UN flags closed legislative process, poor drafting; calls Online Safety Act ‘unimplementable’

UN Resident Coordinator in Sri Lanka Marc-André Franche said the country’s legislative process is developed in a closed manner, warning that laws are frequently drafted without adequate technical or public input, in a discussion with Opposition Leader Sajith Premadasa, a video of which Premadasa has released.

Franche said the biggest challenge was not only a matter of democratic process, where laws are developed solely between the Ministry, the Legal Draftsman, and the Attorney General, but also that laws often end up badly written as a result.

He cited the Online Safety Act (OSA), enacted under the previous Government, as a case in point. ‘One could have a debate about the substance, and if this is good or bad, but it’s also a very, very bad law, because it is absolutely unimplementable,’ he said, adding that those who drafted it knew very little about the internet.

Franche said this was not an isolated case but a pattern across Sri Lanka’s legislative process, and called for greater political input and broader stakeholder engagement in drafting laws.

Drawing on his experience in Canada, he said Parliamentary Committees there are obligated to bring in all stakeholders affected by a law before it is passed. Using the OSA as an example, he said this would mean hearing from internet companies, journalists, Police, and groups representing young people and women, all of whom would testify and have their input formally recorded.

On the 22nd Amendment, Franche said any change to a country’s Constitution requires the broadest possible consultation, given that it alters the fundamental law of the country. ‘A constitution should not be changed every week,’ he said, adding he hoped Sri Lanka would strengthen consultation in both its legislative and constitutional processes.

Franche said the UN had not engaged directly in the 22nd Amendment process, noting it was a matter the country had undergone independently. He referred to a letter sent by the UN Independent Expert on the independence of the judiciary to the Government, which raised three concerns drawn from international experience: the importance of consultation, the design of transitional measures for those presently serving under existing arrangements, and the issue of conflict of interest where affected individuals are required to rule on changes affecting themselves.

Franche said he had met the Justice Minister, who highlighted precedents in Sri Lanka where the Supreme Court had ruled on matters affecting its own members. He said he hoped the Special Rapporteur’s opinion would add useful elements to the public debate.

Sajith meets UAE Ambassador; discuss bilateral relations and regional developments

Opposition Leader Sajith Premadasa recently met with the Ambassador of the United Arab Emirates to Sri Lanka, Khaled Nasser Sulaiman AlAmeri, at the Office of the Leader of the Opposition in Colombo.

The meeting focused on strengthening bilateral relations between Sri Lanka and the United Arab Emirates, with particular attention to expanding trade and investment cooperation and identifying new areas in which the two countries could work together.

Discussions also covered the impact of the ongoing conflict in the Middle East on oil supplies and energy prices, and the possible implications for Sri Lanka’s economy and consumers.

The safety and wellbeing of Sri Lankan nationals working in the UAE was also discussed, particularly in the context of the wider regional security situation. Sri Lanka and the UAE have longstanding economic and people-to-people ties, with a significant Sri Lankan community contributing to the UAE’s economy.

The meeting further explored opportunities to deepen cooperation in emerging sectors and to strengthen the economic partnership between the two countries, building on existing cooperation in areas including trade, investment, tourism and development. Recent UAE-Sri Lanka discussions have also highlighted opportunities for expanded economic and tourism cooperation.

Both sides emphasised the importance of maintaining close relations and exploring new avenues of collaboration that can create greater economic opportunities for Sri Lanka and the UAE.

CSE starts week in red, falls to six-month low

The Colombo stock market fell sharply yesterday to a near six-month low, as investors adopted a wait-and-see stance amid intensifying uncertainty over tensions in the Middle East.

The ASPI ended down 0.37% or 77.08 points at 20,979.18 and the S and P SL20 was down 0.33% or 19.44 points at 5,909.45.

Market turnover was over Rs. 750 million on over 48.7 million shares traded. Foreign investors emerged as net buyers on a net inflow of Rs. 19.1 million.

With 135 counters ending in red against 71 in green, the biggest contributors to the ASPI decline were BREW, MELS, CTHR, CINS and HNB.

CT Smith Securities said John Keells Holdings emerged as the top contributor to turnover with Rs.106 million, followed by John Keells Hotels with Rs. 60 million and Ceylon Cold Stores with Rs. 42 million.

First Capital Research said the bourse experienced a notably subdued session with very limited market activity and a small number of crossings accounting for a significant portion of turnover.

