Category: Daily Financial Times

One of Sri Lanka’s oldest and most treasured schools rugby rivalries will once again take centre stage when Kingswood College host Wesley College in the 40th Blazé Trophy encounter at Nittawela Rugby Stadium today.

Kick-off is at 4 p.m.

The First XV encounter will be played for the Blazé Trophy, while the junior games will be worked off for the P.H. Nonis Trophy (Under-12), N.J. Mudanayake Trophy (Under-14), Shelton Wirasinghe Shield (Under-16) and the Kenneth de Lanerolle Trophy (Second XV).

The Blazé Trophy, first played in 1986, commemorates Louis Edmond Blazé, the visionary founder of Kingswood College and the man universally recognised as the Father of Sri Lanka Rugby.

Defending champions Wesley College will be chasing history by securing a fifth successive Blazé Trophy triumph. Under the guidance of current national forwards coach Terrence Henry, the Double Blues enjoyed another competitive season, finishing sixth in the Dialog Schools Rugby League before advancing to the semi-finals of the President’s Trophy Knockout Tournament.

Wesley will once again rely on the leadership of centre Kaizer Lye, whose attacking flair and defensive strength have made him one of the standout players this season. He will be supported by an experienced group that includes hard-working flanker Liam Onasis, powerful hooker Keshara Rahul and speedy winger Prarthana Rodrigo, giving the visitors quality in both the forwards and the three-quarter line.

Kingswood College, meanwhile, will be determined to reclaim the trophy in front of their passionate home supporters. The Randles Hill outfit will be captained by Sachithra Naveesha, while flankers Chanidu Adikari and Menusha Marasinghe are expected to spearhead the forward challenge. Familiarity with the Nittawela conditions could prove a significant advantage as the hosts attempt to halt Wesley’s remarkable winning streak.

Veteran referee Ishanka Abeykoon will officiate the main encounter.

Indian music sensation Aditya Narayan and Sri Lankan superstar Sanka Dineth will unite for a series of landmark live concerts starting August 2026.

This milestone collaboration marks the first time an international musical partnership of this magnitude has been forged between Sri Lanka and Japan, bringing together two celebrated artists to deliver a spectacular live concert experience that transcends cultural and geographical boundaries. The tour is a proud testament to the power of music as a universal language, designed to captivate audiences across two continents and forge lasting connections between the rich artistic traditions of South Asia and East Asia.

Sri Lanka Concert will be on 1 August 2026 at Havelock Grounds, Colombo (Presented by Salon Mybride) and Japan Concert will be on 16 August 2026 at Kashiwa Civic Cultural Hall, Japan (Organised by Japan Events).

Bringing this extraordinary vision to life is a collaborative effort across dedicated teams in Sri Lanka and Japan. Overall production coordination for the international tour is supported by Sound Vision Event Management, a Sri Lanka-based production company with a strong track record in delivering large-scale entertainment experiences across the region.

Cinnamon Life at City of Dreams serves as the Hospitality Partner for this landmark occasion, ensuring a world-class experience for all attendees. This historic collaboration is set to create a defining new milestone in international entertainment, strengthening cultural, artistic, and musical ties between Sri Lanka, India, and Japan, while opening a new chapter in cross-border musical partnerships for the region.

A Memorandum of Understanding (MoU) for Supply of Medical Equipment to Base Hospital, Deniyaya was signed by High Commissioner of India to Sri Lanka Santosh Jha, and Secretary to Ministry of Health and Mass Media, Dr. Anil Jasinghe, on 13 July 2026. The signing ceremony was graced by the Health and Mass Media Minister (Dr.) Nalinda Jayatissa.

Under this MoU, Government of India will provide grant assistance of Rs. 600 million to equip Deniyaya hospital, which is being relocated by Government of Sri Lanka as a comprehensive disaster preparedness measure due to its current location in a disaster-prone area. The relocation of hospital is projected for completion within three years, with delivery and installation of equipment aligned with the final phases of construction.

The project forms part of $ 450 million assistance package announced by Government of India for reconstruction and rehabilitation measures in Sri Lanka post-Cyclone Ditwah.

The grant project encompasses the procurement of state-of-the art medical equipment across multiple critical departments, including general wards, High Dependency Units (HDU), emergency and isolation units, operating theaters, Out-Patient Departments (OPD), laboratories, Central Sterile Supply Department (CSSD), radiology, blood bank, physiotherapy unit, and Special Care Baby Unit (SCBU)/Neonatal Intensive Care Unit (NICU).

