Category: Daily Financial Times

The Ceylon Chamber of Commerce yesterday said that while it commends the Government’s effort to introduce a legislative framework for PPPs through the Draft Public-Private Partnership (PPP) Bill, it noted several concerns that warrant further attention.

These include ensuring the independence of the proposed National Agency for PPPs, strengthening competitive safeguards around unsolicited proposals, enhancing fiscal transparency through clearer reporting requirements, and providing more robust mechanisms for dispute resolution.

‘Addressing these issues will be vital to build investor confidence and safeguard the public interest,’ the chamber said in a statement.

It noted that if the Bill is to operate as a clear and comprehensive framework, it is important to clarify its legal standing to avoid overlaps with existing laws, improve disclosure requirements to build public trust, align project evaluation processes with international best practices, and embed environmental, social, and governance (ESG) standards to ensure projects contribute to sustainable development.

The importance of safeguarding the independence of the proposed National PPP Agency, ensuring qualified appointments with Parliamentary oversight, and introducing stronger conflict-of-interest provisions is also critical.

‘We welcomed the opportunity to share private sector inputs during the consultation process with the National Agency for Public-Private Partnership and the Asian Development Bank, as private sector perspectives are essential to shaping a transparent, credible, and investment-friendly PPP framework,’ the chamber said.

The Ceylon Chamber said it hoped that the draft legislation will progress through the approval process and lead to the establishment of a strong and independent National Agency for PPPs, and stands ready to work closely with the Government and relevant agencies to support the implementation of a credible and internationally aligned PPP framework, which will be essential if Sri Lanka is to mobilise private capital on a large scale and close its infrastructure investment gap.

It said that a legislative framework for PPPs was a requisite precursor to enhancing Sri Lanka’s ability to attract private investment in infrastructure and service delivery. Amidst a tight fiscal environment for the Government, PPPs will be conducive for driving projects that will enhance growth, create jobs and bring in private capital.

‘The Ceylon Chamber notes several positive aspects of the Bill, including the mandated value-for-money and feasibility assessments, enhanced transparency through stakeholder consultation and public disclosure, clear risk allocation to the private sector, and the establishment of a dedicated National PPP Agency with a clear mandate. These provisions are in line with international best practices and can significantly improve the environment for private sector participation,’ the chamber said.

Siyapatha Finance PLC yesterday said that it has appointed its Chief Strategy Officer Mathisha Hewavitharana as CEO-designate with effect from 1 October.

Hewavitharana possesses over 20 years of experience in the financial services industry, having commenced his professional journey in 2005 at Siyapatha Finance PLC.

His career has encompassed a wide array of functional areas, including Marketing, Credit, Branch Operations, Branding and Marketing Communications, Product and Business Development, and Strategic Planning and Execution.

Over the course of his tenure at Siyapatha Finance PLC, Hewavitharana has progressively advanced through several senior leadership roles.

In his current capacity as Chief Strategy Officer, he has been entrusted with critical responsibilities aligned with the company’s succession planning framework.

Hewavitharana is a graduate of the University of Colombo, where he earned a Master of Business Administration in General Management and a Bachelor of Business Administration with a specialisation in Marketing Management

He holds a Professional post-Graduate Diploma in Marketing (UK) with MCIM and Chartered Marketer status, a Certified Chartered Management Accountant (UK) with CGMA, ACMA status, an Advance Diploma in Banking and Financing from Banking Institute of Sri Lanka with AIB membership status, and an Associate Membership at Sri Lanka Institute of Marketing with a Practicing Marketer status.

President Anura Kumara Disanayake yesterday enticed Japanese companies to invest in stable and high-potential Sri Lanka in a bid to tap the giant South Asian market.

He had a closed-door meeting in Tokyo with several top Japanese companies, and later addressed a packed open Business Forum on the sidelines of his State visit, pushing for greater bilateral ties.

At the open forum, the President listed economic and political stability, transparent, corruption-free, and good governance, and strategic geographic location among key reasons for Japanese firms to locate in Sri Lanka and tap the giant South Asian market with 2.5 billion people.

He also described Sri Lanka as one of the most stable democracies in the region and, given the country’s competitive and comparative advantages, including a skilled talent pool and Free Trade Agreements (FTAs), Sri Lanka was ideal for Japanese companies keen to diversify supply chain options.

‘Sri Lanka can be your strategic partner to enter South Asia,’ the President told Japanese investors gathered at the headquarters of the Japan External Trade Organisation (JETRO).

