An Echelon Media Company
Friday November 13th, 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 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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