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Monday November 9th, 2026

Top Amnesty International official to meet IMF representatives on Sri Lanka deal

ECONOMYNEXT – Amnesty International Senior Director Deprose Muchena who is in Sri Lanka on an official visit will meet International Monetary Fund (IMF) representatives to discuss a 2.9 billion US dollar deal and its socioeconomic implications, Muchena said.

Speaking to EconomyNext on the sidelines of Amnesty International’s South Asia regional launch of its State of Human Rights Report for 2022/2023 in Colombo, Muchena said on Tuesday March 29 that he would be meeting IMF officials this week to better understand what is now Sri Lanka’s 17th IMF programme.

The international nongovernmental organisation is not seeking a partnership with the IMF but wishes to acquaint itself with Sri Lanka’s IMF-backed reform agenda, said Muchena, to see if the government’s objectives with regard to macroeconomic reforms align with Amnesty’s own economic, social and cultural rights standards.

The Zimbabwe-born human rights activist also called for transparency and accountability in Sri Lanka’s dealings with the international lender and other agencies.

“Put people at the centre of any economic programmes that the government is embarking on.

“The government also does not have a choice between development and human rights, because the pronounced absence of one materially affects the other,” he said.

Sri Lanka has to implement a human rights programme in parallel to the reforms, said Muchena, calling for a people-first agenda that seeks to protect the public and meet their expectations including the withdrawal of “draconian” measures in response to protests.

Sri Lanka has been on the receiving end of criticism from both local and international human rights groups for its handling of anti-government protests with special focus on its its repeated use of the Prevention of Terrorrism Act (PTA), a controversial counter-terror legislation whose repeal civil society and political parties, especially those representing ethnic minorities, have called for.

The government, however, has maintained that any arrests of protestors have been of individuals perpetrating violence or otherwise breaking the law. Spokespeople for the government point to a wave of retaliatory mob violence that engulfed the country on May 09 2022 after pro-government elements launched an unprovoked attack on peaceful protestors. The offices and residences of several parliamentarians were torched and one government MP was killed by a mob that afternoon. The government has blamed ideologically extremist groups for hijacking what was until then a peaceful protest movement and using it to dismantle the state.

Activists and opposition parties, however, contend that the space for dissent is shrinking in Sri Lanka and accuse the government of stifling peaceful protests. Critics of the government point to what they call reckless use of teargas, water cannons and other measures to crack down on peaceful protests.

The mounting criticisms notwithstanding, there has been a notably muted response from the West concerning alleged stifling of protests by the government since President Ranil Wickremesinghe replaced his predecessor Gotabaya Rajapaksa who was forced to resign amid last year’s historic wave of protests.

Some foreign policy analysts believe this is because Wickremesinghe is seen as an ally of Western powers and that any silence on their part may be motivated by strategic interests vis-à-vis Beijing whose influence on Colombo remains considerably high.

Asked to comment on this, Muchena said Amnesty International has been consistent in its communications.

“We have shared our findings in the annual report today. Its primary focus has been to call out double standards,” he said.

The central theme of the report launch event was calling out a purported hypocrisy on the part of the international community.

Speaking to EconomyNext, Muchena highlighted Amnesty’s past pronouncements on vaccine nationalism and other instances of alleged duplicity.

“We have been calling out what we see as double standards [of the] leaders of the world have done on Russian aggression in Ukraine (sic). We have called out selective application of outrage, of the rule of law and of solidarity,” he said, noting that the global community’s silence on creeping authoritarianism and the stifling of protests in countries including Sri Lanka has not gone unnoticed.

“When human rights violations happen in Sri Lanka under this or the previous government, Amnesty International has consistently spoken out against such violations. We have consistently stood on the side of victims of human rights violations and will continue to do so,” he said.

Sri Lanka must ensure that any partnership or deal whether it’s with the IMF, the World Bank or the Asian Development Bank, and consequent macroeconomic policy reform fulfills its obligations to the people.

“Ensure that any partnership, any deal, macroeconomic policy deal, IMF, ADB, implemented in Sri Lanka fulfills accountability to the people, transparency in terms of what’s actually in the content and ensuring that the people and human rights are at the centre of advancing any of the economic reforms that are taking place. That is the Amnesty approach, and we believe that it is consistent in Sri Lanka as it is in Washington DC (sic),” he said.

