Category: Daily Financial Times

For decades, financial analysts have relied on a core set of tools and models to assess risk, predict market trends, and guide investment strategies. While these traditional methods have provided a valuable foundation, they often fall short in today’s increasingly complex and data-rich environment. The limitations of these traditional approaches are becoming ever more apparent.

The limits of traditional financial analysis

Traditional financial analysis often oversimplifies complex financial realities. Models struggle to capture the nuances and interdependencies within a company’s data. Moreover, they often struggle to process the sheer volume of data available today, potentially overlooking critical signals and patterns. And, as some have pointed out, financial statements can sometimes be deliberately obfuscated (Piazza et al., 2022), making accurate analysis even more challenging. The primary focus of these traditional models has been on prediction – forecasting future performance based on historical data – without providing much insight into why those predictions are made.

The promise of AI

The rise of artificial intelligence offers a powerful new set of tools for financial analysis. AI algorithms, particularly those based on deep learning, can sift through massive datasets to identify patterns and anomalies that would be impossible for human analysts to detect (Mienye et al., 2024). AI has the potential to revolutionise financial analysis, enabling more accurate predictions, more efficient risk management, and more informed investment decisions.

The problem with ‘black box’ predictions

However, the increasing reliance on AI in finance also raises some important concerns. Many AI models, particularly the most sophisticated ones, operate as ‘black boxes.’ While they may be able to generate highly accurate predictions, it can be difficult or even impossible to understand how they arrived at those conclusions (Yeo et al., 2025). This lack of transparency poses several risks. ‘Black box’ models can be susceptible to hidden biases, leading to unfair or discriminatory outcomes (Nasir and Rinaudo, 2025). Without understanding the reasoning behind a model’s predictions, it can be difficult to identify and correct these biases. Furthermore, a lack of transparency can erode trust in AI-driven financial systems. If stakeholders don’t understand how decisions are being made, they may be reluctant to accept them.

Explainable AI: A new paradigm

Explainable AI is emerging as a critical solution to the limitations of black-box models (Nasir and Rinaudo, 2025). XAI techniques aim to make AI models more transparent and understandable, allowing humans to comprehend the factors driving their predictions. By providing insights into the decision-making process, XAI can help build trust in AI systems, reduce bias, and ensure ethical and responsible use of the technology (Nasir and Rinaudo, 2025). Several different approaches to XAI are being developed, including techniques such as SHAP and LIME (Mienye et al., 2024). These methods provide insights into the importance of different features in driving a model’s predictions, helping analysts understand which factors are most influential.

Applications and the future of XAI in finance

The potential applications of XAI in finance are vast. From risk assessment and fraud detection to investment strategies and customer service, XAI can help make financial systems more transparent, accountable, and reliable. As AI continues to transform the financial landscape, XAI will play an increasingly important role in ensuring that these powerful technologies are used responsibly and ethically. Ongoing efforts are focused on making even the most complex black-box methods more interpretable (Yeo et al., 2025), paving the way for a future where AI-driven financial decisions are both accurate and understandable.

However, despite the advancements in AI and XAI, we must not overlook the irreplaceable role of human intuition in the decision-making process. While these technologies provide valuable insights, they cannot fully capture the complex dynamics of human behaviour, organisational culture, and unforeseen external factors. Human expertise, shaped by experience and nuanced understanding, remains essential for interpreting AI outputs within a broader context. Factors such as employee morale, team dynamics, subtle shifts in market sentiment and socio-political conditions are often difficult to quantify and model effectively.

Ultimately, it is human judgment that must weigh these intangible elements alongside the data-driven insights provided by AI. The most effective approach to financial decision-making will likely involve a synergistic partnership between AI and human expertise, leveraging the strengths of both to achieve superior outcomes. The rise of Explainable AI represents a fundamental shift in the way we approach financial analysis, moving beyond prediction to a new era of transparency and insight, augmented by the indispensable wisdom of human intuition.

