Category: Daily Financial Times

Deputy Finance Minister Dr. Anil Jayantha Fernando urged Sri Lankan corporates to move beyond compliance-driven disclosures and embrace integrated reporting as a tool for ethical decision-making, transparency and societal transformation, warning that information asymmetry remains a persistent barrier to good governance.

Addressing the CMA Excellence in Integrated Reporting Excellence Awards on Monday, Dr. Fernando said that despite rapid advancements in technology and reporting standards, Sri Lanka like much of the world continues to operate within an ‘information-asymmetric society’ where critical data needed for sound decisions is not freely or readily available.

‘Information asymmetry is one of the key issues globally. We speak of openness and access, but even what should be publicly available for informed decisions often is not,’ he said, adding that integrated reporting plays a vital role in bridging this gap.

Dr. Fernando stressed that integrated reporting must go beyond traditional shareholder-oriented disclosure frameworks and serve a broader set of stakeholders with information that is genuinely relevant and useful.

‘We must ask ourselves: What do we report, why do we report, and do we actually use this information for decision-making or are decisions influenced by other factors?’ he asked.

The Deputy Minister acknowledged existing criticisms that corporate reports often highlight good practices while ignoring negative impacts, turning reporting into a form of advocacy or marketing.

‘There is a valid concern about whether substantive actions support what we report. Reporting can sometimes showcase only the ‘good things’. The challenge is to ensure that reporting frameworks reflect genuine corporate behaviour,’ he said.

Dr. Fernando noted that despite these concerns, reporting standards have significantly improved over the past decades, crediting collective efforts by corporates, regulators and professional bodies such as CMA Sri Lanka.

He urged continued progress toward reporting practices ‘truly demonstrated by corporate actions.’

Highlighting the enormous influence corporates hold in shaping society, the Deputy Minister stressed that governance and ethical conduct must accompany reporting improvements.

‘Corporations have enormous power to make things happen for good or bad. The question is, what is the right thing to do?’ he said. He pointed out that interpretations of ‘right’ may vary, but ethics, cooperation and trust-building are essential to navigate societal challenges.

He tied this into the government’s broader reform agenda, noting that Sri Lanka’s political and economic transformation requires active participation from the corporate sector.

‘We have embarked on this journey with the sacred objective of transforming society. Corporate cooperation matters for this good cause,’ he added.

Dr. Fernando linked these themes to global challenges such as climate change and sustainability, arguing that local solutions alone will not suffice.

‘Solutions to many big questions today lie at the global level. They depend on cooperation, collaboration, ethical conduct and partnerships,’ he said.

The Deputy Minister reiterated that the Government places strong emphasis on human capital as a pillar of long-term national development.

‘We strongly believe in the power of human resource as a key fundamental for overcoming challenges and transforming society,’ he said, underscoring that policy reforms are designed to unlock human potential at all levels.

He ended with a call for collective responsibility across all sectors: ‘Government is not alienated from society; we are part of it. All stakeholders must join hands to contribute to the highest capacity toward a society where we can live in harmony and peace, respecting humanity.’

Dr. Fernando also commended CMA Sri Lanka, Prof. Lakshman Watawala, the organising team, the Colombo Stock Exchange and all participating companies for strengthening the integrated reporting movement.

Sri Lanka’s debt crisis was driven less by macroeconomic shocks than by years of inflated, non-competitive Government-to-Government infrastructure contracting, with the cancelled Adani Mannar wind project serving as an example, economists from SOAS University of London warned.

The now-abandoned 250 MW Adani project in Mannar, they said, encapsulated the governance failures tied to Sri Lanka’s borrowing.

SOAS University of London Professor of International Economics Dr. Pallavi Roy said the tariff proposed for Sri Lanka was about 120% higher than a comparable 300 MW Adani wind project in Gujarat, even though Mannar has significantly stronger wind resources.

She was speaking at a recent forum organised by the Open Society Forums to present a new study on ‘Can Good Governance Tackle Bad Debt? The Political Economy of Public Debt Management’ which covered Sri Lanka and Bangladesh.

