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Wednesday October 14th, 2026

“I stand by Mangala”

“The rhetoric of hate is often most effective when couched in the idiom of love…. Truth is all around us…Truth is wherever man has glimpsed divinity.”

(From Gore Vidal’s novel on Roman Emperor Julian)

The script of ‘Mangala’s Mistake “is simple and straightforward. It begins with a pervasive silence of our collective complicity with an untruth.

Mangala decides to pierce the conspiracy of silence with the obvious truth. It is a grave mistake.

 You cannot argue with the custodians of Sinhala Buddhism. You cannot question its preeminence in the Sri Lankan polity. That is their exclusive preserve.

They operate on the simple principle that only the fish can study marine biology. Mangala is not a fish.  Dabbling in Marine Biology is not his business.

Now, poor Mangala finds that he has made a controversial statement. It has snowballed into a painful reproach against our   collective pusillanimity. Mangala is pilloried. 

Even those who share Mangala’s values do not wish to be reminded of or discuss their neutrality to truth.    

Mangala is not a run of the mill politician. If he was, he would not have made this ethically correct, politically erroneous statement that Sri Lanka was a country where Sinhala Buddhists were the majority, but all were equal citizens irrespective of their ethnoreligious diversity.

 On the face of it, none can dispute its core content. That is if one subscribes to the   overall assumption that we are a plural multicultural democracy.

But it makes an impudent challenge to the Sinhalese Buddhist cosmic order which protects the land destined to be the repository of Theravada Buddhism, protected by ‘Satharawaram deviwaru’ – the four guardian deities.

His bold but hopelessly starry-eyed attempt to defend and promote   the idea of a civic nation- an inclusive Sri Lankan nation in the present exceptionally incendiary climate is unfortunate. He would be lucky to have any defenders.

This writer counts himself as one of those defenders. But the price is high.  Refusing to take part in ‘a lie’ is a simple courageous step.  Such situations are neither new nor unexampled. They have happened before and will happen again. That is how nations progress and defenders of truth are remembered in history.

Mangala can take solace in John Steinbeck the novelist who gave his finest work, the biblical name ‘Grapes of Wrath.’ “It takes great courage to back truth unacceptable to our times. There’s a punishment for it, and it’s usually crucifixion.” 

The Minister of National Integration, Official Languages, Social Progress and Hindu Religious Affairs Mano Ganeshan has firmly reiterated that Sri Lanka is a Sinhala Buddhist country.

Addressing the gathering of the ‘Jathika Maga’ movement at the BMICH, he has said that we were people of one nation, but it was a Sinhala Buddhist country.

Mano Ganesan whose constituency consists of Tamils permanently domiciled in metropolitan Colombo has very sensibly explained why he holds that view.

 “It was not good to say that Sri Lanka is not a Sinhala Buddhist country. Although, there are different communities living in the country, we should admit that Sri Lanka is a Sinhala Buddhist country.”

Mark the distinction.  Mano Ganesan does not say Mangala is wrong. He merely observes that Mangala’s statement is not good.   What Minister Mano Ganesan attempts to tell us is that what Mangala has stated is not good, convenient or politically prudent. 

The reference to Sri Lanka’s Buddhist ethos of tolerance by his eminence Cardinal Malcom Ranjith made eminent sense.

However, his parable of the Buddhist older brother and younger siblings of other faiths baffled me. My bafflement is on the simple logic that rejects a hierarchical classification of moral purity – the essence of all religions.

On this issue I am open to correction.  I possess no deep insight to comparative religions. It never occurred to me to explore the subject.  I have a   deep and abiding aversion to all categories of opiates.  

The confusion over Mangala’s statement was soon resolved quickly firmly and with absolute finality by Venerable Mawarelle Bhaddiya thero who addressed the ‘Jathika Maga’ parley at the BMICH on Tuesday. He presented an eloquently framed proposition.

කාර්දිනල් තුමාට මෙය පිළිගන්ට පුලුවන්නම් මොකද මංගල සමරවීරට බැරි ?

“Cardinal thumata meya piliganta puluwannam mokada Mangala Samaraweerata bari ? “

 When His eminence the Cardinal has pronounced that ours is a Sinhala Buddhist country, what is Mangala groaning about?

The persuasive rhetoric of Venerable Mawarelle Bhaddiya thero   has an irresistible resonance with the theory of  ‘spontaneous consent’ with which the masses concede to the hegemony of a dominant group proposed by the Italian Marxist theoretician  Antonio Gramsci.

He wrote extensively on it while languishing in one of Mussolini’s prisons where he finally died.

Although he does not offer a clear-sighted definition of cultural hegemony (he was weary of his Fascist prison censors) Gramsci explained the process of ‘spontaneous consent’.

