An Echelon Media Company
Friday September 11th, 2026

COVID-19 vaccine: When must Sri Lanka act?

ECONOMYNEXT – With 165 deaths and 8,812 active cases reported at the time of writing, Sri Lanka has yet to announce a concrete plan to acquire a COVID-19 vaccine. Public health experts, lawmakers on both sides of the aisle, and other commentators have made various pronouncements on the pressing need to secure a vaccine best suited for Sri Lanka’s people and her ailing economy. Others, however, including experts, advise against rushing into importing a vaccine, suggesting instead that the government concentrate its efforts on containing the spread of the virus for the time being. The calls for a decision either way have become louder in the wake of the establishment’s ill-advised, alarmingly anti-science endorsement of an untested indigenous miracle cure.

State Minister of Primary Health Care, Epidemics and COVID Disease Control Sudarshini Fernandopulle told EconomyNext on Friday (18) that it is still early days. Sri Lanka’s health authorities, she said, have focused their attention on the different vaccines developed by international pharmaceutical and biotechnology companies but, in the absence of sufficient data, a decision has yet to be made.

“It is too soon to tell which vaccines would be the best for our country and would be compatible with our citizens,” she said.

The state minister said the government has been in talks with the World Health Organisation (WHO) to ensure that 20 percent of the population will receive a COVID-19 vaccine for free through the COVAX initiative once the WHO has approved a vaccine.

COVAX, a global initiative spearheaded by Gavi, an international vaccine alliance, and the Coalition for Epidemic Preparedness Innovations (CEPI), aims to equitably cover 20 percent of a signatory nation’s vaccine needs, irrespective of income level. Some 190 countries have signed up for the programme, including wealthy nations such as the UK and Canada.

The WHO said in a statement on Friday (18) that COVAX had arrangements in place to access nearly two billion doses of COVID-19 vaccine candidates.

“For the vast majority of these deals, COVAX has guaranteed access to a portion of the first wave of production, followed by volume scales as further supply becomes available. The arrangements announced today will enable all participating economies to have access to doses in the first half of 2021, with first deliveries anticipated to begin in the first quarter of 2021 – contingent upon regulatory approvals and countries’ readiness for delivery,” the statement said.

Sri Lanka’s readiness for delivery is unclear, at best.  State Minister Fernandopulle said the country’s infrastructure shortcomings such as cold chain issues also present practical difficulties with regard to storing a vaccine, particularly the Pfizer-BionTech which must be stored at -70 degrees Celsius.

“Transporting that vaccine at that temperature is not very practical in Sri Lanka,” she said

Pointing to a lack of clarity in the effectiveness of the vaccines currently being rolled out in the UK and elsewhere, Fernandopulle said more information was needed. For instance, both the Pfizer-BionTech and Moderna vaccines are said to be 95% effective. However, as pointed out by the Vaccine and Infectious Diseases Forum of Sri Lanka (VIDFSL), these are preliminary phase three results that have yet to be peer-reviewed.

The state minister noted that the duration of  immunity to the novel coronavirus following vaccination is also unclear.

“We’re not told how many times we have to get it. For example, we know the polio vaccine is for a lifetime. With this, we don’t know,” she said.

According to Fernandopulle, in the event a vaccine eventually arrives in the island, high risk groups and frontline workers as well as members of the armed forces and police will be given priority.

The minister gave an assurance that Sri Lanka will import a vaccine that is deemed best suited for the country, though she did not commit to a timeline. The Sunday Times reported quoting a government official today that Sri Lanka is in talks with the World Bank to secure a Rs 10 billion loan to purchase a vaccine.

“We are still studying this. We will bring in the best and the safest vaccine for patients and citizens in the country as soon as possible. Financially we are under no stress. Funds will be given by the World Bank. The president, too, provides his fullest support,” she added.

Meanwhile, Executive Director and fellow of the Institute for Health Policy (IHP) Dr Ravindra Rannan-Eliya said Sri Lanka ought to take its time in working out a strategy for vaccinating the country against COVID-19.

