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LANKATILES PLC Managing Director Priyantha Talwatte (right) with The Geoffrey Bawa and Lunuganga Trusts Chairperson Channa Daswatte

Reinforcing its long-standing commitment to architecture, design excellence and the advancement of Sri Lankan living spaces, LANKATILES has announced a strategic partnership with the Geoffrey Bawa Trust.

The collaboration will support the Trust’s DesignTalk platform, the Annual Geoffrey Bawa Memorial Lecture and other knowledge-sharing initiatives that continue to inspire and cultivate Sri Lanka’s architectural community.

The partnership reflects a shared commitment to meaningful dialogue, creative exchange and the continued evolution of architecture in Sri Lanka. Aligning with Geoffrey Bawa’s enduring legacy, LANKATILES seeks to support platforms that nurture future talent and strengthen its engagement with the country’s architectural and design fraternity.

LANKATILES PLC Managing Director Priyantha Talwatte said: “Our association with the Geoffrey Bawa Trust reflects our shared belief that architecture shapes spaces, cultural identity and lasting legacies. LANKATILES is proud to support a community that inspires future generations of architects and contributes to an enduring culture of design.”

The Geoffrey Bawa and Lunuganga Trusts Chairperson Channa Daswatte said:

“The Trust supports a dynamic calendar of year-round public programmes, including exhibitions, lectures and tours that engage with the natural and built environment. In working with the Trust, LANKATILES is not only supporting this important work, but is also helping the Trust grow these programmes and supporting Sri Lanka’s architectural and design community.”

Over five decades, LANKATILES has combined world-class tile and surface solutions with a commitment to thoughtful design, craftsmanship, innovation, education and industry partnerships that have enhanced how Sri Lankans design, build and experience spaces. This collaboration reinforces the company’s belief that design extends beyond buildings to shape communities, culture and lasting legacies, while further strengthening its commitment to advancing Sri Lanka’s architectural and design landscape.

Established by the architect in 1982, the Geoffrey Bawa Trust works to promote architecture, the arts and environmental studies in Sri Lanka and abroad. Since Geoffrey Bawa’s passing in 2003, the Trust has maintained the architect’s archives and sustained year-round public programmes, that engage broad discourse on natural and built environments and the arts. These initiatives continue to inspire architects, designers, academics and students while creating meaningful opportunities for the exchange of ideas across generations.

The Dambulla Sixers, under the leadership of owner Priyanga De Silva, on Sunday brought breast cancer awareness to the forefront through the LPL Pink Match, using the Lanka Premier League’s national platform to encourage early detection and help save lives.

Held for the second consecutive LPL season, the initiative transformed the Dambulla Sixers’ clash against the Jaffna Kings at SSC Colombo into a powerful breast cancer awareness campaign. In a strong display of unity beyond competition, the Jaffna Kings also participated in the official Pink Match ceremony, demonstrating that when it came to cancer awareness, there were no opposing teams.

Throughout the match, the Dambulla Sixers took the field in specially designed pink playing apparel and helmets, while the Touch. Look. Check. (TLC) message was promoted across the stadium, giant screens and live television broadcast. The campaign encouraged women to remain aware of changes in their breasts and seek medical advice if they noticed anything unusual.

The initiative was delivered in collaboration with the Ministry of Health, the National Cancer Control Program, Apeksha Hospital, the Sri Lanka College of Oncologists and other national professional and technical bodies, ensuring that all awareness messages reflected nationally recognised public health guidance.

Children from Suwa Arana – A Place for Healing and SOS Children’s Villages Sri Lanka joined the players during the pre-match ceremony, highlighting the wider impact of cancer on families and communities.

Supporters attending the match were also given the opportunity to purchase official Pink Fan T-Shirts, with proceeds supporting the Indira Cancer Trust’s work in breast cancer awareness, wigs for chemotherapy patients, breast prostheses and other patient support programs.

Anil Mohan, Founder and Chairman of IPG Group, said, “The LPL Pink Match demonstrated the power of cricket to drive meaningful change beyond the game. We were proud to support the Dambulla Sixers’ initiative, which encouraged early detection and reminded every Sri Lankan that three simple words, Touch. Look. Check., could help save lives.”

Lanka Premier League Tournament Director Samantha Dodanwela said: “The Dambulla Sixers demonstrated how cricket could be used as a platform for a meaningful national cause. We were proud that the LPL helped amplify this important message and encouraged greater awareness of breast cancer across Sri Lanka.”

Seated from left: Secretary Damith Chaminda, Treasurer Graeme La Labroy, Immediate Past President Kamaya Perera, President Chaminda De Silva, First Vice President Dr.Thesara Jayawardene and Second Vice President Ninesh Amrithiah

Standing from Left: Asst.Secretary Uthpala Ranasinghe, Executive Committee Members Ravi Jayawardene, Rohitha Amarapala, Anil Koswatte, and Asst.Treasurer Pulasthi Weerasinghe

The Chartered Management Institute (CMI) Sri Lanka Branch successfully held its Annual General Meeting (AGM) virtually on 23 June 2026, bringing together members to reflect on the Branch’s achievements, review its progress, and appoint its new leadership team for the forthcoming term.

The AGM was honoured by the presence of Chartered Management Institute (CMI) UK Chief Executive Officer Ann Francke, as the Chief Guest. Addressing the members, Francke highlighted the importance of effective leadership, professional management, and continuous development in navigating today’s evolving business landscape. She also reaffirmed CMI UK’s commitment to supporting the growth and success of the Sri Lanka Branch.The event also welcomed CMI UK Regional Manager Jamil Karkach from as the Guest of Honour, whose participation further strengthened the close relationship between CMI UK and the Sri Lanka Branch.

