Category: Daily Financial Times

In global shipping, the Bill of Lading (BL) is one of the most critical documents. It serves as a receipt for goods, evidence of a contract of carriage, and, most importantly, a document of title. While much of international trade documentation has become digital, BLs remain mostly paper-based.

Although electronic Bills of Lading (eBL) may sound like a logistic matter, inefficient paper-based trade processes ultimately raise the cost of imports and exports, delay essential goods, and add to the cost of living. For an island economy that depends heavily on maritime trade and aspires to be a transhipment hub, modernising trade documentation is directly linked to price stability, export competitiveness, and economic resilience. In this regard, eBL adoption is not just a logistics reform, but a public-interest issue that affects consumers, jobs, and the economy.

What makes an eBL different from a scanned or PDF document?

An eBL is not merely a scanned BL or an emailed PDF. It is the digital version of the BL designed to replicate the BL’s legal and commercial functions, particularly the title/ownership transfer, while moving the issuance, transfer, and surrender into a secure digital platform.

Different eBL platforms use different technological approaches-some rely on centralised registries, while others use distributed ledger or blockchain-based systems. But they share the same goal: that is, functional equivalence to paper BL, but with more advanced features and benefits, including faster, safer, cost-effective and real-time transactions. Examples of eBL platforms used globally include WaveBL, CargoX, and essDOCS.

A global shift toward digital trade documentation

The push for eBLs is happening globally. The Digital Container Shipping Association, which represents a large share of container shipping, has announced an industry transition toward fully standardised eBLs by 2030. In bulk shipping, the ’25 by 25′ campaign by the Baltic and International Maritime Council seeks to accelerate near-term uptake-e.g., committing major shippers to use eBLs for at least 25% of annual seaborne volume for a commodity by 2025.

Also, there are efforts to modernise trade law through frameworks like the UNCITRAL Model Law on Electronic Transferable Records (MLETR), which provides legal principles for recognising electronic transferable documents-including eBLs-as equivalent to paper originals. Countries implementing or considering MLETR-style reforms include Singapore, the UK, the UAE and others seeking legal certainty for cross-border digital trade.

Despite these commitments, global eBL adoption remains low, though it is gradually increasing. A few countries in the Asia-Pacific region-such as China, Singapore, the UAE, India, and Bahrain- have made measurable, significant regulatory and implementation progress.

These international developments matter to Sri Lanka. They are not just distant benchmarks; they will shape shipping line behaviour and practices, customer expectations, and provide frameworks that Sri Lanka can adapt to accelerate domestic adoption.

Sri Lanka: early exposure but limited adoption

Although eBLs have begun to make initial inroads into Sri Lanka’s shipping sector, adoption remains limited, fragmented, and often driven by external actors rather than local demand. The experience of freight forwarders operating in Sri Lanka-ranging from small, locally owned firms to regional and global providers-shows a consistent pattern: eBL platforms, such as WaveBL, are technically viable and offer clear operational benefits, but the wider trade ecosystem is not yet ready to support large-scale use.

In many cases, eBL initiative arises because a global headquarters, a long-standing overseas agent, or a shipping line is piloting a digital initiative. Currently, local exporters, importers, banks, and regulators do not request or accept eBLs. Sometimes, Sri Lankan exporters or importers are unaware that an eBL was used at all by their freight forwarder for their shipments, as it resembles familiar electronic substitutes, such as scanned telex releases or Sea Waybills.

A system: partly digital but still paper-dependent

Sri Lanka’s freight forwarders, who are currently transitioning to eBL adoption, did not start from a purely paper environment. Long before eBLs were introduced to Sri Lanka, most operated within a hybrid electronic system. Draft bills of lading, amendments, shipping instructions, and release confirmations were routinely exchanged via email or carrier portals. Sea Waybills-non-negotiable documents that avoid title transfer-were widely used for trusted customers, while original paper BLs were typically confined to shipments involving Letters of Credit (LCs) or specific destination requirements.

However, many other critical trade documents remained paper-based. Banks continue to demand original paper BLs for LC compliance. Certain certificates require physical issuance by buyers or regulatory authorities abroad. Sri Lanka Customs, at times, requires printed documentation for clearance. As a result, even when eBLs were introduced, freight forwarders were forced to maintain parallel paper workflows, limiting the overall efficiency gains of eBL usage.

