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Friday October 16th, 2026

SLFP argument for length of president’s term absurd – Jayampathy

Member of Parliament and constitutional expert Dr. Jayampathy Wickremaratne today questioned President Maithripala Sirisena’s apparent decision to seek the opinion of the Supreme Court on the end of his term of office.

Sri Lanka Freedom Party (SLFP) MP Dayasiri Jayasekara yesterday told the media that President Sirisena was “seriously considering” obtaining a Supreme Court ruling on whether his term ends on 20 June next year, as opposed to 8 January on which he completes five years in office as head of state. Jayasekara said this was on the basis that the 19th amendment to the constitution was signed into law on 21 June 2015, adding that there was a debate on whether the amendment had any retrospective effect.

Dr. Wickramaratne contested this claim, pointing out that the 19th amendment was in fact certified on 15 May 2015. Regardless, the Supreme Court had previously made it clear that the provisions in the 19th amendment which had reduced the President’s term to five years were indeed retrospective.

“Article 30, sub article 2 of the constitution was amended to reduce the term of office of the President to five years. To make it clear that it would apply to the president in office, that is President Sirisena, a clear transitional provision was introduced in section 49 of the 19th amendment,” Dr. Wickramaratne told RepublicNext.

Section 49 (1) reads: “For the avoidance of doubt it is hereby declared that

“(a) the Seventh Parliament in existence on the day preceding the date on which this Act comes into operation, shall, unless dissolved earlier, continue to function until April 21, 2016 and shall thereafter stand dissolved;

“(b)  the persons holding office respectively, as the President and Prime Minister on the day preceding April 22, 2015 shall continue to hold such office after such date, subject to the provisions of the Constitution as amended by this Act.”

“Those are the operative words (as amended by this Act). This means that their holding of office is subject to the 19th amendment. So it’s very clear that the five years count from 9 January 2015,” the MP said.

In January 2018, President Sirisena sought the opinion of the Supreme Court on whether he could continue in office for a period of six years starting 9 January 2015.

The Supreme Court, having discussed all the relevant provisions including the amendment of Article 30 sub article 2, said Dr. Wickramaratne, ruled that the provisions were retrospective in effect.

“That should clear up the whole thing. I don’t know why the President is being advised to ask the Supreme Court again, when the Court has already said that Article 30, sub article 2 is retrospective in effect. It’s very clear,” he said.

According to the SLFP’s argument that the five-year period starts the day the 19th Amendment was certified, he went on to say, if one assumed that the Amendment was passed in May 2016, five years should be counted from May 2016 — meaning that the president would then, if counted from January 2015, would have a term of six years and five months.

“That shows the absurdity of the argument,” he said.

Click here to download the Supreme Court verdict of January 2018.

Sri Lanka’s Vidullanka secures $1.35mn mini hydro contract in Fiji

ECONOMYNEXT — Sri Lanka energy firm Vidullanka has received a Letter of Acceptance for a 1.35 million US dollar mini hydro Engineering, Procurement, and Construction (EPC) contract in Fiji, the company said in a market filing.

The contract was awarded by the Department of Energy under Fiji’s Ministry of Public Works, Meteorological Services and Transport.

Under the project scope, Vidullanka will execute the turnkey EPC works, covering the design, supply, installation, testing, and commissioning of a 100-kilowatt (kW) mini hydro facility located at Buca Village in Fiji.

“This contract marks Vidullanka PLC’s entry into the Pacific island region’s renewable energy sector, building upon the Group’s established track record of international EPC execution in South America (Guyana) and East Africa,” the company said.

The company had submitted its original bid for the tender on December 18, 2025, and received the official Letter of Acceptance dated October 13, 2026.

“The award further reinforces the Group’s strategy to diversify its revenue streams into foreign-currency-denominated EPC and specialized technical engineering service contracts,” the company stated.

Vidullanka said it will now complete the procedural and administrative formalities required under the tender conditions leading up to the execution of the formal agreement with the Fijian awarding agency.

The company added that further disclosures will be made to the Colombo Stock Exchange once the formal contracts are signed. (Colombo/Oct16/2026)

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US grants $17mn to modernise Colombo port digital systems

ECONOMYNEXT – The United States has announced a 17 million US dollar grant to modernise digital systems and maritime documentation at the Port of Colombo, the Sri Lanka Ports Authority (SLPA) said.

US Ambassador to Sri Lanka Eric Stern Meyer announced the grant during a visit to the Colombo port, following discussions with senior maritime officials and government ministers.

The funding is aimed at upgrading Sri Lanka’s Maritime Single Window and Port Community System, which manage documentation, regulatory clearances, and data sharing across the port.

“This funding will support the digital infrastructure used for maritime documentation, regulatory procedures, and information exchange among port stakeholders,” Ambassador Meyer said.

The planned digital upgrade is designed to improve coordination between the SLPA, Customs, terminal operators, shipping lines, and other key agencies involved in daily cargo handling.

“Better integration of maritime data and administrative processes will reduce paperwork, improve cargo clearance, and support more efficient vessel and cargo operations,” SLPA Chairman Parakrama Dissanayake said.