Disanayake said that his Government was favourable to the idea of a dedicated Industrial Zone for Japanese manufacturers, and also assured that an Investor Protection Bill will be presented to Parliament to enhance the conducive environment.

Having briefly highlighted some of the salient achievements since he took office as President, Disanayake said Sri Lanka is poised to achieve higher sustainable socio-economic growth via progressive policies.

‘By 2027, our economy will be worth $ 107 billion, which is 20% above the baseline projection made by the International Monetary Fund (IMF),’ Disanayake said, adding that logistics, financial services, manufacturing, and technology are some of the high-potential sectors for Japanese companies.

Speaking at the forum soon after meeting Japanese Prime Minister Shigeru Ishiba, Disanayake acknowledged that Japan has been a strong development partner for Sri Lanka, and with stability and good governance back in Sri Lanka, bilateral ties can be elevated to a new high.

Representing the Japanese Government at the forum, Japanese Economy, Trade and Industry State Minister Dr. Ogushi Masaki referred to his country’s proposal to set up an export-oriented industrial corridor for Japanese firms to tap the Indian market via Sri Lanka. He said the move is mutually beneficial to all the countries in South Asia.

The forum was organised by the JETRO, Ministry of Economy, Trade and Industry (METI), Sri Lanka Embassy in Japan, the Japan-Sri Lanka Business Cooperation Committee, and the Board of Investment (BOI). It was supported by the Japan International Cooperation Agency (JICA).

Others who spoke at the forum were JETRO Chairman and CEO Ishiguro Norihiko, Japan-Sri Lanka Business Cooperation Committee Chairman Kobayashi Fumihiko, President’s Chief Adviser on Digital Economy Dr. Hans Wijayasuriya, METI Director for Southwest Asia Region – Trade Policy Bureau Shimano Toshiyuki, Ito Spring Co., CEO Kawashima Miwako, Tos Lanka Factory Manager Tanaka Nobuyuki, BOI Assistant Director – Desk Officer for Japan Arunya De Silva and The Ceylon Chamber of Commerce (CCC) Chairperson Krishan Balendra.

The forum in Tokyo was the final event under the public-private sector joint initiative to boost greater economic and business cooperation between Sri Lanka and Japan, buttressing the State visit by President Disanayake. Prior to Tokyo, a similar business forum was held in Osaka apart from President Disanayake officiating at the Sri Lanka Day at Expo 2025 in Osaka.

The private sector delegation was led by the Sri Lanka-Japan Business Council (SLJBC) under the aegis of The CCC. The delegation of over 20 personnel/companies has interests in manufacturing, exports, services, tourism, logistics, and IT.

The delegation was led by The CCC and John Keells Holdings Chairperson Krishan Balendra, and comprised SLJBC Vice President and Spear International Ltd., Chairman and Managing Director Shamil Mendis; SLJBC Treasurer and MendisOne Chairman Rohitha Mendis; SLJBC Immediate Past President and Andrew the Travel Company Managing Director Mahen Kariyawasan; BOV Capital Managing Partner Prajeeth Balasubramaniam; Celestia International CEO Chandana Silva; Connaissance De Ceylan CEO Chamin Wickramasinghe; EW Information Systems Chairman Sanjeewa Wickramanayake; Hayleys PLC Director Sarath Ganegoda; hSenid Group Chairman Dinesh Saparamadu; Lanka Harness Executive President Rohan Pallewatta; MAC Holdings Chairman and President Otani San; MAC Holdings Managing Director Andre Fernando; MendisOne Managing Director Rishantha Mendis; Microsoft Sri Lanka and Maldives Country Manager Harsha Randeny; Tomo Wold Ceylon Chairman Nishantha Perera; Adamjee Lukmanjee and Sons Business Partner – Exports Hashini Kalansuriya; Jayalanka Suppliers Managing Director Ganidhu Ishara; Transfood Lanka Director Sajahan Pasie, NCINGA Group Managing Director Vajira Wijesinghe, and The CCC Assistant Secretary General Dinithi Dias.

Apart from being one of the leading development partners for Sri Lanka and top investors, Japan is Sri Lanka’s 15th largest export market at $ 170 million and Sri Lanka’s 16th biggest source for imports at $ 250 million as per 2024 data. Japan is also the 16th biggest source market for tourists at 25,000 in the first eight months of 2025.