A key highlight of the AGM was the election of the new Office Bearers to lead the Branch. Chaminda De Silva was elected as the new President of the CMI Sri Lanka Branch, succeeding Kamaya Perera, who now assumes the role of Immediate Past President. In his acceptance remarks, Chaminda de Silva expressed his gratitude to the members for their confidence and reaffirmed his commitment to advancing the Branch’s mission of promoting excellence in leadership and management, enhancing member engagement, and strengthening CMI’s impact across Sri Lanka.

The new committee members for the Administrative Year 2026/2027 were announced as follows: Chaminda De Silva – President (Chartered Fellow), Dr. Thesara Jayawardene – First Vice President (Chartered Fellow), Ninesh Amirthiah – Second Vice President (Fellow), Damith Chaminda – Secretary (Member), Graeme La Labroy – Treasurer (Fellow), Uthpala Ranasinghe – Assistant Secretary (Chartered Member), Pulasthi Weerasinghe – Asst. Treasurer (MIC), Ravi Jayawardena(Fellow), Anil Koswatte (Fellow) and Rohitha Amarapala (Fellow) as committee members. Kamaya Perera (Chartered Fellow) would continue as the Immediate Past President.

The Branch also extended its sincere appreciation to Immediate past president Kamaya Perera for her dedicated leadership, commitment, and significant contributions during her tenure as President, which have further strengthened the Branch and its professional community. The CMI Sri Lanka Branch looks forward to building on its achievements under the new leadership while continuing to support management professionals through learning, networking, and professional development initiatives in collaboration with CMI UK.

The CMI Sri Lanka Chapter looks forward to a productive year ahead under the guidance of Chaminda De Silva, dedicated to advancing management excellence and leadership development across Sri Lanka.

Sri Lanka has picked a 15-member squad of players with Chamari Athapaththu as captain for the upcoming three-match Women’s ODI series against Pakistan.

The series which forms part of the ICC Women’s Championship 2025-29 cycle which is the pathway to the ICC Women’s Cricket World Cup 2029 will take place at the Mahinda Rajapaksa International Cricket Stadium.

The three matches will be played on 23, 25 and 28 July.

Pakistan are currently placed second and Sri Lanka third in the current standings with eight points each.

Sri Lanka Women’s ODI Squad

Chamari Athapaththu (Captain), Vishmi Gunaratne, Hasini Perera, Harshitha Samarawickrama, Hansima Karunaratne, Kaveesha Dilhari, Nilakshika Silva, Anushka Sanjeewani, Chethana Vimukthi, Inoka Ranaweera, Nimasha Meepage, Imesha Dulani, Dewmi Vihanga, Rashmika Sewwandi, Kawya Kavindi

World Bank Group’s International Finance Corporation (IFC) and The Hongkong and Shanghai Banking Corporation (HSBC) are investing up to $ 40 million through financing in South Asia Gateway Terminals Ltd., (SAGT) to modernise and decarbonise operations at Port of Colombo, the cornerstone of Sri Lanka’s maritime trade.

The investment will advance the Port’s competitiveness, resilience, and sustainability, reinforcing its position as South Asia’s leading transshipment hub and deepening Sri Lanka’s connectivity to global markets. A joint statement said the financing package – a sustainability-linked loan of up to $ 20 million from the IFC, including up to $ 8.57 million mobilised through the IFC’s Managed Co-Lending Portfolio Program (MCPP), and a parallel green loan of up to $ 20 million from HSBC – demonstrates how blended private capital can finance critical infrastructure at scale.

The proceeds will fund advanced twin-lift ship-to-shore cranes that will increase productivity, improve operational reliability, and reduce energy use, enabling SAGT to meet growing trade demands with faster, more efficient services to global shipping lines.

The transaction marks the IFC’s first sustainability-linked financing for an infrastructure company in Sri Lanka and a return to the country’s ports sector after two decades.

It builds on a longstanding partnership with SAGT that began in 1999, when the IFC financed Sri Lanka’s first public-private partnership (PPP) container terminal. Since then, SAGT has helped establish Port of Colombo as one of the region’s leading transshipment hubs, setting benchmarks for operational excellence, innovation, and private sector participation in Sri Lanka’s maritime sector.

The investment is expected to raise quay-side productivity by at least 11%, expanding the Port’s capacity to handle both transshipment and domestic container traffic. It will also help lower SAGT’s carbon footprint, create jobs, and open more opportunities for women in a sector where they remain significantly underrepresented.

Sri Lanka sits at the crossroads of some of the world’s busiest shipping routes, with nearly half of global container traffic passing nearby. Port of Colombo is central to this strategic advantage, anchoring the country’s role as a regional logistics hub and underpinning an industry that contributes around 2.5% of GDP.

SAGT CEO Steen Knudsen said: “At SAGT, we are committed to shaping the future of Sri Lanka’s maritime industry through continuous investment in world-class infrastructure that drives productivity, enhances operational excellence, and reinforces Port of Colombo’s position as a leading regional transshipment hub. As the IFC’s first sustainability-linked financing for an infrastructure project in Sri Lanka, this milestone underscores our commitment to pioneering sustainable growth and setting a new benchmark for the industry.”

World Bank Group Country Manager for Sri Lanka and Maldives Gevorg Sargsyan said: “When trade moves, economies follow. As the IFC’s first sustainability-linked financing for infrastructure in the country, this investment demonstrates how innovative financing can modernise essential economic assets, accelerate decarbonisation, and drive long-term, sustainable growth.”