Benefits are real but concentrated in narrow use

Even within this limited use, eBLs have delivered tangible benefits. The few freight forwarders who have implemented eBLs in Sri Lanka report meaningful benefits, including:

Time savings: near real-time issuance and transfer of BLs, reducing document turnaround from days to minutes.

Direct cost savings: reduced printing, couriering, re-issuance, and storage costs; previously, courier fees, which range from USD 25 to 80 per shipment, could add up quickly on frequent shipments.

Lower risk of lost documents: digital transfer reduces situations where cargo arrives before paper BL documents, which would result in expensive bank guarantees or workarounds.

Better traceability and fewer errors: digitalisation has improved audit trails and reduced manual data entry.

Why have eBLs not scaled in Sri Lanka?

Despite these benefits, systemic barriers prevent eBLs from moving beyond pilot runs.

The most significant constraint is banking integration. No Sri Lankan bank currently accepts eBLs for LC-transactions. Since LC-based trade accounts for a large share of higher-value and risk-sensitive shipments, this effectively excludes eBLs from mainstream trade.

Customs procedures pose another obstacle: eBLs are not yet recognised as legally equivalent to paper originals for clearance purposes, nor can the Customs system interface with eBL platforms for clearing purposes. Simultaneously, other trade documents remain paper-based. As long as printed documents are required at the border, freight forwarders must maintain hybrid workflows, reducing the efficiency of eBLs.

Network effects further constrain uptake. Only a limited number of shipping lines (2) support eBLs in Sri Lanka, and a few local freight forwarders (approximately 10) are actively using eBL platforms. This situation leads to a vicious circle: adoption remains limited because participation is low, and participation stays low because adoption has yet to reach a critical mass.

Cost structures also matter. For smaller freight forwarders, platform fees (USD 15 per BL) and foreign remittance charges for eBL transactions can exceed courier costs, making the digital option more expensive than paper BLs. Partial integration-where some steps are digital but others remain manual-further erodes the efficiency of the eBLs. Also, limited awareness and a generally cautious attitude toward digital solutions among many exporters and importers weakens domestic demand for eBLs.

Way forward for Sri Lanka

For Sri Lanka, the path to eBL adoption requires coordinated action and incremental reforms.

First, scale up what is easiest: digitise simpler shipping documents like non-negotiable BLs that do not involve ownership transfer or bank financing. Second, banks must be integrated into recognised eBL platforms, enabling at least pilot use under LCs. Third, Customs procedures must evolve to accept digital negotiable BL documents, reducing the need for parallel paper submission. Finally, costs and on-boarding barriers for SMEs must be addressed to ensure that digital trade does not become the preserve of large firms alone.

Bottom line

Electronic Bills of Lading are technically viable and already delivering benefits in Sri Lanka-but only at the margins. Their limited uptake is not a technology problem; it is an ecosystem problem. Without coordinated efforts across banking, Customs, legal frameworks, and industry participation, eBLs will remain confined to small-scale and low-risk shipments.

If Sri Lanka treats eBL adoption as a trade facilitation priority along with the National Single Window for trade initiative, the country can move from isolated experiments to genuine digital transformation. With global commitments accelerating and other countries moving ahead, Sri Lanka has a strategic choice: remain stuck with costly hybrid systems, or digitalise the eBL process-so that eBLs become a tool that supports faster trade, lower costs, and improves the resilience of the entire economy.

Hikvision Sri Lanka has announced the successful completion of the Hikvision Skill Quest – Grand Final, recently held at Hilton Colombo Residences.

It saw a gathering of some of the nation’s skilled installers, technicians and integrators in the security industry, marking the culmination of a months-long initiative held across nine provinces.

This year’s national title was awarded to Amila Amarashinha from the Sabaragamuwa Province, who was also named the overall Grand Winner, after having completed a series of advanced real-world technical challenges, designed and evaluated by industry experts. His achievement highlights his personal excellence and the rising standards of the local security workforce.

Supported by a strong commitment to professional training, the Hikvision Skill Quest reflects the company’s vision to elevate Sri Lanka’s technical community. The company continues to invest in installer development through regular training programmes, certified workshops, hands-on product configuration sessions, and technical capacity-building initiatives conducted across the country.