HNW participation remained low, while retail participation remained exceptionally low, reflecting a broad lack of investor engagement. Increasing concerns surrounding the situation in the Middle East kept investors cautious, with many adopting a wait-and-see approach amid continued uncertainty.

The capital goods sector led the daily turnover with a share of 21%, followed by the food beverage and tobacco, and diversified financials sectors collectively contributing 28%.

Special tourism development study visit for Heads of Foreign Missions

Foreign Affairs, Foreign Employment and Tourism Ministry has conducted a special tourism development study visit spanning three days for Heads of Foreign Missions based in Colombo.

On the first day of the visit, the participants visited Pasikuda beach. A dinner featuring traditional dances reflecting the cultural identity of the Eastern Province was held later that evening. Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath also attended the dinner. Addressing the gathering, the Minister highlighted the strategic importance and economic potential of the Eastern Province. The participants also visited an exhibition featuring products by small and medium-scale handicraft producers.

The delegation also visited the Eravur Export Processing Zone in the morning. They then visited the Seruwawila Buddhist Temple, where they participated in Buddhist religious observances. The delegation later visited the Koneswaram Hindu Temple and took part in Hindu religious observances.

An Investment Forum was held at the DSK Hotel in Trincomalee that evening, with the participation of Foreign Affairs and Foreign Employment Deputy Minister Arun Hemachandra.

On the third and final day, the delegation visited the Naval Dockyard in Trincomalee and took part in a boat ride. They later visited the Naval Museum. The delegation is scheduled to leave for Colombo at the end of the day.

The three-day visit aims to showcase the cultural, economic, investment and tourism potential of the Eastern Province to the international community, while promoting new opportunities for investment, tourism development and regional cooperation.

Accountability; the essential quality that eludes our national leaders

Sri Lanka continues to pay a heavy price for the lack of accountability of its national leaders in the past fifty years. To them, accountability was an indispensable irritant.

To me, accountability has been the uncompromised constant of a fifty-four-year corporate journey, spanning from an entry-level accounts clerk at Lever Brothers (Ceylon) Limited, Finance Director and Managing Director at Anglo American Corporation (Central Africa) Limited, Group Finance Director and Executive Director at John Keells Holdings PLC, to Leadership Coach/Mentor. Accountability was a self-satisfying objective that anchored every step of my journey.

The hierarchical level of my job role or designation never defined accountability. It was singularly defined by my obsession with delivering the expected outcomes of my various roles as best I could and, most importantly, with being fully answerable for the actual outcomes of my actions. Whether inputting a single line item on a ledger as a young clerk, analysing the cost structures as a management accountant, steering the long-term enterprise strategy as a corporate leader, or leading an organisation in pursuing its vision, goals and objectives, I have always believed that accepting complete ownership of outcomes was, and is, the ultimate source of earned authority.

Early in my career, accountability took the form of relentless accuracy, discipline, and personal integrity. At top management levels, it evolved into moral courage to stand at the bow of the ship and

Accountability is not a single tool in a leader’s kit. It is the electric current running through the entire architecture of authority. It operates as a powerful 3-in-1 force that transforms ordinary managers into visionary stewards

unflinchingly take responsibility for failures and missteps, and the consequences of my decisions. I learnt that true accountability is not a burden to avoid but an empowering choice which dissolves fear, eliminates blame, and replaces bureaucratic deflection with decisive action. It taught me that responsibility is non-transferable, standards are absolute, trust is the foundational currency of all relationships, and that true leadership is forged through the courage to own every outcome. When leaders operate with total transparency and accept responsibility for actions, they set a powerful tone across the country and organisation. To me, conscious accountability at every stage of the journey was not merely a professional habit; it was a vital in building credibility. I realised that without the trait, behaviour was mere performance; without the behaviour, outcomes dissolved into empty promises; but when all three were aligned, accountability ceased to be a burden. It became my driving force.

Few moments in modern history have inspired me more than the responsibility assumed by President Harry S. Truman when he authorised the use of atomic weapons against Hiroshima and Nagasaki in August 1945. The decision ushered in a nuclear age, altering global warfare, geopolitical strategy, and human history forever. Regardless of how history weighs the strategic necessity of such action against the profound human cost, the defining quality of Truman’s leadership during that era was his absolute refusal to evade the consequences of his choice. In an era when corporate and political leaders routinely hid behind committees, systemic complexities, or strategic deflection, Truman established an enduring benchmark for governance. Famous for the desk sign that declared ‘the buck stops here,’ he did not delegate moral culpability to the military command, nor did he seek refuge behind the Manhattan Project. He publicly, explicitly, and repeatedly affirmed that the ultimate responsibility for unleashing atomic power rested solely on his shoulders. He understood a fundamental truth of true authority, i.e., while delegation of tasks is necessary, delegation of ultimate responsibility is impossible.