‘On technical grounds, one would have expected the unit cost of electricity in Sri Lanka to be lower,’ she said. ‘But we observed completely the opposite.’

Roy’s team benchmarked the Sri Lanka tariff at more than double the Gujarat reference price. After adjusting for Mannar’s superior wind intensity, they estimated the ideal tariff should have been closer to one-third of what was proposed.

She said the excess mark-up was ‘staggering’ and warned that the fully dollar-denominated tariff would have shifted substantial foreign-exchange risk onto Sri Lankan households.

University of London Economist Dr. Ulrich Volz said such projects were central to the country’s debt dynamics.

‘About 65% of foreign debt was spent on transportation, power, energy, water and airport projects,’ he said.

‘A lot of the external debt that contributed to the crisis was directly linked to infrastructure investment.’ Mismanagement and non-competitive procurement, he added, had undermined public trust and weakened tax compliance. ‘People do not want to pay taxes when they feel money is not used wisely.’

SOAS University of London Economics Professor Dr. Mushtaq Khan argued that while transparency, audits and governance diagnostics are important, they are insufficient in political economies where the actors expected to enforce rules lack incentives.

‘They are not sufficient, and the global evidence is very strong that they are not sufficient,’ he said. Khan said Sri Lanka needs what he calls ‘horizontal checks’ – pressure from firms, communities or other groups with the power and self-interest to force compliance.

‘The idea that transparency will trigger action is a wrong assumption,’ he said. ‘It will only trigger action where you have powerful horizontal checks.’

He cited examples from Bangladesh, where introducing a financing line that reduced political risk for unconnected investors significantly collapsed collusive prices in the power sector. Such mechanisms, he argued, can break cycles of inflated bidding if designed properly.

For Sri Lanka, governance diagnostics and procurement guidelines will not prevent another overpriced megaproject unless tenders are structured to attract genuinely competitive firms, Government-to-Government deals are avoided, and project design gives local actors a stake in ensuring quality.

‘Without this,’ Khan warned, ‘Sri Lanka will once again lock in inflated costs that feed foreign debt and expose citizens to avoidable financial risk.’

President Anura Kumara Dissanayake’s 2026 Budget speech, while breaking symbolically from tradition, reveals a deeper continuity with neoliberal orthodoxy and IMF-aligned fiscal governance. Beneath the rhetoric of ‘economic democracy’ lies a technocratic document that prioritises lender confidence over public empowerment, and party consolidation over structural transformation.

Global silence and technocratic tone

The Budget speech omits any serious analysis of the global and local economic context, particularly the imperialist financial architecture that continues to extract value from the Global South through debt, ISBs, and structural adjustment.

The speech is saturated with fiscal jargon and macroeconomic metrics, clearly aimed at multilateral institutions (IMF, WB, ADB) rather than the Sri Lankan public. This alienates the very people the NPP claims to represent.

Despite AKD’s purported Marxist credentials, there is no mention of imperialist exploitation, financialisation, or the deindustrialisation of the Global North that has shifted production (and debt burdens) to the Global South. The threat of war, driven by imperialist attempts to reassert dominance through military means, is ignored, despite its direct implications for Sri Lanka’s geopolitical and economic stability.

Debt, liquidity, and the mirage of ‘Savings’

The Budget introduces US dollar-denominated local bonds, ostensibly to absorb excess forex liquidity in local banks. This adds to the external debt burden and exposes the country to additional currency risk. Debt repayments already consume nearly two-thirds of recurrent expenditure, yet the Government boasts of Rs 1 trillion in ‘savings’-a misleading claim, as one-third of this is invested in high-interest treasury bills, effectively indebting the state to itself.

Crucially, the debt repayment projections presented in the Budget need to be re-examined. For instance, Sri Lanka’s interest and capital repayment obligations in 2028 pertaining to International Sovereign Bonds (ISBs) alone amount to approximately $ 935 million. Even if the foreign debt stock remains unchanged at 2025 levels, this sum will still be required to service interest and partial principal repayment on the so-called ‘Past Due Interest (PDI) bond.’ This reality raises serious questions about the President’s recent assurances that there is ‘nothing to worry about’ regarding future debt payments.