Modernising these core digital systems is vital to strengthening trade facilitation at the Port of Colombo, which operates as a primary transshipment hub in the Indian Ocean, officials noted. (Colombo/Oct16/2026)

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Sri Lanka’s Amana Takaful adds claim tracking, document submission on app

ECONOMYNEXT – Sri Lanka’s Amana Takaful Insurance has introduced live motor claim tracking and digital document submission through its mobile application to enhance customer transparency.

The updated platform features trilingual capabilities in English, Sinhala, and Tamil to improve accessibility across Sri Lanka.

The new Motor Claims Workflow lets customers track the status and progress of their motor claims through the app.

“This enables customers to remain informed at each stage of the process without having to rely solely on traditional follow-up channels,” the company said.

Customers can also digitally submit the documents required to support the settlement of their claims.

Necessary supporting documents can be uploaded through the mobile app.

“By combining real-time visibility into the claims journey, digital document submission and access in all three languages, Amana Takaful continues to make its services more transparent, convenient and accessible to customers across the country.” (Colombo/Oct16/2026)

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Ajith Medis to head Sri Lanka’s SMB Finance

ECONOMYNEXT – Sri Lanka’s SMB Finance PLC has appointed Lansage Ajith Prasanna Medis as chief executive officer of the company with effect from October 16.

Medis does not have a relevant interest in shares issued by the company, SMB Finance said in a market filing.

A brief profile provided by the company is reproduced below:

Professor Ajith Medis has extensive experience in academia, financial services, business strategy, and management.

He joined academia in 2002 after a decade of working with LOLC, People’s Merchant Bank, and Mitsui & Company.

He previously held senior positions in the financial services sector, including Chief Executive Officer of PMF Finance PLC, Director of Alliance Finance PLC, Overseas Consultant to the Indian School of Business in Hyderabad, and many others.

He has also provided consultancy services to over 30 finance companies in various capacities, both local and overseas.

His expertise includes implementing turnaround strategies for ailing entities, enhancing top- and bottom-line performance for growth, and restoring corporate fundamentals.

Professor Medis holds a Bachelor of Commerce (Special Honors) degree from the University of Kelaniya, a Master of Business Administration from the University of Sri Jayewardenepura, and a PhD in Strategy from Management and Science University, Malaysia.

He also holds a Postgraduate Diploma in Marketing from the Chartered Institute of Marketing in the UK and a Certified Management Accountant qualification from Australia.

His combined academic expertise, financial-sector experience, and strategic management background will contribute to the leadership and future development of SMB Finance PLC. (Colombo/Oct16/2026)

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Sri Lanka stocks trend up, ASPI gains 0.60-pct

ECONOMYNEXT — Sri Lanka’s Colombo Stock Exchange opened up on Friday, CSE data showed, with the benchmark All Share Price Index moving up 0.60 percent.

The ASPI was up 119.48 points at 20,090.63, while the more liquid S&P SL20 was up 0.63 percent, or 36.09 points, at 5,735.11.

Positive contributors to the ASPI were Dialog Axiata (up 3.29 percent at 43.90 rupees), Commercial Bank of Ceylon (up 0.51 percent at 199.00 rupees), Sri Lanka Telecom (up 4.54 percent at 82.90 rupees), and Sampath Bank (up 1.45 percent at 140.00 rupees).

Distilleries Company of Sri Lanka (down 1.57 percent at 50.00 rupees), Ambeon Holdings (down 3.98 percent at 31.40 rupees), Tokyo Cement Company (Lanka) (down 2.28 percent at 72.80 rupees), Singer (Sri Lanka) (down 0.56 percent at 70.60 rupees), and Ceylon Tobacco Company (down 0.56 percent at 1,768.00 rupees) were top negative contributors.

Market turnover was 170.32 million rupees. Capital goods led turnover with 36.64 million rupees. (Colombo/Oct16/2026)

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Sri Lanka rupee at 331.15/25 to US dollar spot, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee was quoted flat at 331.15/25 to the US dollar in the spot market on Friday, while bond yields were steady, dealers said.

A bond maturing on 15.10.2028 was quoted flat at 10.60/70 percent.

A bond maturing on 15.06.2029 was quoted at 10.95/11.05 percent.

A bond maturing on 15.10.2030 was quoted at 11.41/45 percent, up from 11.40/45 percent.

A bond maturing on 01.12.2031 was quoted at 11.65/73 percent, up from 11.65/70 percent.

A bond maturing on 15.12.2032 was quoted at 11.75/90 percent, up from 11.75/85 percent.

A bond maturing on 15.01.2033 was quoted at 11.85/95 percent, up from 11.95/12.00 percent.

A bond maturing on 15.10.2034 was quoted flat at 12.20/30 percent.

The telegraphic transfer rate for the dollar was 326.70 buying, 335.70 selling; the euro was 363.6850 buying, 377.4658 selling; pound was 432.5942 buying, 446.7026 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.56 percent, or 111.97 points, at 20,083; while the S&P SL20 was up 0.63 percent, 35.68 points, at 5,734. (Colombo/Oct16/2026)

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