Category: Daily Financial Times

The Government yesterday issued Sri Lanka’s first residence visa under the Individual Investor Category, introduced through the amended Immigration and Emigration Regulations published in November 2023.

The visa was awarded to German national Dr. Prey Drechsel by Public Security and Parliamentary Affairs Minister Ananda Wijepala.

The scheme allows foreign nationals to qualify for a five-year visa with an investment of $ 100,000, or a 10-year visa with $ 200,000. Investments must be deposited in a Visa Programme Foreign Currency Account (VPFCA) at a licensed Sri Lankan bank.

The initiative is intended to attract foreign capital by linking long-term residency to direct investment in the country.

MTI’s international and Bhutan teams were in Thimphu as part of developing the strategic plan for the Bank of Bhutan.

Bank of Bhutan (BoB) is the largest and oldest commercial bank in Bhutan, established in May 1968 under a royal charter. It operates a network of over 45 branches across Bhutan, offering a wide range of financial services, including retail and corporate banking, investment banking, mortgage loans, and online banking. The bank is jointly owned by Druk Holding and Investments Ltd., which holds 80% of its capital, and the State Bank of India, which owns the remaining 20%.

MTI Consulting is an internationally networked strategy consultancy, having carried out assignments in 51 countries over the past 28 years.

A new three-storey ward complex costing Rs. 1 billion has been opened at the Dharga Town District Hospital, with Health and Media Minister Dr. Nalinda Jayatissa attending the ceremony.

The project is part of a Chinese-funded initiative to upgrade 13 hospitals across the country.

The 38,400-square-foot facility includes a 96-bed maternal and paediatric ward, a four-bed ICU, general wards, and an outpatient department. The Health Ministry has set aside an additional Rs. 50 million to procure essential medical equipment.

According to Dr. Jayatissa, the facility addresses a longstanding requirement in the area and will help reduce pressure on the Kalutara and Beruwala hospitals. Staffing will be expanded gradually, with more doctors, nurses, and support personnel to be deployed.

The hospital, managed by the National Institute of Health Sciences, is expected to significantly improve access to healthcare in the Kalutara District.

Technology has transformed communication, healthcare, finance and entertainment-but many elders are left behind due to limited digital literacy. On World Elders’ Day, it is important to recognize that bridging the digital gap for senior citizens can improve independence, safety and social connection.

Many elders find smartphones, apps and online services confusing or intimidating. Without guidance, they may avoid using technology altogether, missing opportunities for telemedicine, virtual banking, video calls or online information. Digital exclusion can increase loneliness, limit access to services and reduce independence.

Teaching digital skills to elders requires patience, clear instructions and practical examples. Family members can start with simple tasks such as making video calls, sending messages or using health apps. Community centres, libraries and NGOs can organize digital training sessions specifically designed for senior learners.

Affordable devices with accessible features such as larger fonts, voice commands and simplified interfaces can make technology less overwhelming. Governments and private sectors can offer subsidies, senior-friendly devices and helplines to assist with technical support.

Technology can improve elder safety and convenience. Telemedicine allows medical consultations without travel. Emergency alert systems and health monitoring apps provide peace of mind to both seniors and families. Online banking helps elders manage finances securely without standing in queues.

Most importantly, technology reduces isolation. Video calls allow grandparents to connect with family abroad. Social media and messaging platforms help them maintain friendships and participate in community groups. Entertainment apps, audiobooks and educational videos can stimulate cognitive activity and reduce boredom.

However, cybersecurity awareness is essential. Elders must be taught how to recognize scams, protect passwords and avoid sharing personal data. With the right guidance, they can use technology confidently and safely.

Digital inclusion is not about replacing human connection; it enhance

SriLankan Airlines, in collaboration with UnionPay International and Bank of Ceylon, has introduced UnionPay as a payment option on its official website, expanding its online payment ecosystem and offering greater convenience to the growing number of Chinese travellers.

This addition not only enhances the airline’s range of payment options, which already includes Visa, MasterCard, Amex, Diners, Discover, UATP, Alipay and WeChat Pay, but also reinforces SriLankan Airlines’ position in the rapidly growing digital travel market.