If the Government indeed refrains from any new borrowing in 2026-even from development partners such as the ADB or World Bank-such a repayment trajectory would imply a self-imposed austerity of unprecedented magnitude. On the other hand, if the Government proceeds with plans to raise roughly $ 300 million domestically in 2026, interest payments alone-at an estimated 7%-would add a further $ 21 million to the 2028 repayment bill. None of this appears to be reflected in the President’s confident assertion that ‘we will pay.’ The statement, while politically soothing, conceals the structural fragility of Sri Lanka’s debt position and the contradiction between the rhetoric of fiscal sovereignty and the arithmetic of debt servicing.

On the other hand, the so-called ‘savings’ are not being used to address urgent public needs-such as shortages of insulin, HIV, TB, Malaria and other drugs and crucial health requirements for hospitals-but are instead earmarked for importing 1,775 double cab vehicles for NPP officials. These tenders were issued even before the Budget

was passed, and the vehicles will be paid for in scarce foreign exchange.

Regressive taxation and SME strangulation

The one ostensible ‘plus’ in the Budget is increased revenue through taxation. However, this is largely driven by import duties and sales tax on vehicles, which deplete foreign reserves.

A key revenue measure is the lowering of the VAT threshold from Rs. 60 million to Rs. 36 million, dragging small and medium enterprises (SMEs) – such as garages, bakeries, furniture shops – into the 18% VAT net.

SMEs employ over 90% of the workforce. This move will force many to shut down or pass the tax burden onto consumers, exacerbating unemployment and the cost of living for the poor and middle class.

Plantation wages and poverty eradication: Half measures

The increase in plantation wages is a welcome step, but it is funded through state subsidies, not by compelling plantation companies to pay fair wages. This increases fiscal pressure without addressing corporate accountability.

The Rs. 25 billion poverty eradication allocation is grossly inadequate. Based on World Bank poverty metrics and census data, this translates to just Rs. 4,600 per person in extreme poverty.

The Budget fails to integrate this with land reform, which remains the most effective tool for rural poverty alleviation. Instead, the Land Use Policy Plan prioritises land release for private investors, sidelining the 81% of the multidimensionally poor who live in rural areas.

Development paralysis and unrealistic growth targets

The Budget promises 3,000 new projects in 2026, echoing Mahinda Rajapaksa’s post-war construction boom. But unlike 2009-2014, today’s bureaucracy is inert, and there has been no significant project rollout since AKD took office.

The proposed 5% medium-term growth rate is mathematically implausible. Achieving it would require investment to rise from 27% to 37-38% of GDP, with the private sector contributing 89% of that-an unrealistic expectation given current economic conditions.

Public investment remains at a paltry 4% of GDP, undermining any serious growth strategy.

Digital dreams, infrastructure gaps

The Budget’s vision of Sri Lanka as a ‘hub for data centres’ is untethered from reality. Data centres require massive, uninterrupted electricity and water supplies, none of which are addressed in the Budget’s infrastructure allocations. Without a parallel investment in energy and digital infrastructure, this proposal remains a hollow slogan.

Conclusion: A Budget of contradictions

NPP’s 2026 Budget is a document of contradictions: technocratic in tone, populist in optics, and neoliberal in substance. It fails to challenge the global structures that perpetuate Sri Lanka’s dependency, while deepening domestic inequality through regressive taxation and elite-focused expenditure. The absence of a coherent development strategy, land reform, or industrial policy reveals a Government more concerned with managing crisis optics than transforming structural realities.

Recently, Kachchativu Island has attracted attention not only from fisherfolk of India and Sri Lanka but also from political leaders of both nations and the judiciary. President Anura Kumara Dissanayake’s visit to Kachchativu in September marked a significant milestone. For the first time in history, the leader of Sri Lanka expressed interest in the ongoing debate over the island-an issue settled decades ago after lengthy negotiations. Meanwhile, India’s Chief Justice Surya Kant, who was in Colombo just weeks before his appointment, while not explicitly mentioning Kachchativu or illegal fishing activities by Indian fishers in Sri Lankan waters, emphasised that environmental cooperation is not a matter of charity or diplomacy; it is a necessity for survival.