“I don’t think we should rush. We don’t have thousands dying right now. Only two vaccines are approved by some countries, and we don’t have critical data even for those, in particular their ability to stop transmission,” he said.

Speaking to EconomyNext on Friday (18), Dr Rannan-Eliya said the countries who urgently need vaccines today are those with rampant COVID-19 spread and thousands dying.

“We are not in that category, unless the government has decided it has changed the national strategy of aiming at elimination, without telling us. It may have since ministers are now saying we should live with the virus. if you have eliminated the virus, you don’t need vaccines urgently, unless people need to travel abroad,” he said.

According to Dr Rannan-Eliya, to prevent transmission, Sri Lanka needs to vaccinate 90% of the population, an endeavour that is not economically viable at present, to say the least.

“This could easily cost 1% of GDP, and the protection might only last one to two years. We can’t blame the government alone, since our limited fiscal capacity stems from decades of cutting taxes. We’ve chosen to reduce tax collection (10% of GDP) below the average in Sub-Saharan Africa (18% of GDP). Business people will understand that choices have consequences. One of those is that we can’t afford to buy vaccines for everyone with our own money,” he said.

Though COVAX will give Sri Lanka 20% for free, the WHO has yet to approve a vaccine, a process that will take several months. Dr Rannan-Eliya is looking at a timeline between 2021 to 2022.

While it is unclear at present when exactly the WHO will approve a vaccine, The National Geographic reported earlier this month that COVAX’s bargaining power was at risk. The programme’s funding depends on donations from its signatories, the magazine said, which have been slow to arrive.

“Meanwhile, some 9.8 billion doses of COVID-19 vaccines are already reserved as of November 30, and more than half are dedicated to well-off countries through pre-purchase agreements. Assuming the vaccines prove effective, the United States has already secured enough doses to vaccinate its population twice over. For the UK, it’s thrice. And if it fulfills its orders, Canada could offer five doses to all of its 38 million citizens with some left over,” the NatGeo report said.

Dr Rannan-Eliya believes it is possible to eliminate the virus in Sri Lanka through tight border control and through rigorous testing, among other measures.

“This is a fraction of the cost of vaccinating everyone in the next 12 to 18 months. Plus, vaccinating everyone will not eliminate the virus anyway, since the initial vaccines are probably not good enough to do that.

“Our best option is to eliminate the virus using proven methods, maintain secure borders through 2021 and then pick the best and most affordable vaccine options in about six months time when more vaccines will be available and prices have started to drop. It would probably be prudent to raise taxes/reduce debt to pay for coverage for all in say 2022 or 2023,” he said.

In the meantime, Dr Rannan-Eliya said, vaccines will be needed for people leaving the country. If it is for personal reasons, he said, the cost should be borne by the traveller, but for other travels, the state will have to find the funds.

“Maybe a charge on incoming tourists might be an option since they will increase the cost for us of keeping the virus at low levels as we “live with the virus”, which [seems to be] the new policy?” he said.

Dr Rannan-Eliya reiterated that Sri Lanka ought not to rush.

“Pfizer would cost us USD 20 x 2 doses x 20 million people = USD 800 million. This does not include other deployment costs, indemnifying Pfizer for side effects and paying compensation ourselves since Pfizer will not. Even that will not remove the need for other measures, since transmission and deaths will still occur if we open borders,” he said.  (Colombo/Dec19/2020)

Sri Lanka economic summit to focus on building shock-resilient economy

ECONOMYNEXT – The Sri Lanka Economic & Investment Summit 2026, SLEIS 2026, next month will focus on how the country can maintain its growth momentum while preparing for the challenges ahead, organizers said.

Policymakers, business leaders and international experts will meet at the event, organised by The Ceylon Chamber of Commerce on October 12-13, to examine how Sri Lanka can build greater resilience.

Titled “Beyond Crisis Management: Building a Shock-Resilient Sri Lankan Economy,” the session will examine the vulnerabilities exposed by recent economic and external shocks and consider what needs to be put in place to ensure that future disruptions do not repeatedly set back economic progress.