HSBC Sri Lanka Director Banking – Corporate and Institutional Banking Amesh Dissanayake added: “Our international reach and global expertise support us to play a prominent role in financing the transition in the sectors where it matters most. Given its strategic importance to Sri Lanka, HSBC is committed to supporting the maritime and logistics sector as it modernises and transitions to a lower-carbon future. Our parallel green loan of up to $ 20 million will enable SAGT to upgrade critical port equipment, improving productivity and reliability while reducing energy consumption and CO2 emissions. This is an example of how sustainable finance can deliver practical, measurable outcomes.”

The investment aligns with the World Bank Group’s Country Partnership Framework for Sri Lanka and its programatic approach to ports and logistics, supporting the Government’s ambition to strengthen the country’s position as a regional logistics and transshipment hub and deepen the country’s integration into global trade networks.

Every new market decision eventually becomes a test of confidence: can the country supply the talent, can the work scale, and can the rules hold long enough to matter. That is the lens through which we have looked at Sri Lanka, and across IFS and now IGT I, the answer to each of those questions has been the same.

For more than three decades, Sri Lanka has built a serious technology services industry with real depth, real clients and real global relevance. The Export Development Board identifies ICT services as the country’s second-largest export earner, supported by more than 500 companies and a workforce of around 146,000 people.

In 2025, ICT and BPM export earnings reached $ 1.64 billion, overtaking tea as an export earner for the first time. That is worth pausing on. A knowledge industry has surpassed the country’s most iconic export, and it did so the hard way, with firms setting up where they could, growing as they could manage, and scaling within the limits of the space and infrastructure available in Colombo. If that was possible in a fragmented, piecemeal environment, the more useful question is what becomes possible when the physical, legal and financial architecture is built deliberately to support that kind of ambition. That is what Port City Colombo is for.

Most people in the industry will tell you the real figure runs higher still, because a great deal of the work is invoiced through offshore entities and never fully recorded here, and that tells you something important: the capability is world class and globally competitive, and what has been missing is an operating environment built to keep more of that value inside the country.

As someone with real skin in the game, I can say with confidence that Port City Colombo is that environment. IGT I moved early in March 2024 into the zone, and we had our first client shortly after. Since then we have grown to just over 500 people, with new clients and open offers that take us beyond our initial growth, serving international clients across the Americas, Europe, and Middle East, and we expect to pass our budgeted target for the year. I have opened operations in many countries over my career, and I have rarely seen one move at this speed.

The story did not begin from zero. It came from what we had already seen building IFS in Sri Lanka, where we experienced first-hand the quality of the talent here and the role this country could play inside a high-growth international technology company. The investors behind IFS then asked whether the same model could work for other companies in their portfolio. It was that question, on top of the experience we had built in Sri Lanka, that sparked IGT I: Ignite Global Talent. We understood that the capability already existed. It just needed the right commercial, flexible, and independent structure around it.

Port City Colombo is foundational to this in ways that are sometimes underestimated. Operating in a designated foreign currency environment removes layers of friction that global service businesses feel immediately, because payroll, client invoicing and procurement all become easier to manage when the currency framework is consistent. For a company serving global clients, that matters in ways that go beyond accounting tidiness, reducing hedging pressures and the small inefficiencies that accumulate across a business operating in two currencies at once.

Sal Laher

The zone also empowers companies to think differently about talent. Where a role requires international expertise, the framework allows that conversation to happen more practically. At the same time, the pull for Sri Lankan professionals is real. Much of our hiring has come from professionals choosing to build their careers here, drawn by the scale of the work, direct exposure to international clients, and the chance to be part of something built from the ground up. That kind of pull is not something a financial model captures easily, but it is one of the strongest signals a new business district can send, particularly when it draws back talent that might otherwise have built its career overseas.

There is a wider point here. For years the best people have left for opportunities abroad, taking their skills and their earnings with them. Port City Colombo offers a way to keep more of that talent at home, in work that meets global standards and increasingly pays at a level that reflects it, with the contribution staying inside Sri Lanka’s economy.

None of this is guaranteed to continue on its own. The confidence that has brought companies like ours into the zone, and the talent that has followed, now needs protecting, and what it mostly comes down to is predictability. An investor can work with rules that are demanding and rules that are clear. What no one can plan around is a rule that keeps moving, and the sharpest example right now is how employees are taxed. The treatment of employee tax in the zone changed under the 2026 amendment to the Colombo Port City Economic Commission Act, moving from an open-ended exemption to a transitional period for existing entities and standard rates for new entrants. Whatever the merits of that specific change, the cost of leaving the position unsettled is higher than the cost of any particular rate, because uncertainty over employment costs is what stops an investor committing.

The same need for predictability runs through the everyday machinery of operating here. Port City Colombo is a world-class development still partly tethered to paper, physical signatures and processes that move more slowly than a global business expects, and that is not about any one institution but about the systems of the zone and the systems of the wider country learning to work together. A business environment built to attract international companies cannot ask them to run on manual processes where digital workflows should exist. Singapore launched TradeNet in 1989 and cut trade document turnaround from days to minutes. Dubai made its government fully paperless by 2021. That is the distance Sri Lanka still has to cover, and it is well within reach. I still spend a good part of my week on wet signatures, company seals and manual form entry, and closing that gap has to start somewhere. Digital signatures within Port City Colombo would be a logical first step.

I want to be fair about where things stand. The Cabinet approval of 77 Businesses of Strategic Importance in April 2026 is a meaningful public signal that the zone is moving from promise to activation. The foundations are real and the direction is right.