SriLankan Airlines Head of Commercial Dimuthu Tennakoon said, ‘As the national carrier of Sri Lanka, we strive to enhance the travel experience for our customers, from flight booking to completing their journeys. By enabling UnionPay card acceptance, we provide a more inclusive and seamless payment experience, making it easier for international travellers to book their flights conveniently.’

‘UnionPay is delighted to collaborate with Bank of Ceylon and SriLankan Airlines to enhance payment accessibility for our cardholders. This partnership aligns with our broader expansion strategy in Sri Lanka, providing domestic UnionPay cardholders and international travellers with a seamless payment experience. As a key merchant, Sri Lankan Airlines plays an essential role in supporting our issuance business and driving greater adoption of UnionPay in the market,’ said UnionPay International Country Manager of Sri Lanka and Maldives Crispin Wijesekera.

Bank of Ceylon Acting General Manager/ Chief Executive Officer Y.A. Jayathilake added, ‘We are excited to enable UnionPay’s online acceptance for SriLankan Airlines. This initiative not only improves the airline’s payment options but also strengthens Sri Lanka’s payment infrastructure, fostering digital transactions and aligning with our vision of a cashless economy.’

To celebrate this launch, SriLankan Airlines and UnionPay are in discussions to introduce a special promotional campaign for UnionPay cardholders.

As populations around the world grow older, the question of how we care for our senior citizens becomes increasingly important. World Elders’ Day serves as a powerful reminder that ageing is a natural phase of life that should be met with dignity, empathy and meaningful support. One of the most impactful ways to protect and uplift the elderly is by strengthening family-based care and community support systems. Together, these two pillars can ensure that elders live not just longer lives, but happier, safer and more fulfilling ones.

The Changing Reality of Elder Care

Traditionally, elders were cared for within extended family households. Grandparents played active roles in raising children, guiding families and preserving cultural values. However, modern lifestyles have transformed these structures. Urban migration, overseas employment, nuclear families and busy work routines have left many elders without consistent support. Even when families are willing, time constraints and financial pressures can make caregiving a challenge.

Yet, elders continue to contribute to families and communities in countless ways-through wisdom, childcare, life experience and emotional guidance. Strengthening family-based care is not only a moral obligation, but an act of gratitude and respect.

Family-Based Care: A Lifeline of Love and Security

Family care provides emotional stability that institutional care often cannot match. For many elders, familiarity, routine and affection are essential for mental and physical wellbeing. However, caregiving must be shared, not assigned to one individual alone.

Families can strengthen elder care through:

Shared responsibility: Siblings and relatives can divide roles such as financial support, hospital visits, meal planning or companionship.

Flexible arrangements: Adult children living abroad can stay closely involved through regular calls, digital check-ins or financial assistance.

Home adjustments: Simple changes like ramps, railings, non-slip mats and accessible bathrooms help elders remain independent and safe.

Respectful communication: Including elders in decisions about their own care helps them retain dignity and autonomy.

Caregiving should not be seen as a burden, but as an extension of the affection and sacrifice elders once gave.

Emotional Support: The Heart of Family Care

Elders often face loneliness, especially after retirement, the loss of a spouse or when children move away. A supportive family can prevent emotional decline by offering companionship, regular conversations and involvement in family life. Asking elders for advice, listening to their stories or including them in celebrations strengthens their sense of belonging.

Younger generations also benefit from these interactions. Children who spend time with grandparents learn kindness, cultural heritage and respect for ageing.

When Families Need Help: The Role of Communities

Not all families have the resources, time or capacity to provide complete care. This is where community-based support systems become vital.

Community involvement can take many forms:

Elder day-care centres that offer social engagement, activities and meals.

Religious and cultural organisations that coordinate visits, check-ins and festive gatherings.

Volunteer networks that assist with groceries, medical visits or companionship.

Local health clinics that provide free or subsidized check-ups, medicine and screenings.

Senior clubs and activity groups that keep elders mentally and socially active.

These initiatives reduce isolation, promote independence and give families peace of mind.

Government and Policy Support

Strong policies are essential to combine family and community care effectively. Governments can support elder wellbeing by:

Offering financial assistance, pensions or subsidies for low-income seniors.