References:

Mienye, E., Jere, N., Obaido, G., Mienye, I. D., and Aruleba, K. (2024). Deep Learning in Finance: A Survey of Applications and Techniques. AI, 5(4), 2066. https://doi.org/10.3390/ai5040101

Nasir, W., and Rinaudo, O. (2025). Future Directions in AI for the Financial Sector: Overcoming Bias and Enhancing Decision-Making with Explainable Models.

Piazza, M., Passacantando, M., Magli, F., Doni, F., Amaduzzi, A., and Messina, E. (2022). Explainable Artificial Intelligence for identifying profitability predictors in Financial Statements.

Yeo, W. J., Van Der Heever, W., Mao, R., Cambria, E., Satapathy, R., and Mengaldo, G. (2025). s10462-024-11077-7.pdf.

(Rozan Jameel holds an MBA (PIM-USJ), FCA, ACMA, BSc (Physical Science); has over 25 years of experience in the sectors of construction and engineering, retail supermarket chain, hospitality industry, import export field, automobile and education, and held positions such as Director Finance, CEO and Group CFO.)

(Dr. Susil Kumara Silva holds a PhD (Mgt. USJP), is a Sr. Lecturer, Researcher, Management Consultant; Accredited Director (SL), Chartered Member CIPM, MSLIM, CIM (UK), 26 years of managerial experience in construction and engineering, trading, apparel, manufacturing and education sectors, and held positions such as CEO, Sr. Executive Vice President and Group Head of HR and Administration in large organisations.)

India is set to host the centenary Commonwealth Games in 2030 – the second time in 20 years that the event will have been held in the world’s most populous nation.

The city of Ahmedabad in the west of the country has been chosen ahead of Abuja in Nigeria by an evaluation commission from governing body Commonwealth Sport.

And the decision to hold the Games there in five years time is now expected to be ratified at the organisation’s general assembly in Glasgow on 26 November.

Ahmedabad can boast the Narendra Modi Stadium – the largest in the world, with a capacity of 132,000 – which hosted the Cricket World Cup final in 2023.

The city has a population in excess of five million people, and has even been suggested as a potential bidder to host a future Olympic Games.

“We see the 2030 Games as a powerful opportunity to inspire our youth, strengthen international partnerships and contribute to a shared future across the Commonwealth,” said Dr. P T Usha, president of Commonwealth Games Association India.

The Games first visited India in 2010 when Delhi hosted.

It is the second time Abuja has missed out on staging the Commonwealths, having been overlooked for the 2014 edition in favour of Glasgow.

And it also means Africa’s wait to hold the event for a first time will continue.

The news looks set to end fears that Glasgow 2026 might be the last-ever Games, with Scotland’s largest city having stepped in after the Australian state of Victoria withdrew for financial reasons.

That came after Birmingham took on the 2022 event after the South African city of Durban pulled out.

However, a reimagined format – with fewer sports, athletes and venues – has lessened the cost and enticed India, Nigeria and a handful of other countries to make their pitch to welcome the 74 Commonwealth Sport nations and territories.

A Commonwealth Sport statement said they “assessed candidate cities against a wide range of criteria’ and have ‘agreed to develop a strategy for supporting Nigeria’s hosting ambitions for future Games, including consideration for 2034.”

Meanwhile, Glasgow 2026 chair George Black said the news ‘marks a significant milestone’. He added that they ‘stand ready to create a powerful bond between Scotland and India that will be the bridge to the Games of the future’.

The 2030 Games will mark the centenary of the inaugural event held in Hamilton, Canada, in 1930.

Global Bookkeeping Solutions Ltd. (GBS) Founder and Managing Director Niluka Jayasinghe, FCA, FCPA, ACCA, FFA, FIPA, BSc (Marketing, USJP) was named CA Sri Lanka Best Entrepreneur 2025 at the 46th National Conference of Chartered Accountants, held on 9 October 2025 at the Monarch Imperial, Sri Jayewardenepura Kotte.

