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Friday November 13th, 2026

Emotional Harsha firmly behind life-saving EMT service; invites Sri Lanka businesses to support

ECONOMYNEXT – Sri Lanka’s Deputy Foreign Minister Harsha de Silva invited businesses to help expand an island-wide paramedic service started with support from India, breaking down at nationalist opposition to an initiative to save the lives of the sick and wounded.

De Silva is driving an initiative to build a country-wide network of emergency medical technicians (EMTs) who will travel in ambulances to stabilize accident or heart-attack victims before rushing them to hospital.

India is giving a 7.5 million dollar grant to set up the services in Colombo and Galle as a first step. The training will be provided by GVK Emergency Response Institute, a non-profit organization that is operating the service in India as a public private partnership.

But nationalist elements have opposed the move saying Indians will run ambulances in Sri Lanka, despite the fact that it will save lives, especially of poor people.

The service however will run with Sri Lankan technicians and India’s GVK will only train workers and provide technical support and skills so that it can be operated independently.

God-like

"This is a meritorious act," de Silva told a ceremony where 144 trainees were given appointment letters before being sent on a 51-day training program to Hyderabad in India.

"A doctor is like a god. Someone who helps a doctor is like a person who helps a god.

"We are trying to do a good deed…," the usually fiery politician broke down, unable to continue his speech.

"This has never happened to be me before," he said, after regaining control of his emotions.

"A lot of people told many things to us," he recalled. "They said we were bringing RAW (Indian secret intelligence service). They said it was a threat to Sri Lanka. They said Indians were being brought.

"But we did not step back. We are trying to save lives. Do not pull us from our legs (Kakulen adinna epa). This is not about politics.

"I am saying they are all defeated and the people of Sri Lank has won."

De Silva said he explained the concept to anyone who was willing to listen, meeting them and also going to television talk shows. He said he also explained to the Government Medical Officers Association (GMOA).

Personal Experience

The minister recalled a personal experience where a vehicle overturned and a lady was thrown out of the vehicle while he was travelling to Kuchchaveli in the East.

A lady specialist who was travelling with his friends immediately helped her and the patient was transported in a Toyota vehicle to Kantale hospital where a single ambulance was available but the procedure was long to get it released. It was decided to take the patient – with the lady doctor carefully holding the head of the patient to protect her spine – to Dambulla hospital, where an ambulance was readied.

But the lady doctor had said the patient would suffer further damage as it lacked the facilities to keep a patient who had suffered spinal injury safe. As a result the patient was transported to Colombo in the original vehicle and she underwent an 8 hour operation.

De Silva said when he was working as a junior minister to Prime Minister Ranil Wickremesinghe, India wanted to make a gift to Sri Lanka to mark the visit of Prime Minister Narendra Modi. There were many suggestions including university buildings.

But following the urging of a doctor friend as well, de Silva said he had put forward the idea of the emergency ambulance service. Prime Minister Wickremesinghe did not take more than a second to express support for the idea, he said.

De Silva said already knew that the Indian Prime Minister while he was Chief Minister of Gujarat had helped develop the emergency response service which was called 108 service in India.

De Silva said India’s 108 service operated by GVK EMRI had gained international fame and had been featured in medical journals in Harvard University and Stanford for its service to the people.

India’s 108 Service

When Prime Minister Modi, visited Sri Lanka’s parliament, he had made it point to introduce himself to the mention it, recalling his personal involvement with the 108 service in India.

"GVK EMRI has mastered this service. They have 10,000 ambulances in the India, which is the largest service in the world."

He said Prime Minister Modi had simply given the 1000 million rupees and said to ahead.

"This is a gift. There is no interest. We do not have to pay it back. There is no secret agreement as people say. This happened in March 2015.

"This is a symbol of the friendship between India and Sri Lanka. So we all have to be grateful for our friend for giving this facility."

De Silva said the origins of the GVK EMRI service lay when Sathyam Computers of India started an emergency response service as a corporate responsibility project.

When the company went into financial trouble and could no longer support it, GVK Reddy, the owner of the GVK group had come forward and given 10 million dollars to keep it going.

GVK EMRI has now grown to be a non-profit paramedic service that was saving thousands of lives.

In free countries like the US, there were paramedic services and people called 119 whenever there was a medical emergency. It could be an accident or a heart attack.

But Sri Lanka had not such service until now.

In Sri Lanka accident victims and other very sick people are taken to hospital by well-meaning three-wheeler drivers, but the journey in the cramped vehicle itself could damage the person. "If someone has a heart attack, under this service patients will be taken to hospital with emergency care being administered at home or on the way to hospital," Sri Lanka’s health services director Palitha Maheepala said.

"This will save lives. It fills gap in our health services which has been a historic need."

Appeal to Philanthropy

The first set of trainees with the ambulances that will be given by India will start in Colombo and Galle in the Western and Southern Provinces.

"There are seven other provinces remaining," he said.

He said like GVK Reddy, Sri Lanka’s businessmen could support the expansion of the service.

"I am inviting entrepreneurs in Sri Lanka, businesses in Sri Lanka to get together. This is an open invitation to join us and support it."

De Silva said Sri Lanka’s philanthropists like Charles de Soysa had given money to build hospitals in the 19th century.

De Silva said rich people could call a private hospital and get an ambulance immediately. He had an insurance policy which even covered a helicopter he said.

"But this service is for the poor people," he said. "So why are some people trying to block this?"

De Silva was now questioned by some people, about who will own the emergency response service.

"This will be 100-percent owned by Sri Lanka. Every ambulance, every bit of equipment in the ambulances will be owned by the Ministry of Health. This will be an asset of the government."

Nationalist Hate

Political philosophers have said that nationalist has no logic and is simply based on irrational hate and usually a carefully re-crafted history that has no basis in fact.

They have said that nationalist hate emerged in the Europe from around 1860 onwards when the popular vote – developed in Western Europe – came to Eastern and Central Europe with the breakdown of the monarchical rule of the Austro Hungarian Empire (Sri Lanka’s Nationalism and hate is an illiberal European Import).

Nationalism and minority oppression took root especially in what came to be known as Hungary and Yugoslavia.

Under nationalism, humans were no longer valued as human beings and shortly after the turn of the next century fascist-nationalists were in control in three key linguistic nation-states that emerged, Spain (Franco), Italy (Mussolini) and Germany (Hitler), defeating liberal ideas.

Nationalism leads to minority oppression, conflicts with neighbours, internal war and misery.

Nationalist ideas have been defeated successfully in Germany and Italy since the Second World War, but is found in Hungary and former Yugoslavia where liberals are still defeated.

The ideas also spread in the British Empire and took root in Sri Lanka and Malaysia.

Sri Lanka’s rice nationalists – a peculiar nationalism not found in other fascist-nationalist states – have previously tried to impose food controls on sick people by banning bread from hospitals.

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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