Category: Daily Financial Times

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.

The Sri Lanka Design Festival (SLDF) has launched ‘Palmyra Stories from the North’, a special exhibition presented by the Academy of Design (AOD) with the support of the Embassy of Switzerland. The showcase opened on Thursday, 13 November and is hosted by Urban Island at its flagship store in Dharmapala Mawatha, Colombo 7, marking the first event leading into SLDF 2025 under the theme ‘What’s Your Colombo?’

Palmyra Stories from the North celebrates the extraordinary craftsmanship of women artisans from Northern Sri Lanka, spotlighting a collection born from AOD’s long-standing Design for Sustainable Development initiatives. Launched in 2009, these programs have empowered communities in post-conflict regions through design innovation, skill development, and access to sustainable livelihoods.

Supported by the Embassy of Switzerland, the exhibition embodies the spirit of cultural exchange and resilience. Switzerland’s continued partnership in uplifting women and vulnerable communities, reflects a shared commitment to social inclusion and sustainable development through creativity.

Curated by AOD, the collection reimagines traditional palm weaving and other northern craft traditions for contemporary design and tourism sectors. Each piece tells a story of revival, resilience, and reinvention, blending heritage techniques with modern design sensibilities to bring a new voice from the North.

AOD and Sri Lanka Design Festival Founder Linda Speldewinde said, ‘This exhibition is deeply symbolic. It represents the continuation of a journey that began over a decade ago when design became a tool for rebuilding lives and communities. As we begin Sri Lanka Design Festival under the theme ‘What’s Your Colombo?’, we’re reminded that Colombo’s story is also the story of its people, from every region, tradition, and craft.’

Ambassador of Switzerland to Sri Lanka and the Maldives Dr. Siri Walt said, ‘Switzerland is proud to support initiatives that champion dignity, opportunity, and cultural heritage. By partnering on Palmyra Stories from the North, we hope to amplify the talent of women artisans in the North and help safeguard these traditions for new generations, while opening pathways to sustainable livelihoods through design.’

The event serves as one of the many citywide activations across Colombo for Sri Lanka Design Festival 2025, which will unfold across the city in November 2025 uniting design, fashion, food, and creative enterprise in a celebration of Colombo’s evolving identity as South Asia’s Creative Capital.

Showcase details

Exhibition: Palmyra Stories from the North

Date and time: From 13 – 30 November, 10 a.m. – 7 p.m.

Venue: Urban Island, Colombo 7

The showcase invites interest from individuals and organisations across sectors, including NGOs, businesses and hotel partners, seeking to engage in initiatives that strengthen livelihoods in the Northern community. It aims to encourage broader participation in supporting the continued gr

The Government’s plan to unwind para-tariffs has been thrown into doubt by its own revenue projections, according to analysis by economic think tank Arutha Research, which says the 2026 Budget sends mixed signals on one of the most critical reforms for export growth.

The Budget reiterates the President’s commitment to phasing out para-tariffs in line with the national tariff policy, but points out that the Government’s medium-term revenue forecasts tell a different story, with projected collections from the Ports and Airports Development Levy (PAL), Special Commodity Levy (SCL) and import CESS expected to rise through 2028.

Arutha notes that para-tariffs will continue to account for nearly two thirds of taxes collected from international trade.

‘If revenue from PAL, CESS and SCL is expected to grow every year until 2028, it signals a clear mismatch between the policy announcement and the numbers underpinning the Budget,’ the think tank said.

According to Arutha, this inconsistency raises doubts about the credibility of the phase-out and undermines confidence among exporters who argue that para-tariffs choke competitiveness and stall diversification. ‘Sri Lanka cannot achieve export growth with para-tariffs in place,’ Arutha said.

Arutha also links the tariff debate to the decision to reduce the VAT registration threshold to Rs 36 million, noting that an authentic para-tariff phase-out could help SMEs manage rising costs.

MANILAL Fernando has been appointed as the new President of the Chamber of Construction Industry of Sri Lanka (CCI) at its 21st Annual General Meeting held on 13 November 2025 at the Kingsbury Hotel, Colombo.

The CCI was first established in 2001 as a company limited by guarantee and later in 2019 was incorporated by an Act of Parliament as a body corporate. Presently 17 professional and trade associations related to the construction industry along with 300 companies have joined CCI as members.

Architect Jayantha Perera relinquished office after his tenure of three years.

A special feature at this event was the signing of the MoU between this Chamber and the Indo-Sri Lanka Chamber of Commerce and Industry (ISCCI) to enhance the cooperation, economic and business ties between the member companies and state agencies of the two countries. Lt. Gen. Rakesh K. Loomba (Retd.) and Lt. Col. Dr. Naresh P.S. Barnar (Retd.) represented the ISCCI at the signing of MoU.

