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Wednesday October 14th, 2026

UNHRC resolutions: Dinesh announces withdrawal from cosponsorship in Geneva

FILE PHOTO: Foreign Minister Dinesh Gunewardena / MFA handout photo

ECONOMYNEXT – Promising “homegrown solutions to contemporary challenges”, the Government of Sri Lanka (GoSL) formerly declared its decision today to withdraw from cosponsorship of the United Nations Human Rights Council (UNHRC) resolution 40/1 and the preceding resolutions 30/1 and 34/1.

Foreign Relations Minister Dinesh Gunawardena who addressed the high-level segment of the 43rd UNHRC session in Geneva a short while ago said that Sri Lanka will work toward the closure of the resolution in conjunction with all members of the UN.

“I wish to place on record Sri Lanka’s decision to withdraw from the cosponsorship of the resolution 40/1 on promoting reconciliation, accountability and human rights in Sri Lanka, which also incorporates and builds on preceding resolutions 30/1 of October 2015 and 34/1 of March 2017,” he said.

Gunawardena declared the government’s commitment to “sustainable peace and reconciliation” through an inclusive, domestically designed and executed reconciliation and accountability process. This will include a commission of inquiry (CoI) headed by a justice of the supreme court.

The foreign relations minister said the end of the war in 2009 advanced, secured and protected one of the fundamental human rights: the right to life, for all Sri Lankans – Sinhalese, Tamils, Muslims and others.

“Since 2009, not a bullet has been fired in the name of separatism in Sri Lanka,” he added.

Gunawardena said a “group of the UNHRC” had failed to appreciate GoSL endeavours in defeating terrorism and bringing about stability, humanitarian relief and lasting peace through a “carefully balanced reconciliation process”.

He accused the previous government of jettisoning the homegrown reconciliation process of the Mahinda Rajapaksa government that he claimed was bearing fruit. The Yahapalana administration, he said, “violated all democratic principles of governance” when it “unconstitutionally” agreed to cosponsor the 30/1 resolution binding the country to deliver the dictates of an international body.

“More seriously, it is seen that the dictated changes in the country pursuant to 30/1 undermined the national interest, compromised national security including weakening national intelligence operations and related safeguards which are deemed to have contributed to the lapses that resulted in the Easter Sunday attacks in April 2019,” said Gunawardena.

Resolution 30/1, he went on to say, had sought to cast on Sri Lanka obligations that could not be carried out within the country’s constitutional framework and had infringed on the sovereignty of the people. This, he said, was another factor that had prompted the present government to reconsider the cosponsorship.

Part of the delegation supporting Foreign Relations Minister Dinesh Gunewardena during the sessions. From Left to Right Additional Secretary to the President Admiral (Retd) Jayanath Colombage, State Minister of Public Administration and Home Affairs Mahinda Samarasinghe, Secretary to the Ministry of Foreign Relations Ravinatha Aryasinha and seated behind Samarasinghe the Acting Permanent Representative of Sri Lanka in Geneva Dayani Mendis

Pointing to what he called the inherent illegality of the exercise, Gunawardena said the provisions in the resolution had forced the country to “carry out this experiment” that was impractical, unconstitutional and undeliverable.

The foreign relations minister also lamented the impact the resolutions had allegedly had on long nurtured regional relationships as well as relations with non-aligned nations, and on South Asian solidarity.

With President Gotabaya Rajapaksa’s resounding victory in November last year, Gunawardena further said, the people of Sri Lanka have given a signal for their wish for a different path forward.

“Sri Lanka remains committed to sustainable peace and reconciliation,” he said, adding that no one is more committed to this endeavour than the GoSL.

He declared the government’s commitment to a sustainable peace through a domestically designed process in line with the current administration’s stated policy framework and institutional reform consistent with Sri Lanka’s commitments.