Lilia Aleksanyan, Senior Country Economist for Sri Lanka – Asian Development Bank, will deliver the keynote address.

A panel discussion will follow featuring Chandranath Amarasekara, Senior Deputy Governor – Central Bank of Sri Lanka, Sabrina Esufally, Executive Director – Hemas Holdings, and Roshan Perera, Consultant – Centre for Poverty Analysis and Former Director – CBSL.

The discussion will be moderated by Dhananath Fernando, Chief Executive Officer -Advocata Institute.

The session will consider how Sri Lanka can strengthen macroeconomic stability, safeguard livelihoods and improve the resilience of businesses and key economic institutions.

It will also examine the role of international partnerships, investment, innovation and business leadership in building an economy that can adapt to changing conditions without losing sight of longer-term development goals.

The discussion will consider what needs to be put in place beforehand, including stronger institutions, sound economic policies, greater diversification, resilient businesses and the capacity to respond quickly when external or domestic pressures emerge. (Colombo/Sep11/2026)

Continue Reading

Sri Lanka’s Sampath Bank appoints Dilip de S Wijeyeratne deputy chairman

ECONOMYNEXT – Sri Lanka lender Sampath Bank said it had appointed Dilip de S Wijeyeratne as deputy chairman, effective September 10.

Wijeyeratne has experience across banking, finance, risk management and compliance, investment banking and treasury, complemented by a strong understanding of corporate governance, strategic planning and financial markets, the bank said.

This will support the bank’s focus on advancing data-driven decision-making and the intelligent application of artificial intelligence across the organisation.

“Mr. Wijeyeratne’s experience and strategic perspective will complement the Bank’s efforts to harness data and emerging technologies, including AI, to sharpen decision-making, enhance operational effectiveness and create enduring value for customers, shareholders, employees and other stakeholders.”

Wijeyeratne’s association with Sampath Bank spans nearly eight years.

He joined the bank as a non-independent, non-executive director in November 2018 and was appointed an independent director in August 2019.

He served as senior independent director from May 2022 and continued as an independent, non-executive director from June 2026.

A senior finance and banking professional and principal consultant, Wijeyeratne provides advisory services to organisations across West Asia, Sri Lanka and Australia.

His career includes senior roles with HSBC Group in Bahrain, where he held responsibility for finance and operations, global markets and treasury, corporate treasury sales and asset and liability management.

He subsequently moved into entrepreneurship and advisory services, providing financial and strategic consultancy to private and public sector organisations.

Wijeyeratne serves as a director of Singer (Sri Lanka) and Hayleys Fibre, and as a director of Janashakthi Insurance.

He is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, a Fellow Member of the Chartered Institute of Management Accountants, UK, and a Graduate Member of the Australian Institute of Company Directors.
(Colombo/Sep11/2026)

Continue Reading

Sri Lanka rupee closes at 328.45/60 to US dollar spot, bond yields higher

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.45/60 to the US dollar in the spot market on Thursday, from 328.60/80 the previous day, while bond yields closed higher on select tenors, dealers said.

A bond maturing on 15.09.2027 closed at 9.75/95 percent, up from 9.60/90 percent.

A bond maturing on 01.07.2028 closed flat at 10.10/20 percent.

A bond maturing on 15.12.2029 closed at 10.50/60 percent, up from 10.45/55 percent.

A bond maturing on 01.08.2030 closed at 10.70/75 percent, up from 10.65/75 percent.

A bond maturing on 01.02.2031 closed at 10.80/85 percent, up from 10.75/85 percent.

A bond maturing on 15.12.2032 closed flat at 11.20/35 percent.

A bond maturing on 01.11.2033 closed at 11.65/75 percent, up from 11.70/75 percent.

A bond maturing on 15.10.2034 closed at 11.83/90 percent, up from 11.80/87 percent. (Colombo/Sep10/2026)

Continue Reading

Sri Lanka’s Aitken Spence Hotel Holdings to raise Rs5bn in debenture sale

ECONOMYNEXT — Sri Lanka’s Aitken Spence Hotel Holdings plans to raise up to 5 billion rupees through a debenture issue, the company said in a market filing.