Fox Jaffna by Fox Resorts has been honoured with the Silver Award for ‘Leading Heritage Hotel/Resort’ at the prestigious South Asian Travel Awards (SATA) 2025. This marks the fourth consecutive year that the boutique property has received regional recognition, cementing its position as a premier heritage hospitality destination in Sri Lanka.

Located in the culturally rich city of Jaffna, Fox Jaffna offers guests a unique blend of heritage and contemporary comfort. The hotel is housed in a carefully restored historic compound, where the original architectural features have been preserved to maintain the site’s deep cultural significance. One of the standout features of Fox Jaffna is its innovative reuse of the underground bunkers, which have been thoughtfully transformed into a captivating art gallery and history museum. This initiative reflects Fox Jaffna’s commitment to giving back to the community by preserving and promoting the rich cultural heritage of the region. These spaces offer guests a tangible connection to Jaffna’s complex history, showcasing local artistry and telling the stories that define the cultural tapestry of the Northern Province. Through this thoughtful curation, Fox Jaffna not only educates visitors but also celebrates and supports the vibrant community that shapes the identity and future of Jaffna.

Fox Jaffna’s commitment to heritage preservation goes hand-in-hand with its dedication to sustainable tourism. The property incorporates eco-friendly initiatives such as energy-efficient systems, water conservation practices, and waste reduction measures. Furthermore, local materials and traditional craftsmanship have been prioritised throughout the hotel’s design and operations, supporting the regional economy and preserving artisanal heritage. This holistic approach ensures that Fox Jaffna not only honours the past but also safeguards the future of Jaffna’s community and environment.

Fox Resorts CEO Chris Quyn said, ‘Receiving the South Asian Travel Award for the fourth year running is a tremendous honour. This recognition reflects the hard work and passion of our team, who strive to create authentic and meaningful guest experiences rooted in the rich history of Jaffna. Our goal is to offer more than just accommodation – we aim to share the unique story of this region with travellers from around the world.’

The South Asian Travel Awards is the region’s most respected hospitality and tourism event, celebrating excellence, innovation, and leadership across South Asia. Fox Jaffna’s continued success highlights its role as a leader in heritage hospitality, combining cultural preservation, sustainable practices, and genuine hospitality to inspire travellers worldwide.

People’s Bank has partnered with Toyota Lanka Ltd., to launch an exclusive Auto Loan Facility, providing Sri Lankans with an enhanced opportunity to realise their dream of vehicle ownership.

The Memorandum of Understanding (MoU) for this partnership was signed recently at Toyota Plaza, Wattala. The event was attended by People’s Bank Chief Executive Officer/General Manager Clive Fonseka, Deputy General Manager – SME Development and Micro Finance Wickrama Narayana, Deputy General Manager – Retail Banking and Overseas Customer Services Aruni Liyanagunawardana, along with other officials. Representing Toyota Lanka were Head/Project Manager – Value Chain and Mobility Solutions Naotaka Takeda, Chief Operating Officer Mathisha Samaranayake, Chief Financial Officer Gayan Karunarathne, Chief Human Resource Officer Demetrious Perera, General Manager – Sales Ravi Opatha, General Manager – Auto Value Enhancement Vipul Bandara, and Deputy Manager – Core Marketing Division Suren De Silva.

This initiative introduces a dedicated loan facility for the purchase of brand-new vehicles, representing a significant step forward in both retail banking and automobile financing.

For many Sri Lankans, buying a vehicle is a lifelong aspiration. People’s Bank Auto Loan offers a customer-focused financing solution that extends beyond conventional facilities, providing unmatched flexibility and long-term value. With a range of repayment options available, customers can benefit from a monthly instalment as low as Rs. 1,499 per Rs. 100,000 for a five-year tenure, with up to 30% capital deferment. After five years, the deferred amount can be either settled in full or converted into a new loan, providing greater financial flexibility.

The People’s Auto Loan provides greater value than other traditional financing methods, offering highly competitive interest rates, no early settlement fees, and exclusive discounts on Letter of Credit (LC) openings for vehicle imports. Moreover, this facility enables customers to gain full ownership while enjoying a seamless and affordable path to owning either a brand-new or a pre-owned vehicle.

Toyota Lanka, the sole authorised distributor for Toyota vehicles in Sri Lanka, is renowned for its quality, safety, and innovation. Through this collaboration, customers benefit from the combined credibility of two trusted brands-People’s Bank’s financial expertise and Toyota’s global reputation for excellence.

Together, the two organisations are set to transform auto financing in Sri Lanka, making the aspiration of driving a brand-new Toyota a reality for many.