The event was attended by key members of the Hikvision Sri Lanka Country Office Management Team including Director and General Country Manager Yasantha Hennayake, Hikvision South Asia Head of Marketing Jenny Chen and other distinguished members of the Hikvision Sri Lanka team. Their presence inspired confidence and added credibility to the initiative, which today has become one of the most anticipated skills events in the national security industry calendar. The event also featured Hik-Tech brand ambassadors and leading technology influencers, expanding its reach and engagement with young technicians, students and the broader tech community across social media platforms.

Hennayake said: ‘At Hikvision, we believe that Sri Lanka’s future in security technology depends on the strength of its technical professionals. Continuous learning is no longer optional, especially in today’s fast-evolving landscape of AIoT technology. We appreciate the passion shown by all participants, judges, partners and our training community, whose commitment continues to elevate the industry.’

The Hikvision Skill Quest reinforced the brand’s evolution from a security product provider to a national leader in AIoT technology, technical training, and installer empowerment. The competition is a testament to the company’s belief that investing in people is just as important as investing in innovation.

Considered Prince of Reggae music, Maxi Priest last week declared that he and the other artists are looking forward to being part of the ‘ONE LOVE’ Music Festival in Bentota, Sri Lanka in late March 2026.

‘We are so looking forward to the ‘ONE LOVE 2026′ festival. We are going to have a fabulous time. I want to thank all the media for coming out today to support this show.

I look forward, myself, all the rest of the band and artists,’ Priest told journalists live virtually from New York, at the launch of the tribute event to King of Reggae Bob Marley.

‘We can’t wait to come back to you,’ he added.

Priest will be at the ‘ONE LOVE 2026’ Festival from 27 to 29 March at Bentota Beach, along with the Wailers, the legendary band closely associated with Bob Marley.

Also headlining are Marley’s sons, Julian Marley and Ky-Mani Marley, as well as iconic reggae acts Inner Circle and Big Mountain.

Tickets will be available on the PickMe Events ticketing platform.

England’s Bazball project is in tatters as yet another Ashes in Australia was lost in three Tests.

The tourists were defeated by 82 runs on the fifth day of the third Test in Adelaide to go 3-0 down and extend a winless run in this country to 18 matches.

Australia were delayed by a 40-minute rain shower, England pair Jamie Smith and Will Jacks, and a hamstring injury to spinner Nathan Lyon.

Smith had 60 when he miscued Mitchell Starc. Jacks battled past lunch for his 47 then edged the same bowler to first slip, where Marnus Labuschagne again took a breathtaking catch. When Josh Tongue edged Scott Boland to Labuschagne, England were all out for 352 and their misery in this country prolonged to 14 years and counting.

This was supposed to be England’s opportunity to finally compete in Australia, the most highly anticipated Ashes in recent memory.

Instead, it has turned into the worst tour in recent times, leaving the futures of Captain Ben Stokes, Head Coach Brendon McCullum, and Director of Cricket Rob Key in doubt.

England have surrendered the chance to win the Ashes in only 11 days of cricket and now must find a result in either Melbourne or Sydney to avoid the ultimate humiliation of a 5-0 clean sweep.

This is the fourth successive Ashes tour in which England have lost the first three Tests. By the time Australia visit the UK in 2027, it will be 12 years since England’s most recent Ashes series win.

Who is in charge of England by then will come in for intense debate. Stokes and McCullum have contracts until the end of that series. In theory, Key has the most sway over the fate of both men, but he is probably under more pressure than either.

This is a stunning win for the Australians, who began the series with questions over selection and the age of their squad.

Captain Pat Cummins missed the first two Tests, Josh Hazlewood is out for the entire series, Lyon was omitted for the second Test, and Steve Smith has been absent in Adelaide.

Australia have still been far too good for England, as they have been on home turf

since 2011.

Rootcode Connect 2025: AI in e-Governance Forum took place recently at Fotografiska Tallinn, Estonia, bringing together Government leaders, policymakers, and decision makers from across Europe to discuss how artificial intelligence is redefining digital governance.

