Law and Order

They‘re back! Sri Lanka’s famous Parliamentary pugilists are returned by the voters

FAMOUS FIGHTERS – Sri Lanka’s Parliamentarians displayed their fighting skills in November 2018

Arjuna Ranawana

Thursday August 20, 2020 5:51 am

By Arjuna Ranawana

Thursday August 20, 2020 5:51 am

ECONOMYNEXT – Many of us who watched Members of Parliament brawling like street thugs inside the well of the House of Parliament in November 2018, didn’t want any of them to be returned.

Well, a bit of that wish has come through, as 83 of the 225, almost one-third, were not returned but some of the stars of that drama are back, and we have voted them in.

Among the leading Parliamentary pugilists back in the House are Chilli powder throwing Prasanna Ranaweera and Bible-chucking Johnston Fernando.

The other star fighter, Butter-knife Palitha Thevarapperuma, is not in play this time because his constituents did not vote for him.

Wimal Weerawansha, who hefted a copy of the Constitution of Sri Lanka at an opponent in the melee and Fernando are Cabinet Ministers.

Dilum Amunugama who cut himself destroying government property, the Speaker’s Microphone, is a Minister of State.

Even the women parliamentarians joined in the protests, although they did not resort to violence.

The fighting, if you recall, was perpetrated when motions of No-Confidence against the then appointed Prime Minister Mahinda Rajapaksa were moved on three different occasions.

Speaker Karu Jayasuriya successfully held all three votes which Rajapaksa lost and President Maithripala Sirisena refused to accept.

The disruptions of the votes were delaying tactics for horse-trading to take place behind the scenes to entice UNP MPs to cross-over to support Rajapaksa.

On the second occasion the vote was taken, now SLPP State Minister Arundika Fernando illegally occupied the Speaker’s chair and Jayasuriya had to sit in a makeshift chair and be protected by a posse of Policemen.

The police were also attacked and several of them were injured.

Those violent MPs on both sides of the house should have been prosecuted for breaking the law in the revered chamber where the laws of this land are made.

No-one was punished, instead, we have rewarded them by giving them our preferential votes and electing most of them as legislators.

Those law-breakers are joined by more in this Parliament.

One is two-term MP and former Deputy Minister Premalal Jayasekara who is currently under a death sentence for a murder committed during the 2015 election campaign.

This is the first time in our history that a man on death row will take oaths as an MP.

The former Pradeshiya Sabha Chairman also known as “Choka Malli” has been permitted to be released to attend Parliament as he has filed an appeal against his sentence.

Jayasekara came second in the Ratnapura district with 142,037 preferential votes according to the Elections Commission.

He was sentenced to death by the Ratnapura High Court days before the elections for the murder of United National Party supporter Shantha Dodangoda during the 2015 Presidential Campaign.

Another first is Sivanesathurai Chandrakanthan who is in remand custody on a murder charge.

Chandrakanthan, who is better known by his LTTE nom de guerre “Pillayan” will be the first former militant leader to be elected to Sri Lanka’s Parliament.

He is tipped to be given a State Ministry.

This is heartening news that men who fought to form a separate state are now entering the Parliament of Sri Lanka through the democratic process.

The first LTTE leader to get a Parliamentary seat was Vinayagamurthi Muraleetharan or “Karuna Amman” who was an appointed member from the Sri Lanka Freedom Party.

Pillayan is in remand for allegedly murdering another MP, Joseph Pararajasingham, a three-term Tamil National Alliance MP, on Christmas Eve 2005 as he attended mass at St Mary’s Church in Batticaloa.

Pillayan is a popular figure in the East as he was Chief Minister of the Province.

Both will join the ranks of the government which won an unprecedented two-thirds majority in a proportional poll in the election.

Disappointment over our legislators has been mounting over the past few decades as criminal elements crept into politics.

There was a yearning for clean government which brought the change in 2015 with the election of the United National Front for Good Governance.

However, the administration that promised to punish the excesses and wrongdoings of the Rajapaksas and avoid corrupt practice failed to do that in any way.

The United National Party was duly punished for that by the voters and all those tainted by the Bonds Scam were booted out.

However, there was a widely held belief that all or most of the 225 would be voted out because they had connections to criminal elements in society.

But that has not happened and we the voters are responsible for that. (Colombo, August 20, 2020)

Reported by Arjuna Ranawana

Economy

Sri Lanka Customs surpasses revenue goal for ninth straight month in Sept

Containers are shown at Ningbo-Zhoushan port on August 15, 2021. Suo Xianglu/VCG/Getty Images/CNN

Thursday October 1, 2026 7:17 pm

ECONOMYNEXT – Sri Lanka Customs exceeded its monthly target for the ninth consecutive month in September, achieving the target before the month ended, official data showed.

Customs’ September revenue target was set at 195.6 billion rupees.

However, in the first 29 days of the month, the revenue-collecting body had already collected 245.9 billion rupees, exceeding the target, official data showed.