Which is why the question itself has changed. For years the doubt was whether a zone like this could work in Sri Lanka at all, and from where I sit, that question has begun to answer itself. The more important question now is how quickly the country makes it easy for the next ten companies to reach the same conclusion I have, and to find what we found when we looked properly: that the talent was always here, waiting for somewhere worthy of it, with the innovation, speed and digital ambition, including AI, to match, and that combination will set Port City Colombo apart in the years to come.

As sustainability requirements reshape global trade, businesses should begin preparing for key developments such as EmpCo, PPWR, EUDR, and ESG reporting expectations.

Sri Lankan exporters targeting the European Union are being urged to prepare immediately for sweeping new sustainability regulations that will fundamentally change how businesses market products, manage supply chains and demonstrate environmental and social responsibility.

Beginning 27 September 2026, companies selling goods and services into the EU will face tougher scrutiny under the Empowering Consumers for the Green Transition Directive (EmpCo), which is designed to eliminate misleading environmental claims commonly known as “greenwashing.”

Businesses found making unsubstantiated sustainability claims could face penalties of up to pound 2 million or 4% of annual turnover in the relevant EU member state, together with reputational damage and possible restrictions on market access.

According to Peterson Solutions Sri Lanka, many exporters remain unaware that the new rules extend well beyond product labels, applying equally to websites, social media, advertisements, sustainability reports and other promotional material carrying environmental claims.

“The era of simply saying a product is ‘green’, ‘eco-friendly’ or ‘sustainably produced’ is coming to an end,” said Peterson Solutions Sri Lanka Asia Pacific Regional Manager Dr. Rukshan Gunatilaka. “Businesses must now be able to produce credible evidence supporting every sustainability claim they make. Compliance is no longer just a regulatory obligation. It’s becoming an absolute necessity for access to EU markets.”

He said sustainability has evolved from a voluntary corporate initiative into a core business requirement as governments, investors and consumers increasingly demand transparency and accountability throughout global supply chains.

“Doing business and protecting the planet can no longer be treated as separate objectives,” Dr. Gunatilaka said. “Environmental, social and governance performance now has a direct impact on a company’s reputation, shareholder value and long-term commercial success. Companies that fail to address these issues risk losing both customers and market confidence.”

The EU’s regulatory reforms form part of a broader shift towards more responsible global trade. Besides EmpCo, exporters must also prepare for the Packaging and Packaging Waste Regulation (PPWR), which begins applying from 12 August 2026, with further requirements phased in through 2030, and the EU Deforestation Regulation (EUDR), whose due diligence obligations take effect for larger companies on 30 December 2026.

The regulations affect a wide range of Sri Lankan export sectors, including food and agriculture, tea, spices, rubber products, apparel and textiles, fisheries, plastics, tourism-related products and even certain service industries supplying European clients.

Peterson Solutions says one of the biggest misconceptions among businesses is that these regulations apply only to European companies. In reality, any organisation exporting to Europe, or making sustainability claims reaching European consumers, may be required to demonstrate compliance.

“The European market remains one of Sri Lanka’s most valuable export destinations,” Dr. Gunatilaka said. “Companies that prepare early will not only avoid regulatory risks but also strengthen customer trust, improve competitiveness and position themselves for long-term growth.”

Peterson Solutions Sri Lanka Assistant Manager – Business Communications and Marketing Dulini Wijeratne said, “Businesses should view compliance as a strategic investment rather than merely an additional cost.”

“Many established exporters already regard sustainability compliance as an essential part of doing business in Europe,” she said. “Companies planning to enter the EU market are also beginning preparations early because they recognise that robust sustainability systems create long-term commercial advantages.”

Part of the Netherlands-headquartered PCU group, established in 1920, the company operates in more than 80 countries, delivers projects across 120 countries and serves a global client base exceeding 40,000 clients.

Peterson Solutions provides certification support, sustainability consulting, responsible sourcing, supply chain traceability, ESG advisory services, academy solutions and technology-based solutions. Its digital platforms help organisations monitor carbon emissions, manage ESG performance, strengthen due diligence systems and maintain documentation required for increasingly complex international regulations.

In Sri Lanka, Peterson Solutions works across food and agriculture, apparel, plastics, rubber manufacturing, fisheries, aquaculture, tourism and other export-oriented industries. It also supports clients in Cambodia, Myanmar and the Maldives.

The company advises organisations to begin reviewing their sustainability communications, supply chains and governance systems now, rather than waiting until regulatory deadlines approach.

“The question regulators, investors and consumers are increasingly asking is no longer whether a company has sustainability ambitions,” Wijeratne said. “The question is: Can you prove it?”

To support organisations preparing for these evolving requirements, Peterson Solutions Sri Lanka will conduct a complimentary webinar titled “ESG Reporting Basics: Why, When and How” on 29 July 2026 from 3.30 p.m. to 4.30 p.m. (Sri Lanka Time).

Interested participants may register at: https://app.livestorm.co/peterson-solutions/esg-reporting-basics-why-when-and-how

Many organisations understand that sustainability is becoming important but are often unsure where to begin. The webinar is designed to provide practical guidance and help businesses take their first steps towards effective ESG reporting,” said Wijeratne.

Peterson Solutions Sri Lanka said businesses seeking to understand how the evolving EU sustainability framework may affect their operations can obtain guidance on compliance requirements, risk assessments, supply chain traceability, ESG implementation and evidence-based sustainability reporting.