The cooperation in health sector remains a key pillar in the robust India-Sri Lanka development partnership. The landmark initiatives in this sector include the island-wide 990 Suwa Seriya ambulance service, construction of multi-specialty hospital in Dickoya, construction of surgical unit at Batticaloa Teaching hospital, upgrading of Jaffna Teaching Hospital and district hospitals in Kilinochchi and Mullaitivu. Ongoing collaborations also include construction and supply of medical equipment for Accident and Emergency Unit at District General Hospital in Mannar and construction of a four-storied medical ward complex at District General Hospital in Mullaitivu.

Sri Lanka stands today at a defining strategic crossroads. An island nation in South Asia alongside the Maldives, it possesses a civilisational heritage spanning over 2,500 years. Yet its modern political economy and institutional framework remain deeply shaped by nearly 450 years of colonial rule under the Portuguese, Dutch, and British. While these influences introduced systems of law, administration, and global trade linkages, they also fostered a cautious and inward-looking national outlook.

This caution was historically justified. Colonial rule was characterised by economic extraction, social stratification, and the British policy of ‘Divide and Rule,’ leaving enduring sensitivities surrounding sovereignty, identity, and external engagement. Consequently, many within Sri Lankan society continue to approach regional integration with understandable apprehension.

However, in today’s interdependent global economy, such caution risks becoming a constraint rather than a safeguard. For small and medium-sized states, isolation limits opportunity, whereas structured regional cooperation enhances resilience, bargaining power, and long-term growth.

Rethinking regional cooperation: Lessons from the world

Global experience shows that regional integration, when well designed, can be transformative. The European Union has turned a historically conflict-prone region into one of stability and prosperity, with intra-regional trade accounting for nearly two-thirds of total trade among member states, supported by a vast single market of over 440 million people.

Comparable trajectories are evident beyond Europe. In Latin America, MERCOSUR-comprising Brazil, Argentina, Uruguay, and Paraguay-expanded intra-regional trade nearly tenfold between 1990 and 2015. Similarly, the Pacific Alliance has deepened integration among Chile, Colombia, Mexico, and Peru, collectively representing over 40% of Latin America’s GDP.

In Africa, the African Continental Free Trade Area-the largest in the world by number of countries-aims to boost intra-African trade by over 50% through tariff reductions and trade facilitation, with early signs of emerging regional value chains.

Closer to Sri Lanka, ASEAN offers a particularly relevant model. Singapore transformed itself from a resource-scarce port city into a global financial and maritime hub, with GDP per capita rising from under $ 1,000in the 1960s to over $ 70,000 today. This underscores how openness and connectivity can elevate even small states to global prominence.

By contrast, SAARC countries-home to over two billion people-remain among the least integrated regions globally. This underscores a clear lesson: integration strengthens sovereignty by enabling shared growth, scale, and resilience.

Towards a broader Asian regional framework

Sri Lanka is well-positioned to advocate a broader Asian Social, Economic, and Security Alliance engaging India, China, and Japan alongside partners across South, West, and East Asia. These regions together account for nearly half the world’s population and close to one-third of global output, exceeding $120 trillion.

Growth patterns are uneven but complementary. West Asia is expected to grow modestly at around 2.8%, while South Asia remains one of the fastest-growing regions, with India projected at 6.5-7.2%.

Within this landscape, Sri Lanka’s geographic advantage and its long-standing ‘Friend to All, Enemy to None’ Foreign Policy provide a credible platform to position the country as a neutral and reliable investment destination. As global capital responds to geopolitical realignments, Sri Lanka can emerge as a hub for regional investment flows seeking stability and regulatory certainty.

Sri Lanka stands at a decisive moment. The transition from insularity to integration is no longer optional-it is imperative. Regional cooperation offers expanded economic opportunity, strengthened national security, and greater resilience in an uncertain global environment. The experience of other regions shows that integration, when strategically managed, enhances rather than diminishes sovereignty. The challenge is therefore not whether to integrate, but how to do so on terms that maximise national advantage

With nearly one-third of global maritime trade passing through the Indian Ocean, such a framework would also strengthen supply chains and enhance maritime security.

Climate cooperation as a shared necessity

South Asia is among the region’s most vulnerable to climate change. Rising sea levels, shifting monsoon patterns, and increasingly frequent extreme weather events threaten agriculture, fisheries, and livelihoods.

A coordinated regional approach would strengthen bargaining power in global negotiations, improve access to climate finance, and accelerate the sharing of adaptation technologies. For countries such as Sri Lanka and Bangladesh, such cooperation is essential for long-term resilience.

Financial integration and regional capital formation

Financial integration remains a critical pillar of regional cooperation. A regional capital market anchored by the Colombo Stock Exchange could enhance capital mobility, attract global investors, and support infrastructure development.