This year’s theme, ‘AI in e-Governance,’ was chosen to reflect a pivotal shift in how Governments are rethinking public service delivery in the age of AI. With Rootcode already working with three EU Governments and securing multiple public sector tenders in Estonia, the company has helped build core national AI infrastructure, including the government’s model training platform used across state agencies. Rootcode is now also building the next generation of Brokratt, Estonia’s citizen engagement platform that aims to simplify how people interact with public services. These projects underscore the company’s commitment to a digital transformation that is efficient, citizen-centric, and trustworthy.

‘AI is no longer optional for public services, it’s becoming the backbone of citizen engagement, service delivery and decision-making,’ Rootcode Founder and CEO Alagan Mahalingam stated.

Highlights included keynotes by industry leaders, including Estonian Information System Authority (RIA) Product Manager Merle Paula Videvik, who spoke on building resilient digital identity infrastructure for the future. Advisor to the Deputy Prime Minister of Ukraine’s Ministry of Digital Transformation and former CIO of the Estonian Government Luukas Ilves, led a session on ‘Agentic AI’ and its role in shaping the next evolution of digital governance.

Porto Digital CEO and Board Member Paulo Calçada, shared how the city of Porto is leveraging AI to drive smarter governance, enhance public services, and accelerate its digital transformation journey. Enterprise Estonia Board member e-Residency Managing Director Liina Vahtras, discussed how Estonia’s e-Residency initiative has become a global model for borderless entrepreneurship and digital innovation. Rootcode Board of Director and Ericsson and Saab Former CIO Mats Hultin, explored how enterprise-level principles of scalability, resilience, and security can be applied to reimagine governance for the digital era. The event concluded with a panel moderated by Rootcode Head of AI Thiru Dinesh, featuring NIIS CEO Ville Sirviö, RIA Head of AI Markko Liutkevicius, and Nortal Managing Director Peeter Smitt, who discussed how Governments and technology leaders can build transparent, ethical, and citizen-centric AI systems for public services.

Rootcode is a global technology company specialising in software product engineering, based in Sri Lanka and Estonia. By leveraging AI and advanced technology, Rootcode delivers impactful digital solutions that power Governments and enterprises worldwide. For more information about Rootcode and its services,

A special discussion was held on Saturday under the patronage of President Anura Kumara Dissanayake to review district-level plans aimed at restoring the lives of citizens under the ‘Rebuilding Sri Lanka’ program and to examine challenges that have emerged during implementation.

The meeting included Secretaries of Ministries responsible for defence, agriculture, irrigation, water supply, fisheries, transport, housing and construction, heads of relevant line institutions, and all District Secretaries.

The President issued instructions to ensure that the Rs. 25,000 Government grant for house cleaning and the Rs. 50,000 allowance for purchasing household equipment are provided to beneficiaries before 31 December.

Detailed progress was also reviewed regarding district-level activities to compensate for housing and crop losses, operate safe centres across the country, resettle affected citizens, restore livelihoods, and develop infrastructure.

Special attention was given to challenges arising in the implementation of compensation payments, emphasising the necessity to carry out these activities efficiently and ensure that all eligible beneficiaries receive their entitlements without exclusion.

Extensive discussions were held on resettlement and identification of required lands, and steps were taken to prepare separate plans for housing projects in main districts. The President indicated that follow-up consultations involving all relevant stakeholders will be convened accordingly.

The necessity of promptly relocating citizens from high-risk areas to safer locations was emphasised, along with the requirement to ensure that compensation for housing losses is distributed fairly and transparently.

The President also reviewed the progress of programs aimed at preparing farmers in Maha season, including irrigation repairs, provision of grants, and the distribution of seeds and other facilities.

Additionally, discussions included providing compensation to damaged livestock farms, supporting the restart of small businesses affected by the disaster, restoring the fisheries industry, and promptly distributing the Rs. 15,000 Government allowance for school children.

The implementation of procedures for reissuing lost passports and national identity cards was also examined during the meeting.