The hospitality firm will make an initial issue of 30 million listed, rated, unsecured, senior, redeemable debentures at 100 rupees each, to raise 3 billion rupees.

A further 20 million debentures will be issued in the event of an oversubscription.

The subscription list for the issuance will open on September 15.

The issue offers four types of fixed-rate options across 5-year (2026/2031) and 7-year (2026/2033) tenors.

Type A (5-Year) at a fixed interest rate of 13.00 percent p.a., paid annually (13.00 percent AER), Type B (5-Year) at a fixed interest rate of 12.60 percent p.a., paid semi-annually (13.00 percent AER), Type C (7-Year) at a fixed interest rate of 13.15 percent p.a., paid annually (13.15 percent AER) and Type D (7-Year) at a fixed interest rate of 12.74 percent p.a., paid semi-annually (13.15 percent AER).

The company has received in-principle approval from the Colombo Stock Exchange (CSE) to list the debt instrument.

Shares closed at 85.80 rupees, down 1.38 percent. (Colombo/September10/2026)

Continue Reading

Sri Lanka’s Senthilverl Holdings tops 10-pct stake in Sarvodaya Finance

ECONOMYNEXT — Sri Lanka’s Senthilverl Holdings has increased its stake in Sarvodaya Development Finance beyond the 10 percent following a market transaction, a market filing showed.

The transaction on September 9, through broker Almas Equities, involved the purchase of 750,000 voting shares at prices ranging between 39.70 rupees and 41.00 rupees per share.

Prior to the trade, Senthilverl Holdings held 14,633,597 shares, representing a 9.78 percent stake in the finance company as of September 8, 2026.

Following the acquisition, the total shareholding rose to 15,383,597 shares, bringing the resulting stake to 10.28 percent of the company’s total issued share capital of 149,596,052 shares.

Sarvodaya Development Finance shares were trading at 39.60 rupees, down 3.41 percent. (Colombo/September10/2026)

Continue Reading

Sri Lanka telco regulator launches automated equipment clearance platform

ECONOMYNEXT — The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has launched an automated online platform to clear imported telecommunications equipment, replacing a manual process.

The new Equipment Clearance System (ECS) enables importers to secure necessary regulatory recommendations online for Sri Lanka Customs and the Controller of Imports and Exports.
The first phase of the system targets terminal equipment due to high market demand and import volumes.

The platform handles three main functions: issuing type approval certificates to verify that equipment models meet national standards, granting clearance for IMEI-enabled devices such as mobile phones and routers, and approving non-IMEI equipment including Internet of Things (IoT) hardware.

It also processes permissions for items brought into Sri Lanka on a temporary basis for re-export.

Clearances for devices using standard SIMs or eSIMs are administered under the Radio and Telecommunications Terminal Equipment Type Approval Rules 2020 gazette.

“Only equipment that strictly complies with the specifications outlined in that gazette will be processed through this system,” TRCSL official Amani Priyadarshani said.

The platform establishes login portals and sets specific annual limits across three user categories.

Under the system, private individuals can request clearance for up to five devices per year, while institutional applicants are permitted to clear up to 10 devices annually for corporate use.

Meanwhile, registered commercial vendors have a dedicated portal to apply for bulk imports for commercial sale, alongside the ability to import up to two units per model for technical evaluation and type approval.

The system is accessible at https://ecs.trc.gov.lk](https://ecs.trc.gov.lk or through the TRCSL official website under the equipment clearance section.

Licensed vendors are issued login credentials following their registration, TRCSL official Shashika Pannilage said, while individuals and institutional users can register through the site.

Applicants can track the progress of their submissions in real time, with notifications sent by SMS and registered email at key stages.

The TRCSL has set up user guides on the site and opened a technical help desk accessible by telephone at 1900 (extension 4105) or via email at ecshelpdesk@trc.gov.lk. (Colombo/Sep10/2026)

Continue Reading