Category: Daily Financial Times

The Parliamentary Sectoral Oversight Committee on Environment, Agriculture and Resource Sustainability has reviewed the financial and physical progress of the 2025 Budget proposals of several ministries, including Agriculture, Trade, Plantations, and Environment.

The Parliament Secretariat said yesterday that the discussions took place during a committee meeting held on 21 October, chaired by Member of Parliament Hector Appuhami. The review also assessed the expected progress of each ministry’s budgetary commitments up to 31 December 2025.

The ministries under review were the Ministry of Agriculture, Livestock, Lands and Irrigation; the Ministry of Trade, Commerce, Food Security and Co-operative Development; the Ministry of Plantations and Community Infrastructure; and the Ministry of Environment.

Committee Chairman Hector Appuhami emphasised the need for a detailed report to be presented to Parliament based on the findings, outlining how funds allocated under the 2025 Budget have been utilised and the progress achieved by each ministry. He said the Committee will continue to evaluate the performance of all ministries within its purview.

The Committee examined the allocations and expenditure progress of each ministry and recommended that reports on fund utilisation and the advancement of key projects be submitted to the Committee for further review.

Kakiriwaragodage, CFA, is a 22-year veteran in investment banking, private equity and IT services.

He is the Director/Chief Executive Officer (CEO) of NDB Capital Holdings Ltd., and Director of several NDB Capital Group companies and investee companies.

He is also a member of the Ceylon Chamber of Commerce Finance and Capital Markets Sector Committee and held board positions on the Chartered Institute of Management Institute (CIMA) and Chartered Financial Analysts (CFA) Society of Sri Lanka.

Kakiriwaragodage holds a B.Sc. First Class Degree in Computer Science and Engineering from the University of Moratuwa and a MBA from the University of Manchester, UK, as well as being a fellow member of CIMA UK, a Chartered Global Management Accountant (CGMA) and a CFA Charter holder.

Deputy Minister of Defence Major General (Retd.) Aruna Jayasekara told Parliament yesterday that more than 700 acres of land in the Northern and Eastern Provinces have been released to the public so far this year.

He said that between 1 January and the present date, 672.24 acres of land in the North have been returned, including 86.24 acres of privately owned property and 586 acres previously used by the military.

In the Eastern Province, 34.58 acres of State-owned land have also been released to the public, he said.

Jayasekara noted that the Government is working to resolve outstanding issues related to the Eechankulam lands in the Vavuniya District, adding that the matter is under review.

He further told Parliament that all land releases were carried out following the submission of relevant documentation to the National Security Council and the Sectoral Oversight Committee on National Security.

CBL Samaposha has announced the sponsorship of ‘Samaposha Under-14 National Football Championship’ for the 14th consecutive time.

Organised by the Sri Lanka School Football Association (SSFA), the ‘Samaposha Under-14 National Football Championship’ is scheduled to be held in the months of November and December 2025. The Football Federation is also providing guidance and direction for the tournament.

With over 12,000 school football players taking part in the tournament, the enthusiastic response to the school football championship over the years has been exceptional from schools islandwide. Participants for the championship are from all twenty-five districts of the island and matches are to be held in 32 centres, with 510 boys’ teams and 110 girls’ teams competing. In the tournament, 33 winning boys’ teams and 25 girls’ teams will qualify for the second round scheduled in Galle at three locations including the Dadalla Sports Complex, BTS Ground and the Football Federation Ground.

The first round of the tournament begins in November, and the second round will be held from 5 to 7 December in Galle. The final rounds will be held on 13 December at the Racecourse Grounds, Colombo. Special recognition and awards are to be presented at the end of the tournament for the best player from the boys and girls categories and the best goalkeeper.

CBL Food Cluster Director/Chief Executive Officer Manjula Dahanayake said, ‘CBL Samaposha proudly continues the long-standing sponsorship of the Samaposha Under-14 National Football Championship, building youth football, teamwork, and discipline across Sri Lanka. As a homegrown brand, we are committed to investing in youth development and national sporting excellence through initiatives such as this and other sporting platforms we support.’

Sri Lanka Football Federation CEO/General Secretary Iraj Wimalasuriya noted, ‘We are proud to support the CBL Samaposha Under-14 National Football Championship for the 14th consecutive year. The tournament is a sporting event and a platform to nurture the next generation of football talent in Sri Lanka. Joining hands with CBL Samaposha, we aim to deliver another memorable championship celebrating skills, passion, and potential of school players, and also contribute meaningfully to the development of youth sports in the country.’