Officials present included Public Security and Parliamentary Affairs Minister Ananda Wijepala, Public Administration, Provincial Councils and Local Government Minister Chandana Abeyratne, Presidential Secretary Dr. Nandika Sanath Kumanayake, Defence Ministry Secretary Air Vice Marshal (Retd.) Sampath Thuyacontha, Provincial Councils and Local Government Ministry Secretary S. Aloka Bandara, Commissioner General of Essential Services and Irrigation and Public Infrastructure Ministry Secretary Prabath Chandrakeerthi, Housing, Construction and Water Supply Ministry Secretary Kumudu Lal Bogahawatta, Transport, Highways and Urban Development Ministry Secretary Senior Professor Kapila Perera, Industry and Entrepreneurship Development Ministry Secretary Thilaka Jayasundara, Agriculture, Livestock, Land and Irrigation Ministry Secretary D.P. Wickramasinghe, Fisheries, Water and Ocean Resources Ministry Secretary Kolitha Kamal Jinadasa, Senior Additional Presidential Secretaries Kapila Janaka Bandara, Roshan Gamage, and Russel Aponso, officials from the Disaster Management Centre, National Building Research Organisation, Department of Agriculture, Department of Irrigation, Department of Railways, all District Secretaries, and senior officials from the Finance Ministry.

On the side of the annual general meetings of the IMF and the World Bank in Prague, Czech Republic in 2000, I had a private conversation with the then World Bank’s Chief Economist Nicholas Stern, now Lord Stern. When he learned that I was from the Central Bank of Sri Lanka, he told me that his best doctoral student at the University of Warwick happened to be an officer of that Central Bank.

He said that the Warwick University had offered him a Postdoctoral Fellowship to continue his research, but his employer, the Central Bank, had not approved of that unique distinction afforded to one of its officers. So, his best Doctoral student as well as the Central Bank lost a golden opportunity to make themselves known in the global arena of economists.

Stern was talking about my late colleague Dr. D. S. Wijesinghe, who was a Head of Department at that time but later retired as Deputy Governor of the Central Bank. Wijesinghe had joined the Central Bank as a probationary staff officer in 1974 with a First-class Honours Degree in Economics from the then University of Ceylon, Colombo. While being at the Central Bank, Wijesinghe had earned a Postgraduate Degree titled Bachelor of Philosophy or BPhil Degree in Economics. Wijesinghe had had a polio attack during his childhood, and therefore, his physical fitness was a little weaker than others in the university or the Central Bank. But his brainpower was far superior to anyone of them.

Though I was senior to him by one year at the Central Bank, he was a very close friend, associate, Guru, mentor, and sometimes a protégé of mine. Every time, we met we talked about books, movies, economics, politics, history, and so on. His knowledge base was so wide, that he could talk on any topic for hours with ease. Though his school education had been purely in the arts stream – Sinhala, Pali, History, and Government for Advanced Level – his quantitative orientation had been just like someone who had been in that area throughout his learning.

Because of the chronic and acute foreign exchange shortage faced by Sri Lanka in the 1970s, the Central Bank had to depend on foreign scholarships to train its officers. It had got three scholarships from the British Government under the Colombo Plan, and there were more than 20 aspirants to get one of these placements. The bank had a very stringent selection process and finally zeroed on Wijesinghe, Zuhair, and me as the three scholars to undertake postgraduate studies in the United Kingdom.

Wijesinghe went to Warwick, Zuhair to Manchester, and me to York to do our postgraduate degrees. After doing his Master’s Degree in Quantitative Economics at Warwick, Wijesinghe returned to the bank, worked for some time in the Economic Research Department, as well as the South-East Asian Central Bank or SEACEN Research and Training Centre in Kuala Lumpur, Malaysia, and proceeded to Warwick again to complete his Doctorate. It is during this period that he had met Stern.

When Stern talked highly of the academic excellence of Wijesinghe, it did not surprise me. We had frequent discussion on the progress he was making in his Doctoral research that finally culminated in the submission of a thesis titled ‘Some Experiments with a Multisectoral Intertemporal Optimisation Model for Sri Lanka’ for the PhD of the University of Warwick in 1983.1 This thesis was supervised by a team of academics from Warwick headed by J. I. Round. The other two were Nicholas Stern and S.K. Nath.