The award celebrates her leadership in expanding Sri Lanka’s knowledge-based export economy and advancing the business-process management (BPM) sector. Since founding GBS in 2018, Niluka has built a company delivering cloud accounting and financial outsourcing services to clients in Australia, New Zealand, UK, USA and Middle East. GBS records a five-year CAGR of 103% and employs over 50 finance professionals.

‘Sri Lanka’s future lies in exporting skills and integrity – not just goods,’ Jayasinghe said. ‘This award belongs to every professional, specially women, proving our talent can thrive globally.’

Before founding GBS, Niluka worked with Ernst and Young, BPO Connect and Ganrid Consultants, gaining global finance and compliance expertise. Her company has trained more than 200 young professionals and championed remote work models for women in finance-strengthening Sri Lanka’s human capital for the digital economy.

Her recognition underlines CA Sri Lanka’s commitment to celebrating entrepreneurs who embody integrity, innovation and impact-values that align with this year’s theme ‘UPRISE – Global Insight >> Local Impact.’

MAS Holdings unveiled its bold and forward-thinking sustainability strategy under the banner ‘Plan for Change 2030: Inspiring change beyond the good’ at a high-impact forum attended by global sustainability leaders, industry pioneers and community stakeholders at the Cinnamon Life Colombo yesterday.

The forum addressed pressing issues around climate change, textile circularity, social equity and supply chain resilience, while emphasising the urgent need for ethical transformation in the apparel sector.

Delivering a powerful keynote, Brooke Roberts-Islam, noted sustainability advocate and industry journalist, underlined the critical intersection of climate change and ethical practices in fashion: ‘The apparel industry is at a tipping point. If we do not embed ethical values at the core of innovation, we risk perpetuating a cycle of harm – to the planet and to people. Global warming isn’t just an environmental crisis, it’s a humanitarian one. MAS Holdings’ Plan for Change signals a necessary shift from ambition to accountable action.’

She praised MAS’s approach, which integrates social resilience with environmental stewardship, calling it a blueprint that other global fashion companies must urgently adopt.

As Roberts-powerfully stated during the keynote: ‘This plan isn’t about doing less harm – it’s about doing more good. We must move from sustainability as a marketing term to sustainability as a moral obligation, with people and the planet at the core.’

The panel discussion brought together high-level voices who reflected on actionable strategies amidst global volatility.

MAS Holdings Director – Group Sustainable Business Nemanthie Kooragamage said: ‘This isn’t just about reducing impact – it’s about regenerating. Our supply chains, our people, our planet – they all need to be empowered, not just protected. Plan for Change is our contract with the future.’

Ambercycle Co-founder and CEO Shay Sethi added: ‘Circularity must move from concept to infrastructure. Technology exists. What we need now is radical collaboration across regions and regulators.’

Asian Development Bank Country Director Takafumi Kadono focused on policy and financing: ‘Scaling sustainable apparel requires both private and public investment. MAS shows what’s possible when business aligns with long-term climate goals.’

He further added, ‘Sri Lanka’s industrial growth over the past two decades has been only around 20%, while Vietnam has surged by over 300%. Despite Sri Lanka’s rich geography, strategic location and natural resources, we have clearly missed the bus. But the time to catch the next one is now-and sustainability must drive that journey.’

Dialog Axiata PLC CEO Supun Weerasinghe shared insights on digital innovation: ‘The integration of data and technology can help transform sustainability from an ambition into an operational system of accountability, despite the challenges of COVID-19 and the economic crisis, Sri Lanka is recovering at a good pace. The momentum is real-we’re moving in a positive direction.’

MAS Holdings envisions a future where every garment created is not only high-performing but also ethically made and environmentally responsible. This focuses on reinventing the design and production of apparel to serve the planet and people.

Product: Creating future-fit apparel

MAS is transforming how garments are made, focusing on innovation and sustainability at every stage.

Target: 75% of company revenue from sustainable products by 2030.

1. Textile-to-Textile Circularity to recycle post-consumer waste into new garments.

2. Development of Materials of the Future, including bio-based and regenerative alternatives.

3. Expansion of natural and responsibly sourced fibres like organic cotton and hemp.

Planet: Regenerating our world

Going beyond sustainability, MAS is investing in restorative environmental practices.

