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Friday October 16th, 2026

Sri Lanka opposition SJB demands elections, warns of protests against delay tactics

File photo of polling booth

ECONOMYNEXT – A proposal by Sri Lanka’s minister of justice for a special committee in parliament on election reforms is being challenged by the main opposition Samagi Jana Balawegaya (SJB) which claims that the proposal is an attempt to delay elections.

SJB general secretary Ranjith Madduma Bandara speaking at an event said on Monday October 31 claimed that President Ranil Wickremesinghe had given an assurance to ruling Sri Lanka Podujana Peramuna (SLPP) legislators that elections will not be held.

“We are working against the president’s plan,” said Madduma Bandara.

The MP said his party plans to educate the public and raise the matter in and outside parliament to “hold elections and protect democracy”.

His SJB colleague MP S M Marikkar said at a different event that the SJB will take to the streets if elections are postponed.

“We will get on the streets to send both President Wickremesinghe and the government home, secure an election, and form a government,” said Marikkar.

The MP also claimed that the International Monetary Fund, the Asian Development Bank, the World Bank and other international organisations have said they will assist Sri Lanka in debt restructuring after the people have elected a government.

There is no evidence, however, that any of those institutions have laid down a condition that elections be held in order to receive assistance in debt restructuring.

Sri Lanka is going through its worst currency crisis in decades, and the IMF has reached a staff level agreement with the government on a 2.9 billion US dollar bailout package if Sri Lanka successfully restructures its debt.

“Without [holding an election], we cannot overcome this crisis. We ask the president not to bring in false committees to postpone elections,” said Marikkar.

Justice Minister Wijeyadasa Rajapakshe had requested Speaker Mahinda Yapa Abeywardena last week that a special parliamentary committee be appointed to propose electoral reforms for local government bodies, provincial councils and parliament and recommend a homogeneous system for all three, reports said

A parliamentary election in the island nation is not due till 2024. But the president may dissolve parliament and call an early election from March 2023. The recently passed 21st amendment to the constitution has retained the president’s power to dissolve parliament two and a half years after its commencement.

The opposition Janatha Vimukthi Peramuna (JVP) too has called for elections. Former JVP MP K D Lal Kantha speaking at a rally said the government is not going for elections because it knows it doesn’t stand a chance.

State Minister Shantha Bandara speaking to reporters on Monday claimed that the opposition is demanding elections to destabilise Sri Lanka’s economic recovery by signalling to the world and to potential foreign investors that a change in government is due next year.

The SLPP’s popularity has waned considerably since the popular people’s protests that erupted in Sri Lanka in April this year over the country’s currency crisis. A wave of protests around the country saw the ouster of then president Gotabaya Rajapaksa, who was succeeded by President Wickremesinghe – a former arch rival – with the unlikely support of 134 SLPP legislators.

Opposition parties have claimed that, in return for their support, Wickremesinghe offered sanctuary to the almost universally reviled SLPP and a delay in elections.

However, the government’s approval rating under Wickremesinghe had moved up to 10 per cent in October 2022 from 3 per cent in June, a survey by Verité Research, a Colombo-based think tank found.

Related:

Sri Lanka government approval rating up to 10-pct from 3-pct: survey

Meanwhile, Palitha Range Bandara, the general secretary of the United National Party (UNP) – the party Wickremesinghe leads and is represented in parliament by a solitary MP, has said Wickremesinghe is not in it to do anyone’s bidding.

Related:

Ranil not here to protect Rajapaksas, says Sri Lanka president’s party secretary

(Colombo/Oct31/2022)

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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