Mangala’s rejoinder should have really come from the JVP that calls itself a Marxist party. But how can Sinhala Buddhist Marxists commit that kind of heresy?  

The ruling group determines the direction of the social discourse. Subordinate groups are manipulatively persuaded to come on board. Consent is a complex mental activity – a “contradictory consciousness” mixing resistance and resignation or approval and apathy. Oscillating between approval and apathy is the lot of Mano Ganeshan grappling with the serious task of national reconciliation.  

In this heated climate we are missing the point. This is not about the sanctity of belief systems.

Underneath the verbiage of heritage and purity of tradition, there is a hegemonic consensus that defines access to wealth and power. The real debate is about the power relations that developed in post-war Sri Lanka. 

In 2012, Professor Nira Wickremesinghe made an incisive inquiry into the state sponsored project to shape the present by postulating history as heritage.

In the post war period, the study of history was quietly abandoned to the mercies of film producers and perception engineers advancing the political project of the state.

The versatile actor Jackson Anthony replaced the Distinguished Scholar Senarath Parnavithane as our interlocutor with a past that was once obscure but now offering immense possibilities harking back to the days of Ravana.

The irony of it all is that the government was in deep slumber just as Kumbhkarna the laid back brother of Ravana was when Islamic terror hit us on Easter Sunday.

One passing thought. A good deed never goes unpunished. I stand by Mangala Samaraweera. 

Sri Lanka to consider cash/dollar incentives for tourism promotors: President

ECONOMYNEXT – Sri Lanka is considering a tourism industry request to provide incentives in dollars or cash to those who bring more tourists into the country from next year, President Anura Kumara Dissanayake told an investor forum this week.

Speaking at the Sri Lanka Economic and Investor Summit 2026 on Monday (12), the President said the tourism industry has submitted a proposal to raise incentives over the previous year for those who bring in tourists above the target set by the government.

“We are currently considering provisions in the upcoming budget to offer a cash or dollar incentive per tourist above that threshold through the Tourism Development Authority,” he told the gathering when speaking about the plans to boost tourism.

“This would incentivize companies and institutions to bring in higher numbers of tourists.”

The incentive will be paid on the volume exceeding that benchmark, he said.

“For example, if 100 tourists visited previously and 120 arrive the following year, an incentive wouldn’t apply to the base 20, but rather on the excess beyond a certain growth threshold.”

Sri Lanka has pinned hopes over strong tourism growth for more job creating and foreign currency inflows. (Colombo/October 14/2026)

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Sri Lanka Treasury bill yields rise on shorter term, less bills sold

ECONOMYNEXT – Sri Lanka’s Treasury bill yields rose on the shorter tenor at Wednesday’s auction, with 66.12 billion rupees of bills sold of an offered 90 billion, data from the Public Debt Management Office showed.

The 3-month bill was up 4 basis points at 9.30 percent, with 40 billion rupees offered and 40.19 billion rupees sold.

The 6-month bill was unchanged at 9.44 percent, with 30 billion rupees offered and 8.45 billion rupees sold.

The 12-month bill was unchanged at 9.95 percent, with 20 billion rupees offered and 17.48 billion rupees sold.

All 3 bills are available on tap. (Colombo/Oct14/2026)

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Sri Lanka stocks close down 1.4 pct on geopolitical concerns, profit-taking

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Wednesday, CSE data showed, with the benchmark All Share Price Index moving down 1.40 percent.

The ASPI was down 281.42 points at 19,796.06, while the more liquid S&P SL20 was down 0.94 percent, or 53.67 points, at 5,676.43.

Market sentiment was largely weighed down by geopolitical tensions in the Middle East and fluctuating oil prices, alongside margin calls, profit-taking, and the day’s Treasury bill auction.

“Things are moving more on sentiment rather than fundamentals these days, mainly with oil price fluctuations and Middle East developments, along with some margin calls and profit-taking,” Shahana, Senior Assistant Manager – Research at First Capital, said.

Positive contributors to the ASPI were Haycarb (up 2.84 percent at 199.50 rupees), Teejay Lanka (up 1.41 percent at 28.70 rupees), Aitken Spence (up 0.57 percent at 133.25 rupees), and Vidullanka (up 0.47 percent at 21.30 rupees).

Carson Cumberbatch (down 4.86 percent at 655.50 rupees), Tokyo Cement Company (down 4.79 percent at 73.50 rupees), Dialog Axiata (down 2.98 percent at 42.30 rupees), Distilleries Company of Sri Lanka (down 2.16 percent at 49.90 rupees), and Commercial Bank of Ceylon (down 0.63 percent at 197.25 rupees) were top negative contributors.