Accountability is not measured during times of easy consensus or effortless triumph. Its true depth is revealed when a leader must step forward in the aftermath of high-stakes, life-altering decisions

Accountability is not measured during times of easy consensus or effortless triumph. Its true depth is revealed when a leader must step forward in the aftermath of high-stakes, life-altering decisions and say, ‘I made this call, and I answer for the outcome.’ Truman’s stance following the bombings serves as a powerful reminder that real leadership demands more than vision and intellect. It requires moral courage to own the full magnitude of one’s decisions. As we examine what it takes to guide organisations through complex, high-risk environments today, that single principle remains non-negotiable: true authority begins and ends with absolute accountability.

In 1982, seven people died in Chicago after consuming Extra-Strength Tylenol capsules laced with potassium cyanide. Though investigators quickly confirmed that the lethal tampering occurred at the retail store level, leaving parent company Johnson and Johnson blameless for the act itself, executives refused to hide behind legal technicalities. Instead, Johnson and Johnson chose absolute ownership. CEO James Burke immediately prioritised public safety over profit, issuing nationwide warnings and executing a massive recall of 31 million bottles worth roughly $100 million. The company pioneered triple-seal, tamper-resistant packaging, transforming an entire industry’s standards. By accepting moral accountability when fate dealt a devastating blow, Johnson and Johnson saved lives, rebuilt public trust, and turned a potential corporate collapse into the gold standard of ethical leadership.

Not a single tool

Accountability is not a single tool in a leader’s kit. It is the electric current running through the entire architecture of authority. It operates as a powerful 3-in-1 force that transforms ordinary managers into visionary stewards. First, as a trait, accountability is your psychological foundation. It is an internal bedrock of unyielding integrity and personal discipline. It is a silent commitment to total ownership, where excuses are rendered obsolete before they are ever spoken. Second, as a behaviour, it becomes dynamic action. You witness it when leaders step up to own a failure publicly, shield their teams from blame, and operate with absolute transparency. It is daily, visible courage, setting crystalline expectations and living by the very standards you demand. Finally, as a deliverable, it turns into immovable proof. Accountability yields measurable organisational excellence: rock-solid trust, operational alignment, and a culture engineered for continuous resilience.

Since the early eighties, Sri Lanka’s political class has treated accountability not as a non-negotiable obligation, but as an uncomfortable inconvenience to be evaded, outsourced, or weaponised against adversaries. Across successive regimes, the fundamental pillars of executive accountability have been systematically subverted in favour of short-term political survival, dynastic self-preservation, and systemic impunity

In 2014, Satya Nadella publicly owned a major misstep regarding women’s pay, immediately apologising rather than deflecting. He turned that psychological accountability (trait) into transparent policy changes (behaviour), driving a massive culture shift and record-breaking organisational trust at Microsoft (deliverable).

The good news is that accountability is neither a genetic accident nor an automatic environmental result. It is a learned discipline forged where innate capacity meets deliberate habit. Nature provides the foundational psychological raw materials. Innate traits, such as high conscientiousness, emotional stability, and an internal locus of control, predispose individuals to duty, impulse control, and self-regulation. These traits make it easier to confront difficult truths without shifting blame. However, raw temperament is merely unformed potential. Capacity alone never guarantees responsible action. Nurture transforms this baseline potential into an enduring habit. The developmental process begins in childhood, where clear boundaries demonstrate that choices carry consequences. In modern organisations, this discipline is sustained through psychological safety and ethical leadership. When executives model radical transparency and reward intellectual honesty over blame, they cultivate high-trust environments where individuals own their outcomes without fear of retaliation. Ultimately, accountability demands sustained personal reflection, objective self-evaluation, and the active rejection of self-serving deflections. Inheriting a conscientious predisposition is merely the starting point. Absolute ownership requires a conscious daily decision, refined disciplined practice, principled leadership, and personal character.

