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Friday November 13th, 2026

Mangala Samaraweera, Sri Lanka ex-minister who unusually stood by principles

ECONOMYNEXT – During his three decades of politics in Sri Lanka, Mangala Samaraweera, who died on August 24, led some of the nation’s most powerful ministries and was widely hailed as a rare politician who stood by his principles and respected liberal values treating all equally regardless of their caste, creed, ethnicity, and religion.

Samaraweera had tested positive for COVID-19 on Aug. 13 and had been in hospital since. He was 65.

Valued for his ability to build consensus among people ranging from leftists to right-wing politicians and capitalists to Marxists exerting his charm to bring together disparate groups, Samaraweera had not sought plum jobs such as presidency or premiership, despite decades of loyalty to the center-left Sri Lanka Freedom Party (SLFP).

Fashion to Unfashionable Career

The late Samaraweera obtained a fashion and textile designing degree from Central St. Martins in London before entering politics in 1988.

Born on April 21, 1956 in Matara, Samaraweera hailed from a political family with his father was a former cabinet minister and mother was a local council chairwoman.

He represented the southern district of Matara in the parliament. He held more than a dozen ministerial portfolios between 1994 and 2019, ranging from Post and Telecommunication, Media, Ports, Urban Development, Construction and Public Utilities, Foreign and Finance.

Though coming from a leftist political family and party, he later became one of the most successful finance ministers who brought fiscal discipline into Sri Lanka’s government spending, achieving the first primary surplus since 1992, but was tripped up by activist monetary policy.

He was ridiculed by the current Prime Minister Mahinda Rajapaksa-led nationalist party for bring a formula to adjust fuel prices on a monthly basis.

Samaraweera entered parliament in 1989, following his father Mahanama Samaraweera, a former cabinet minister, through the SLFP led by Srimavo Bandaranaike, the world’s first woman prime minister, as she steered the country on a sharp turn towards central planning, import substitution and import and exchange controls.

He rose under the mentorship of Sirimavo and then her daughter Chandrika Bandaranaike Kumaratunge, who was the president of the Indian Ocean island nation from 1994-2005.

However, in 2007 he was sidelined by President Mahinda Rajapaksa who won the 2005 election, thanks to the campaign chief Samaraweera’s efforts in putting an unlikely, but winning coalition that included leftists and right-wing politicians, moderates and religious extremists, liberals and conservatives, as well Marxists, and capitalists.

He was sacked from the cabinet by Rajapaksa along with two others due to differences of opinion as the then government started a full-scale war against the terrorism. Samaraweera had favored a political settlement as war brings tragedy for the people.

However, Rajapaksa-led government won the 26-year war by militarily annihilating one of the world’s most powerful separatists in 2009. Sri Lanka, however, is still facing war crime allegations for human rights violations said to have occurred during the final phase of the war.

After being sacked, Samaraweera remained in the opposition, contested under the center-right United National Party (UNP) led byRanilWickremsinghe, a leader who he had once ridiculed as “Mr. Bean”.

Though becoming increasingly disappointed with politics according to his friends, towards the end 2013, he then played a key role in working a deal with all the likeminded people to bring in a change by backing common opposition candidate Maithripala Sirisena.

He contributed to the defeat of Rajapaksa, who was staunchly backed by Samaraweera to the SLFP leadership in 2005.

Samaraweera became one of Sri Lanka’s most influential politicians during the 2015-2019 regime led by President Maithripala Sirisena and Prime Minister Wickremesinghe.

As foreign minister from 2015-2017, he managed mend relations with the West and other countries after the Rajapaksa-led government disregarded the requests to address human rights violations in the final phase of the war.

Samaraweera worked with Sri Lanka’s key international partners in post-war reconciliation, a move politically opposed by the Sri Lanka Podujana Peramuna (SLPP) which is currently ruling Sri Lanka with a two-third parliament majority.

Unlike most of his colleagues, Samaraweera avoided using racism and religious extremism to win elections. He stood by his liberal policies. He also backed the small LGBTQ community in Sri Lanka.

Two Legacies

When he appeared in his last media briefing while launching an apolitical movement called ‘Radical Centre’ by a group of multifaceted multi-ethnic youth calling themselves as “true patriots”, Samaraweera said he was proud of two legacies.

“The first one is that, through the Sudhu Nelum Mal Movement (a peace movement under President Kumaratunga in the 1990s), I was able to help and reconstruct the Jaffna library and hand it over to the people,” he told the reporters on July 25, exactly one month ago.

“I am also proud of privatising Sri Lanka’s telecom sector. Before 1997, everybody had to wait 10-12 years to get a telephone line.”

In a private television interview earlier in August, he revealed that an official from President Gotabaya Rajapaksa administration contacted him to help in bringing Moderna anti-COVID-19 vaccines to Sri Lanka using his US connections.

He said he contacted Samantha Power, former US Ambassador to the United Nations and the current Administrator of USAID via text message to facilitate vaccines.

“But Sri Lanka got Moderna not because of me. A country like US will never act on personal contacts,” he humbly said.

Samantha Power in a series of tweets, reacting to Samaraweera’s death, said she was “devasted by the passing” of the former foreign minister, who she described as “a patriot and statesman, advocate for democracy and human rights and a treasured friend.”

“Mangala fought for justice & for reconciliation. As Foreign Minister he pushed to create the Office on Missing Persons, & for reparations to war victims and survivors. As Finance Minister, he orchestrated the forgiveness of loans taken out by desperate families after the war,” she said.

Unlike other politicians, he asked the children worship only their parents and teachers and never any politicians. He was also critical on some Buddhist monks whom he said were spreading hate speech in the name of Buddhism against minorities and that it was against Buddhist values.

“He never used racism or religion for politics,” Marxists Janatha Vimukthi Peremuna (JVP) said in its condolence message.

“A visionary free from politics, he was able to stand by his policies even when he was politically disadvantaged. It is also worth recalling how he worked closely with us at certain crucial political moments.”

In a rare move, he also apologized from the public for being partly responsible for the country’s current political mess, through past actions, but vowed to correct his past mistakes.

“In my association with him for a short period, I saw him as a good human being,” R H S Samaratunga, former finance secretary told EconomyNext.

“He was unique and he stood by his own principles, no matter what the repercussions or consequence were.”

In 2020, Samaraweera resigned from parliament politics and withdrew from contesting in the general elections under the current opposition leader Sajith Premadasa’s party after submitting nominations.

He personally asked voters not to vote for him.

When he was the Minister of Telecommunications, he was accused to have used a credit card possessed by him to visit internet gay porn sites and spent 2,000 US dollars. Later, police detectives probing the scandal said it was done by computer hackers.

At a ceremony when he completed 30 years in the parliament on February 28, 2019, he said he had dreams, but those dreams have never fulfilled.

“In fact, one of my earliest dreams was to become a racing driver but I have never driven in my life,” he said in front of leaders who would never come together for any event, but Samaraweera’s, along with Samantha Power from the US who had become a personal friend of him by then.

“Thirty years later, I still remain a dreamer. Many of the dreams I dreamt for my country still are unfulfilled but I feel that I may have been able to make a little difference along the way thanks to some of the very special people whom I had the privilege of associating.”

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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