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Sri Lanka has been ranked among the world’s 10 fastest-improving economies for travel and tourism development, according to the World Economic Forum’s (WEF) Travel and Tourism Development Index (TTDI) 2026, released last week in collaboration with Zurich Insurance Group.

The country placed 10th on the Index’s list of fastest improvers, recording a 4.3% gain in its TTDI score between 2024 and 2026, placing it alongside Albania, Vietnam, Laos, Qatar, Malaysia, Thailand, the Philippines, Morocco, and Nepal as the 10 economies posting the largest score improvements globally over the two-year period.

Albania topped the fastest-improvers list with a 7% score gain, followed by Vietnam (+6.3%), Laos (+6.1%), Qatar (+6%), Malaysia (+5.8%), Thailand (+5.6%), the Philippines and Morocco (+5.5% each), and Nepal (+5.1%), with Sri Lanka rounding out the top 10 at +4.3%.

The recognition comes as the TTDI’s broader findings point to a tourism sector in unusually strong health. International tourist arrivals reached a record 1.5 billion globally in 2025, with the sector contributing an all-time high of $ 11.6 trillion to global GDP, more than double its 2019 contribution and supporting 366 million jobs worldwide, or roughly one in every 10 jobs on the planet.

Of the 110 economies ranked in this year’s index, 92% improved their score compared with 2024, with the average score rising 2.1%, the fastest pace of improvement recorded since 2019.

Sri Lanka’s inclusion reflects a broader regional trend, as seven of the 10 fastest-improving economies in this year’s TTDI are from the Asia-Pacific region, which posted overall growth of 3.6%, alongside the Middle East and North Africa at 2.5%, both comfortably outpacing the global average.

The report notes that the largest emerging tourism economies have improved their scores more than twice as fast as the top 20 ranked countries since 2019, benefitting from competitive pricing, rich natural assets, and increasingly sustainable demand patterns.

While Sri Lanka features among the fastest risers, the top of the overall index remains dominated by established destinations. Japan claimed the number one position this year, overtaking the US, driven by a record 42.7 million international visitors in 2025 and a deliberate strategy to diversify visitor flows beyond its major hubs. The US, Spain, Australia, and France rounded out the top five, with European nations continuing to dominate the upper rankings overall.

What’s driving the improvement

Across the Index’s 17 measurement pillars, the strongest global gains came in cultural resources, tourism infrastructure and services, and air connectivity. Cultural resource scores rose 9.6% worldwide, partly attributed to an expanding UNESCO World Heritage List, up from 869 sites in 2019 to 972 in 2026 alongside growing recognition of intangible cultural heritage such as festivals, craftsmanship, and food culture.

For Sri Lanka specifically, a 4.3% score improvement over two years places the country’s tourism development trajectory ahead of the vast majority of the 110 economies assessed, reinforcing a recovery narrative that has also seen the island post record visitor arrivals of 2.36 million in 2025 and tourism earnings of around $ 3.2 billion, following a sustained post-pandemic and post-economic crisis rebound.

The TTDI report cautions, however, that rising visitor numbers alone are not the measure of success going forward. It notes that travel became less affordable in three of every four economies between 2024 and 2026, and that the sector’s key challenge is shifting from generating demand to managing growth responsibly with the destinations best positioned to succeed being those that combine expansion with careful stewardship of infrastructure, communities, and natural assets.

A proposal for a fuel subsidy of Rs. 41 billion covering the next three months will be presented to Cabinet today (28), with a decision expected, as world oil prices climb again following a renewed escalation of the US/Israel-Iran war.

The Government said Rs. 41 billion had been allocated for fuel subsidies for the next three months so that the burden of high world market prices would not be passed fully on to the public.

The new allocation is smaller than the previous scheme. After the prices of all petroleum products rose rapidly in March, the Government said it spent Rs. 57 billion subsidising diesel by Rs. 100 a litre and petrol by Rs. 20 a litre in April, May, and June. The Rs. 41 billion works out to about Rs. 13.7 billion a month, compared with about Rs. 19 billion a month under the earlier subsidy.

According to the Government, the world market price of diesel, which rose 115% in March compared with February, eased to 39% above February levels by the end of June. That relief was passed on to consumers in July, when the diesel price was cut by Rs. 25 a litre without a Government subsidy. World petrol prices, which rose 71% in March, fell back to 43.2% above February levels by the end of June, and the relief was likewise passed on. Domestic petrol prices were cut again as world prices fell further in July and August.

However, the Government said world prices of petrol, diesel, and crude oil had risen rapidly since August as the war in the Middle East escalated seriously. Diesel is now 92% higher than in February, petrol 78%, and Murban crude 66%, while domestic petrol and diesel prices are only 36.2% and 35.9% higher, respectively, it said.

