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Friday November 13th, 2026

Sajith or Gota; who’s ahead in the race

In twelve days’ time, Sri Lankans will go to the polls to choose a new president in what increasingly looks like a very crucial election.

The question on everyone’s mind is who’s ahead in the race, Gotabaya Rajapaksa or Sajith Premadasa.

In this report, we look at the two front-runners.

In the absence of valid, scientifically conducted polls we journalists cannot point you in any direction, but we can weigh the pros and cons and try to guess what the majority of voters are thinking.

Mothers of missing persons protest against Gotabaya Rajapaksa in Jaffna/Twitter.com

The road to candidacy for the two men were in sharp contrast. The Rajapaksa’s decided on their candidate literally around the dinner table. Former two-term President Mahinda is ineligible because of term limits and the next choice was Gotabaya.

Premadasa however, had to fight a bruising battle against his party leader Prime Minister Ranil Wickremesinghe to become his party’s candidate.

Gotabaya the Candidate in a cocoon

Gotabaya, 70, is a former military officer with a fearsome reputation developed during his stint as Secretary to the Ministry of Defense in his brother Mahinda’s 10-year long Presidency. He is dogged by various allegations of corruption as well as whispers of complicity in high-profile murders and abductions.

He projects himself as a man who is ruthlessly efficient, someone “who can get the job done.” He promises to bring in discipline, protect local industry and above all ensure that Sri Lanka is safe from terror attacks.

Gotabaya is backed by the Sri Lanka Podujana Peramuna the recently created political party that swept last year’s Local Government elections winning more than 40 percent of the popular vote and many councils along the way. A well-organized party, they have been working on the Gotabaya campaign for many months.

The SLPP is now allied with the Sri Lanka Freedom Party, at least on paper becoming a formidable grouping that dominates the majority Sinhala Buddhist community. A number of smaller parties representing minority groups across the country are also supporting Gotabaya.

Gotabaya with Buddhist Monks in an event held in Colombo in October/ SLPP Media

The candidate, however, is being cocooned by his handlers after a less than poor showing at his only press conference. Media has little access to him and in many cases, reporters have been refused entry to events he is attending.

Yet, because of the organizational strength and the allies he has gathered around him, Gotabaya is currently the front-runner in this race.

Sajith riding a fresh wind but swimming against the tide

Twenty years younger than Gotabaya, Premadasa presents a different face to our jaded political culture which is riddled with corrupt individuals who have been covering up for each other over the decades.

Seen as a hard-working Housing Minister, he has leveraged his father the late Ranasinghe Premadasa’s reputation for being on the side of the poor to bolster his candidacy.

It is a fact that Premadasa’s advent as the candidate has rejuvenated the moribund UNP grassroots organizations. Whether that energy can translate into actual votes at the ballot box is not known.

Sajith Premadasa / facebook.com

Premadasa has however upended the Neo-liberal economic policies followed by the UNP government in this four-year stint in power. He has laid out a social-democratic agenda where he is promising government intervention to help the poorest of the poor.

His charter for women is far-reaching; promising an independent Women’s Commission and more efforts to increase the percentage of women in politics. His promise that he would give sanitary napkins to girls and young women was treated with derision at first but he stuck to his guns. The study Menstrual Hygiene Management In Schools In South Asia,  Wash Matters, 2018, found that in Sri Lanka girls lose 1.3 million learning days a year due to this issue.

Premadasa has an open attitude, willing to address press conferences and other events where he has been questioned by experts, journalists and audience participants. He also appeared in an event that came closest to a candidate debate.

Premadasa’s party is the second biggest next to the SLPP, and is backed by strong allies in the Muslim and Tamil communities. On Sunday the biggest Tamil party on the Northern Peninsula the Ilankai Tamil Arasu Katchi endorsed him.

Sajith Premadasa mingling with the crowds at a rally/Amith Tennakoon RepublicNext

But Premadasa still has a struggle ahead of him. The power struggle within the UNP for the candidacy has left bad blood and “Team Sajith” made up of younger party-men and women appear to be working on their own from their office in Vauxhall Street in Colombo. The Prime Minister’s team ensconced at Temple Trees are running their own campaign.

Many insiders told RepublicNext that the campaign is “not cohesive.”

However by Monday Nov 4, the campaign had agreed that Wickremesinghe would lead the charge in Colombo and the North and the East. This would free up Premadasa to work in the Sinhala-majority areas.

The task ahead for both parties

To become the President of this Republic the candidate has to win 50 percent of the votes, plus one. If that does not happen then the Returning Officers will count the Second Preferences indicated on the ballots cast for the other candidates as valid votes and a winner will be chosen.

In the last Presidential elections Maithripala Sirisena beat Mahinda Rajapaksa by less than four percent of the votes or 449,072 ballots.

In that contest the race was between the two horses, but this time there are a record 35 candidates running.

While the others are bit players Anura Kumara Dissanayake of the National People’s Movement is a more serious contender. Dissanayake, the country’s top-rated Parliamentarian according to Manthri.lk, is leader of the Janatha Vimukthi Peramuna and has put together an alliance made up of Leftist parties and Social activists. He could garner more than 5 percent of the vote.

While Gotabaya will get most of the majority community votes, Premadasa will have to ensure he attracts a significant percentage of the Sinhala Buddhist while ensuring he retains the minorities as well.

At the moment Gotabaya’s team believes they are ahead and need to run a steady ship and not make mistakes to win easily. Sajith’s team, on the other hand, believe they are catching up but know they have to work hard in the little time ahead.

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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