Focusing on Palk Bay and the Gulf of Mannar, which are currently under severe stress from overfishing, destructive trawling, and unregulated coastal activities, as well as recurring confrontations between Indian trawlers and Sri Lankan fishers, he said the situation exemplifies a deeper ecological tragedy-competition for an exhausted resource base. Looking ahead, he added that. ‘The time has come for India and Sri Lanka to pioneer a regional model of environmental constitutionalism.’ Among the suggestions he made were establishing a Joint Commission on Marine Ecology and creating data-sharing protocols for pollution and fisheries management between the two countries.

It has been over half a century since India and Sri Lanka established the International Maritime Boundary Line (IMBL) through two bilateral agreements in 1974 and 1976. These agreements-signed, ratified, and recognised internationally-not only defined sovereign maritime boundaries but also definitively confirmed Sri Lanka’s ownership of Kachchativu Island once and for all. These two agreements did not provide for traditional fishing rights for Indian fishermen to fish in Sri Lankan waters. Following these agreements, Sri Lankan fishermen withdrew from their traditional fishing grounds around the Wadge Bank, located south of Kanya Kumari and the southern part of Pedro Bank, north of the Jaffna Peninsula, which came under Indian control. However, Indian fishermen have continued to demand ‘traditional fishing rights’ in Sri Lankan waters.

Despite these agreements, reached after lengthy and intense negotiations, the issue of Kachchativu and illegal fishing persists, not due to any ambiguity in law or diplomacy, but because of a calculated political and economic interest in sustaining them. Tamil Nadu’s persistence in raising the issue is less about sovereignty and more about securing access to the rich fishing grounds around Kachchativu-and, unsurprisingly, far beyond that island.

According to reports this year, by mid-July, Sri Lanka had detained 24 Indian trawlers and taken into custody 181 fishermen for illegally entering Sri Lankan waters, fishing without licences, and engaging in bottom trawling. On 5, 6 and 9 August, 31 fishermen were taken into custody, and on 28 September, another 12 were apprehended. These arrests continued in October, netting 47 fishermen and five trawlers, and in November, 49 fishermen and five fishing vessels.

The real issue: Industrial-scale poaching

Although Tamil Nadu’s claims suggest the dispute centres on fishing rights near Kachchativu, Indian trawlers frequently encroach into Sri Lankan waters well beyond the vicinity of that island. Their illegal activities have been observed along the northern, north-western, and even eastern coasts of Sri Lanka. It appears that Kachchativu is merely a distraction; the real issue lies in the pursuit of unsustainable and illegal bottom trawling in Sri Lankan waters, driven by profit.

Bottom trawling harms the marine environment. It not only harvests mature fish and prawns but also damages seabed habitats, kills juvenile marine life, and creates wasteful bycatch, accounting for about 30% of the total catch. The damage is long-lasting and may take decades to repair, if it can be repaired at all. The fish catch in the northern peninsula, which was 35,000 MT in 1995, dropped to 17,000 MT in 1923-once a thriving industry in the conflict-affected Northern Province-serves as a silent reminder of the destruction caused.

Political opportunism across the Palk Strait

When a few of the hundreds of Indian trawlers that trespass into Sri Lankan waters are seized and the offenders are arrested, protests flare up in Tamil Nadu, from where most of the intruders originate. These protesters appeal to the state government, which then petitions New Delhi, demanding decisive action to recover Kachchativu Island. What took place during the 2024 Lok Sabha elections was turning Kachchativu, a non-issue, into a political football, not to score goals but to garner votes. Sri Lanka, by comparison, has remained notably restrained and consistent. Over the past fifty years, the only activities undertaken by the Sri Lankan state on Kachchativu Island have been the renovation of St. Anthony’s Church and the organisation of annual church celebrations held in March, attended by pilgrims from Tamil Nadu and Sri Lanka.