Strangely, simultaneously with Wijesinghe, another central banker, A. G. Karunasena, did research on the same lines on Sri Lanka at the MacMaster University in Canada and his thesis titled ‘A Macroeconometric Model for Sri Lanka’ was also submitted in 1983.2 Both had tested a general equilibrium economic model for Sri Lanka using advanced econometric tools available at that time. The Central Bank’s macroeconometric analysis capabilities were greatly strengthened when these two economists returned to the bank after obtaining high academic qualifications from two prestigious universities on either side of the Atlantic.

As I had explained earlier3, on the direction of Governor Warnasena Rasaputra, an economist of econometric orientation himself, Wijesinghe was posted to the specially created macroplanning division in the Economic Research Department to work with the other economist there, A. G. Karunasena. The duo was required to jointly prepare a macroeconomic plan for Sri Lanka, train the junior officers in the art and science of macroplanning, and analyse numerous policy proposals that were being considered by the Government at that time from a macroeconomic point. Their joint work resulted in the submission of internal policy papers to the Central Bank management which are not available to the public even today. I am personally aware of how Governor Rasaputra and the senior management of the bank valued those policy papers in terms of their content, profundity, and professional approach.

Wijesinghe’s thesis was submitted at a crucial point in Sri Lanka’s economic history when the country was struggling to move from a closed economy to an open economy. Hence, the past economic policy stances were not appropriate for the new economic policy regime being established in the country. This was aptly identified by Wijesinghe in his research. Noting that Sri Lanka had numerous attempts at macroeconomic planning since Independence, Wijesinghe says that the basic fault in all those plans was that they were based on the then popular Harrod-Domar growth model which placed exclusive emphasis on the level of investment as the prime driver of economic growth.4

However, says Wijesinghe, economic development depends not only on the volume of investment, but also on its efficient allocation. This crucial ingredient in economic development had not been accommodated even in the open economy policy implemented after 1977. Recognising the private sector as the engine of economic growth, the policy pursued by the new Government – all Governments since then, including the present one led by President Anura Kumara Dissanayake – had chosen simply to be only the facilitator without moving into a comprehensive macro plan.

Wijesinghe criticises this policy in his thesis as follows: ‘(The) Government believes that it could provide the necessary motivation for growth, but to which sectors is the Government going to provide incentives? Which sectors are to be given relatively more emphasis? To answer these questions, we should study the optimal development path of the economy. It cannot be done systematically without using an optimisation model.’5 Hene the necessity for an economy-wide development planning model.

Wijesinghe has presented such a model in his pathbreaking research study. He has conducted several experiments to gain insight into the structure of the economy and to understand the binding constraints for development. The areas he had investigated and experimented are the importance of savings for economic development, and when savings fall below investments, how to solicit stable foreign assistance flows to the country, the implications of the Government’s capital expenditure programs for sustaining long-term economic growth, and how to make economic growth inclusive by ensuring proper distribution of the economic fruits. These are economic issues which even the present Government is faced with.

The model used by Wijesinghe, as well as that of Karunasena, is a general equilibrium model which reaches its optimum level when the system is in equilibrium from all sides. However, when you test that model for Sri Lanka’s data prior to 1977, you run into the problem of distorted market prices which had been subject to strictest controls by the Government. In other words, you do not get market clearing prices to find whether your model is at equilibrium.

Wijesinghe also had run into this problem and due to time limitation, he had used the existing data with modification suitably to represent the current status of the economy. Economists call the modification of these data as using ‘shadow prices’ which are calculated by using the best judgment of the researchers. Because of this reason, the shadow prices computed by one researcher may differ from those calculated by another. Hence, it is a perennial problem and subject to debate. Though Wijesinghe has used a modified Social Account Matrix to calculate the relationship and growth coefficients for the main sectors of the economy, he admits that his research conclusions based on them should be interpreted with caution.6 What this means is that future researchers on the Sri Lankan economy should strive to build up such a corrected historical data base. Unfortunately, neither Karunasena nor Wijesinghe had attempted to do this.

Conclusions made by Wijesinghe in his research have been revealing. As the main supportive growth contribution, the Government that introduced the open economy system in 1977 had produced a public investment program or PIP to identify in which areas the Government capital expenditure should be spent during 1979-84. In my view, this is a hastily developed document to attract foreign official and non-official investment flows to the country. This weakness of the program has also been found by Wijesinghe. He says that PIP in question has been prepared on a judgmental and informal basis without specifying the needed relationships for estimating production, income, and demand.7 Therefore, when the econometric model which he had developed is used for testing the goals of PIP, it has been found that its goals have been overestimated and there are reasonable doubts about the feasibility of attaining its targets. This has even been realised by those who produced PIP after it was put into operation.