MAS target: Reduce our Scope 1 and 2 emissions footprint by 80% (from a 2019 baseline) by 2030, leading to Net Zero by 2048.

1. Transition to renewable energy and low-carbon logistics.

2. Circular waste management to minimise landfill impact.

3. Adoption of responsible chemical use in textile processing.

4. Water stewardship and water-positive goals in high-stress regions.

5. Launch of ecosystem regeneration projects including reforestation and biodiversity restoration.

Lives: Building resilient lives

MAS recognises that environmental progress must go hand-in-hand with social responsibility.

Fair Care Responsibility to advance gender equity and women’s empowerment across the company.

Employee well-being through safe workplaces, mental health support and living wages.

Emphasis on Diversity, Equity and Inclusion (DEI) in recruitment, leadership and culture.

Community engagement to build local resilience against climate-related risks.

The Plan for Change 2030 is more than an internal framework-it’s a call to action for the global apparel industry to prioritise ethics, equity and environmental restoration.

MAS Holdings Co-Founder and Chairman Mahesh Amalean underlined the company’s broader mission: ‘We’re not just reducing our footprint. We’re creating a future where our products, people and planet thrive in balance.’

With clear targets and transparent

strategies, MAS Holdings is positioning itself as a leader in sustainable fashion, driving change not just in what we wear-but we live, produce and protect our shared planet.

Investing in local community infrastructure, education, disaster preparedness and adaptation strategies to help vulnerable populations cope with the impacts of climate change. MAS collaborates with NGOs and local governments to drive meaningful and measurable change.

Each of these is interconnected, forming a comprehensive strategy that acknowledges the complexity of today’s global sustainability challenges. MAS Holdings’ Plan for Change 2030 represents not only an internal transformation but also a call to the entire apparel industry to reimagine its role in building a sustainable just and regenerative future.

Sri Lanka must now convert its cyclical post-crisis rebound into a structurally driven growth process, the Institute of Policy Studies (IPS) said yesterday, warning that the country’s recovery will hinge on deeper productivity and efficiency gains as external uncertainties persist.

Releasing its annual Sri Lanka: State of the Economy 2025 report, the IPS said GDP growth of 4.9% in the first half of 2025 reflected the outcomes of a steady and predictable policy environment. However, it noted that sustaining this momentum would depend on structural reforms, particularly in land and labour markets, and greater openness to trade and investment to improve resource allocation.

‘At this mid-point of Sri Lanka’s post-crisis recovery, a critical question is what the source of such productivity gains will be. Reforms to tackle rigidities in land and labour markets or opening up to trade and investment help to improve resource allocation and lift productivity,’ the IPS said in a statement.

The report said technology infusion and digitalisation could accelerate productivity gains while broader institutional and policy reforms take effect. It highlighted the challenge for policymakers in balancing long-term reform goals with short-term social and economic demands, especially in an economy still recovering from crisis conditions.

National computer literacy remains low at 39%, with sharp disparities such as 17.9% in the estate sector. Yet IPS said the digital economy offers an opportunity to narrow social and regional inequalities if supported by investments in digital access for underprivileged schools, affordable services, and digital literacy programs.

The report cited that 42% of adults in the poorest 40% of households already use digital payments, a trend that could strengthen e-commerce growth and modernise transport and public service delivery. Extending digital tools to agriculture could also reduce costs, improve traceability, and enhance competitiveness in export markets amid global trade uncertainties.

‘It bodes well to develop Sri Lanka’s growing e-commerce sector or to improve safety and convenience of the country’s public transport system. Widespread access and scalability through digital channels on extension services can help farmers. In an environment of global trade uncertainties, lowering the costs of doing trade and enhancing export competitiveness through product traceability to meet new regulations in the global market will be distinct advantages,’ IPS said.

IPS said embedding such productivity-enhancing technologies into Sri Lanka’s economic model would not only raise efficiency but also support the Government’s objectives for stable and sustained long-term growth as the country prepares to resume its external debt service obligations.