Uncomfortable inconvenience

Since the early eighties, Sri Lanka’s political class has treated accountability not as a non-negotiable obligation, but as an uncomfortable inconvenience to be evaded, outsourced, or weaponised against adversaries. Across successive regimes, the fundamental pillars of executive accountability, i.e., taking ownership of failures, maintaining structural integrity, and delivering protection to the citizenry, have been systematically subverted in favour of short-term political survival, dynastic self-preservation, and systemic impunity. Rather than an internal trait of integrity, leadership in Sri Lanka has reduced accountability to theatrical exercises. Systemic crises or atrocities consistently triggered ‘Commissions of Inquiry’ rather than personal ownership or institutional resignations. Dozens of presidential commissions, from the post-1983 anti-Tamil pogroms to state-sponsored disappearances, have produced voluminous reports that have been routinely buried, leaving high-ranking figures unscathed. Mistakes became political landmines to conceal rather than governance lessons. Refreshingly, the present NPP Government appears to be treading a different path, forcing the truth out from behind the facade.

Evaluating NPP’s performance requires balancing its genuine operational reforms against past and emerging structural limitations. On the positive side, the NPP has tangibly shifted the country’s governance culture. Conversely, significant drawbacks and vulnerabilities remain

Behaviourally, successive leaders abdicated responsibility during national catastrophes to shield themselves. During the 2019 Easter Sunday bombings, despite receiving specific, actionable foreign intelligence beforehand, leaders and executives deflected blame across a fractured cohabitation Government through public finger-pointing, demonstrating a total collapse of accountability. Economically, this non-accountability culminated in the historic 2022 sovereign default. Decades of unsustainable debt, crony capitalism, financial mismanagement, overnight macroeconomic experiments such as the 2021 chemical fertiliser ban, and unbudgeted tax cuts were implemented without risk governance. When foreign reserves ran dry, causing severe shortages of fuel, medicine, and food, ruling leaders laid the blame on external factors rather than acknowledging policy failure. Similarly, concentrated power enabled scandals like the Central Bank Bond Scam to pass with few consequences at the top levels.

The ultimate deliverable of leadership, being a trustworthy, resilient, and self-correcting state, has been replaced by institutional frameworks engineered to protect power from consequences. In sum, post-independence Sri Lankan leadership has provided a masterclass in anti-accountability. Authority was routinely claimed, but the responsibilities tied to that authority were systematically disowned. Until the nation establishes an institutional architecture in which failure carries immediate personal and political consequences, accountability will remain a rhetorical weapon on campaign trails rather than a foundational pillar of Sri Lankan governance.

NPP’s mandate

The National People’s Power (NPP) Government under President Anura Kumara Dissanayake assumed office on a decisive mandate to dismantle elite impunity, curb institutional corruption, and restore public trust in Sri Lanka’s governance. Most importantly, it promised a culture of accountability. Evaluating its performance requires balancing its genuine operational reforms against past and emerging structural limitations. On the positive side, the NPP has tangibly shifted the country’s governance culture. The administration has empowered independent oversight bodies, such as the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), to reopen long-stalled financial crime investigations without executive interference. Through legislative actions like the Proceeds of Crime Act, the Government has established frameworks for asset recovery while holding former high-ranking officials accountable. By drastically reducing executive perks, curtailing cabinet expenditure, and enforcing stricter financial discipline, the administration has demonstrated an initial commitment to public austerity and institutional integrity.

High-profile investigations are giving rise to performative accountability. The requirement is for -swift, legal convictions within Sri Lanka’s notoriously slow judicial pipeline. Key systemic promises, such as the complete repeal of the draconian Prevention of Terrorism Act (PTA) and the full resolution of major historical financial scandals, have faced delays. Furthermore, civil society monitors have raised concerns over transparency in recent Government procurement and state contracts

Conversely, significant drawbacks and vulnerabilities remain. High-profile investigations are giving rise to performative accountability. The requirement is for -swift, legal convictions within Sri Lanka’s notoriously slow judicial pipeline. Key systemic promises, such as the complete repeal of the draconian Prevention of Terrorism Act (PTA) and the full resolution of major historical financial scandals, have faced delays. Furthermore, civil society monitors have raised concerns over transparency in recent Government procurement and state contracts. They ask whether the NPP’s internal mechanisms are enforcing the same rigorous scrutiny on its own appointees as they applied to past political opponents. If the NPP fails to demonstrate genuine accountability, it risks eroding public trust and alienating the voting citizens who demanded reform.