Market turnover was 1.93 billion rupees, roughly 35 percent above the monthly average. Capital goods led turnover with 405.82 million rupees, followed by the banking sector. Crossings were recorded in Dialog Axiata, DIMO, and John Keells Holdings, while foreign investors recorded a net selling of close to 5 million rupees.

Galadari Hotels (Lanka) announced that, following the conclusion of its ongoing refurbishment and pursuant to approval from Radisson Hospitality Belgium BV under the Hotel Management Agreement, the reopening of the hotel as ‘Radisson Blu Hotel Galadari Colombo’ is scheduled during the fourth quarter of 2026. (Colombo/Oct14/2026)

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Sri Lanka Customs set to reach fresh record revenue this year: analysts

ECONOMYNEXT – Sri Lanka Customs is likely to achieve a fresh record high revenue this year after reaching this year’s target of Rs. 2,207 billion this week, with more than 11 weeks to the year-end, analysts say.

Customs Spokesman Chandana Punchihewa said the revenue-collecting body had already surpassed this year’s target on Tuesday (13), reaching Rs. 2,208 billion.

The Customs exceeded its target for the second straight year in 2026.

Last year, Customs collected a record 2,551 billion rupees in revenue, exceeding a revised target of 2,241 billion rupees for the year and achieving 64.2% higher revenue than the previous year’s revenue of 1,553 million rupees.

Analysts say Customs will surpass last year’s record revenue by the end of November if there are no major policy reversals or disruptions to the economy in the country during that time.

Customs’ 2026 target of 2,207 billion was 13.5% less than last year’s because they originally expected a significant decline in car imports early this year. (Colombo/October 14/2026)

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Sri Lanka President reveals timelinefor new laws related to SOE, investments

ECONOMYNEXT – Sri Lanka President Anura Kumara Dissanayake revealed the timeline for key laws related to State-Owned Enterprises (SOE) and Public-Private-Partnership (PPP) to boost investments in the island nation.

Delays in formulating and enacting key structural legislation, specifically governing SOE reforms, PPPs, labor market flexibility, and modernizing the century-old Customs Ordinance, have emerged as major bottlenecks to Sri Lanka’s long-term economic competitiveness and fiscal sustainability.

The absence of a modernized legal framework for SOEs perpetuates fiscal leakages, inefficient governance, and persistent public sector debt burdens, while vague or outdated rules on PPPs and labor deter both domestic and foreign direct investment by creating regulatory ambiguity and rigid operational constraints.

Furthermore, the archaic Customs Ordinance of 1869 hinders trade facilitation, fosters administrative opacity, and creates revenue leakage risks at a time when export-led growth is critical.

Under the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) arrangement, Sri Lanka has committed to prioritizing these legislative enactments.

Commenting on these laws, President Dissanayake said the government has been working on them and expects them to be enacted soon.

“Regarding the SOE law, I expect it will be presented to the Cabinet in about two weeks,” Dissanayake told the gathering at the launch of the Sri Lanka Economic and Investment Summit 2026 on Monday (12).

“The PPP law has been drafted and submitted to the Legal Draftsman’s Department, and we have received their recommendations.”

“Regarding labour law, about twelve different labour statutes currently exist. We are consolidating these into unified legislation. A draft bill has already been formulated, though reviewing and finalizing it will take some time.”

He said an agreement has been reached on the Customs Ordinance following extensive discussions involving the Treasury and the Customs Department.

“The proposed amendments to the Customs Ordinance are the most appropriate way forward,” he said.

“Those proposals have now been submitted to the Legal Draftsman’s Department, and we expect the bill to be finalized promptly. Most likely, all of these bills will be presented to Parliament by February.”

The IMF contends that establishing transparent, enforceable, and modern legal frameworks is essential to eliminate governance vulnerabilities, enforce fiscal discipline, improve revenue collection, and signal regulatory stability to foreign investors, thereby ensuring Sri Lanka’s post-default recovery transitions into sustainable macroeconomic growth. (Colombo/October 14/2026)

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Sri Lanka’s Standard Capital exits loss-making paints subsidiary

ECONOMYNEXT — Sri Lanka listed investment company Standard Capital has disposed of its stake in subsidiary Standard Paints (Pvt) Ltd for a nominal consideration of 1650 rupees, saying the move would improve its financial position as the subsidiary carried a negative equity value.

In a disclosure to the Colombo Stock Exchange, Standard Capital said its board had previously decided on August 24, to either strike off the subsidiary or dispose of its equity stake for a nominal value.

The company subsequently sold its holdings in Standard Paints on September 28, comprising a 65 percent stake represented by 6.5 million ordinary voting shares and 100 percent of the subsidiary’s 10 million preferential shares.

The shares were disposed of for a total consideration of 1650 rupees. (Colombo/Oct14/2026)

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