President Anura Kumara Disanayake has directed public officials to ensure that all financial allocations for 2025 development projects are fully utilised, warning that returning unspent funds to the Treasury undermines progress and leads to wasteful repetition of incomplete projects.

Speaking at the Special District Coordination Committee (DCC) meeting in Ratnapura, the President said public officials play a crucial role as intermediaries in ensuring that public spending translates into tangible development outcomes for citizens.

‘The funds allocated for this year’s development projects must be completely utilised. Failing to do so will not only hinder development but also result in wastage of funds,’ the President told State officials.

He added that repeatedly allocating money to unfinished projects prevents the launch of new initiatives and weakens the efficiency of Government spending.

President Disanayake criticised past practices where Government projects were launched without feasibility studies or long-term maintenance plans, noting that such expenditure had become a recurring burden on the State.

He cited the Hambantota SAARC Cultural Centre and the Anuradhapura Auditorium as examples of facilities now difficult to maintain due to the absence of responsible managing institutions.

The President said that many Government-built structures, such as tourist bungalows, inns, and public markets, remain unused or neglected, and suggested that private-sector management would be a more practical approach to ensure their sustainability.

During the meeting, the President also discussed flood and landslide risks in the Ratnapura District and agreed to allocate funds in the upcoming Budget to conduct a new feasibility study for a flood prevention project on the Kalu Ganga tributaries, noting that no such study has been carried out since 2014.

As Sri Lanka joins the global community in marking World Food Day 2025 under the theme ‘Hand in Hand for Better Foods and a Better Future,’ the message is clear: achieving food security and nutrition for all requires collaboration that transcends institutional boundaries, sectors, and generations. In a world of increasing shocks and stresses, no single actor can shoulder this responsibility alone.

Sri Lanka stands at a critical juncture. Despite commendable progress in reducing hunger and malnutrition, the combined impacts of economic volatility, climate variability, and market disruptions continue to challenge households and communities. Food security and nutrition for all still remains unfulfilled while rural communities – particularly smallholder farmers – face barriers in accessing markets, finance, and climate-smart technologies, globally and in Sri Lanka. Delivering on the Sustainable Development Goals (SDGs) in this context is not just about meeting global commitments; it is about securing livelihoods, dignity, and stability within the country.

Rome-based UN agencies

The United Nations’ Rome-based agencies – FAO, IFAD, and WFP – each bring distinct strengths to this effort. FAO provides policy and technical expertise to modernise and diversify agriculture. IFAD invests in rural transformation, empowering smallholder farmers by strengthening inclusive value chains and enhancing access to finance. WFP addresses immediate food and nutrition needs while strengthening school meals, emergency preparedness, and social safety nets to build resilient food systems. However, the real impact comes when these efforts converge – aligned with national priorities and reinforced through partnerships with government institutions, private sector innovation, civil society engagement, and community participation.

Promising pathways

In Sri Lanka, promising pathways are already visible. The adoption of modern technologies such as digital platforms for market access, remote sensing for climate-smart planning, and data-driven advisory services for farmers are beginning to reshape agriculture. Revitalisation of the tank-based irrigation systems and the sustainable use of water resources are helping enhance the production and productivity of small holder farmers. Youth-led agritech solutions are linking producers directly to consumers, while digital financial services are expanding opportunities for smallholder farmers. Fortified rice in school meals is transforming the way the nutrient needs of young school-going children are met.

Women’s producer groups are playing a pivotal role in ensuring household nutrition, diversifying incomes, and advancing gender equality. Smallholder farmers are being connected to the banks for agri financing and the private sector through a public-private-producer partnerships model. These examples demonstrate that innovation, digitisation, and inclusivity – when anchored in strong partnerships – can unlock transformation at scale.

Challenges ahead

Yet, the challenges ahead demand more. Climate change is altering rainfall patterns, increasing the frequency of floods and droughts, and reducing productivity. Urbanisation is accelerating demand for safe, affordable food, while limited infrastructure in rural areas constrains equitable access to markets. These are systemic challenges that cannot be solved by one sector or one generation. They require a collective vision: policies that incentivise innovation, partnerships that embrace digital solutions, and investments that prioritise both women and youth as central agents of change.