Accountability is the single load-bearing pillar upon which all true leadership rests. Without it, vision is merely a dream, strategy is an academic exercise, and authority is an empty title. It is the ultimate filter of character. While talent and intellect may open the boardroom door, it is absolute ownership, i.e. the refusal to pass the buck, shift blame, or hide behind circumstances, that secures a leader’s legacy. When leaders step forward to shoulder the weight of a crisis and demand uncompromised standards, they do something profound. They earn unshakeable trust. Accountability transforms workplace culture. It replaces fear with psychological safety and converts passive compliance into collective ownership. Teams do not follow charts or slogans; they align behind leaders whose word is ironclad and whose commitment to integrity is absolute. When accountability anchors every decision, transparency becomes the default, execution becomes precise, and organisational resilience becomes permanent. Strip away every other executive trait, and a leader with absolute accountability can still build an empire. Remove accountability, and the most brilliant leadership strategy will inevitably crumble from within.

Electing leaders

A predatory pack posing as national saviours stalks our political landscape, hunting public trust while denying accountability. We, the repeatedly burned public who foolishly return to the fire, must finally draw a line in the sand. Accountability must not be a secondary hope. It must be our absolute, non-negotiable demand. Leaders who have stumbled, confronted their frailty, and shown genuine remorse are infinitely safer custodians of power than the unpunished architects of our ruin who now strut as moral paragons. Human failure is natural, but evading responsibility is fatal to the state. Leaders who publicly bleed for their blunders reveal innate structural integrity. They prove that their devotion to the nation completely eclipses their fragile ego. Such brutal moments of public reckoning are not instances of weakness. They represent the furnaces where moral authority is forged. They signal leaders who honour power as a sacred trust and not as entitlements immune to scrutiny. Conversely, those who govern recklessly, shielding themselves with spin, deflecting blame, and treating public office as a stage for unchecked hubris, pose a permanent systemic threat. Leaders who claim a spotless record are neither infallible nor divine; they are simply dishonest, unexamined, and untested. When the storm hits, these cowards default to self-preservation, happily sacrificing democratic institutions and national stability to protect their personal vanity.

Nation’s future is far safer in the hands of leaders whose character has been tested and humbled by accepted responsibility than those who have spent their lifetimes running from it. Leaders without accountability are ticking time bombs

Therefore, when we elect our leaders, vote for candidates who have displayed a deep sense of accountability. Let us elect leaders who understand that every decision carries a debt that must be paid. Let us elect leaders who bring battle-scarred humility, proven risk management, and a deep reverence for the rule of law into their offices. Electing arrogant demagogues who treat governance as a consequence-free game guarantees repeated catastrophe. Ultimately, our nation’s future is far safer in the hands of leaders whose character has been tested and humbled by accepted responsibility than those who have spent their lifetimes running from it. Leaders without accountability are ticking time bombs.

Tech rally lifts global stocks as oil retreats on supply reports

Global equities advanced on Monday, driven by fresh evidence of surging demand for artificial intelligence infrastructure that lifted technology shares, while oil prices retreated on reports that more crude supply was leaving the Gulf than previously estimated, despite ongoing regional conflict.

MSCI’s All-World index rose 1.03%, while European shares rallied 1.12%. In the US, the Nasdaq Composite gained 1.62%, the S and P 500 added 1.05% and the Dow Jones Industrial Average rose 0.49%.

Chipmakers led the advance. Intel rose 13%, while Advanced Micro Devices surged 9.2%, making it the latest chipmaker to reach a $ 1 trillion market valuation. Micron Technology gained 2.3%. Separately, South Korean data showed the country’s exports for the first 20 days of the month hit a record high, driven by surging demand for chips.

Risk appetite held firm despite growing expectations of further global interest rate increases. Analysts attributed this partly to the view that central banks are raising rates to contain inflation rather than to slow economic activity, meaning further tightening was likely to be gradual and limited.

The Bond market, which had endured six consecutive weeks of selloffs amid rising interest rates and elevated oil prices, rallied on Monday, led by gains in European debt.

Interest-rate-sensitive two-year US Treasury yields fell 1.18 basis points to 4.731%, having earlier touched 4.772%, their highest level since July 2024. Benchmark 10-year yields dropped 3.68 basis points to 4.959%.