Sri Lanka Schools Football Association President U.S.A. Bandara Leelarathna said, ‘This year’s competition draws attention for giving students from remote areas a chance to compete with multiple Under-14 teams. We have high expectations and sincerely thank CBL Samaposha for their continued support in making the championship a success.’

Education Ministry Director Sports and Physical Education Lt/Col. Anura Abeywickrema said, ‘For many young players, the tournament is their first competitive experience, shaping a future in sport. Events such as these are vital to Sri Lanka’s sporting landscape, and CBL Samaposha’s 14 years of dedicated support is deeply appreciated.’

Airport and Aviation Services (Sri Lanka) Ltd. (AASL) said that passenger volumes and flight operations are expected to increase significantly during the upcoming tourism season, supported by new airline schedules and expanded routes.

Sri Lanka’s peak travel period begins in November and continues through February. The AASL said both the Bandaranaike International Airport (BIA) in Katunayake and the Mattala Rajapaksa International Airport (MRIA) in Hambantota will handle new flight operations during this period.

Kuwait Airways will resume services to BIA on 27 October, operating four flights a week, while Belarus’s national carrier Belavia Airlines will begin scheduled charter operations to MRIA on 28 October.

On the same day, Russia’s Red Wings Airlines will launch five weekly flights to Hambantota, and Edelweiss, a subsidiary of SWISS International Air Lines, will commence its winter operations to BIA.

Additionally, Enter Air of Poland is set to operate regular charter flights between Warsaw and Colombo from 30 October 2025, with services every 10 days on Thursdays and Sundays until mid-April 2026.

To accommodate the rise in passenger traffic, AASL said 12 new check-in counters will be opened at BIA from 1 November 2025 as a short-term measure for the winter season, following requests from international carriers to add more flights and deploy wide-body aircraft.

Beijing Capital Airlines is also scheduled to launch flights from Beijing Daxing International Airport to Colombo in January 2026, operating twice weekly. Meanwhile, Jetstar, part of Australia’s Qantas Group, is exploring the possibility of starting scheduled services to Colombo next year.

The tourism industry reached a key milestone surpassing 1.8 million tourist arrivals for the year as of mid-October 2025, signalling continued recovery and growing global confidence in the destination.

The Government’s revised 2025 target of 2.6 million arrivals still requires attracting over 800,000 visitors in the last quarter, a task that industry experts describe as ‘ambitious but attainable’, depending on winter season performance and global travel conditions.

Colombo stock market held its ground yesterday to close marginally up with high turnover.

The ASPI closed 0.26% up, gaining 59.88 points to 22,850.95 while the active S and P SL20 closed down 0.13%, falling 7.99 points to 6,268.87.

Market turnover was Rs. 9.2 billion on more than 307 million shares traded. Foreign investors were net buyers with a net inflow of Rs. 13.8 million.

Almas Equities said Investor sentiment was influenced by a series of notable corporate announcements, including Hayleys PLC entry into the supermarket industry and a share subdivision by Bairaha Farms PLC, both of which drew heightened market attention.

Hayleys PLC share price gained by 3% or Rs. 6.25 to close at Rs. 197.25 and Bairaha share price gained by 19% to Rs. 458.25.

Additionally, ongoing quarterly earnings releases and anticipation of upcoming corporate results continued to drive activity across multiple sectors.

NDB Securities said ASPI closed in green as a result of price gains in counters such as Hayleys, Ceylon Grain Elevators and Richard Pieris and Company with the turnover crossing Rs. 9.2 billion.

High net worth and institutional investor participation was noted in DFCC Bank, LAUGFS Gas and Royal Ceramics.

Mixed interest was observed in Overseas Realty, Ambeon Capital and LOLC Finance whilst retail interest was noted in Industrial Asphalts, SMB Leasing nonvoting and SMB Leasing.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers.

The Banking sector was the top contributor to the market turnover (due to DFCC Bank) whilst the sector index lost 0.26%. The share price of DFCC Bank lost 50 cents (0.30%) to close at Rs. 163.50.

The Capital Goods sector was the second highest contributor to the market turnover (due to Royal Ceramics and Colombo Dockyard) whilst the sector index increased by 0.25%.