Customs has set a revenue target of 2,207 billion rupees for this year, 13.5 percent less than last year as it originally expected a significant decline in car imports.

Data showed it has already achieved 95.4 percent of this year’s target or 2,104.6 billion rupees even before the end of nine months.

Last year, Customs collected a record 2,551 billion rupees in revenue, exceeding an upwardly revised target of 2,241 billion rupees for the year and achieving 64.2 percent higher revenue than the previous year’s revenue of 1,553 million rupees.

Sri Lanka Customs’ revenue jump is largely due to stronger enforcement, improved valuation practices, and a rebound in import volumes after years of contraction.

Following the 2022 economic crisis, imports fell sharply as the country imposed restrictions to conserve foreign exchange.

However, with the stabilization of reserves, the relaxation of certain import controls, and a steady recovery in consumer demand, customs collections from import duties, excise, and other levies have risen.

Officials note that tighter monitoring of under-invoicing and misdeclaration of goods has also contributed to boosting state revenue.

The combined effect of increased import activity, currency movements, and stricter enforcement has positioned Customs as one of the top revenue sources for the Treasury in 2025, providing a vital cushion as the state works to meet fiscal targets under the IMF-supported program. (Colombo/October 01/2026)

Economy

Sri Lanka’s 2026 economic growth likely to hit three-year low

Thursday October 1, 2026 6:54 pm

ECONOMYNEXT – Sri Lanka’s economic growth is likely to slow down this year compared to the last two years amid Middle Eastern escalation dragging down the island nation’s economic activities with high fuel prices.

Sri Lanka, recovering from an unprecedented economic crisis in 2022, expanded by 5 percent in both 2023 and 2024 after a contraction in the previous year.

However, it is expected to slow down this year weighed down by the impact of the Middle Eastern crisis.

Already, the country witnessed 4.2 percent economic growth in the second quarter of this year, its lowest in eight quarters.

Central Bank Governor Nandalal Weerasinghe said the growth will be above 4 percent this year, including the second half of this year.

“I think it is too early for us to give a number. But what we say is, second-half growth looks like it will remain above 4% for the next two quarters, based on the activity indicators. the actual activities taking place,” the Governor told reporters in a media briefing.

“We see growth will be above 4% in the two halves, but an annual projection we have not done yet; we will see later.”

In January while launching the Central Bank’s policy agenda for this year, Weerasinghe saidSri Lanka’s economic growth will be around 4-5 percent.

In June, Deputy Finance Minister Anil Jayantha Fernando said Sri Lanka still hopes to achieve 5 percent economic growth this year despite monetary policy tightening and falling consumption amid rising prices.

“The government projection is up to the government. I don’t think we should not comment on that,” the Governor said.

“The IMF has 3.5%. The government has something, the World Bank has given a projection, the ADB has another projection, so that is based on their own assumptions. We can comment on our projections only.” (Colombo/October 01/2026)

Bonds & Forex

Sri Lanka rupee closes at 330.60/70 to US dollar spot, bond yields flat

Thursday October 1, 2026 5:37 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 330.60/70 to the US dollar in the spot market on Thursday, from 330.65/80 the previous day, while bond yields closed broadly steady, dealers said.

A bond maturing on 01.08.2030 closed at 11.10/18 percent, down from 11.10/20 percent.

A bond maturing on 15.10.2030 closed flat at 11.20/25 percent.

A bond maturing on 01.02.2031 closed at 11.22/27 percent, down from 11.25/30 percent.

A bond maturing on 15.12.2032 closed flat at 11.65/75 percent.

A bond maturing on 15.10.2034 closed flat at 11.95/12.00 percent.

At the end of September, the rupee had depreciated by 6.3 percent against the US dollar on a year-to-date basis, the central bank said. (Colombo/Oct/2026)

Economy

Sri Lanka current account surplus $133mn in Aug 2026 on lower import spend

Thursday October 1, 2026 4:01 pm

ECONOMYNEXT – Sri Lanka recorded a 133 million US dollar surplus in its current account in August 2026, official data showed, following four months of deficits.

“The surplus was supported by the lower trade deficit compared to recent months, reflecting lower import expenditure,” the central bank said.

The current account recorded a deficit of 291 million dollars during January-August 2026, due to pressures on the external sector from the escalation of the conflict in West Asia.

The current account is a mirror image of the financial account (subject to errors and omissions).

The merchandise trade deficit widened in August 2026, year-on-year, due to higher import expenditure and lower export earnings.

The total trade deficit during January–August 2026 widened to 7.2 billion dollars, from 4.3 billion the previous year.

Total fuel import costs were around 4 billion dollars during January–August 2026, a 61.6 percent year-on-year increase.

Fuel import costs dropped for the fourth consecutive month in August 2026.

Motor vehicle import costs was 189 million dollars in August, a 24.2 percent drop from the same period last year.

Total motor vehicle imports during January–August 2026 was 1,684 million dollars.