Time for a science-based solution

By the way, what has Sri Lanka done in the past half-century since asserting its rightful claim to the island? Absolutely nothing! That is strange behaviour after extensive, painstaking negotiations over the maritime boundary and the ownership of Kachchativu. Is it due to a lack of imagination or simply lethargy?

Although sovereignty over Kachchativu has been established, concerns about the health of the Palk Bay ecosystem persist, as Indian Chief Justice Kant highlighted. It is now essential to shift the debate from profits and politics to science and sustainability. Sri Lankan institutions must take the lead in achieving that goal. Several years ago, the Pathfinder Foundation proposed establishing a marine research station on Kachchativu Island to make productive use of the currently barren land. This could be realised through collaboration with national organisations such as the Department of Fisheries, the National Aquatic Resources Research and Development Agency (NARA), and Sri Lankan universities. India has numerous research stations along its coastline, including regional centres of the Central Marine Fisheries Research Institute (CMFRI), the Gulf of Mannar Biosphere Research Units, and others. A research station in Kachchativu, among others, could:

Quantify the impact of illegal bottom trawling.

Monitor marine biodiversity and ecological degradation.

Document migratory patterns and spawning areas.

Make recommendations to arrest the deterioration of marine ecosystems and improve fish stocks.

Facilitate dialogue grounded in scientific evidence.

The old argument-that Kachchativu lacks basic facilities like power, water, and sanitation-no longer holds water. Today, solar power, desalination units, Battery Energy Storage Systems (BESS), and environmentally friendly sanitation systems are both cost-effective and easy to deploy. The island, covering 1.15 sq km, though small, is large enough for a low-impact scientific outpost and modular research laboratories to research and develop proposals to enhance fish stocks in the area. Furthermore, research carried out at this station could be shared with Indian counterparts to enhance understanding of sustainability, transparency, and scientific diplomacy. A well-organised, collaborative framework could establish joint marine conservation initiatives and even future agreements for seasonal, well-regulated artisanal fishing that does not involve bottom trawling.

Conclusion: Act before it’s too late

India and Sri Lanka could benefit greatly from maritime cooperation and avoid substantial losses resulting from ecological collapse and ongoing bilateral tensions. Instead of insisting on revisiting a settled agreement, both countries-especially their coastal communities-would gain more from science-based management of the Palk Bay ecosystem.

Sri Lanka must avoid allowing political expediency to jeopardise regional stability and marine sustainability. It should exercise decisive leadership to seize the current opportunity. Pathfinder Foundation remains ready to help steer that course, grounded in legal principles, supported by scientific evidence, and driven by long-term national interests.

Sri Lanka has signed a bilateral debt restructuring agreement with Denmark, securing the rescheduling of approximately $ 39 million in outstanding loans.

In a statement, the Finance Ministry said the move marks a significant step forward in the Government’s efforts to restore debt sustainability and revive the national economy.

Following bilateral discussions after the conclusion of the MoU with the Official Creditor Committee (OCC), the Government of Denmark has agreed to extend a debt relief measure by rescheduling the outstanding debts.

The agreement was signed by Treasury Secretary Dr. Harshana Suriyapperuma and Danish Foreign Minister Lars Løkke Rasmussen.

The Finance Ministry noted that entering into the Agreement will certainly pave the way to developing further the deep and longstanding bilateral relationships between the Government of Denmark and the Government of Sri Lanka.

‘The Government of Sri Lanka extends its sincere appreciation to the Government of Denmark for its continued support and cooperation,’ it added.

LK Domain Registry, celebrating 35 years as Sri Lanka’s trusted digital identity custodian, today announced myPage.lk, an innovative platform that enables anyone to establish a professional online presence in minutes without requiring technical expertise.

myPage.lk addresses a critical need in Sri Lanka’s rapidly digitalising economy by providing a simple yet powerful solution for individuals and businesses to create personalised digital identity pages. The platform serves as a centralised hub where users can connect all their social media accounts, contact information, and online presence under the trusted .lk domain extension.

