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Friday November 13th, 2026

In Memoriam: Sri Lanka economist Sisira Jayasuriya, 1946-2025

By Prema-chandra Athukorala, Australian National University and Sarath Rajapatirana, Advocata Institute, Colombo (formerly at the World Bank)

The distinguished economist Professor Sisira Kumara Jayasuriya, Sri Lanka-born and who spent much of his professional life in Australia, passed away on 18 February 2025, after a prolonged battle with cancer.

Sisira was a highly respected economist whose contributions to economics, ranging from macroeconomics to microeconomics, were wide and deep. Throughout his professional career, he maintained an abiding interest in studying the Sri Lankan economy and participating in the country’s economic policy debate.

Sisira was born 22 June 1946 into a middle-class academic family in Bandaragama. His parents were both schoolteachers. He was the second child in the family, with an older sister and a younger sister. All three siblings graduated from the leading university in the country, the University of Ceylon (later renamed Peradeniya University).

He was an old boy of Ananda College, just before the primary language of instruction in higher education in Sri Lanka was changed from English to Sinhala (and Tamil). He entered the University of Ceylon in 1965 as a student in the science stream but later decided to switch to social sciences to study economics, majoring in statistics—an extremely rare and bold decision at that university, where disciplines were traditionally rigid.

Dr. Piyasiri Wickramasekara, who was a young lecturer at the time in the Department of Economics at the time, reminisces about Sisira’s university days:

‘I had the rare privilege of teaching Sisira during his undergraduate days when he was in the small batch of students majoring in economics in the English medium. I always remember and admire him as an extremely bright and exceptional student who hardly took any notes during my lectures, while others were busy copying down every word I uttered. He was also about the only student in the group who never hesitated to interrupt me and ask questions during lectures. I had the confidence to ask him to convey to me privately what he thought of my teaching in my capacity as an assistant lecturer with little experience. I shall always remember Sisira’s engaging smile and friendly, pleasant disposition—his hallmark from his student days.’

Sisira was a political activist from his high school days. He was an active member of the student wing of the Lanka Sama Samaja Party (LSSP), the oldest communist (Trotskyist) party in the country. In 1968, when the LSSP leadership entered mainstream politics, Sisira joined a breakaway group of young LSSPers who formed the Trotskyist Revolutionary Communist League (RCL) (subsequently renamed the Socialist Equality Party), affiliated with the International Committee of the Fourth International. During his university days (and perhaps beyond), he was the chief editor of the party’s weekly newspaper, Kamkaru Mawatha (The Workers’ Path).

Sisira was a powerful and passionate speaker for the party, with a remarkable ability to directly quote Marx, Lenin, and Trotsky to debunk his political opponents.

Those of us who were at the University of Peradeniya during his time have vivid memories of the speeches he delivered under the famous ‘strike tree,’ using evocative and stirring language tinged with humour, complemented by sharp, deliberate hand movements to punctuate key points. Dr. Wickramasekara recalls that Sisira once remarked that he never planned to be an academic and expected to remain a full-time revolutionary.

After graduating in 1970 and spending short spells as an assistant lecturer in the same department and at the Rubber Research Institute, Sisira came to the Australian National University (ANU) in 1972 for post-graduate studies on Colombo Plan. He first enrolled in the Masters in Agricultural and Development Economics at the Development Studies Centre, Research School of Pacific Studies (RSPS).

When he soon became bored with the program’s course content, Professor Peter Lloyd arranged for him to enrol in more analytically rigorous courses in the Master’s programme in the Department of Economics. Upon completing his Master’s in 1973, Sisira was awarded an ANU scholarship for doctoral research. His doctoral thesis focused on the long-term investment decisions of rubber smallholders in Sri Lanka, set against the backdrop of emerging analytical literature on the investment behaviour of farmers engaged in perennial cash crops.

In 1978, he joined the International Rice Research Institute (IRRI) in Los Baños, Philippines, as a Post-doctoral Fellow and was promoted to scientist/economist in 1980. After a five-year tenure at IRRI, he returned to the ANU in 1982 as a Research Fellow in the economics division of RSPS. Subsequently, he taught at La Trobe University (as Senior Lecturer, and then Reader) and at the University of Melbourne (as Associate Professor and Director of the Centre of Asian Studies), before joining the Department of Economics at Monash University as a Professor in 2010.