The key note speech was done by Advocata Institute Chairman Murtaza Jafferjee and a leading economic analyst of the theme, ‘Future Economic Trends with the Budget 2026 and prospects for construction industry of Sri Lanka.’

Three past presidents were awarded mementos for their contribution rendered towards the CCI. In addition, NCQ certificates were handed over to those who successfully completed RPL training conducted by CCI.

The 2026 Budget presented by President Anura Kumara Dissanayake was widely praised for its commitment towards reforms and maintaining fiscal discipline. Every Budget has its pros and cons, and the 2nd Budget presented by the NPP Government is no different. However, the proposal to raise the salaries of estate workers has attracted considerable attention and scrutiny out of all the proposals.

The 2026 Budget proposed to increase the current minimum daily wage of Rs. 1,350 to Rs, 1,550 from January 2026. In addition to the salary hike, it has been proposed to pay Rs. 200 as a daily attendance incentive, and the Budget has set aside Rs. 5 billion to fund the payments. Many have questioned the merit in the Government allocating taxpayers’ money to plantation companies that have earned millions of profits. Some members of the parliamentary Committee on Public Finance (COPF) have opined that the payment of such an attendance allowance from the Budgetary allocations to estate workers who are employed by private plantation companies is unlawful.

Confusion has also arisen regarding the eligibility criteria of the Government-funded attendance allowance.

An article in Daily FT’s sister paper The Sunday Times last week reported that plantation smallholders have not been informed as to how they need to increase the pay as proposed in the Budget. When the newspaper had contacted the Plantation Ministry, the officials had felt the wage was only applicable for workers in Regional Plantation Companies (RPC). They had further noted that as smallholder plantations paid workers in the range of Rs.2000 – 3000, the proposed allowances from the Budget are only necessary for workers in RPCs. But it must be borne in mind that smallholder plantations account for 70% of the country’s total export income.

Despite the controversy, the Government’s proposal has been met with widespread praise from the plantation community. Four MPs in the opposition who represent the Indian Tamil community of Sri Lanka voted in favour of the Budget given the enormous positive reaction to the proposal from the estate sector workers, whose votes are critical at national-level elections. Historically, the JVP – the predecessor to the NPP – has fared poorly among Indian Tamils in the estate sector, and the Government seems to be keen on making inroads into the vital vote base, which has been traditionally sympathetic to the UNP/SJB political forces.

Undoubtedly, estate workers have been systematically discriminated against and mistreated by successive Governments since gaining independence. Even the political leaders representing the community have done very little to improve the living standards of the impoverished estate workers. Substantially high levels of inflation experienced in the 2021 to 2022 period caused a substantial decline in the living conditions of the hard working labourers. As a result, there have been vociferous requests from trade unions and activist groups to address the grievances of workers in plantations.

Meanwhile, analysts have criticised the Government’s decision to grant an attendance allowance as the incentive is not linked to productivity. Another cause of concern is whether the Government would be generous enough to allocate taxpayers’ money every year to finance this move. In the event financial assistance from the Treasury is withdrawn, plantations would have to incur additional costs on their own to ensure the continuity of the attendance incentive which may not be financially feasible.

One of the critical factors affecting the sustainability of the Sri Lankan tea industry is the cost and availability of labour. Mechanisation and automation in both field and factory work have been suggested to overcome the shortage of labour, but there are concerns that machine plucking reduces harvest.

A holistic approach is necessary to address the impediments that stifle the growth of this 150-year-old industry. A pragmatic approach going beyond short-term political gains is required to resolve the labour-related issues of the industry.

The Sri Lanka Tourism Promotion Bureau (SLTPB) in collaboration with the Sri Lanka Embassy in Belgium, successfully organised a tourism roadshow on 21 October at Kasteel Coninxdonck in Ghent; a historical city in Belgium.

Seventeen Sri Lankan leading Destination Management Companies (DMCs) participated in the roadshow, engaging in networking sessions and business meetings with over 60 travel industry professionals including main tour operators and travel agents in Belgium. The travel journalists and influencers of Belgium also joined.

This type of a Sri Lanka tourism promotion roadshow was organised in Belgium after 2016. The Roadshow was timely organised, since there has been a consistent increase in the outbound and long-haul travel by Belgian travellers. Therefore, the opportunities for emerging destinations like Sri Lanka need to be captured through the targeted promotion and collaboration with Belgian tour operators and travel agents.

Sri Lanka Ambassador for Belgium Chandana Weerasena invited both Sri Lankan and Belgium travel professionals to continue engaging with each other for promising opportunities and highlighted the importance of exploring new trends in the industry. SLTPB Junior Manager (Benelux) Arunoda Wikramasinghe presented Sri Lanka’s diverse travel experiences from pristine beaches, natural landscape, wildlife, rich cultural heritage sites to adventures and wellness retreats. Sri Lanka’s focus on sustainable and community-based tourism was also highlighted. Sri Lankan Airlines General Manager in France Asiri Wickramasuriya also joined and presented the offerings and connections between Europe and Colombo. Sri Lanka Embassy Minister (Commercial) Thavishya Mullegamgoda was the overall coordinator and the facilitator of the event.

