensure national security and to secure the position of the majority community whose vote they campaigned for and obtained in an unprecedented manner. However, social media posts indicate that the manner in which the government secured its 2/3 majority in parliament by obtaining the support of Muslim parliamentarians who voted from the opposition has eroded confidence in the government leadership’s commitment to the pledges they made.

The question is how the government will seek to ensure the continuing confidence of the people in its governance and decisions it takes. The political columnist Tisaranee Gunasekara has pointed out that “the 2021 Budget will allocate less money for Health than the 2019 Budget did. According to the Appropriations Bill for 2021 (approved by the cabinet in early October), the allocation for Health decreased by Rs 29 billion compared to 2019. The war ended more than a decade ago. The pandemic is a living reality. Yet defence tops the 2021 budgetary allocations. The second place goes to Highways, which gets more than double the money allocated to Health.” Now that the 20th Amendment has been passed into law, President Rajapaksa is best positioned to make the decisions that call for sacrifice but which are fair by all.

The virulent coronavirus is not the only destructive problem the country faces. There is also the deeply felt disaffection of the Muslim community, and also sections of the Christian community, at the practice of compulsory cremation of Covid victims. This is practised nowhere else in the world and is contrary to World Health Organisation’s guidelines which have brought a black mark to the country internationally. There are also the deep wounds of the 26-year war and missing persons and those incarcerated in prisons without trial for over a decade which continues to be as a black cloud hanging over the country. It is to be hoped that President Rajapaksa can give the enlightened leadership that unites the country to face these challenges and overcome them all with the vision of the wellbeing of all. Keeping in mind his pledge at his inauguration to be the president of all Sri Lankans and not only of those who voted him into power, but the president could also call all political parties to come together as a National Emergency Task Force to deal with the coronavirus crisis. In Opposition leader Sajith Premadasa and JVP leader Anura Kumara Dissanayake the country has responsible national leaders with the capacity to give their support to do what is right without being politically partisan. (Colombo November 17, 2020)

Sri Lanka stocks close up 1.37-pct, banks lead turnover

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

 

Continue Reading

Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

 

Continue Reading

Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

Continue Reading

CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)

 

Continue Reading

Sri Lanka stocks trend up; ASPI gains 0.78-pct

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

Continue Reading

Sri Lanka rupee at 332.54/58 to US dollar spot, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 332.54/58 to the US dollar spot on Monday, stronger from 332.55/60 Friday, while bond yields held broadly steady, dealers said.

A bond maturing on 15.09.2029 was quoted at 10.90/95 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 was quoted at 11.00/10 percent, down from 11.05/10 percent.

A bond maturing on 01.02.2031 was quoted at 11.10/20 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 11.58/68 percent, up from 11.55/65 percent.

A bond maturing on 01.06.2033 was quoted at 11.80/95 percent, up from 11.80/85 percent.

A bond maturing on 15.10.2034 was quoted at 12.08/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 was quoted flat at 12.30/40 percent.

The telegraphic transfer rate for the dollar was 328.05 buying, 337.05 selling; the euro was 363.3528 buying, 377.1336 selling; pound was 437.5954 buying, 451.7038 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.78 percent, or 165.42 points, at 21,405; while the S&P SL20 was up 0.58 percent, 35.19 points, at 6,080.

90,000 million rupees Treasury bills are to be issued through an auction on November 11. (Colombo/Nov9/2026)

Continue Reading