Sri Lanka has had the world’s largest and smallest cabinet in history. President Mahinda Rajapaksa headed a jumbo cabinet, holding the Guinness World Record, while a more recent transitional cabinet under President Anura Kumara Dissanayake comprised only three ministers. Big fluctuations in the size of the Cabinet means that the names of ministries change often, and the institutions under each ministry are also constantly moved around. When Sri Lanka’s executive presidential system was introduced, one of the main arguments of its proponents was that it was a stabilising reorientation in a previously Westminster-style parliamentary system. However, this ‘stability’ has not meant consistency in the institutional architecture, which is a prerequisite for policy consistency.

Institutional changes often reflect political compromises and policy changes, that is the result of centralised executive authority. In Sri Lanka, creating an entire ministry or moving around institutions across ministries is a decision ultimately made by the President. Some countries such as Brazil or the United States have constitutionally defined processes involving the parliament/congress to establish new ministries. Such models add an additional level of check and balance to executive discretion.

In Sri Lanka, however, there is no recognised process to establish ministries or move institutions around, including even a report or white paper outlining the institutional architecture of a Government and the logic underpinning it. This has meant that some ministries have been created and vanished within the term of a Government. The Ministry of Megapolis and Western Development and the Ministry of Sustainable Development and Wildlife under the Yahapalana Government, granularly defined State Ministries under Gotabaya Rajapaksa, or senior ministers without a portfolio under the Mahinda Rajapaksa second term are some examples of this.

Tracking this institutional flux of around 500 moving parts is a difficult task for citizens and policymakers themselves. This institutional opaqueness impacts transparency of the institutional architecture, and impacts Sri Lanka’s democracy adversely.

Lanka Data Foundation’s (LDF) Department Flow View is an interactive Sankey visualisation of ministry and department changes over time. Across multiple dates of institutions being gazetted, a member of the public can view how a ministry is created and/or transformed. Some ministries have gotten fatter or slimmer over time, with institutions and budgets. Sometimes, institutions have been re-organised in different constellations, with different names and extensions.

When Sri Lanka’s executive presidential system was introduced, one of the main arguments of its proponents was that it was a stabilising reorientation in a previously Westminster-style parliamentary system. However, this ‘stability’ has not meant consistency in the institutional architecture, which is a prerequisite for policy consistency

Politics of Ministry and department flux

Ministries have relatively little contact with citizens as opposed to various departments under them. While ministries are expected to provide an overarching policy and maintain policy consistency, it is the departments that are tasked with operational mandate. How one clusters the departments reflects the policy outlook of a given Government. Sometimes, seemingly unrelated departments get clustered together, which shows lack of a consistent policy framework and the interests of individuals (ministers or the president) being more powerful. With the Sankey view and navigating to the Ministry’s portfolio, the public can see which institutions follow which individuals at a given time. It shows how the whole Government transforms over time during its term, showing how departments have been moved around.

The Department of Registration of Persons, for example, has been clustered under various Ministries under different or the same President. This department has been under the ministry of Home Affairs, Public Administration, Defence, and Digital Infrastructure, reflecting different policy pathways towards achieving similar objectives. On the other hand, the Lotteries Board formed part of the Ministry of Foreign Affairs for a short stint in 2017, reflecting how vested interests of powerful individuals prevailed even when the shift looked clearly irrational. Sometimes what appears as a policy response, of seemingly unrelated departments being clustered, may hide a powerful minister hogging big tenders in a certain sector.

A key downside of the lack of a national roadmap or discourse on institutional restructuring is the haphazard amalgamation of ‘cabinet subjects’ under an umbrella ministry. For example, in the present Government, the Ministry of Health has been lumped together with a relatively less related Ministry of Mass Media. This generally happens due to a few personalities dominating a given cabinet, and relative portfolios distributed among them, regardless of how closely the subjects align with one another. This risks the relatively smaller portfolio being overshadowed, especially as the ministry secretary often represents the larger portfolio (so in this case, health over media). One outcome of this development has been that even the Right to Information Commission (RTIC) is assigned to the Ministry of Health and Mass Media under this Government, leading to serious delays in resource mobilisation to uphold the fundamental right of Right to Information.

Institutional opacity and political realignments

When ministries are changed or departments are moved around, governments hardly explain their decisions. The Department Flow View builds a visual narrative of the impact of these gazettes. This is important for transparency of the governance structure which in turn impacts the quality of democracy.

The present iteration of the ‘Department Flow View’ is based completely on the published gazettes, and therefore does not visualise what is not available in a gazette. As the head of the executive branch of the State, the president may assign subjects and departments to ministers, including himself. However, if the president does not assign an institution to a particular subject of a Minister, that body remains under the direct control of the president. For instance, the President’s Fund does not feature in any of the gazettes that allocates departments to subject Ministers. The principle ‘what is not given remains with the president’ is replicated with the same opaqueness.

With the currently available data of LDF OpenginXplore that feeds the Department Flow View, a citizen can explore the institutional shifts under a single presidential term since 2019, i.e., under Presidents Gotabaya Rajapaksa, Ranil Wickremesinghe, or Anura Kumara Dissanayake. For instance, a visual comparison of the first year of cabinets established following a General Election (for Rajapaksa and Dissanayake) and following the election of Wickremesinghe as President by Parliament shows that the subject of Finance has had over 50 departments under its purview. Across the timeframe of three presidencies, this Ministry remains relatively stable under Wickremesinghe and Dissanayake.