At Monash, Sisira played a pivotal role in founding and shaping the Centre for Development Economics and Sustainability (CDES) into a leading centre for cutting-edge interdisciplinary research, focusing on topics such as poverty alleviation, agricultural development, environmental sustainability, and the socio-economic impacts of globalization. Sisira’s vision and dedication fostered collaborations with leading academics, policymakers, and international organizations, ensuring that CDES research had a tangible impact on both policy and practice.

Sisira’s extensive external networks and engagements were instrumental in elevating CDES’s global profile. He forged strong partnerships with institutions such as the World Bank, the Asian Development Bank, and various United Nations agencies, as well as universities and research centres across Asia, Africa, and beyond. His ability to bridge academia and practice was one of his greatest strengths. Sisira retired from Monash in 2022 but continued as an Adjunct Professor of Economics at CDES, leaving behind a lasting legacy of excellence and innovation.

Sisira was the quintessential applied economist, with a firm grounding in theory and analytical techniques. His research and policy advisory activities spanned trade, macroeconomics, environmental issues, and food policy in developing countries, with a multidisciplinary focus. His publications included six books and over fifty papers in multi-authored volumes and scholarly journals. Sisira regularly advised governments and international organizations on development policy, offering real-world insights, A great teacher, supervisor, and mentor, Sisira guided many doctoral students from various countries, including Australia, Sri Lanka, Thailand, Indonesia, and Vietnam.

No appreciation of Sisira’s contributions to economic academia would be complete without acknowledging the role he played in a major multicounty research project on The Macroeconomic Policies, Crises, and Growth in the Long-Run Experience of Developing Countries, undertaken by the World Bank under the principal authorship and guidance of Ian Little, Max Corden, and Richard Cooper (1986–1990).

Sisira played a key role as co-author of two of the seventeen in-depth country studies in the project—on Colombia and Sri Lanka—both of which were published as research monographs in their own right, in addition to contributing to the main volume, Boom, Crisis, and Adjustment: The Macroeconomic Experiences of Developing Countries by Ian Little, Max Corden, Richard Cooper and Sarath Rajapatirana (Oxford University Press). In addition to co-authoring the two country studies, Sisira quietly but effectively supported the Director of the project by revising several other country studies during his sabbatical at the School of Advanced International Studies, Johns Hopkins University.

His other major international research projects included Agricultural Trade Liberalisation and Domestic Market Reforms in Indian Agriculture (2005–2015), in collaboration with the National Center for Applied Economic Research in New Delhi; Processed Food Exports from India and Thailand (2000–2005), in collaboration with Thammasat University, Thailand, and the Research Information System, India; and Land Degradation in Sri Lanka (1992–2000), in collaboration with the Ministry of Plantation Industries, Sri Lanka.

He was a frequent visitor to the Institute of Policy Studies in Colombo during its formative years. He worked closely with Dr. Saman Kelegama (Executive Director) and Dr. David Dunham (Resident Economist funded by the Dutch government) in developing the research profile and capabilities of the institute, helping it become a major multidisciplinary research centre in the South Asian region.

During the first Chandrika Kumaratunga regime (1994–1999), he worked closely with Dr. Lal Jayawardene, the main economic advisor to the government. He drafted the Economic Policy Statement of the Government of Sri Lanka (13 September 1994) when the new government came into power, though he was later disappointed by the sharp deviation of practice from the declared policy.

During his tenure at La Trobe University, he sponsored several students from Sri Lanka to undertake doctoral research under the ACIAR project on land degradation (mentioned above). He co-authored a major book on macroeconomic policy in Sri Lanka and several papers on key economic issues of the country, which have now become an integral part of its knowledge base.

Sisira was ethnically Sinhalese, the main ethnic group in Sri Lanka, but he always maintained a strong stance on the issues faced by the Tamil minority. He stood firm on the need to make amends for the suffering caused by majoritarian rule.

A final tribute to Professor Sisira Jayasuriya’s personality: He loved people and ideas, and he did so without any thoughts of private aggrandizement or personal vanity. He was a great raconteur with a fine sense of humour. A ‘man of conviction,’ he was never aggressive or incoherent, even in heated arguments; reasoned calmness was a hallmark of his character as a public intellectual. He had a vast coterie of friends across continents who appreciated this gentle soul. As much as we mourn his passing, we will also celebrate the opportunities we had to know and associate with him.

Sisira is survived by his wife, Sreeni, and their daughter, Tanya.

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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