Sri Lanka will continue to remain engaged with UN agencies and will seek their assistance where necessary including the regular human rights mandates, bodies and mechanisms in keeping with domestic priorities and policies, he stressed. (Colombo/Feb26/2020)

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Sri Lanka to consider cash/dollar incentives for tourism promotors: President

ECONOMYNEXT – Sri Lanka is considering a tourism industry request to provide incentives in dollars or cash to those who bring more tourists into the country from next year, President Anura Kumara Dissanayake told an investor forum this week.

Speaking at the Sri Lanka Economic and Investor Summit 2026 on Monday (12), the President said the tourism industry has submitted a proposal to raise incentives over the previous year for those who bring in tourists above the target set by the government.

“We are currently considering provisions in the upcoming budget to offer a cash or dollar incentive per tourist above that threshold through the Tourism Development Authority,” he told the gathering when speaking about the plans to boost tourism.

“This would incentivize companies and institutions to bring in higher numbers of tourists.”

The incentive will be paid on the volume exceeding that benchmark, he said.

“For example, if 100 tourists visited previously and 120 arrive the following year, an incentive wouldn’t apply to the base 20, but rather on the excess beyond a certain growth threshold.”

Sri Lanka has pinned hopes over strong tourism growth for more job creating and foreign currency inflows. (Colombo/October 14/2026)

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Sri Lanka Treasury bill yields rise on shorter term, less bills sold

ECONOMYNEXT – Sri Lanka’s Treasury bill yields rose on the shorter tenor at Wednesday’s auction, with 66.12 billion rupees of bills sold of an offered 90 billion, data from the Public Debt Management Office showed.

The 3-month bill was up 4 basis points at 9.30 percent, with 40 billion rupees offered and 40.19 billion rupees sold.

The 6-month bill was unchanged at 9.44 percent, with 30 billion rupees offered and 8.45 billion rupees sold.

The 12-month bill was unchanged at 9.95 percent, with 20 billion rupees offered and 17.48 billion rupees sold.

All 3 bills are available on tap. (Colombo/Oct14/2026)

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Sri Lanka stocks close down 1.4 pct on geopolitical concerns, profit-taking

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Wednesday, CSE data showed, with the benchmark All Share Price Index moving down 1.40 percent.

The ASPI was down 281.42 points at 19,796.06, while the more liquid S&P SL20 was down 0.94 percent, or 53.67 points, at 5,676.43.

Market sentiment was largely weighed down by geopolitical tensions in the Middle East and fluctuating oil prices, alongside margin calls, profit-taking, and the day’s Treasury bill auction.

“Things are moving more on sentiment rather than fundamentals these days, mainly with oil price fluctuations and Middle East developments, along with some margin calls and profit-taking,” Shahana, Senior Assistant Manager – Research at First Capital, said.

Positive contributors to the ASPI were Haycarb (up 2.84 percent at 199.50 rupees), Teejay Lanka (up 1.41 percent at 28.70 rupees), Aitken Spence (up 0.57 percent at 133.25 rupees), and Vidullanka (up 0.47 percent at 21.30 rupees).

Carson Cumberbatch (down 4.86 percent at 655.50 rupees), Tokyo Cement Company (down 4.79 percent at 73.50 rupees), Dialog Axiata (down 2.98 percent at 42.30 rupees), Distilleries Company of Sri Lanka (down 2.16 percent at 49.90 rupees), and Commercial Bank of Ceylon (down 0.63 percent at 197.25 rupees) were top negative contributors.

Market turnover was 1.93 billion rupees, roughly 35 percent above the monthly average. Capital goods led turnover with 405.82 million rupees, followed by the banking sector. Crossings were recorded in Dialog Axiata, DIMO, and John Keells Holdings, while foreign investors recorded a net selling of close to 5 million rupees.

Galadari Hotels (Lanka) announced that, following the conclusion of its ongoing refurbishment and pursuant to approval from Radisson Hospitality Belgium BV under the Hotel Management Agreement, the reopening of the hotel as ‘Radisson Blu Hotel Galadari Colombo’ is scheduled during the fourth quarter of 2026. (Colombo/Oct14/2026)

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Sri Lanka Customs set to reach fresh record revenue this year: analysts

ECONOMYNEXT – Sri Lanka Customs is likely to achieve a fresh record high revenue this year after reaching this year’s target of Rs. 2,207 billion this week, with more than 11 weeks to the year-end, analysts say.