Providing training and respite services for caregivers to reduce burnout.

Establishing home nursing and mobile medical teams for immobile or rural elders.

Supporting emergency hotlines and legal protections against abuse and neglect.

Encouraging public-private partnerships to build senior-friendly community facilities.

By investing in eldercare infrastructure, governments reduce hospital costs and enhance community strength.

The Role of Technology in Supporting Care

Technology is often viewed as intimidating to the elderly, but with proper guidance, it can greatly improve their quality of life. Families and communities can help elders use:

Video calls to stay in touch with distant relatives.

Telemedicine platforms for medical consultations without travel.

Emergency alert devices for safety.

Messaging apps for staying socially connected.

Digital tools can complement, not replace, personal care.

Respect and Dignity: Non-Negotiable Values

Strengthening elder care is not only about physical assistance, but about preserving dignity. Elders should not feel like burdens or afterthoughts. They deserve:

Autonomy in daily decisions.

The right to express preferences.

Freedom from neglect or abuse.

Recognition for their contributions and experiences.

Showing appreciation, patience and empathy fosters mutual respect and strengthens family bonds.

Building a Compassionate Society

A society that looks after its elders reflects its core values. When communities, families and institutions work together, elders are empowered to live with confidence and purpose. Caring for them also strengthens social fabric, reinforces intergenerational understanding and inspires younger generations to follow the same example in the future.

A Shared Responsibility

Family-based care and community support are not separate approaches-they are interconnected. When families take the lead and communities offer support, elder care becomes sustainable and dignified. No elderly person should feel abandoned, invisible or unheard.

On this World Elders’ Day, let us renew our commitment to those who once supported and nurtured us. By strengthening home care, building community networks and upholding compassion, we can create a world where elders age with love, security and purpose.

Ageing is not the end of usefulness-it is the continuation of humanity’s wisdom. Our duty is to ensure our elders walk their final chapters surrounded by care, respect and dignity.

Fitch Ratings yesterday affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC+’. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below.

The ratings agency said Sri Lanka’s ‘CCC+’ sovereign rating remains constrained by elevated general Government indebtedness and a high interest-revenue ratio despite the completion of the sovereign’s debt restructuring in 2024.

‘Sustained adherence to a path of reforms is facilitating a solid economic recovery, low inflation, a substantial fiscal adjustment, and improvements in the external finance position,’ Fitch said in a statement yesterday.

It noted substantial progress Sri Lanka has made under the 48-month IMF program.

Momentum includes passage of the 2025 budget in March in line with program targets, and restoration of cost-recovery pricing for electricity. Additional measures include greater tax compliance and revenue administration, and reforms to the Ceylon Electricity Board and state-owned enterprises. The investment climate, particularly FDI, is likely to remain a priority to bolster medium-term growth, albeit with incremental progress, Fitch noted.

The Central Bank of Sri Lanka (CBSL) continues to refrain from monetary financing of the deficit, and exchange-rate flexibility has been maintained. Debt-management functions carried out by CBSL are gradually being taken over by the Public Debt Management Office (PDMO).Full operationalisation of the PDMO is expected by January 2026.

Fitch said debt remains elevated despite the sharp fiscal adjustment and debt restructuring, though we expect gradual debt reduction over the medium term. Fitch forecasts gross general Government debt-GDP to reach about 96% in 2027, but will remain well above the ‘CCC’ median of 74%. Risks to the debt outlook remain high over the medium term, particularly after 2027.

Fitch projects interest/revenue to fall to 46.5% in 2027, although this would still be above the 14.3% ‘CCC’ median. We assume the first threshold of average US dollar GDP under conditions of Macro-Linked Bonds to be triggered due to the economic recovery and stronger exchange-rate assumptions.

‘This would result in higher principal and coupon payments from 2028. We expect this to be accommodated with debt declining if primary surpluses are maintained and GDP growth is sustained at 3.5% in line with our baseline,’ the ratings agency said.