“But I can’t speak for the broader west, except to call them out when there is a double standard,” he added, noting that any observations Amnesty has made pertaining to the alelged double standards are backed by well-researched evidence.

“We can tell you that the US, the UK and the EU opened their doors to Ukraine refugees but not for Afghanistan, Syria and Yemen refugees,” he said.

Sri Lankan authorities, too, cannot escape their obligations under international human rights law that they have to the people, said Muchena.

“Partners to Sri Lanka should call the government out if they veer off its human rights obligations, in order to avoid double standards,” he said.

Muchena was emphatic that the IMF, particularly with regard to austerity measures, must ensure social protection.

Defenders of the IMF programme, however, say a strong social safety net to protect the most vulnerable groups is one of the key pillars of the deal.

“The protection of people in a social way is so key, because we know that IMF programmes and World Bank programmes have in the past in different countries resulted in austerity. Austerity is about cutting expenditure. It is about reducing the fiscal space of the state to manipulate the budget in such a way that it can allocate resources for social spending,” said Muchena.

“If the government is not going to do that, then it’s going to come stacked against its own people. The IMF and other partners will be held responsible and accountable for outcomes of what they support. We believe that aid must not diminish human rights, but must in fact enhance human rights protection,” he added.

Muchena conceded, however, that he had yet to study the IMF deal, hence the planned meeting with the international lender’s representatives.

Under the latest IMF programme, Sri Lanka will be the first country in Asia to undergo a comprehensive governance diagnostic exercise by the global lender. At the request from the authorities, the governance diagnostic will examine the severity of corruption in Sri Lanka and identify key governance weaknesses and corruption vulnerabilities that are macroeconomically

critical. Commenting on this, Muchena said: “I have seen elements of tax reform and revenue changes and so on. All those things the government is responsible for doing, we must simplify our role as a human rights movement. At the end of the day, do diagnostics – all these issues that are big English words… austerity, etc – result in advancing human rights or in diminishing human rights?

“Would Sri Lankans have more access to water, food security, employment opportunities. Is this going to attack the triple burden of unemployment, poverty and inequality? If the answer is no, then it is a bad deal. If the answer is yes, then let’s have reporting mechanisms for the government to account to people,” he said.

“Let’s have transparency of everything that is being discussed between the IMF and the government so that you enhance confidence in the manner in which economic policy reform is taking place,” he said.

​​​​Muchena reiterated that human rights have to be prioritised in any macroeconomic reform policy.

“Otherwise, it risks antagonising people even further,” he said.

“But our principle, whenever there is economic reform, put human rights first to guarantee protection of ordinary people in a social way. But also avoid austerity, because it is the very problem that <would lead to> protests in the first place.” (Colombo/Mar29/2023)

Sri Lanka stocks close up 1.37-pct, banks lead turnover

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

 

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Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

 

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Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

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CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)

 

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Sri Lanka stocks trend up; ASPI gains 0.78-pct

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

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Sri Lanka rupee at 332.54/58 to US dollar spot, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 332.54/58 to the US dollar spot on Monday, stronger from 332.55/60 Friday, while bond yields held broadly steady, dealers said.

A bond maturing on 15.09.2029 was quoted at 10.90/95 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 was quoted at 11.00/10 percent, down from 11.05/10 percent.

A bond maturing on 01.02.2031 was quoted at 11.10/20 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 11.58/68 percent, up from 11.55/65 percent.

A bond maturing on 01.06.2033 was quoted at 11.80/95 percent, up from 11.80/85 percent.

A bond maturing on 15.10.2034 was quoted at 12.08/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 was quoted flat at 12.30/40 percent.

The telegraphic transfer rate for the dollar was 328.05 buying, 337.05 selling; the euro was 363.3528 buying, 377.1336 selling; pound was 437.5954 buying, 451.7038 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.78 percent, or 165.42 points, at 21,405; while the S&P SL20 was up 0.58 percent, 35.19 points, at 6,080.

90,000 million rupees Treasury bills are to be issued through an auction on November 11. (Colombo/Nov9/2026)

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