During the structured B2B workshops, Sri Lankan travel professionals were able to directly connect with Belgian travel professionals for fostering potential collaborations and future businesses. The evening concluded with a walking dinner, encouraging further informal exchanges, networking and relationship building. Adding to the excitement, the raffle draw offered numerous prizes sponsored by several DMCs, presenting guests a first-hand opportunity to experience Sri Lankan hospitality and attractions.

The initiative comes at a time when the Belgian tourism market is performing exceptionally well, creating an ideal environment to promote destinations like Sri Lanka to strengthen their presence. According to the latest market trends, Belgium recorded a high holiday participation rate of 89%, with 24 million holidays taken in 2024, compared to 22 million in 2023 marking a record number of trips and travellers. Notably, 85% of Belgian holidays were outbound, indicating strong interest in international destinations. While long-haul travel accounted for 12% of the total market, Asia held a 5% market share continuously over the years, suggesting growing potential for destinations within the region.

Through this successful roadshow, Sri Lanka has reaffirmed its commitment to deepening its engagement with the Belgian travel market. By combining strategic networking, immersive destination insights, and strong B2B partnerships, Sri Lanka Tourism aims to position the island as a premier long-haul travel destination for Belgian travellers seeking unique experiences, luxury escapes, and authentic cultural adventures. The successful conclusion of the roadshow will open for more avenues to create vibrant tourism products and offerings to attract high-end Belgian visitors to Sri Lanka in the future.

Commercial Bank of Ceylon PLC is making history as the first bank in the country to collaborate with Google and Visa, a global leader in digital payments, to enable Google Pay for its cardholders as part of the Google Wallet launch. This is a defining moment for Sri Lanka’s financial landscape, setting a new standard for secure and convenient digital transactions.

Commercial Bank is the only bank in the Sri Lankan market to enable Google Pay for its Visa cardholders, giving its customers a first-mover advantage with this world-class mobile payment solution. This collaboration seamlessly integrates Visa’s trusted global network and advanced tokenisation technology, Google’s secure and intuitive interface, with Commercial Bank’s robust digital banking ecosystem.

Visa debit and credit cardholders of Commercial Bank can now effortlessly add their cards to Google Wallet, authenticate via a one-time password (OTP) or verification through call centre, and use their Android smartphones to make secure, contactless payments with a simple tap at any contactless-enabled Point-of-Sale (POS) terminal, anywhere Visa is accepted, locally and globally. Cardholders will no longer need to carry physical cards or cash, and can tap and pay using their NFC-enabled Android smartphones – driving a secure and easy payment experience

Commercial Bank has strategically collaborated with third-party service provider IDEMIA for tokenisation, leveraging Visa’s Token Service (VTS). Tokenisation secures every transaction by replacing the actual 16-digit card number with a unique digital token, ensuring the user’s sensitive data is never shared with merchants or stored on the device. Furthermore, Commercial Bank used payment infrastructure of Euronet, the bank’s card switch vendor, to launch this product, which guaranteeing reliable and secure transaction processing.

Commercial Bank Managing Director/CEO Sanath Manatunge said, ‘Partnering with Visa and Google marks a significant milestone in our ongoing commitment to elevate digital payment experiences for customers. As the largest private sector bank in Sri Lanka, this collaboration further strengthens our ability to deliver seamless, secure, and contactless transactions anywhere, anytime. By embracing global innovations such as tokenisation, Commercial Bank continues to lead the way in digital banking excellence and plays a defining role in shaping Sri Lanka’s cashless future. This partnership not only enhances security and convenience for millions of customers but also accelerates the country’s transition toward a more technologically enabled financial ecosystem. It reflects the bank’s long-term strategy to bring world-class digital solutions to Sri Lankan consumers and businesses.’

Visa Country Manager – Sri Lanka and Maldives Avanthi Colombage said, ‘Visa is pleased to collaborate with Commercial Bank of Ceylon and Google to bring the transformative payment experience of Google Pay to Sri Lanka. This launch marks a defining moment for Sri Lanka’s payments landscape, empowering people across the country to enjoy a faster, more convenient, and secure payment experience – all with just a smartphone. Visa’s trusted global network and advanced tokenisation technology, with Google’s secure, intuitive interface and Commercial Bank’s strong local presence and robust ecosystem, is set to deliver more than just another payment option: we are shaping the next chapter of digital payments – one that enables digital security and trust, convenience, and interoperability at an unprecedented scale for millions of Sri Lankans.’

The initial availability will focus on select card ranges as part of a phased rollout.