Accordingly, Wijesinghe notes that in late 1980, some of the public expenditure plans have been scaled down to make them more realistic. Thus, Wijesinghe has concluded that due to the infeasible goals in the Government’s capital expenditure program, there will be pressure to attract more foreign funding, and if those funding requirements are not met, domestic credit creation will be needed to finance it. He has very correctly concluded that the country will end up in a high inflation regime exacerbated by a foreign exchange crisis. Sri Lanka’s inflation and balance of payments record in the first five years of 1980s has proved Wijesinghe correct.

The paucity of domestic savings and the need for obtaining high foreign exchange flows to fill the saving investment gap have been the key bottlenecks which Sri Lankan planners may face when they attempt at a high economic growth for the country. Wijesinghe’s research has found that both are binding constraints for effective Government planning in the country. Sufficiently high foreign exchange flows are needed to finance investment as well as to sustain the import demand. In this respect, concludes Wijesinghe: ‘If no foreign financial assistance is not forthcoming, economic growth is not sustainable even without incurring any expenditure on public overhead expenditure.’8 His research has found that given the low savings made by the poor, the rich and formal institutions, it is not possible to increase them to the required levels in the short run. Hence, it is crucial for Sri Lanka to attract additional foreign exchange assistance put the country onto a sustainable growth path. This conclusion is valid even for today.

When a country is faced with the problem of inadequate foreign exchange inflows to meet its investment and import requirements, the usual solution made is moving into import substitution. The rationale of this strategy is that the country by saving its foreign exchange expenditures could fill the gap in its balance of payments, on one side, and boost the local production thereby giving new incomes to local producers, especially those engaged in agriculture. This was the policy adopted prior to 1977 and the policy advocated by some in the present period.

Import substitution prior to 1977 happened to be dictated by political authorities without considering the competitive edges of producers. In this respect, Wijesinghe’s research has revealed: ‘The results obtained through these two different sets of non-competitive import coefficients revealed that the import substitution has been only marginally effective, enabling the economy to achieve slightly higher levels of overall consumption and incomes. It appears that to accelerate economic development, import substitution alone is not a sufficient policy unless perhaps it could be implemented on a very high scale.’9

A weakness in Wijesinghe’s study, in my view, has been the disregard of the role of export promotion, both merchandise and services, as a powerful source of foreign exchange for the country. The long-term economic development of Sri Lanka depends on its ability to promote both these sources as a permanent solution to its chronic as well as acute foreign exchange problem. I have argued in a previous article in this series that Sri Lanka should promote exports to deliver wealth and prosperity to its people on a sustainable basis.10

Wijesinghe rose in the hierarchy of the Central Bank gradually and steadily. By the time he retired in 2010, he was Deputy Governor. In my view, his destiny would have been changed had the bank allowed him to accept the Postdoctoral Fellowship offered to him by Warwick. Had he continued his research on economic policies using advanced econometric tools, he would have risen to a very high position among the global economists’ community. But he did not have any ill-will for those who denied him of that opportunity.

He continued to do research using advanced econometrics, published them in Central Bank’s Staff Studies, supported his colleagues to undertake research, and was a leading figure among the economists within the bank. Ten years have now elapsed since he had left us. Till his untimely death, he was supporting his colleagues in the bank in numerous advisory capacities. Those who have worked with him know the brilliance he carried within his fragile physical stature.

Wijesinghe is surely an unsung hero of the Central Bank.

Bileeta’s award-winning Entution ERP has once again been recognized for excellence, securing two prestigious honours at the NBQSA (National Best Quality Software Awards). The company received the Silver Award for its Entution Farming Suite (EFS) and a Merit Award for its AI-powered Demand Forecasting solution.

The Entution Farming Suite streamlines poultry operations from chick placement to processing, helping producers achieve faster, more accurate production tracking and settlements. Their AI Powered Demand Forecasting System further enhances supply chain planning through advanced Artificial Intelligence, improving forecast accuracy to over 95% and reducing excess inventory across industries.