In Sri Lanka there is no recognised process to establish ministries or move institutions around, including even a report or white paper outlining the institutional architecture of a Government and the logic underpinning it. This has meant that some ministries have been created and vanished within the term of a Government

However, a significant breakup of the Finance Ministry is observed under Gotabaya Rajapaksa, when in 2021, the cluster of institutions that generally form the subject of Finance are broken and given as two portfolios to the President’s two brothers. Basil Rajapaksa was appointed Minister of Finance, while a new ‘Ministry of Economic Policies and Plan Implementation’ was established and headed by PM Mahinda Rajapaksa, and brought various institutions that were held under the Finance Ministry and other related State Ministries. When compared to the institutional consistency that the Finance Ministry showed subsequently under Wickremesinghe and Dissanayake, this episode reveals the vested interests that shape national policy, in this case, the establishment of ministries and sharing portfolios. Similarly, when observing the movement of departments under the Ministry of Defence under President Gotabaya, again, a bifurcation of the ministry occurs (see image below). Nine departments of 22 are moved to the State Minister of National Security and Disaster Management who happens to be Chamal Rajapaksa, Gotabaya’s other brother, revealing the overdominance of personal political interests over policy sense.

The Department Flow View is also useful when considering that institutional reshuffles also follow external pressures. For example, after Sri Lanka entered the reconciliation paradigm in 2015, many new institutions were created to reflect this mandate. Similar trajectories were seen with a Ministry being named after sustainable development during the term of that Government. Following the economic crisis, the Wickremasinghe Government’s approach of IMF-linked reforms has been reflected in the way many institutions that were considered as needing structural reforms were moved under the Finance Ministry.

Sri Lanka’s policy inconsistency is generally known. At one level, elections are fought on platforms promising knee jerk policy reversals, such as reversing the construction of Colombo Port City during the presidential campaign in 2014 At another level, when governments are elected, they reverse or drastically change policies and projects, as we saw with the cancelling of the Colombo Light Rail Transit project. Ministries are created or discontinued by presidents without having to explain what enables and justifies those changes. National policy has been reduced to executive decree, as quipped by a president ‘my word is the circular!’. A short analysis of how Ministries have been created and discontinued reflects this inconsistency without consequence.

Policy inconsistency has become so commonplace that it is now largely taken as a given. The LDF’s Department Flow View enables one to see the extent of this policy inconsistency, which in turn is an indictment of the excessive and unaccountable powers of the presidency. This executive overreach is constitutionally enabled, as the President has the ‘superpower’ to reassign subjects and reshuffle the cabinet at will, resulting in fast changes with low friction and leaving little room to ask the question why.

Moreover, as it is the President who has the authority to nominate the secretary, total discretion lies with the president. In cases where there are other politically influential ministers besides the president, there can be some pushback or moderation on executive power. But in cases where the President is highly charismatic and has popular appeal, with no comparable heavyweights in the cabinet capable of exerting countervailing influence, Sri Lanka’s overall democratic system is adversely affected. For democracy to work for the people, its institutions must be transparent and exhibit a reasonable degree of consistency. This allows citizens to hold governments accountable to some standards and also have shared ownership of these institutions.

For democracy to work for the people, its institutions must be transparent and exhibit a reasonable degree of consistency. This allows citizens to hold governments accountable to some standards and also have shared ownership of these institutions

(Harindra B Dassanayake is an independent researcher and policy analyst, and Head of Data Operations at Lanka Data Foundation, Sri Lanka. Rajni Gamage is Research Fellow at the Institute of South Asian Studies, National University of Singapore. Yoshan Jayasinghe is Governance and Policy Intern at Lanka Data Foundation, Sri Lanka)

Following its sovereign default, Sri Lanka has taken a significant step towards restoring macroeconomic stability through the achievement of a primary budget surplus. Fiscal consolidation should be viewed not as an end in itself but as a means of strengthening the economy’s long-term capacity to generate investment, productivity, and growth. The next phase of Sri Lanka’s recovery will depend not on fiscal arithmetic alone but on rebuilding domestic savings, strengthening capital formation, improving competitiveness, and enhancing institutional capability.

Sri Lanka’s achievement of a positive primary budget surplus marks a significant milestone in its recovery from the unprecedented 2022 economic crisis. For the first time in many years, Government revenue has exceeded non-interest expenditure, signaling that the state can finance day-to-day operations without additional borrowing. Together with declining inflation and progress in debt restructuring, these developments have restored macroeconomic credibility.

In the aftermath of the economic collapse, fiscal consolidation became an economic necessity to restore confidence among creditors and international financial institutions. Yet every major economic achievement involves trade-offs. The more important question is whether the policies that restored fiscal stability have also weakened some of the foundations of long-term economic growth.”

This distinction is fundamental: a primary surplus measures the Government’s fiscal position, not the nation’s capacity to generate future wealth. Macroeconomic stability is a prerequisite; however, it cannot independently yield enduring enhancements in productivity, investment, or living standards. Restoring fiscal discipline was merely the first stage; converting that stability into sustainable growth requires rebuilding the productive foundations of the economy.

Looking beyond fiscal arithmetic

Public discussion has understandably focused on improving fiscal indicators. However, successful development requires looking beyond the Government’s balance sheet.

Sri Lanka’s recovery should be viewed through two complementary balance sheets. The first is the Government’s, reflected in revenue, expenditure, deficits, and public debt. The second is the nation’s, comprising its financial, physical, human, technological, and institutional capital. While the first measures fiscal health, the second ultimately determines long-term prosperity.

Lasting prosperity will depend on rebuilding the nation’s productive capacity through higher domestic savings, stronger capital formation, enhanced competitiveness and more capable institutions

A Government may improve its fiscal position while the country’s productive capacity remains weak. If domestic savings decline, productive investment stagnates, and skilled people leave, fiscal improvement alone cannot sustain growth. The national conversation must move toward rebuilding the productive economy.