The Sri Lanka Economic and Investment Summit 2025, themed ‘Gateway to Growth: Asia’s Emerging Opportunity’, will be held on 2 and 3 December at the Shangri-La, Colombo. A key sector deep dive on day one will examine how Sri Lanka can broaden its export base and deliver sustained growth through diversification.

The session, ‘The New Age of Diversified Exports – Delivering on Diversified Export Products and Markets’, will highlight the urgency of moving beyond traditional export sectors as global demand patterns shift and resilience becomes a strategic imperative. The discussion will explore untapped opportunities in high-value industries such as cinnamon, seafood, electronics, minerals, and advanced manufacturing. It will also examine how Sri Lanka can strengthen its position in non-traditional markets through branding, standards, logistics, and strategic trade partnerships.

The keynote address will be delivered by Centre for Social and Economic Progress Visiting Senior Fellow Prof. Sanjay Kathuria. Prof. Kathuria holds a Doctorate in Economics from the University of Oxford, and has over 27 years of experience at the World Bank, and a decade at ICRIER in New Delhi. He is also the Co-Founder of the Trade Sentinel, and a Non-Resident Senior Fellow at the Institute of South Asian Studies in Singapore.

In addition to Prof. Kathuria, the panel will feature Hirdaramani Group Managing Director Ranil Pathirana, Joint Agri Products Ceylon Director/COO Chathura Abeyratne, OREL IT CEO Dr. Upendra Peiris, and Sunshine Healthcare CEO Dr. T. Sayandhan, with Verité Research Director Subhashini Abeysinghe moderating the discussion.

The Government continues to improve its fiscal performance with the overall Budget deficit for the first eight months of 2025 falling 54.88% from a year ago to Rs. 411 billion, according to the latest data released by the Central Bank of Sri Lanka (CBSL).

The overall Budget deficit in the eight months to the end of August 2024 was Rs. 911 billion.

Tax revenue for the eight months grew 31% from Rs. 2.35 trillion a year ago to Rs. 3.07 trillion, with non-tax revenue growing 8% from Rs. 209 billion to Rs. 226.2 billion.

Grants fell 17.3% to Rs. 6.7 billion, compared to Rs. 8.1 billion a year ago.

Recurrent expenditure in the eight months to end August 2025 grew at a slower pace than revenue, growing 11% from Rs. 3.04 trillion a year ago to Rs. 3.4 trillion. Capital and lending excluding repayments fell sharply by 24% from Rs. 435 billion a year ago to Rs. 331 billion.

The Government recorded a primary balance surplus of Rs. 1.27 trillion in the eight months, up 97% from Rs. 648.7 billion a year ago, with overall Budget deficit declining 55% from Rs. 911 billion a year ago to Rs. 411 billion.

CBSL data published debt figures for the first six months of 2025.

Total outstanding Government debt was up 3% from Rs. 28.7 trillion a year ago to Rs. 29.6 trillion, with outstanding foreign debt growing 3.8% from Rs. 10.4 trillion to Rs. 10.8 trillion.

Total domestic Government debt in the seven months grew 2.7% from Rs. 18.3 trillion a year ago to Rs. 18.8 trillion.

Outstanding Treasury Bills fell 3.4% from Rs. 4.1 trillion a year ago to Rs. 3.9 trillion with Bonds up 6% from Rs. 14 trillion a year ago to Rs. 14.9 trillion.

An eight-member team from Ceylinco Life recently attended a five-day training program in Kuala Lumpur, Malaysia, on the theme ‘Lead Forward’. The program focused on Agency Management and provided insights into building stronger, future-ready sales teams.

Training sessions covered a wide spectrum of topics including profitable agency management, dynamic agency building through effective systems, gearing up for affluent markets, creating leaders within agencies, the growing importance of adaptive tech-savvy leadership, and cultivating the Million Dollar Round Table (MDRT) mindset.

The sessions were conducted by eight accomplished Group Sales Managers from Great Eastern Life Insurance in Malaysia and Singapore, led by industry veteran K. Haridas. The program also included office visits to high-performing Group Sales Managers of Great Eastern Life and MCIS Life Insurance Malaysia, where the participants experienced first-hand how successful agencies are run in the region.

This initiative reflects Ceylinco Life’s continuing commitment to enhancing the professional skills and leadership capacity of its team to better serve policyholders, the company said.

The International Chamber of Commerce Sri Lanka (ICCSL) has urged the Government to adopt reforms to strengthen awareness and compliance under the Taxpayer Charter.