The share price of Royal Ceramics moved up by 60 cents (1.29%) to close at Rs 47.10. The share price of Colombo Dockyard appreciated by Rs. 12.25 (7.15%) to close at Rs. 183.50.

LAUGFS Gas and Dipped Products were also included amongst the top turnover contributors. The share price of LAUGFS Gas increased by Rs. 4.80 (8.57%) to close at Rs. 60.80. The share price of Dipped Products recorded a gain of Rs. 2.30 (3.41%) to close at Rs. 69.80.

First Capital Research said the Colombo Bourse extended its upward momentum, with the ASPI advancing by 60 points to close at 22,851.

While retail participation remained moderate, strong HNW interest was evident, supported by notable off-board transactions in DFCC, LGL, and RCL. Key positive contributors to the index included HAYL, GRAN, RICH, CARG, and BFL.

Additionally, large-cap counters such as HNB, COMB, and JKH declined, exerting pressure on the S and P SL20 index.

Market turnover was approximately 24% above the monthly average. The Banking sector led market activity, accounting for 22% of total turnover, while the Capital Goods and Energy sectors collectively contributed 29%.

Asia Securities said foreigners recorded a net inflow of Rs. 13.8 million. Net foreign buying topped in HAYL at Rs. 32.2 million and selling topped in CARG at Rs. 40.7 million.

Sri Lanka could raise about $ 450 million annually by imposing a 1.7 to 3.5% wealth tax on the richest 0.5% of its population, according to a new analysis cited by Human Rights Watch (HRW) in its latest report ‘Tax Giveaways, Struggling Schools.’

The rights group said the proposed tax, modelled on Spain’s ‘solidarity charge,’ would generate nearly half the funding allocated to education in 2022.

It argued that decades of ‘tax giveaways’ and widespread exemptions for corporations have drained Government revenues and deepened inequality, leaving critical sectors like education underfunded.

HRW said successive policy choices have left Sri Lanka’s tax system ‘regressive and inadequate,’ undermining the State’s ability to meet its human rights obligations.

The report found that widespread corporate tax exemptions, weak taxation of personal income and wealth, and corruption in revenue agencies have led to chronic shortfalls in Government revenue.

According to the report, corporate tax incentives granted through the Board of Investment and under the Strategic Development Projects Act cost the Treasury Rs. 978 billion, or 56% of total tax revenue, in 2022.

‘These tax giveaways have drained resources from education and public welfare while benefitting corporations and high-income earners,’ the report stated.

HRW also highlighted Sri Lanka’s growing reliance on indirect taxes such as VAT, noting that ‘direct taxes accounted for 33% of tax revenues in 1977, but averaged just 19% between 1980 and 2018.’ That share rose to 30% prior to the crisis, but is projected to fall back to around one-quarter of total revenues under fiscal reforms.

Meanwhile, the share of VAT in total revenues, which stood at 25% between 2010 and 2023, is expected to rise to more than one-third between 2024 and 2027.

A 2024 World Bank review described Sri Lanka’s VAT reforms as ‘particularly regressive,’ saying they had contributed to a 3.9 percentage point increase in poverty.

The report also cited an International Monetary Fund (IMF) governance review that found ‘virtually no culture of integrity observed [in revenue agencies], with corruption allegedly found at every level – including top management.’

HRW urged the Government to adopt progressive tax measures, improve transparency in granting corporate exemptions, and strengthen the enforcement capacity of revenue agencies.

It also called on global policymakers to finalise a UN tax cooperation treaty to curb tax competition and illicit financial flows that continue to erode the fiscal base of developing economies.

Sri Lanka Tourism showcased its vibrant offerings at Luxperience 2025, one of the luxury travel trade events in the Asia-Pacific region, held from 7 to 10 October 2025 at the International Convention Centre (ICC), Sydney. The Sri Lanka Pavilion attracted exceptional attention from global buyers, luxury travel agents, and hoteliers, further strengthening the island’s positioning as a premier luxury travel destination.