The flip side of fiscal consolidation

Sri Lanka’s fiscal adjustment program has concentrated on revenue mobilisation and expenditure restraint. At the same time, the process has coincided with a significant increase in the cost of living, higher utility tariffs, and reduced disposable incomes. While stronger revenue mobilisation has driven the primary surplus, a substantial proportion has come from indirect taxation, placing a heavy burden on consumption.

Fiscal policy should not merely restore budgetary balance. Its broader purpose should be to strengthen the economy’s capacity to generate future growth. Compared with successful Asian economies, Sri Lanka continues to depend heavily on indirect taxation while facing challenges in attracting investment and expanding exports. Revenue adequacy is essential, but the structure of revenue mobilisation must support entrepreneurship and the future expansion of the tax base itself.

The question, therefore, becomes:” Where will the capital required for Sri Lanka’s next phase of development come from?”

Domestic savings: The missing strategic variable

One consequence of fiscal adjustment has received remarkably little attention: the condition of domestic savings. For years, Sri Lanka relied on a combination of Government investment, domestic savings, and foreign capital. Today, each faces constraints: fiscal consolidation limits public capital expenditure, access to international capital markets remains constrained, and foreign direct investment falls short of regional peers. Savings finance investment; investment raises productivity; productivity strengthens competitiveness.

When external capital is limited and public investment is constrained, domestic savings assume strategic importance. They become the principal source for financing future investment and capital formation. As nations like Singapore, South Korea, and Vietnam have demonstrated, sustained transformation depends upon high levels of investment driven by a country’s capacity to generate its savings.

The broken savings-investment cycle

The relationship between household savings and national development is profound. Higher household savings strengthen the financial system, expanding long-term investment finance for businesses to upgrade technology and skills. This improves productivity, expands exports, and raises incomes, creating a virtuous cycle.

Conversely, when real disposable incomes decline over an extended period, households reduce savings. Lower savings weaken the domestic pool of investment capital, slowing capital formation and productivity growth.

This is the flip side of fiscal stabilisation. In Sri Lanka, the middle class has historically been a principal source of savings and entrepreneurship. Prolonged financial pressure on this segment impacts future innovation and labour productivity. For vulnerable households, persistent reductions in income affect nutrition, education, and healthcare, with long-term implications for human capital.

Capital formation and competitiveness

Capital formation is the bridge between stability and prosperity. Fiscal stability creates confidence; capital formation creates growth. Without adequate investment, productivity cannot rise, leaving enterprises struggling to compete internationally.

Sri Lanka’s structural challenges-insufficient domestic savings, modest foreign direct investment, and slow export diversification-long predate the 2022 crisis. Because fiscal space remains limited, the Government cannot finance the scale of investment required alone. The private sector must assume a larger role, supported by policies that encourage long-term productive investment over short-term commercial activity.

Human capital and stronger institutions

Physical capital alone cannot transform an economy; investment in people is equally vital. Sri Lanka, known for its strong human development indicators, faces challenges due to skilled professionals migrating abroad and ongoing skills mismatches. These issues jeopardise the country’s historical advantages in human development. To bolster future competitiveness, it is essential to treat expenditures on education, research, and digital capabilities as strategic investments.

Ultimately, sustainable development depends upon institutions capable of converting sound policies into measurable outcomes. Sri Lanka has rarely suffered from a shortage of policy ideas but rather a gap between formulation and implementation. Institutional capability-the practical ability of the state to design sound policies and maintain continuity across political cycles-is a critical competitive advantage that remains to be fully developed.

The Government should aim to transition towards growth by reducing tax reliance and fostering investment through structural reforms. Thus, the country’s Primary Budget Surplus should be viewed not as the culmination of economic recovery but as the starting point of a more demanding journey towards sustainable, inclusive and investment-led growth

The Budget as a strategic instrument

Forthcoming national budgets assume significance extending well beyond annual fiscal arithmetic. Their success should be judged by whether they begin to strengthen the productive foundations of the economy. Their success should be judged by whether they strengthen the productive foundations of the economy through protecting productive public investment, encouraging domestic savings, stimulating private investment through policy certainty, and investing in education, technology, and human capital.

Fiscal discipline and economic development are complementary. Fiscal credibility creates confidence, which encourages investment, raises productivity, expands exports, and generates rising incomes-thereby reinforcing the fiscal position itself.

Conclusion

Sri Lanka has made significant progress since the 2022 crisis, with fiscal stabilisation laying an essential foundation for future growth. However, Sri Lanka’s goal for a primary surplus-mandated by the IMF Extended Fund Facility-largely relies on arduous indirect taxation, which stabilises debt but negatively impacts domestic consumption and savings, thereby jeopardising economic growth. The article highlights the limitations of financial engineering, the need for long-term fiscal policies, and the dangers of complacency within fragile economies. Concerns arise regarding the sustainability of tax-based revenue, with calls for reforms to modernise tax administration and enhance compliance without hindering growth. Lasting prosperity will depend on rebuilding the nation’s productive capacity through higher domestic savings, stronger capital formation, enhanced competitiveness and more capable institutions.

The Government should aim to transition towards growth by reducing tax reliance and fostering investment through structural reforms. Thus, the country’s primary budget surplus should be viewed not as the culmination of economic recovery but as the starting point of a more demanding journey towards sustainable, inclusive and investment-led growth.