Central banks in most major economies are expected to raise rates again this year. Hawkish guidance from the US Federal Reserve last week left futures markets pricing a 53% chance of a further hike in October, with 89% odds of a hike by year-end.

Concerns over inflation and Governments’ long-term fiscal positions had earlier pushed French debt lower on Friday, sending its risk premium to its highest level since the 2012 euro zone debt crisis. In Germany, Chancellor Friedrich Merz’s mainstream conservative party suffered its worst election result since 1949, though the principal driver for Bond markets remained the fall in oil prices. German 10-year yields fell 7.08 basis points to 3.451%, while French 10-year yields dropped 10 basis points to 4.465%.

Oil futures eased even as Iran and the United States exchanged fresh threats and Houthi forces attacked Saudi Arabia’s capital. US crude fell 4.8% to $ 95.49 a barrel, while Brent crude dropped 3.56% to $ 100.17 a barrel.

In foreign exchange markets, the dollar gained 0.36% against the yen to trade at 157.43, with investors wary that the Bank of Japan could exploit thin liquidity during the country’s three-day Silver Week holiday to intervene in the currency. The yen had jumped on Friday after Japanese authorities conducted rate checks in the currency market, according to the Nikkei newspaper.

Egypt’s Amina Orfi becomes youngest women’s squash world number one at 19

Amina Orfi has become the youngest women’s world number one in squash after a thrilling victory in the Qatar Classic last week saw her clinch the crown and top the rankings.

At 19 years and two months old, the Egyptian eclipsed the previous record set by New Zealand’s Susan Devoy, who was 20 years and two months old in 1984.

Orfi dethroned compatriot Hania El Hammamy from world number one when she defeated the 26-year-old 3-2 in the Qatar Classic final (7-11, 11-7, 11-8, 7-11, 12-10). The victory earned Orfi her first Platinum title, third major victory and 15th win of her career.

‘Sweat, tears, heartbreaks, and tons of sacrifices all for this moment,’ she wrote in an Instagram post on Monday, when the official Professional Squash Association (PSA) rankings update weekly.

Orfi’s historic milestone is the latest of her outstanding year. In May, she became the youngest world champion at 18 years and 10 months when she beat then world number two Nour El-Sherbini in a thrilling five-game final at the World Championships in Egypt.

The win made her the first player to hold both the world junior and senior PSA championship titles at the same time. The PSA is the global governing body for men’s and women’s professional squash circuits.

‘To become world champion and become world number one in the same year is a dream that I’ve had since I was very young and I really want to enjoy it. I want to just stay at this level now and keep trying to improve every day. I want to stay on top now that I’m the world number one, and I want to win a lot more titles too,’ said Orfi, who has been in the world’s top three since last October.

From stabilisation to transformation: Sri Lanka’s next chapter

Four years ago, Sri Lanka stood at the edge of an economic abyss. Today, it stands on firmer ground, thanks to the authorities’ concerted reforms and the resilience of the Sri Lankan people.

As our IMF team concludes its discussions for the Seventh Review of the Extended Fund Facility and this year’s Article IV consultation, the headline numbers are telling.

Inflation, which shot to 70% and eroded household incomes during the crisis, has been tamed and is expected to settle around the CBSL’s 5% target. Public debt, once unsustainable, is back on a viable path following the debt restructuring. Reserves are being rebuilt, and tax revenue as a share of GDP has doubled in four years.

But the more important story lies behind the numbers: a sustained national effort, and a series of difficult but deliberate reforms-from a new Central Bank Act to a Public Financial Management Act, from implementing tax reforms to a governance action plan. These reforms did not merely restore calm; they added over two percentage points to cumulative growth between 2023 and 2025. Stability has already begun to pay dividends.

Yet stabilisation was never the destination. It was the foundation. And here lies the next chapter, which will be every bit as demanding as the one just written: the move from macroeconomic stabilisation to economic transformation.

Why is stability not enough? Because stability alone does not create jobs or raise living standards-and Sri Lanka’s growth problem was never a shortage of good projects or generous incentives.

Growth of that kind-jobs, private investment, exports, innovation-will not come from isolated interventions. It will require an environment in which businesses can plan, compete, and expand with confidence. Building that environment is the task ahead.

The reform agenda is well understood, and much of it is already in the authorities’ own plans. What’s needed now is a renewed push.