The World Food Day

This year, on World Food Day, as FAO commemorates its 80th anniversary, we are reminded of the enduring value of multilateralism and solidarity. The call is to renew our commitment to working hand in hand – not only across the UN system, but with all partners, across sectors and across generations. Partnerships must extend from ministries to municipalities, from research labs to farmlands, from classrooms to boardrooms, ensuring that innovation and opportunity reach every Sri Lankan.

The road ahead

To accelerate on Sri Lanka’s path toward food security and the SDGs, four priorities stand out:

1. Accelerate digital and technological transformation in agriculture, ensuring that smallholders, especially women and youth, benefit from innovations in climate information, financial services, and market linkages.

2. Invest in gender-responsive and youth-focused programs that recognise women and young people not only as beneficiaries but as leaders and innovators in building resilient agrifood systems.

3. Strengthen climate adaptation and resilience by modernising tank-based ecosystems, promoting climate-smart practices, and safeguarding biodiversity and natural resources.

4. Build a unified national platform for partnerships, data, and accountability, enabling government, private sector, academia, civil society, and communities to jointly monitor progress, share innovations, and drive results.

5. Ensure nutrition-sensitive safety net programs reach vulnerable communities, particularly women and children, to secure access to nutritious food, support healthy growth, and promote long-term food security.

Together, hand in hand, Sri Lanka can secure better foods and a better future – today, and for generations to come.

Sri Lanka’s national rugby sevens outfit will feature a distinctly Kandy-dominated line-up when they take the field at the Asia Rugby Emirates Sevens Series second leg in Colombo on 18 and 19 October. With eight players hailing from Kandy SC, the team’s composition clearly reflects the club’s unmatched contribution to Sri Lankan rugby.

The 13-member squad, announced ahead of the much-anticipated home leg, will once again be led by Kavindu Perera, one of the most dynamic and disciplined sevens players in the country. His leadership and experience at both club and national level have made him a natural choice to guide the side in front of what is expected to be a packed Racecourse Ground this weekend.

Joining Perera are seven of his Kandy SC teammates Dinal Ekanayake, Chatura Soysa, Gayan Perera, Heshan Jensen, Suranga Kodituwakku, Diluksha Dange, and the veteran Srinath Sooriyabandara, widely regarded as one of Sri Lanka’s finest ever sevens specialists. Sooriyabandara’s inclusion, following his return from injury, adds valuable experience and composure to the side.

The influence of Kandy players is not new to Sri Lankan rugby. Over the years, the club has produced a steady stream of national representatives, known for their fitness, flair, and tactical intelligence qualities essential in the sevens format.

This strong Kandy presence also ensures cohesion and familiarity within the squad, as most players share years of club-level experience together. Their understanding on the field could prove decisive in high-pressure moments during the Colombo leg.

Rounding out the squad are Yehan Bulathsinghalage (former Thomian), Kalana Chamuditha (Kingswood and Air Force), Janidu Dilshan (CH and FC), Dharshana Dabare (CH), and Akash Madushanka, who bring youthful energy and balance to the line-up.

At the time of going to press, the Women’s team was not named and a fresh set of players are tipped to take the field.

The upcoming Colombo leg will serve as a key platform for Sri Lanka to test combinations, build momentum, and thrill home fans with fast, attacking rugby. With local support behind them and a Kandy core leading the charge, Sri Lanka will be determined to make their mark in this crucial second leg of the Asia Rugby Emirates Sevens Series.

The Insurance Regulatory Commission of Sri Lanka (IRCSL) continues its countrywide insurance awareness campaign under the theme ‘Insurance for All: For a Secure Future’ with a series of programs scheduled to take place in the Northern Province, in Jaffna on 22 October 2025 and Kilinochchi on 23 October 2025.