(The author is the former Chairman of the Finance Commission of Sri Lanka with expertise in financial management across various sectors. Having served as an investment banker and a Financial Management Specialist at the Commonwealth Secretariat, his career spans over five decades of dual-sector experience, focusing on institutional governance, fiscal policy, and structural reform in a comparative context)

Business autobiographies often follow a familiar pattern. They recount the milestones, the setbacks and inevitably, the success that followed. Made in Nepal certainly does all of these things. Yet what surprised this reader most was that it is not really a book about becoming Nepal’s first dollar billionaire. Instead, it is a reflection on what it means to build something enduring from a place the world has too often overlooked.

The book begins, as many family businesses do, with family itself. Chaudhary reflects on his family’s early years with a refreshing honesty, painting a picture of a Nepal that feels worlds away from today’s increasingly global economy. These opening chapters are among the book’s most engaging. They are personal, grounded, nostalgic and offer a glimpse into the values that would later shape one of South Asia’s most successful business groups.

From there, the story gathers momentum, demonstrating remarkable commercial foresight. Readers follow the evolution of a local enterprise into a global conglomerate, with Wai Wai noodles becoming the catalyst for a much larger journey across industries, borders and generations. Chaudhary refused to believe that geography should define ambition. The title Made in Nepal ultimately becomes more than a reference to place; it becomes a statement of confidence.

Gen Z’s have come of age in an era defined by rapid technological change, start-up culture and the pursuit of disruption. We are conditioned to measure success by speed and admire businesses that scale overnight and founders who redefine industries before the age of thirty. Made in Nepal presents a compelling alternative. It reminds us that some of the most meaningful businesses are built patiently, through decades of disciplined decision-making, calculated risk-taking and an unwavering commitment to the long term, irrelevant of political instability, economic uncertainty and changing markets. There is a quiet confidence throughout the book that success rarely follows a linear path. Instead, it is built incrementally, often through consistency rather than spectacle. For Gen Z readers accustomed to carefully curated stories of instant achievement, this perspective serves as both a refreshing reminder and an important reality check.

What stood out throughout the book was Chaudhary’s deep belief in family-not only as the foundation of his success, but also the future of the business itself. Chaudhary writes openly about the trust he places in each of his three sons, giving them the autonomy to lead their respective verticals while remaining their anchor. Chaudhry demonstrates succession planning that feels both timeless and progressive, reminding us that preserving a legacy is not about holding on too tightly, but about giving each generation the confidence, responsibility and space to leave its own mark.

The book focuses more on business philosophy rather than solely on the author’s personal life. Similarly, those expecting a step-by-step entrepreneurial guide may discover that the lessons are presented more through reflection than instruction. However, this is entirely consistent with the book’s purpose. It seeks less to provide formulas for success and more to encourage readers to think differently about building institutions that endure

Another theme that runs consistently throughout the book is identity. In an increasingly globalised world, businesses often feel pressure to distance themselves from their origins in pursuit of international relevance. Chaudhary takes the opposite approach. Rather than seeing Nepal as a limitation, he positions it as an integral part of the company’s identity. Through his own journey, Binod Chaudhary presents a narrative that extends beyond personal success, inviting readers to consider how resilience, ambition and identity can coexist in the making of a global enterprise. The message conveyed is that opportunity today is less about where one begins and more about the mindset with which one approaches the world.

Another noteworthy aspect of the memoir is its treatment of leadership. Rather than portraying leadership as authority or visibility, Chaudhary presents it as responsibility. Throughout the memoir there is a recurring emphasis on relationships, trust, adaptability and reliability-qualities that cannot be measured on a balance sheet and rarely dominate headlines but often determine whether businesses endure across generations. His reflections suggest that the true measure of leadership lies not simply in growing an organisation, but in creating one capable of outlasting its founder. To a generation that values authenticity, these lessons feel particularly relevant at a time when leadership is often measured by curated visibility rather than substance.

Cover of Nepalese billionaire and Chaudhary Group Chairman Binod Chaudhary’s latest book ‘Made in Nepal’

For Gen Z’s, many of whom increasingly aspire to lead organisations with both commercial and social impact, Chaudhry’s approach feels particularly relevant. The book subtly argues that profitability, sustainability and purpose can exist in unison. Long-term success emerges when businesses contribute meaningfully to the communities, employees and economies that support them.

If there is one observation to make, it is that the narrative occasionally moves too quickly through some of the Group’s defining milestones, leaving the reader wanting deeper insight into the strategic thinking behind its decision making. The book focuses more on business philosophy rather than solely on the author’s personal life. Similarly, those expecting a step-by-step entrepreneurial guide may discover that the lessons are presented more through reflection than instruction. However, this is entirely consistent with the book’s purpose. It seeks less to provide formulas for success and more to encourage readers to think differently about building institutions that endure.

Ultimately, Made in Nepal succeeds because it is not simply a memoir about one entrepreneur’s success. It is a thoughtful reflection on ambition, resilience and the quiet discipline required to build institutions that stand the test of time. Long after the financial milestones have faded from memory, what remains is a philosophy of building-one rooted in patience, integrity and an unwavering belief that world-class businesses can emerge from anywhere.

For a generation often encouraged to chase the next big thing, Made in Nepal is a timely reminder that there is equal value in building something that will still matter fifty years from now.

Binod Chaudhary will be a featured speaker and panellist at the Colombo Literary Festival 2026 on the 24 and 25 July 2026.

(The reviewer is a Director of the Galle Face Hotel and Galle Face Group Hospitality. She focuses on strategy, brand development and the long-term positioning of the Group’s hospitality portfolio. As part of a third-generation family business, she has a particular interest in leadership, legacy and institutional stewardship)