Fitch expects Sri Lanka’s primary surpluses to be around 2.7% of GDP on average between 2025 and 2027. The surplus reached 2.2% of GDP in 2024 from a primary deficit of 5.7% GDP in 2021, driven primarily by a sharp rise in revenues. The 2025 budget targets an overall deficit of 6.7% of GDP , but we see a 5.4% deficit owing to lower interest costs and spending under-execution. We expect further gradual narrowing of the fiscal deficit to 4.2% by 2027 as revenues keep the primary surplus steady and interest costs decline.

Fitch said revenues rose 27% yoy between January-July 2025. Tax revenues – nearly 93% of total revenue – were up by 28% yoy. Revenue gains are also due to the revenue-raising measures announced and implemented. We forecast revenue/GDP at 15.2% and stabilisation at 15.3% over 2026-2027, still lower than the ‘CCC’ median average of 22.5%, reflecting frontloading of revenue gains under the IMF program. Additional revenue-enhancing measures in the pipeline are an upside to our projections.

Fitch noted Sri Lanka’s stable external finances. FX reserves in July-August 2025 were about $ 6.2 billion, up from a low of $ 1.9 billion in 2022. The external liquidity ratio as of end-2024 rose to 96.5% from 55.1% in 2022.

‘We expect reserves to rise gradually to $ 6.4 billion by end-2025 on the expectation of the CBSL continuing to make direct FX purchases. We forecast reserve coverage of current external payments at 2.8 months. Upfront debt relief from restructuring is benefiting external finances,’ Fitch noted.

Fitch forecasts a current account surplus in 2025, having been $ 1.2 billion in 2024 (1.2% of GDP), driven by remittances, receipts from services including tourism, and a slight trade deficit. Remittances were up 19% yoy between January-August 2025.

Fitch said the economy was showing signs of stabilisation after the 2022-2023 contraction, up by 5% in 2024 and 4.8% in 1H25. Growth in 1H25 was supported by industry and services, up by 7.9% and 3.3% yoy, respectively.

‘We expect full-year growth at 4.4%, with 3.8% in 2026 and 3.6% in 2027. US tariffs will be a growth headwind, but the revised reciprocal tariff rate of 20% is now in line with peers, reducing risks to exports. We see low average inflation, but to rise gradually to 5% in 2027, in line with the CBSL’s inflation target,’ Fitch said.

It said Sri Lanka has an ESG Relevance Score of ‘5’ for Political Stability and Rights as well as for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in Fitch’s proprietary Sovereign Rating Model (SRM). Sri Lanka has a medium WBGI ranking in the 38th percentile, reflecting a recent record of peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, established rule of law and a moderate level of corruption.

It said vehicle imports in the first eight months of 2025 amounted to $ 918 million aided by $ 240 million in August. In July the amount was $ 193 million.

Vehicle imports

Since April, value of vehicle imports has been on the rise following the lifting of the ban in late February. In April it amounted to $ 134 million but grew to $ 163 million after dipping to $ 118 million in May.

Sri Lanka’s reputation as the home of the world’s finest teas was further cemented when the New Vithanakande Tea Factory, representing the Sabaragamuwa region, set a new Guinness World Record for producing the most valuable tea ever sold.

At the Sri Lanka Charity Tea Auction held on 26 September in Osaka, Japan, the factory’s premium black tea fetched a staggering 125,000 Japanese Yen (around Rs. 255,000) per kilogram, the highest price ever recorded for tea globally. The purchase was made by Janat Paris International Company, a renowned French tea brand.

The auction was organised by the Sri Lanka Tea Board in partnership with the Japan Tea Merchants Association, alongside the Expo 2025 International Exhibition in Japan. A total of 70 international buyers participated in the landmark event.

The New Vithanakande Tea Factory earned the right to represent Sabaragamuwa after emerging as a winner in the Ceylon Specialty Tea competition, conducted every three years by the Sri Lanka Tea Board (SLTB) across seven agro-climatic regions. Each regional winner is given the opportunity to present their best teas at the international auction.

Highlighting the social purpose behind the event, the SLTB announced that the entire proceeds from the record-breaking sale will be channelled towards supporting the education of children of tea estate workers in Sri Lanka, reinforcing the industry’s commitment to sustainability and social welfare.