‘In today’s digital-first world, having a cohesive online identity is no longer optional. It’s essential,’ said LK Domain Registry CEO and Domain Registrar Professor Gihan Dias. ‘myPage.lk democratises digital presence by making it accessible to everyone, from students and freelancers to entrepreneurs and NGOs. This platform embodies our commitment to empowering Sri Lankans with secure, credible digital identities that reflect our nation’s growing presence in cyberspace.’

The platform offers comprehensive features including custom .lk domain registration, personalised subdomains (yourname.mypage.lk), mobile-optimised templates, and secure hosting infrastructure. Users can launch their professional pages in minutes, linking multiple social media channels, websites, and contact methods in one streamlined location.

myPage.lk particularly benefits Sri Lanka’s burgeoning gig economy, enabling freelancers and creatives to showcase portfolios professionally. Students and job seekers can present their credentials effectively, while startups and local businesses gain an affordable entry point into e-commerce and digital marketing. The platform’s intuitive design eliminates technical barriers, ensuring accessibility for users regardless of their digital literacy level.

The launch aligns with LK Domain Registry’s 35-year legacy of providing reliable domain registration services while advancing Sri Lanka’s digital infrastructure. By combining ease of use with the credibility of .lk domains, myPage.lk positions users to compete effectively in both local and international markets.

Shares of JF Packaging Ltd., recently offered to the public through its oversubscribed IPO, will commence trading today on the Colombo Stock Exchange’s Main Board under the ticker symbol ‘JFP-N-0000’.

The IPO, which opened on 30 October, offered 51,724,144 Ordinary Voting Shares at an Issue Price of Rs. 11.60 each, raising Rs. 600 million in capital. The Issue was oversubscribed 6.3 times within hours of opening.

Proceeds from the IPO will be used to settle selected term loans and partially repay revolving import loans, strengthening the Company’s balance sheet and reducing finance costs. JF Packaging serves leading local and international brands and is recognised as a leader in introducing eco-friendly packaging solutions to the Sri Lankan market.

The Government is moving to abolish pension entitlements for Parliament Ministers and their spouses with the Cabinet of Ministers on Monday approving the publishing of the Parliamentary Pensions Law (Repeal) Bill in the Government gazette and submitting it to Parliament for approval.

The move comes following the Attorney General’s clearance for the Bill.

On 16 June, the Cabinet of Ministers approved in principle to repeal the Parliamentary Pension Act No. 1 of 1971 of the State Council.

‘As promised, a draft Bill prepared by the Legal Draftsman to repeal the Parliamentary Pensions Act with the aim of abolishing the pension entitlements granted to elected representatives to Parliament and their spouses has got Attorney General’s approval,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.

He assured that the law will apply from the time it is enacted and not retrospectively. ‘Once enacted the reforms would abolish lifetime pensions for MPs, which they currently receive after five years of service,’ he clarified.

Dr. Jayatissa said the move is in line with the Government’s broader policy vision titled ‘Pohosath Ratak – Lassana Jeewithayak’ (A Wealthy Country – A Beautiful Life), which was presented to the public as part of the Government’s mandate.

He said the decision reflects the people’s will. ‘People voted for this Government to repeal the excessive and unjustified benefits previously granted to former Presidents and MPs,’ he added.

The proposal to this effect was submitted by Justice and National Integration Minister Harshana Nan

The Government will channel over Rs. 21.64 billion into nine major health sector projects next year, Cabinet Spokesman and Health Minister Dr. Nalinda Jayatissa announced yesterday, as it moved to restart stalled developments and address critical gaps left by the economic crisis of 2021-2024.

He noted that the Public Investment Committee has identified a series of projects vital for improving national health outcomes, all of which have now been approved by the Cabinet of Ministers at their meeting on Monday for immediate implementation.

Speaking at the weekly post-Cabinet meeting media briefing yesterday, Dr. Jayatissa said the downturn triggered by COVID-19 forced the suspension of many essential health investments, but with the economy stabilising, the Government is prioritising both the recommencement of abandoned projects and the launch of new initiatives under the 2026 Budget.