Customs Spokesman Chandana Punchihewa said the revenue-collecting body had already surpassed this year’s target on Tuesday (13), reaching Rs. 2,208 billion.

The Customs exceeded its target for the second straight year in 2026.

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

Analysts say Customs will surpass last year’s record revenue by the end of November if there are no major policy reversals or disruptions to the economy in the country during that time.

Customs’ 2026 target of 2,207 billion was 13.5% less than last year’s because they originally expected a significant decline in car imports early this year. (Colombo/October 14/2026)

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Sri Lanka President reveals timelinefor new laws related to SOE, investments

ECONOMYNEXT – Sri Lanka President Anura Kumara Dissanayake revealed the timeline for key laws related to State-Owned Enterprises (SOE) and Public-Private-Partnership (PPP) to boost investments in the island nation.

Delays in formulating and enacting key structural legislation, specifically governing SOE reforms, PPPs, labor market flexibility, and modernizing the century-old Customs Ordinance, have emerged as major bottlenecks to Sri Lanka’s long-term economic competitiveness and fiscal sustainability.

The absence of a modernized legal framework for SOEs perpetuates fiscal leakages, inefficient governance, and persistent public sector debt burdens, while vague or outdated rules on PPPs and labor deter both domestic and foreign direct investment by creating regulatory ambiguity and rigid operational constraints.

Furthermore, the archaic Customs Ordinance of 1869 hinders trade facilitation, fosters administrative opacity, and creates revenue leakage risks at a time when export-led growth is critical.

Under the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) arrangement, Sri Lanka has committed to prioritizing these legislative enactments.

Commenting on these laws, President Dissanayake said the government has been working on them and expects them to be enacted soon.

“Regarding the SOE law, I expect it will be presented to the Cabinet in about two weeks,” Dissanayake told the gathering at the launch of the Sri Lanka Economic and Investment Summit 2026 on Monday (12).

“The PPP law has been drafted and submitted to the Legal Draftsman’s Department, and we have received their recommendations.”

“Regarding labour law, about twelve different labour statutes currently exist. We are consolidating these into unified legislation. A draft bill has already been formulated, though reviewing and finalizing it will take some time.”

He said an agreement has been reached on the Customs Ordinance following extensive discussions involving the Treasury and the Customs Department.

“The proposed amendments to the Customs Ordinance are the most appropriate way forward,” he said.

“Those proposals have now been submitted to the Legal Draftsman’s Department, and we expect the bill to be finalized promptly. Most likely, all of these bills will be presented to Parliament by February.”

The IMF contends that establishing transparent, enforceable, and modern legal frameworks is essential to eliminate governance vulnerabilities, enforce fiscal discipline, improve revenue collection, and signal regulatory stability to foreign investors, thereby ensuring Sri Lanka’s post-default recovery transitions into sustainable macroeconomic growth. (Colombo/October 14/2026)

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Sri Lanka’s Standard Capital exits loss-making paints subsidiary

ECONOMYNEXT — Sri Lanka listed investment company Standard Capital has disposed of its stake in subsidiary Standard Paints (Pvt) Ltd for a nominal consideration of 1650 rupees, saying the move would improve its financial position as the subsidiary carried a negative equity value.

In a disclosure to the Colombo Stock Exchange, Standard Capital said its board had previously decided on August 24, to either strike off the subsidiary or dispose of its equity stake for a nominal value.

The company subsequently sold its holdings in Standard Paints on September 28, comprising a 65 percent stake represented by 6.5 million ordinary voting shares and 100 percent of the subsidiary’s 10 million preferential shares.

The shares were disposed of for a total consideration of 1650 rupees. (Colombo/Oct14/2026)

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