The reform agenda is well understood, and much of it is already in the authorities’ own plans. What’s needed now is a renewed push

Streamline the thicket of business regulations and set up a genuine one-stop shop for investors. Close infrastructure gaps through better public investment management and well-governed partnerships with the private sector. Modernise land and labour markets so that resources flow to their most productive uses. Widen access to finance for the small businesses that create jobs. And lower trade barriers and modernise customs so that Sri Lankan firms can compete in global markets rather than shelter from them.

The payoff from these reforms can be substantial. Staying the current course would only lift growth modestly, as the impetus from recent reforms fades out. But an ambitious, comprehensive push across the full reform agenda could raise annual growth by around 1.4 percentage points over the next five years-across governance, business regulation, external markets, labour markets, and credit-reviving the foreign investment that has lain dormant, and marking the difference between medium-term growth of around 3.5% and 5% or higher.

Streamline the thicket of business regulations and set up a genuine one-stop shop for investors. Close infrastructure gaps through better public investment management and well-governed partnerships with the private sector. Modernise land and labor markets so that resources flow to their most productive uses. Widen access to finance for the small businesses that create jobs. And lower trade barriers and modernise customs so that Sri Lankan firms can compete in global markets rather than shelter from them

None of this is possible without sound public finances, and here the current debate over taxes deserves care. It is fair to ask whether some tax rates can come down while maintaining overall revenue, and the forthcoming Medium-Term Revenue Strategy is the right place to design a simpler, fairer, and more efficient system. But the goal must remain adequate revenue, because it is what funds growth. A country cannot grow without spending on what makes inclusive growth possible-infrastructure, education, productive investment, social spending-and it cannot spend reliably, through hard times, without a solid fiscal framework and the revenue buffers to withstand shocks.

Nor can any of this be separated from the effect it has on people. The adjustment since 2022 was borne by households, many of whom fell into hardship as the crisis deepened, poverty roughly doubled, and too many young people still struggle to find work. Strengthening the social safety net matters not only to protect the vulnerable but also to help put people back to productive work and ensure the benefits of economic growth are shared widely.

Strengthening the social safety net matters not only to protect the vulnerable but also to help put people back to productive work and ensure the benefits of economic growth are shared widely

Sri Lanka has already proven it can do the hard things. The reforms of the past four years were not easy, but they paid off. The next chapter calls for the same resolve-no longer to survive a crisis, but to build a more prosperous economy. That work is Sri Lanka’s to lead, and we intend to remain a firm partner.

(The author is a Deputy Division Chief in the Asia and Pacific Department (APD) of the IMF, and the Mission Chief for Sri Lanka. He has served as Mission Chief for New Zealand and Vanuatu, Deputy Mission Chief for Australia, and has also worked on Sweden and Denmark among other roles. Evan has extensive experience in monetary, financial sector and financial market issues, gained over many years in the IMF’s Monetary and Capital Markets Department, and as an emerging markets fixed-income strategist at Goldman Sachs and Citigroup in New York and London. He helped lead the IMF’s flagship Global Financial Stability Report and has authored numerous publications on macroeconomic and financial stability topics including on asset purchases by emerging market central banks and the determinants of capital flows. Evan holds a Ph.D. in Operations Research and Financial Engineering from Princeton University, and an M.A. in Financial Mathematics from Columbia University.)

Sri Lanka has already proven it can do the hard things. The reforms of the past four years were not easy, but they paid off. The next chapter calls for the same resolve-no longer to survive a crisis, but to build a more prosperous economy. That work is Sri Lanka’s to lead, and we intend to remain a firm partner

Soft Gallery marks 6-year milestone with new office opening and global expansion roadmap for Gallery HR

Marking a major milestone in its growth trajectory, Sri Lankan technology company Soft Gallery Ltd., recently celebrated its sixth anniversary alongside the official opening of its modern new office space.

Positioned not merely as a real estate expansion, the move represents the company’s transition into its next phase of enterprise growth, driven by deep investments in artificial intelligence (AI), intelligent automation, advanced HR analytics, and global market expansion.

Founded on the principle of building reliable, scalable, and genuinely useful enterprise technology, Soft Gallery has evolved from a targeted software initiative into an established technology firm. Its flagship HR technology platform, Gallery HR, is currently trusted by approximately 350 client organisations across seven countries, streamlining workforce operations for enterprises, mid-market businesses, and high-growth startups alike.

In its initial years, Soft Gallery prioritised building robust architecture, user-centric functionality, and scalable infrastructure over quick commercial scale. That product-first strategy established Gallery HR as an enterprise-grade platform capable of solving complex workforce management and HR challenges.