A total of 14 leading Sri Lankan travel and hospitality brands joined hands with the Sri Lanka Tourism Promotion Bureau (SLTPB) to represent the country at this event. The participating partners included Pepper Life Ltd., Flameback Eco Lodge, Uga, KK Collection, Transco Travels Ltd., Tour Blue Holdings Ltd., Aitken Spence Travels Ltd., Abercrombie and Kent, Magical Isle Holidays Ltd., W15 Collection, Wild Beach Resorts Ltd., Cape Weligama Ltd., Anantara Hotels and Resorts Sri Lanka, and SriLankan Airlines.

Representing the Sri Lanka Tourism Promotion Bureau (SLTPB) at the event were Assistant Director – Marketing (Australia and New Zealand) Chami Lanka Gasanwage and Assistant Director – Design Darshana Charith Kaluthanthri who professionally represented Sri Lanka Tourism and ensured a strong presence for the destination at this prestigious international forum.

Throughout the four-day exhibition, the Sri Lanka delegation conducted over 70 productive meetings directly with travel agents, hoteliers, and tour operators. Including engagements between the participating Sri Lankan companies and international partners, the event recorded more than 1,000 successful B2B meetings, marking one of the most impactful international appearances by Sri Lanka Tourism in recent years.

As per discussions held with Australian travel industry representatives, Sri Lanka continues to emerge as one of the most sought-after ‘hot bucket’ destinations among Australian travellers. The country’s diversity in experiences, from luxury resorts and wellness retreats to wildlife, adventure, and heritage, resonated strongly with the Australian market.

Luxperience 2025 provided an ideal platform to strengthen trade relationships, explore joint promotional campaigns, and enhance visibility for Sri Lanka in the high-spending luxury travel segment. It also served as a valuable opportunity for Sri Lanka Tourism to gain market intelligence, analyse competitor strategies, and engage with new service providers for future global events.

Sri Lanka Tourism’s participation in Luxperience 2025 aligns with its strategic mission to expand market presence in high-value segments and attract discerning travellers seeking authentic, sustainable, and luxury travel experiences. With the resounding success achieved in Sydney, Sri Lanka Tourism looks forward to building stronger partnerships with Australian tour operators and continuing its journey toward positioning Sri Lanka as a world-class luxury destination in the global travel map.

The Government has decided to implement an Artificial Intelligence (AI)-powered threat detection system to strengthen the security of State cloud services, Digital Economy Deputy Minister Eranga Weeraratne said in Parliament yesterday.

Weeraratne said the initiative will enable authorities to identify and respond to emerging cyber threats more effectively. He assured that all necessary measures are being taken to protect institutions operating under cloud infrastructure and to ensure the safety of public data.

The Deputy Minister also noted that no Government service had been disrupted by the recent system failures and that operations across institutions continue without interruption.

India virtually sealed the fourth semi-final spot in the ICC Women’s Cricket World Cup when they beat New Zealand by 53 runs (DLS method) in a crucial game for both teams played at Navi Mumbai yesterday.

In the end, it was a fairly comfortable win for India. Their batters did the bulk of the heavy lifting, lifting them to an imposing total of 340-3 in 49 overs before Kranti Gaud and Renuka Singh dented the New Zealand charge in the powerplay.

New Zealand’s revised target was 325 off 44 overs. Skipper Sophie Devine fell for 6 soon after the field restrictions were lifted and from that point, New Zealand were always playing catch-up cricket. Brooke Halliday’s 81 off 84 balls (9 fours, 1 six) and Isabella Gaze’s knocks (65* off 51 balls, 10 fours) were studded with boundaries and showed a lot of promise, but it acted only as a mere consolation.

The Indian openers laid an excellent foundation with a record 212-run stand off 202 balls. Player of the Match Smriti Mandhana (109 off 95 balls, 10 fours, 4 sixes), her 14th in WODIs and first in this World Cup, and Pratika Rawal (122 off 134 balls, 13 fours, 2 sixes) both scored hundreds and led the charge in this crucial game. Rawal made her maiden century in a World Cup and also became joint fastest 1,000 WODI runs. Jemimah Rodrigues maintained the tempo set by the openers with 76* off 55 balls (10 fours) as India finished on a high.

Scores:

India Women 340-3 (49) (Pratika Rawal 122, Smriti Mandhana 109, Jemimah Rodrigues 76*)

New Zealand Women 271-8 (44) (Georgia Plimmer 30, Amelia Kerr 45, Brooke Halliday 81, Isabella Gaze 65*, Renuka Singh 2/25, Kranti Gaud 2/48)