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Friday September 11th, 2026

Truth & reconciliation commission could help Sri Lanka stave off foreign intervention: FM

Mohamed Ali Sabry PC/Facebook

ECONOMYNEXT – A truth & reconciliation commission (TRC) in Sri Lanka would be important for an internal accountability process that’s fair by all parties and would help make a case against internationalising a domestic issue, according to Foreign Minister Ali Sabry.

At an event held in Colombo on Thursday July 27 to brief trade unions and civil society groups on the objectives of the TRC, Minister Ali Sabry explained the thinking behind the move.

“If there was an accountability process taking place internally in Sri Lanka, we could tell the international community that there is no need for their intervention and that we have adequate space to resolve the matter in our own country,” he said.

“But that space must be trustworthy, or it won’t be accepted internationally,” he added.

The space thus created must be fair both by victims of alleged human rights excesses and those accused, according to Sabry.

“There is a chance that this could be a very difficult and unpleasant experience. But there are certain objectives we expect from this,” he said.

An internal accountability process, punishing anyone found to have deliberately committed an offence, compensation for anyone genuinely aggrieved and learning from past mistakes so as not to repeat them are among these objectives, according to the minister.

Sri Lanka has sought the help of South Africa, Switzerland and Japan in setting up the TRC amid international pressure on investigating alleged human rights violations said to have occurred during the final phase of the Sri Lankan government’s war with the separatist Tamil Tigers. Tamil families continue to engage in vigils and protests asking questions about their disappeared loved ones in the country’s north.

The United Nations’ Human Rights Council (UNHRC) has for years been passing resolutions against Sri Lanka on its human rights record, with various Western governments and other actors putting pressure on the island nation to investigate the allegations. The question of foreign judges still lingers.

State Minister of Foreign Affairs Tharaka Balasuriya said on Wednesday that the TRC being mooted by the administration of President Ranil Wickremesinghe will not be an eyewash.

“We have clearly said we are against a process that might only be seeking retributory justice to arrest somebody,” he told reporters in Colombo at a media briefing.

“But we don’t have a problem taking legal action with evidence against those who used the war situation to violate the human rights of others.”

Tamil leaders have said the latest TRC draft has failed to meet minimum expectations in addressing the concerns of the Tamils who lost their loved ones in the final stage of the war. Repeated pleas for accountability have fallen on deaf ears, civil society activists have said.

Successive governments since the end of the war, however, have maintained that any investigation must be internal. There is strong opposition in the country’s south to any internationalised probe.

“We must understand that on one hand we need to consider accountability. On the other side, we need to see reconciliation,” said Balasuriya.

“These are not mutually exclusive. When you focus more on accountability, it could be harmful for reconciliation. So we have to be able to balance these two. We believe that there is a need for a Truth and Reconciliation Commission.”

 

“When we discussed this with the military, they asked why they should face false allegations. A TRC could be an opportunity to clear their reputation. From numerous perspectives, a TRC is a good thing. It will also help to close some of the cases of the disappeared,” he said.

Meanwhile, Sri Lanka’s political parties representing parliament are still discussing an India-sponsored constitutional amendment that is touted as a permanent solution to the decades-long ethnic issue.

Speaking at all-party conference on Thursday, President Wickremesinghe said Sri Lanka must either retain its provincial councils (PCs) with powers adequately devolved as provided for by the 13th amendment to the constitution or abolish the PC system entirely.

Citing common criticisms of the PC system, Wickremesinghe said provincial councils drain a lot of state funds as the central government, the PCs and even local government bodies are allocated vast amounts of money for essentially the same.

If Sri Lanka is to continue the PC system, said Wickremesinghe, provincial councils must be maintained properly. Given the friction between the councils and the central government, he said, no adequate development activity has been carried out even in the Sinhalese-majority seven provinces either in 10 to 15 years.

“There was more work done when there were district development councils,” he said.

The president said when he proposed the full implementation of the 13th amendment, the matter of sharing police powers was raised. The fact of the matter, however, is new police legislation would need to be introduced before police powers are dissolved to the provinces, he said.

“The minister is now formulating that,” he said, presumably referring to either Public Security Minister Tiran Alles or Minister of Justice Wijeyadasa Rajapakshe.

Sri Lanka’s main opposition party and a number of other parties joined the APC while a few smaller parties boycotted the event.

Sri Lanka Freedom Party (SLFP) general secretary Dayasiri Jayasekara, who attended the conference, told reporters on Thursday that MP Sagara Kariyawasam, general secretary of the ruling Sri Lanka Podujana Peramuna (SLPP), has said President Wickremesinghe does not have the mandate for devolution of power.