“The terms of trade deteriorated on a year-on-year basis in August 2026, as import prices increased at a faster pace than export prices. Similarly, the terms of trade deteriorated during January–August 2026 compared to the corresponding period of 2025.”

The services account recorded a surplus of 220 million dollars in August, a 24.4 percent reduction from last August.

The total services account surplus during January-August 2026 fell 21.4 percent to 2.1 billion dollars, on a year-on-year basis.

Tourist arrivals fell 3.3 percent in the month compared to last August.

Total arrivals during January-August 2026 fell 2 percent, compared to the corresponding period of 2025.

Tourism earnings were estimated at 264 million dollars in August, a 2.1 percent increase from a year earlier.

But total tourism earnings during January-August 2026 fell 10 percent to 2.1 billion dollars, compared to 2025.

Workers’ remittances increased by 10 percent to 749 million in August and by 19.8 percent to 6.1 billion dollars during January-August.

Foreign investment in the government securities market saw a net inflow of 70.2 million dollars in the month.

Foreign investment in the Colombo Stock Exchange saw a net outflow of 58.1 million dollars.

Gross official reserves increased to 6.9 billion dollars by end August.

By end September, the rupee had depreciated by 6.3 percent against the US dollar on a year-to-date basis. (Colombo/Oct1/2026)

Markets

Sri Lanka stocks close up, banks lead turnover

Thursday October 1, 2026 3:28 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed higher on Thursday, CSE data showed, with the benchmark All Share Price Index moving up 0.33 percent.

The ASPI was up 67.97 points at 20,880.90, while the more liquid S&P SL20 was up 0.14 percent, or 8.30 points, at 5,902.46.

Positive contributors to the ASPI were Dialog Axiata (up 1.33 percent at 45.80 rupees), Singer (Sri Lanka) (up 2.88 percent at 78.60 rupees), Carson Cumberbatch (up 1.32 percent at 729.50 rupees), LOLC Holdings (up 1.72 percent at 443.00 rupees), and Commercial Bank of Ceylon (up 0.25 percent at 203.00 rupees).

LOLC Finance (down 3.77 percent at 5.10 rupees), Sri Lanka Telecom (down 1.29 percent at 83.90 rupees), and People’s Leasing & Finance (down 2.78 percent at 17.50 rupees) were top negative contributors.

Market turnover was 1.43 billion rupees. The banking sector led turnover with 489.34 million rupees, followed by capital goods with 421.33 million rupees.

Crossings in Sampath Bank recorded a turnover of around 230 million rupees, with crossings also seen in Access Engineering, Lanka IOC, Hatton National Bank, and John Keells Holdings.

“I think we saw about 1.4 billion in turnover, which definitely showed a bit of an improvement, and the market was also up by about 65 to 70 points,” Raynal Wickremeratne, Head of Research and Strategy at NDB Securities, said.

“There is a slight renewal in sentiment, but I don’t think this is properly indicative of a long-term trend as such. This is more a cycle — every time there is a bit of a decline, you see people coming back to some good companies,” Wickremeratne said. (Colombo/Oct01/2026)

Health

Sri Lanka to fix prices for 90-pct of imported medicines within a year: NMRA

Thursday October 1, 2026 12:24 pm

ECONOMYNEXT — Sri Lanka’s National Medicines Regulatory Authority (NMRA) expects to enforce maximum retail prices (MRPs) for roughly 90 percent of imported medicines over the coming year, NMRA chairman Ananda Wijewickrama said.

The regulator is carrying out brand-specific price determinations across more than 6,000 registered formulations as pharmaceutical companies submit applications for their annual import permits.

“These 6,000 medicines exist under various brand names. For example, if we take the medicine called Metformin, I think it is registered under more than 30 brand names. We determine prices for all 30 of these separately,” Wijewickrama said.

The price-setting mechanism would encompass the majority of active imports within a 12-month period, he said.

While certain registered medicines imported only for sporadic state tenders may fall outside this cycle, active commercial imports will be capped.

Pricing determinations will remain an ongoing process to adjust for raw material costs and exchange rate shifts.

To prevent inflated transfer pricing, import costs (Cost, Insurance, and Freight – CIF) are benchmarked directly against domestic retail rates in the manufacturing nations, such as India or Bangladesh.

All approved maximum retail prices will be published on the NMRA website for consumer reference, NMRA officials told reporters.

Standardizing MRPs will eliminate regional disparities where retail pharmacies in areas like Jaffna, Anuradhapura, and Colombo sell identical products at differing prices, Wijewickrama claimed.

While setting MRPs or price caps on medicines is intended to protect patients from price gouging, and lower healthcare costs, critics point out that international pharmaceutical companies would opt to withdraw products from a country, especially a small market like Sri Lanka, rather than sell at a loss.

This would take away a patient’s access to possibly higher-quality meds and leave them with generic meds. (Colombo/Oct01/2026)