Price data reviewed by the Daily FT show the same trend. The average Singapore price of 92-Octane Petrol for September to date is $ 134.50 a barrel, 21.3% higher than August, 78.7% above February’s pre-war average of $ 75.28, and the highest monthly average this year. Singapore prices are ‘free on board’ (FOB), meaning they reflect the cost of fuel loaded onto a tanker, before freight, and are a regional benchmark for fuel import costs. A barrel is about 159 litres.

Diesel benchmarks show a similar gap. Gas oil with 500 parts per million (ppm) sulphur averaged $ 170.99 a barrel in September, up 10.9% from August and 92.5% above February. Higher-grade 10 ppm gas oil averaged $ 178.48, 98, 5% above February. Jet fuel was up 90.2% at $ 169.32.

Local pump prices have risen far less. Following the last revision on 31 August, Lanka Petrol 92 Octane sells at Rs. 399 a litre, 36.2% above the pre-war price of Rs. 293. Lanka Petrol 95 Octane is Rs. 475, up 39.7% from Rs. 340. Lanka Auto Diesel is Rs. 382, up 35.9% from Rs. 281. Lanka Super Diesel is Rs. 478, 45.3% higher than Rs. 329.

The 31 August revision cut Petrol 92 to Rs. 399 from Rs. 414, and Petrol 95 to Rs. 475 from Rs. 495, while diesel prices were unchanged. Since then, Singapore petrol benchmarks have risen by more than a fifth.

Pump prices were raised in several steps after the war began, with increases of 7% to 8% on 10 March, a second round on 22 March, and further hikes on 3 May and 31 May. The 31 May revision took Petrol 92 to its peak of Rs. 434 a litre, 48.1% above pre-war levels, and Auto Diesel to Rs. 407, up 44.8%. The 30 June revision cut Auto Diesel by Rs. 25 to Rs. 382 and Petrol 92 by Rs. 20 to Rs. 414.

Benchmark prices peaked earlier. Singapore gas oil and jet fuel more than doubled in March and April, with 500 ppm gas oil averaging $ 191.73 a barrel in March, 115.8% above February. They fell back to about 40% above pre-war levels in June, before rising again from July.

EFL Projects Logistics has completed the transportation and final placement of 12 Battery Energy Storage System (BESS) and transformer containers at a project site within the Matara Mucharinda Temple premises, managing the operation from the Port of Colombo to the final location.

The operation ran continuously over three days and three nights, despite difficult road conditions, restricted site access, and significant heavy-lifting requirements. High-capacity mobile cranes, configured for a 60-foot operating radius and requiring about 15 feet of vertical clearance, were deployed alongside specialised heavy-haulage equipment.

The route included narrow access roads, restricted turning radii, difficult junctions, low-clearance overhead structures, and residential boundary constraints, while access to the final project location was limited. To move the equipment safely, the EFL team temporarily modified or removed obstructions at key junctions and along access roads, and temporarily removed sections of residential boundary walls, street name boards, road signs, and other roadside signage. Overgrown branches and other encroachments were cleared along the final 1.5 km access route, and low-level electrical and telecommunication cables were managed to provide the required vertical clearance.

The task also included conducting route surveys, turning-radius assessments and detailed lifting and crane operation planning. It obtained the necessary permits and clearances, arranged police escorts, and maintained coordination with the project team, government authorities, residents and other stakeholders throughout.

With the Matara project complete, EFL Projects Logistics has now handled two of the most challenging BESS project sites identified in Sri Lanka, managing the full logistics chain from the Port of Colombo to final placement. According to the team, transporting BESS equipment goes beyond conventional haulage, requiring route engineering, heavy-haul transportation, crane mobilisation, site preparation, regulatory approvals, traffic management and final equipment placement.

EFL Projects Logistics said it works closely with project developers, EPC contractors, equipment suppliers, and other stakeholders to identify challenges early and execute operations safely and with minimal disruption. With Sri Lanka’s BESS and renewable energy sector continuing to expand, the EFL Project Logistics says it is ready to support upcoming BESS, solar, wind and other renewable energy projects across the country.

Ilankai Tamil Arasu Kachchi (ITAK) Parliamentary Group Leader and Batticaloa District MP Shanakiyan Rasamanickam has called in Parliament for reforms to give local authorities modern revenue powers, adequate resources, and greater autonomy. He warned that councils are being asked to fund more of their own costs while their ability to raise income remains outdated.

Rasamanickam raised the matter last week and alleged that some local authorities are currently required to meet about 20% to 40% of their salary expenditure from their own revenue, and councils could eventually be expected to finance their entire salary bill this way by 2029.

He questioned claims that this was an International Monetary Fund (IMF) requirement, saying it was not an IMF condition as far as he understood. He warned that councils already struggling for income could become unable to function if the salary burden rises without their revenue-raising capacity also being strengthened.