Following the launch of the initiative in the Southern Province in Matara District, the IRCSL now takes its awareness program to Northern region, aiming to promote financial inclusion, improve insurance penetration, and enhance public understanding of the importance of insurance as a tool for protection and stability.

Jaffna District Program will be held at the Thiruvalluvar Cultural Centre Auditorium and will feature two Awareness Workshops in the morning and in the afternoon. The workshops will be conducted in collaboration with the Insurance Association of Sri Lanka (IASL), Sri Lanka Insurance Brokers Association (SLIBA), and the Sri Lanka Insurance Institute (SLII), with the active participation of all licenced life and general insurance companies.

The morning awareness session will target Government officers, bankers, SMEs, and the public and will cover presentations on life, motor, non-motor insurance, as well as Government insurance schemes such as Agrahara and special schemes like the Optional Compensation Scheme (OCS) for third-party motor accident victims. Sessions will also highlight the role of IRCSL in regulating and developing the industry and the advantages of obtaining insurance through licenced brokers. The workshop will conclude with a Q and A session focusing on common misconceptions, selecting the right insurance, and claims procedures.

The evening session will target university students, A/L students, teachers and lecturers will feature engaging presentations and video segments on life, motor, non-motor insurance, as well as special awareness segments on Suraksha, education pathways, and career opportunities in the insurance sector, along with the role of the IRCSL in protecting policyholders. Students will have the opportunity to interact with industry experts, discuss career prospects, and submit their CVs for future opportunities.

Kilinochchi District Program, scheduled for 23 October 2025, will follow a similar model, further advancing IRCSL’s efforts to extend insurance education and awareness to communities at the regional level.

Through these district-level initiatives, IRCSL seeks to build a more informed and financially secure society by empowering the public with knowledge of insurance, available schemes, and consumer rights. The campaign is part of IRCSL’s broader commitment to expanding insurance awareness across all provinces in Sri Lanka, thereby fostering greater confidence and inclusiveness in the insurance sector.

The Special Task Force (STF) has arrested five suspects over the seizure of over 830 kg of narcotics including cocaine, crystal methamphetamine (ice), and hashish, which were drifting in southern seas, on 14 October.

The Sri Lanka Navy, following a credible tip off, had conducted a special naval operation in the southern seas on 14 October and recovered 51 large bags containing the haul of drugs, which were abandoned at sea.

According to Police sources, the boat used for smuggling had also been taken into custody by the STF.

The SLN had brought the seized consignment to the Tangalle Fisheries Harbour and the Police Narcotics Bureau had confirmed that the haul of drugs contains 670 kg and 676 g of crystal methamphetamine (Ice), 156 kg and 542 g of heroin and 12 kg and 36 g of hashish.

The SLN said that the operation was carried out as part of the Navy’s intensified surveillance and intelligence-based efforts to prevent the influx of illegal drugs into Sri Lanka with the assistance of intelligence services.

Deputy Defence Minister Maj. Gen. (Retd.) Aruna Jayasekara (Retd.) and SLN Commander Vice Admiral Kanchana Banagoda, inspected the seized narcotics kept for identification at the Tangalle Fisheries Harbour.

Reiterating the Government’s commitment to safeguarding future generations from the drug menace, which is a grave threat to public safety and national security, Maj. Gen. Jayasekara explained the efforts taken under the Government’s initiative ‘Ratama Ekata Jathika Meheuma’, which is the national operation designed to eradicate drug menace from the country.

‘Under this Government we have empowered all intelligence and law enforcement agencies, including the State Intelligence Service, the Tri-Forces, Sri Lanka Police, Police Narcotic Bureau, STF and the Coast Guard, to conduct their operations independently with coordination of those agencies. This has intensified operations and also achieved significant success,’ he told the media.

The Deputy Defence Minister commended the efforts of the SLN, which engaged in guarding the sea routes that are used to smuggle narcotics and illegal substances into the country.

‘The navy is taking all efforts in coordination with all other stakeholders committed to safeguarding national security. The Government is fully committed to make Sri Lanka a drug free country,’ he said, highlighting the importance of public support to make such operations successful.