In a policy paper handed to the Department of Fiscal Policy, the ICCSL set out proposals to close gaps in taxpayer knowledge and trust identified through a national survey.

Key recommendations include comprehensive education programs using digital platforms, community outreach and workshops, as well as tailored communication frameworks that simplify tax obligations for the public while offering detailed guidance for professionals.

The paper also calls for stronger data privacy protections, including cybersecurity measures, and the establishment of a Charter Monitoring Unit within the Inland Revenue Department to evaluate communication tools, feedback mechanisms and revisions of the Charter.

ICCSL Chairman Shanil Fernando said: ‘This paper reflects the collective voice of taxpayers and the need for greater clarity, balance, and trust in our tax system.’ He added that the chamber remains committed to further research on effective tax practices to support Sri Lanka’s economic growth.

Accepting the paper, Department of Fiscal Policy Director General Dr. Kapila Senanayake said: ‘These are timely, practical, and necessary reforms that deserve immediate attention.’ He added that several recommendations would be seriously considered for inclusion in the upcoming budget.

Justice delayed has not only compounded victims’ suffering but has also damaged institutional credibility

Purpose

To analyse the justice delays and inconsistencies following the 2019 Easter Sunday attacks, and to propose policy measures to strengthen the rule of law, enhance prosecutorial and judicial independence, and restore public trust in Sri Lanka’s criminal justice system.

Background

The Easter Sunday terrorist attacks in April 2019 killed over 260 people and injured hundreds.

Despite extensive investigations, justice for victims remains delayed.

Inconsistencies in prosecutorial decisions by the Attorney General’s Department, coupled with judicial delays, have raised questions about political interference, institutional weakness, and erosion of public trust.

This case has become a litmus test for the credibility of Sri Lanka’s criminal justice system.

1. Rule of law under strain

Justice must be equal, timely, and free from political influence.

Prolonged delays have weakened the principle of equality before the law.

2. Law enforcement challenges

Investigations identified key suspects, but allegations of selective targeting and poor evidence management persist.

Coordination gaps between police and prosecution undermine case strength.

3. Attorney General’s Department

The AG’s independence is questioned due to inconsistent decisions on suspects.

Lack of transparency in prosecutorial choices fuels public suspicion.

4. Judiciary and delayed justice

Courts have been slow to adjudicate, compounding victims’ frustration.

Perception of judicial reluctance in politically sensitive cases undermines independence.

5. Erosion of public trust

Survivors and families perceive justice as politicised and stagnant.

Declining trust risks weakening social cohesion and democratic legitimacy.

Policy recommendations

1. Fast-track mechanisms for high-impact cases

Establish special terrorism and complex crimes courts with statutory timelines.

Ensure judges and prosecutors receive specialised training.

2. Strengthening law enforcement capacity

Develop specialised terrorism case units within police.

Enhance forensic and digital investigation capabilities.

Introduce independent oversight mechanisms for sensitive investigations.

3. Reforming the Attorney General’s Department

Introduce an independent appointments and oversight process for senior AG officials.

Mandate annual public reporting of prosecutorial decisions for transparency.

Strengthen constitutional guarantees of prosecutorial independence.

4. Judicial efficiency and independence

Establish dedicated benches for terrorism and organised crime.

Implement case management systems to reduce delays.

Ensure judicial performance monitoring with accountability for excessive delay.

5. Restoring public confidence

Create a Truth and Accountability Commission to complement criminal trials.

Provide regular public updates on case progress.

Strengthen victim-centred justice measures: legal aid, psychological support, and participation rights in proceedings.

Reform is urgent

A fast, fair, and transparent justice process is essential to uphold the rule of law.

Independent institutions are the cornerstone of democratic stability.

Restoring public trust requires visible accountability and victim-centred justice.

Conclusion

The Easter Sunday case demonstrates a critical breakdown in the alignment of law enforcement, prosecution, and judiciary. Justice delayed has not only compounded victims’ suffering but has also damaged institutional credibility. Reform is urgent: a fast, fair, and transparent justice process is essential to uphold the rule of law, restore public trust, and ensure democratic stability. Failure to act decisively will leave the Easter Sunday tragedy remembered not only as an act of terror but as a failure of justice in Sri Lanka

(The writer is a Senior Law Enforcement and Intelligence Specialist, former Head of Counter-Terrorism – State Intelligence Service, First Secretary (Defence), Embassy of Sri Lanka in Thailand, and present member of the Sri Lanka Waqfs Board.)