New Vithanakande Tea Factory CEO Pubudu Gunasekara, who personally attended the auction, returned to Sri Lanka yesterday (1) to a celebratory welcome at Bandaranaike International Airport. Senior officials of the SLTB, Directors of the New Vithanakande Tea Factory, and representatives of the Tea Brokers Association were present to greet him.

The Sri Lanka Food Processors Association (SLFPA) successfully held its 28th Annual General Meeting (AGM) on 24 September at The Kingsbury Hotel, Colombo, with the participation of its members and industry stakeholders.

Established in 1997 as an advocacy group, SLFPA today represents over 162 member companies, ranging from large multinationals to small and medium-sized enterprises (SMEs), all dedicated to advancing Sri Lanka’s food and beverage processing industry.

The keynote address was delivered by UN FAO Manager of the Circular Economy in the Food Sector (CIRCULAR) Project, Sri Lanka Camelia Andria Bucatariu.

In her presentation, Bucatariu emphasised the urgent need to address food loss, food waste, and plastic packaging waste in Sri Lanka, highlighting that urban food waste alone accounts for nearly 56.6% of municipal solid waste, or about 3,963 tons per day (FAO/IWMI, 2023). She pointed out the interlinkages between food waste and plastic waste across the supply chain and stressed the importance of scaling alternatives to single-use plastics, particularly in food packaging.

She further underlined that applying circular economy practices across the agri-food value chain can reduce losses, improve resource efficiency, and create new opportunities for SMEs. Her key message was that integrating food waste and plastic waste strategies under a circular economy framework-through strong multi-stakeholder collaboration-can accelerate progress on climate action, food security, and sustainable economic growth in Sri Lanka.

Outgoing President Thusith Wijesinghe reflected on the association’s journey, recognising the contributions of the 14 past presidents who have shaped SLFPA’s growth. He also emphasised the success of the Pro Food/Pro Pack 2025 Exhibition and the Annual Cricket Carnival. In a key announcement, he revealed SLFPA’s plans to begin construction of a dedicated Secretariat and facility at Gothami Road, Borella-marking a significant milestone in the association’s long-term strategy.

At the AGM, the new Executive Committee for 2026/2027 was appointed, comprising Mr. Aruna Senanayake of C W Mackie PLC as President, Mr. Deepal De Alwis of Neochem International Ltd., as Secretary, and Sanjeewa De Silva of Unilever Sri Lanka Ltd. as Treasurer. The committee also includes Thusith Wijesinghe of Trans Continental Packaging Commodities Ltd., as Immediate Past President, Nadishan Guruge of Mead Lee Trading Co. Ltd.. as President Elect, Vasantha Chandrapala of Visvaka Marketing Ltd., as 1st Vice President, Damitha Perera of Forbes and Walker Commodity Brokers Ltd., as 2nd Vice President, and Rasika Seneviratne of Diesel and Motor Engineering PLC as 3rd Vice President. Supporting roles are held by Dineth Alahakoon of Country Style Food Ltd., as Assistant Secretary and Sameera Jayathilaka of Westmann Engineering Ltd.. as Assistant Treasurer.

In addition the following ten Executive Committee members were appointed: Nirosh Lalantha of Ceylon Cold Stores PLC, Niroshan Dalpethado of C D De Fonseka and Sons, Sheran De Alwis of MA’s Tropical Food Processing Ltd., Sanjeewa Niroshan of SGS Lanka Ltd., Amila Weerasinghe of Nestlé Lanka Ltd., Thusitha Ekanayake of Anods Cocoa Ltd., Praharshi Wickramasekara of International Commodity Traders Ltd., Vijitha Govinna of Ceylon Biscuits Ltd., Rangajeewa Hettiarachchi of Fonterra Brands Lanka Ltd., and Kushan Amarasinghe of Finagle Lanka Ltd.

SGS Lanka Ltd., Unilever Sri Lanka Ltd. and Hayleys Aventura Ltd., partnered as Gold Sponsors of the AGM, while Lanka Exhibition and Conference Services (LECS) supported the event as the Bronze Sponsor.

The proceedings concluded with a vote of thanks delivered by the Secretary Hemantha Balasuriya, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.