He said revenue tools have not kept pace with economic realities. Some licence fees for Pradeshiya Sabhas and Urban Councils remain at around Rs. 5,000 to Rs. 6,000, and some fines are as low as Rs. 100, Rs. 150 or Rs. 500. Rasamanickam called for rates, fees, permit charges, fines, and other charges to be modernised and reviewed periodically. He also called for State legal assistance to recover unpaid rates, taxes, and rents, particularly from major defaulters.

He said several revenue-generating project proposals submitted under the Local Loans and Development Fund (LLDF) remain unapproved, even as councils are being told to increase their own income.

Rasamanickam also said that because elected Provincial Councils have not functioned since 2017, by-laws prepared by Municipal Councils since 2018 remain unapproved. He called for a legal mechanism to approve and gazette them without delay.

He raised concerns that the Kattankudy Urban Council was assessing and collecting property rates in the Manchanthoduwai ward, which falls within the Batticaloa Municipal Council area. ‘Administrative boundaries cannot be changed through tax collection,’ he said.

He also questioned the legal basis for Prajashakthi structures identifying and prioritising Local Government projects. ‘Members of a Prajashakthi committee cannot come in and perform the functions of representatives elected by the people,’ he said.

Rasamanickam also sought disclosure of central and provincial development allocations to each district and local authority in the North and East in 2025 and 2026, and of vehicles and machinery provided to councils over the past five years.

DFCC Bank has been named the Best Cash Management Bank in Sri Lanka for 2026 by The Asian Banker, recognising the bank’s growing transaction banking capabilities and its continued investment in secure, digitally enabled solutions that give businesses greater visibility and control over their financial operations.

The recognition reflects DFCC Bank’s progress in helping businesses simplify payments and collections, automate reconciliation, manage liquidity and working capital, and make more informed financial decisions.

Central to this proposition is DFCC iConnect, the bank’s integrated payments and cash management platform for corporate, multinational, and small and medium enterprise (SME) customers. The platform enables businesses to manage local and international payments, payroll, supplier settlements, collections, and account information through a secure digital environment.

DFCC iConnect also supports integration with enterprise resource planning systems, automated identification and reconciliation of receipts, real-time account visibility, customised reporting, multi-level authorization, and mobile transaction approval. These capabilities help finance and treasury teams reduce manual processes, strengthen control, and respond more quickly to changing business requirements.

Deputy CEO Shamindra Marcelline said: ‘Being named the Best Cash Management Bank in Sri Lanka is an important recognition of the proposition we have built around the real operating needs of businesses. Payments, collections, and liquidity are central to how an organisation functions every day. Our role is to make those processes simpler, faster, and more secure, while giving customers the visibility and control they need to make sound decisions. This recognition reflects the trust our customers have placed in us and the commitment of the teams who serve them.’

DFCC Bank’s cash management proposition combines digital capability with transaction banking expertise and relationship-led service. This allows the bank to understand the operational requirements of individual businesses and develop solutions suited to their transaction volumes, approval structures, reporting needs and wider financial objectives.

The bank supports large corporates, multinational organisations, Government institutions, and SMEs, recognising that businesses of different sizes require different levels of functionality, integration, and assistance.

Senior Vice President and Head of Wholesale Banking Ishani Palliyaguru said: ‘Effective cash management is ultimately about helping a business know where its money is, move it securely and put it to work more efficiently. That requires more than processing transactions. It requires real-time visibility, automation, strong controls and solutions that connect with the way each organisation operates. We have continued to develop these capabilities while working closely with our clients to reduce complexity and improve their day-to-day financial management.’

The recognition comes as businesses place greater emphasis on digitising financial processes, improving working capital efficiency, and strengthening their ability to operate through changing economic conditions.

DFCC Bank will continue to advance its transaction banking capabilities, using technology, data, and customer insight to help businesses improve efficiency, strengthen financial resilience, and keep growing.

Malaysia’s Eain Yow Ng and Sivasangari Subramaniam have made history by becoming the first squash players to qualify for the 2028 Olympics after winning gold medals at the Asian Games in Aichi-Nagoya, Japan.

The defending champions won the men’s and women’s singles finals on Sunday and earned a ticket to the 2028 Los Angeles Games, where squash will make its Olympic debut.

Squash is among a handful of sports at Aichi-Nagoya where a gold medal serves as automatic qualification for the next Olympics.

Both Ng and Subramaniam successfully defended their titles without dropping a single game in their campaigns. Their victories gave Malaysia its fifth and sixth gold medals.

World number 18 Ng thrashed India’s Abhay Singh 11-9, 11-5, 11-5 in 33 minutes at the Nagoya Kinjo Futo Arena and became the first Malaysian to qualify for the Olympics.

World number five Subramaniam joined her compatriot soon after when she made quick work of the women’s final against India’s Anahat Singh.

She demolished Singh, ranked 17th in the world, 11-4, 11-4, 11-7 in just 23 minutes to clinch gold.