The new office serves as a physical testament to the company’s sustained momentum and long-term commitment to its clients, technology, and workforce. It sets the stage for a bold global initiative: expanding Gallery HR beyond Sri Lanka into high-growth international markets, with a dedicated push into key African territories, East Asian and Middle East Regions, alongside other emerging enterprise technology hubs.

To power this next growth phase, Soft Gallery is enhancing Gallery HR’s core capability framework by integrating practical AI and automated workflows designed to reduce administrative overhead, improve workforce decision making, and create friction-free digital employee experiences.

Founder and Director/CEO Dilantha Perera said: ‘Six years ago, we started with a simple idea and a belief that we could build meaningful technology from Sri Lanka. Today, Gallery HR is trusted by around 350 organisations, but we see this as only the beginning. Our new office represents our confidence in the future and our commitment to investing further in our people, technology, and product. Our ambition is to make Gallery HR simpler, smarter, and increasingly AI-driven, while building a platform capable of competing beyond Sri Lanka. I am incredibly grateful to our team, customers, partners, and co-founders who have believed in this journey and helped us reach this milestone.’

Echoing these sentiments, Co-Founder and Director/COO Susith De Silva highlighted the strategic contribution of early leadership and investors, noting that early guidance, foundational capital, and steadfast belief in the engineering talent enabled the business to build a truly international-grade platform.As workplaces worldwide increasingly embrace data-driven decision-making, automation and artificial intelligence to transform people management, Soft Gallery is positioning Gallery HR beyond a traditional HR software solution, evolving it into an all-in-one HR technology, intelligence and employee experience platform that brings together core HR operations, automation, advanced analytics and AI-driven capabilities for modern organisations.

The company’s technology roadmap focuses on stripping away non-value-adding corporate administration through practical AI applications, allowing business leaders, HR directors, and enterprise teams to focus on organisational culture, talent development, and strategic growth. With a strengthened operational foundation, an expanding customer base, and clear regional expansion targets, Soft Gallery enters its seventh year poised to showcase Sri Lankan technology engineering on the global stage.

FITIS puts digital ambition into action at Sri Lanka Digital Day 2026

From national digital strategy to the everyday decisions that help businesses grow, Sri Lanka Digital Day 2026 will bring policy and practical action into one conversation on 6 November 2026 in Colombo. It will take place concurrently with INFOTEL 2026, FITIS’s flagship ICT exhibition, scheduled for 6-8 November 2026.

Organised by the Digital Services Chapter of the Federation of Information Technology Industry Sri Lanka (FITIS), the event will bring together policymakers, technology leaders, corporate decision-makers and entrepreneurs to explore how digital transformation can improve productivity, strengthen competitiveness and create new opportunities.

The program connects two essential sides of Sri Lanka’s digital future: the frameworks that enable progress and the business solutions that put it into practice.

Morning sessions will focus on national digital strategy, SME growth, and the banking and financial ecosystem. Speeches and a panel discussion with audience questions will examine banking, finance and regulation, bringing business priorities into the wider conversation about digital development. The afternoon will turn to practical digital adoption for SMEs, entrepreneurs and industry practitioners. Digital transformation case studies, business-focused sessions and a panel on corporate IT leadership and adoption strategies will explore how organisations can move from interest to implementation.

‘Sri Lanka Digital Day is intended to bring the digital ecosystem into one conversation, connecting policymakers, technology companies, businesses and industry leaders around the opportunities emerging from digital transformation. As Sri Lanka continues to build its digital economy, we need stronger collaboration between these stakeholders to translate technology into practical value, productivity and new opportunities,’ said FITIS Digital Services Chapter President N. Udayakumar.

FITIS Chairman Dr. Dayan Rajapakse said: ‘The digital economy is no longer a separate segment of business or industry. It increasingly influences how organisations operate, compete and create value. Through Sri Lanka Digital Day, FITIS aims to create a platform where ideas, expertise and industry experience can come together to support Sri Lanka’s broader digital transformation and strengthen our position in an increasingly technology-driven global economy.’

By connecting national priorities with business experience, Sri Lanka Digital Day 2026 aims to make digital transformation more relevant to organisations of every size. For business leaders planning their next investment and entrepreneurs exploring digital solutions, the program offers a shared platform to examine opportunities, discuss challenges and learn from industry experience.