‘This recognition reflects our mission to empower industries through innovation and showcase Sri Lankan technology on the global stage’ said Bileeta Chief Executive Officer Sanji De Silva.

Over the years, the company has received multiple NBQSA awards for innovations in logistics, health informatics, and digital transformation. Its impact has also been acknowledged on the global stage, with honours at the Commonwealth Digital Health Conference, the Asia Pacific ICT Alliance (APICTA) Awards, and industry titles including E Swabhimani, ICT Entrepreneur of the Year, and the IPM People Leaders Award.

With a growing global footprint and a legacy of innovation, Bileeta continues to empower enterprises, uplift industries, and transform ideas into lasting impact.

The Annual Conference of Judicial Officers 2025 commenced on Saturday (20) gathering over 200 Magistrates and District Court Judges from across the nation. This year’s conference focuses on the timely theme, ‘Advancing Judicial Efficiency and Effectiveness in the Digital Era’, a topic of urgent relevance as the country rebuilds and adapts in the wake of the disaster. The commitment of Sri Lanka’s judicial leadership to harness technology for addressing critical gaps in the justice system has never been more vital, especially as communities and institutions work together to overcome the aftermath of Cyclone Ditwah.

The opening ceremony was attended by distinguished guests including Chief Justice Preethi Padman Surasena; Members of the Judicial Service Commission Justice Mahinda Samayawardhena and Justice S. Thurairajah; High Commission of Canada Charge’ d’ Affaires Kiril Iordanov and UNDP Sri Lanka Resident Representative Azusa Kubota. Key resource persons for the conference includes the Former Chief Justice of India Dr. Dhananjaya Chandrachud, Singapore High Court Justice Aidan Xu, CIABOC Director General Judge Ranga Dissanayake.

The two-day conference addressed key priorities, including the integration of digital solutions to enhance judicial processes with the aim of increasing access to justice for vulnerable victims including victim survivors of sexual and gender-based violence and the role of the Judiciary in combating corruption-initiatives made possible through UNDP’s ongoing collaboration with the Government of Canada and anti-corruption efforts supported by the Government of Japan. Together, these efforts signal a decisive step towards a more resilient, effective, and inclusive justice system for all Sri Lankans.

Sri Lanka earned an estimated $ 1.4 billion from tea exports in the 11 months to November 2025, according to Sri Lanka Customs data analysed by Forbes and Walker Research.

The earnings were 13% higher than in the corresponding period of last year of $ 1.3 billion, supported by increased cumulative export volumes, despite a marginal decline in average Free On Board (FOB) values in rupee terms.

Tea exports in November 2025 totalled 19.36 million kilos (Mnkg), down 0.71 Mnkg from 20.07 Mnkg in November 2024. Bulk Tea, Tea Packets and Tea Bags recorded year-on-year (YoY) declines during the month, while Instant Tea and Green Tea posted gains.

The average FOB value in November rose to Rs. 1,768.82 per kg, up Rs. 49.94 from a year earlier. In dollar terms, however, the FOB value declined by $ 0.12 to $ 5.77 per kg, reflecting exchange rate movements.

For the January-November 2025 period, cumulative tea exports increased to 239.57 Mnkg, a gain of 16.35 Mnkg compared to 223.22 Mnkg in the same period of 2024. All major segments except Bulk Tea recorded positive volume variances.

The cumulative FOB value for the 11 months averaged Rs. 1,755.45 per kg, down Rs. 14.48 from last year, while in dollar terms, the average edged up by $ 0.01 to $ 5.85 per kg. On this basis, total export earnings are estimated at approximately $ 1.40 billion.

Iraq remained the leading buyer of Ceylon Tea during the January-November period, importing 36.77 Mnkg, up 21% YoY. Russia ranked second with 19.94 Mnkg despite a 13% decline, followed closely by Trkiye at 19.89 Mnkg, a 21% increase.

Libya recorded a sharp expansion to 18.30 Mnkg, more than double last year’s volume, while the United Aarb Emirates, Chile, Iran, China, Azerbaijan, and Saudi Arabia completed the list of major destinations.