The 13th amendment to Sri Lanka’s constitution emerged from the controversial Indo-Lanka Accord of 1987 as a purported solution to the worsening ethnic conflict, four years after war broke out. Provincial councils came in the wake of this amendment, though land and police powers have yet to be devolved to the provinces as originally envisioned. Both Sinhalese and

Tamil nationalists have historically opposed the amendment, the former claiming it devolved too much, the latter complaining it didn’t devolve enough.

A full implementation of the amendment would see land and police powers devolved to the provinces, a development that is not likely to garner support from Sri Lanka’s more hardline parties. In February, sections of the Buddhist clergy took to the streets against the proposed full implementation of the constitutional amendment. (Colombo/Jul28/2023)

Sri Lanka economic summit to focus on building shock-resilient economy

ECONOMYNEXT – The Sri Lanka Economic & Investment Summit 2026, SLEIS 2026, next month will focus on how the country can maintain its growth momentum while preparing for the challenges ahead, organizers said.

Policymakers, business leaders and international experts will meet at the event, organised by The Ceylon Chamber of Commerce on October 12-13, to examine how Sri Lanka can build greater resilience.

Titled “Beyond Crisis Management: Building a Shock-Resilient Sri Lankan Economy,” the session will examine the vulnerabilities exposed by recent economic and external shocks and consider what needs to be put in place to ensure that future disruptions do not repeatedly set back economic progress.

Lilia Aleksanyan, Senior Country Economist for Sri Lanka – Asian Development Bank, will deliver the keynote address.

A panel discussion will follow featuring Chandranath Amarasekara, Senior Deputy Governor – Central Bank of Sri Lanka, Sabrina Esufally, Executive Director – Hemas Holdings, and Roshan Perera, Consultant – Centre for Poverty Analysis and Former Director – CBSL.

The discussion will be moderated by Dhananath Fernando, Chief Executive Officer -Advocata Institute.

The session will consider how Sri Lanka can strengthen macroeconomic stability, safeguard livelihoods and improve the resilience of businesses and key economic institutions.

It will also examine the role of international partnerships, investment, innovation and business leadership in building an economy that can adapt to changing conditions without losing sight of longer-term development goals.

The discussion will consider what needs to be put in place beforehand, including stronger institutions, sound economic policies, greater diversification, resilient businesses and the capacity to respond quickly when external or domestic pressures emerge. (Colombo/Sep11/2026)

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Sri Lanka’s Sampath Bank appoints Dilip de S Wijeyeratne deputy chairman

ECONOMYNEXT – Sri Lanka lender Sampath Bank said it had appointed Dilip de S Wijeyeratne as deputy chairman, effective September 10.

Wijeyeratne has experience across banking, finance, risk management and compliance, investment banking and treasury, complemented by a strong understanding of corporate governance, strategic planning and financial markets, the bank said.

This will support the bank’s focus on advancing data-driven decision-making and the intelligent application of artificial intelligence across the organisation.

“Mr. Wijeyeratne’s experience and strategic perspective will complement the Bank’s efforts to harness data and emerging technologies, including AI, to sharpen decision-making, enhance operational effectiveness and create enduring value for customers, shareholders, employees and other stakeholders.”

Wijeyeratne’s association with Sampath Bank spans nearly eight years.

He joined the bank as a non-independent, non-executive director in November 2018 and was appointed an independent director in August 2019.

He served as senior independent director from May 2022 and continued as an independent, non-executive director from June 2026.

A senior finance and banking professional and principal consultant, Wijeyeratne provides advisory services to organisations across West Asia, Sri Lanka and Australia.

His career includes senior roles with HSBC Group in Bahrain, where he held responsibility for finance and operations, global markets and treasury, corporate treasury sales and asset and liability management.

He subsequently moved into entrepreneurship and advisory services, providing financial and strategic consultancy to private and public sector organisations.

Wijeyeratne serves as a director of Singer (Sri Lanka) and Hayleys Fibre, and as a director of Janashakthi Insurance.

He is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, a Fellow Member of the Chartered Institute of Management Accountants, UK, and a Graduate Member of the Australian Institute of Company Directors.
(Colombo/Sep11/2026)

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Sri Lanka rupee closes at 328.45/60 to US dollar spot, bond yields higher

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.45/60 to the US dollar in the spot market on Thursday, from 328.60/80 the previous day, while bond yields closed higher on select tenors, dealers said.

A bond maturing on 15.09.2027 closed at 9.75/95 percent, up from 9.60/90 percent.

A bond maturing on 01.07.2028 closed flat at 10.10/20 percent.

A bond maturing on 15.12.2029 closed at 10.50/60 percent, up from 10.45/55 percent.