The nine projects include; 1) the National Oral Health Census for 2025/2026, which has been allocated Rs. 33.6 million, 2) expansion of the existing four-storey building at the Kurunegala Teaching Hospital for the establishment of proposed operating theatre, endoscopy unit and cardiothoracic pre-operative ward with Rs. 1,892 million, 3) construction of a five-storey building with outpatient department and specialised units for the Maharagama Oral Health Services Institute with Rs. 2,240 million, 4) construction of a five-storey building for the Institute of Forensic Medicine and Toxicology (for the Colombo Forensic Medicine Unit) with Rs. 1,591 million, 5) Construction of Phase-I and Phase-II of the building complex for Accident and Emergency Treatment and related services at the Anuradhapura Teaching Hospital with Rs. 6,518 million, 7) construction of official residences for specialist doctors and medical officers at the Anuradhapura Teaching Hospital with Rs. 6,518 million, 8) expansion of Radiology Unit at the Batticaloa Teaching Hospital to house the new MRI scanner with Rs. 250 million and 9) construction of the National Heart Centre at the National Hospital of Sri Lanka with Rs. 200 million.

‘The 2026 Budget has allocated Rs. 31 billion for the development of Base Hospitals, including infrastructure upgrades and improvements in Human Resources,’ Dr. Jayatissa added.

When asked if the Government intends to upgrade some of these identified Base Hospitals into District Hospitals, he stressed that the Government’s intention is not merely to rebrand Base Hospitals as District Hospitals, but to ensure these facilities genuinely meet the standards required for such elevation.

The Minister also noted that 17 health projects abandoned by previous administrations are now being revived under a three-year program running from 2026 to December 2028, with a total investment of Rs. 45 billion and of this, Rs. 22 billion has been earmarked specifically for 2026.

‘The investments mark a renewed commitment to strengthening the country’s healthcare system, ensuring equitable access and rebuilding capacity after years of crisis-driven disruption,’ Dr. Jayatissa explained.

The proposal to this effect was submitted by Health Minister Dr. Jayatissa.

The inaugural South Asian Bitumen Conference (SABIT 2025) conference sessions took place on 14 November 2025 at the Cinnamon Life, Colombo, following a pre-conference ice braker reception on 13 November.

A highlight of the conference themed, ‘Bridging Trade, Infrastructure and Supply Chains Across South Asia and Beyond’ was the Ministerial Address by Roads, Highways and Urban Development Minister Bimal Rathnayake on the ‘Development of Sri Lanka’s Roads and Highways Infrastructure.’

The Minister addressing attendees from 15 countries, highlighted the transformation of bitumen and asphalt from just a raw material to strategic assets for regional connectivity, economic resilience and climate adaptation. Underscoring the inclusion of Performance Grade and Polymer Modified Bitumen in the drive towards sustainability, the key takeaways of his speech were to focus on ‘Durability, Sustainability, Knowledge Sharing and Collaboration.’

Organised by Conference Connection (CC) with Helanka Vacations by MendisOne, the event brought together policymakers, refiners, traders, and road industry professionals from across South Asia, the Middle East, and Asia Pacific.

Coinciding with Sri Lanka’s 2026 national budget, which allocates Rs. 342 billion to road and infrastructure projects, SABIT 2025 delegates delved into how this investment will boost bitumen demand, blending capacity, and technology adoption across the region.

Other keynote speakers included; Road Development Authority T. Paskaran, Ceylon Petroleum Corporation Dr. Mayura Neththikumarage, John Keells Holdings Zafir Hashim, and Ceylon Institute of Builders Dr. Rohan Karunaratne.

orsed by the FCCISL, CIOB, CASA, SLPBC, YoungShip Sri Lanka, and SLANA, and supported by the Sri Lanka High Commission, Singapore, SABIT 2025 featured sessions on market dynamics, logistics, technology, and sustainability.

Media partners include World Petroleum and Bitumen Journal, Highways Today, FiiNews, and WorldOils.