A bond maturing on 01.08.2030 closed at 10.70/75 percent, up from 10.65/75 percent.

A bond maturing on 01.02.2031 closed at 10.80/85 percent, up from 10.75/85 percent.

A bond maturing on 15.12.2032 closed flat at 11.20/35 percent.

A bond maturing on 01.11.2033 closed at 11.65/75 percent, up from 11.70/75 percent.

A bond maturing on 15.10.2034 closed at 11.83/90 percent, up from 11.80/87 percent. (Colombo/Sep10/2026)

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Sri Lanka’s Aitken Spence Hotel Holdings to raise Rs5bn in debenture sale

ECONOMYNEXT — Sri Lanka’s Aitken Spence Hotel Holdings plans to raise up to 5 billion rupees through a debenture issue, the company said in a market filing.

The hospitality firm will make an initial issue of 30 million listed, rated, unsecured, senior, redeemable debentures at 100 rupees each, to raise 3 billion rupees.

A further 20 million debentures will be issued in the event of an oversubscription.

The subscription list for the issuance will open on September 15.

The issue offers four types of fixed-rate options across 5-year (2026/2031) and 7-year (2026/2033) tenors.

Type A (5-Year) at a fixed interest rate of 13.00 percent p.a., paid annually (13.00 percent AER), Type B (5-Year) at a fixed interest rate of 12.60 percent p.a., paid semi-annually (13.00 percent AER), Type C (7-Year) at a fixed interest rate of 13.15 percent p.a., paid annually (13.15 percent AER) and Type D (7-Year) at a fixed interest rate of 12.74 percent p.a., paid semi-annually (13.15 percent AER).

The company has received in-principle approval from the Colombo Stock Exchange (CSE) to list the debt instrument.

Shares closed at 85.80 rupees, down 1.38 percent. (Colombo/September10/2026)

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Sri Lanka’s Senthilverl Holdings tops 10-pct stake in Sarvodaya Finance

ECONOMYNEXT — Sri Lanka’s Senthilverl Holdings has increased its stake in Sarvodaya Development Finance beyond the 10 percent following a market transaction, a market filing showed.

The transaction on September 9, through broker Almas Equities, involved the purchase of 750,000 voting shares at prices ranging between 39.70 rupees and 41.00 rupees per share.

Prior to the trade, Senthilverl Holdings held 14,633,597 shares, representing a 9.78 percent stake in the finance company as of September 8, 2026.

Following the acquisition, the total shareholding rose to 15,383,597 shares, bringing the resulting stake to 10.28 percent of the company’s total issued share capital of 149,596,052 shares.

Sarvodaya Development Finance shares were trading at 39.60 rupees, down 3.41 percent. (Colombo/September10/2026)

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Sri Lanka telco regulator launches automated equipment clearance platform

ECONOMYNEXT — The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has launched an automated online platform to clear imported telecommunications equipment, replacing a manual process.

The new Equipment Clearance System (ECS) enables importers to secure necessary regulatory recommendations online for Sri Lanka Customs and the Controller of Imports and Exports.
The first phase of the system targets terminal equipment due to high market demand and import volumes.

The platform handles three main functions: issuing type approval certificates to verify that equipment models meet national standards, granting clearance for IMEI-enabled devices such as mobile phones and routers, and approving non-IMEI equipment including Internet of Things (IoT) hardware.

It also processes permissions for items brought into Sri Lanka on a temporary basis for re-export.

Clearances for devices using standard SIMs or eSIMs are administered under the Radio and Telecommunications Terminal Equipment Type Approval Rules 2020 gazette.

“Only equipment that strictly complies with the specifications outlined in that gazette will be processed through this system,” TRCSL official Amani Priyadarshani said.

The platform establishes login portals and sets specific annual limits across three user categories.

Under the system, private individuals can request clearance for up to five devices per year, while institutional applicants are permitted to clear up to 10 devices annually for corporate use.

Meanwhile, registered commercial vendors have a dedicated portal to apply for bulk imports for commercial sale, alongside the ability to import up to two units per model for technical evaluation and type approval.

The system is accessible at https://ecs.trc.gov.lk](https://ecs.trc.gov.lk or through the TRCSL official website under the equipment clearance section.

Licensed vendors are issued login credentials following their registration, TRCSL official Shashika Pannilage said, while individuals and institutional users can register through the site.

Applicants can track the progress of their submissions in real time, with notifications sent by SMS and registered email at key stages.

The TRCSL has set up user guides on the site and opened a technical help desk accessible by telephone at 1900 (extension 4105) or via email at ecshelpdesk@trc.gov.lk. (Colombo/Sep10/2026)

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