In Europe, cross-border investment flows run into trillions of Euros, while in Southeast Asia, financial integration continues to deepen. A similar framework in South Asia could improve liquidity and position Sri Lanka as a financial gateway.

A key enabler is the Colombo Port City, a 269-hectare Special Economic Zone designed as a ring-fenced, internationally oriented financial hub. Built on globally benchmarked regulatory and fiscal principles, it offers competitive tax concessions, unrestricted foreign ownership, and streamlined administration.

Its strengths-including multi-currency transactions, minimal exchange rate risk, and full profit repatriation-enhance its attractiveness to international investors and position it as a potential anchor for a South Asian investment ecosystem.

Monetary cooperation in a changing global order

Volatility in global financial markets has renewed interest in reducing dependence on the United States dollar. While a common South Asian currency remains a long-term aspiration, practical interim measures are feasible.

These include bilateral currency swaps, regional clearing arrangements, and digital payment platforms. The Eurozone experience underscores both the opportunities and complexities of monetary integration, highlighting the importance of gradual implementation.

Reviving Sri Lanka’s tradition of strategic neutrality

Sri Lanka’s diplomatic history offers valuable lessons. Under Sirimavo Bandaranaike, the country championed the Indian Ocean as a Zone of Peace and contributed to easing regional tensions.

Grounded in the principles of the Non-Aligned Movement, this approach enabled smaller states to maintain autonomy amid great power rivalry. In today’s multipolar world, renewed strategic neutrality can again position Sri Lanka as a credible and trusted regional partner.

Connectivity as an engine of growth

Connectivity remains a key driver of integration. Closer engagement with India presents one of Sri Lanka’s most immediate opportunities. Electricity grid interconnection enables cross-border energy trade and supports renewable energy integration, as demonstrated by India’s links with Bhutan and Nepal.

Transport connectivity also holds promise. The historic Adam’s Bridge between Mannar and Rameswaram reflects earlier physical links, while ferry and rail services operated until the 1980s. Reviving and modernising these connections could significantly enhance trade and mobility.

Reconnecting Sri Lanka and India: Beyond geography

Re-establishing ferry, rail, and potential land connectivity between Sri Lanka and India is both historically grounded and economically viable.

Global examples illustrate the transformative impact of such linkages. The Johor-Singapore Causeway supports over 300,000 daily crossings, while Hong Kong’s integration with mainland China has expanded trade without eroding institutional autonomy.

Reconnecting Sri Lanka-particularly with Tamil Nadu-could boost trade, tourism, and investment while strengthening Colombo’s role as a transshipment hub, provided sovereignty concerns are addressed through clear safeguards.

Reorienting national security towards the maritime domain

Sri Lanka’s security environment is increasingly shaped by maritime challenges, including illegal fishing, narcotics trafficking, and transnational crime.

With a coastline of approximately 1,770 kilometres and an Exclusive Economic Zone of about 517,000 square kilometres, the country must reorient its strategic focus toward maritime security. Strengthening naval and air capabilities, supported by modern state of the art assets and surveillance systems, is essential.

For an island nation, economic and maritime security are inseparable, making this shift both logical and necessary.

Positioning Sri Lanka as a maritime and logistics hub

Sri Lanka’s proximity to major East-West shipping routes provides a natural advantage. The Port of Trincomalee, one of the world’s finest natural harbours, offers strong potential for development as a regional free port.

By expanding into ship registration, maritime services, logistics, training, and marine tourism, Sri Lanka can position itself as a key node in the Indian Ocean economy. Singapore’s success illustrates what can be achieved through strategic vision and efficient management.

Conclusion: A strategic choice for the future

Sri Lanka stands at a decisive moment. The transition from insularity to integration is no longer optional-it is imperative. Regional cooperation offers expanded economic opportunity, strengthened national security, and greater resilience in an uncertain global environment.

The experience of other regions shows that integration, when strategically managed, enhances rather than diminishes sovereignty. The challenge is therefore not whether to integrate, but how to do so on terms that maximise national advantage.

Three priorities stand out. First, Sri Lanka should proactively anchor itself within regional economic and financial networks by positioning Colombo and Port City as gateways for South Asian and wider Asian capital flows. Second, it must accelerate connectivity with India through energy, land connectivity, transport, and digital linkages, while ensuring robust legal safeguards that address sovereignty concerns. Third, a decisive shift toward maritime security and logistics development-particularly through the strategic utilisation of Trincomalee and Colombo-should underpin national security and economic policy.

The choice before Sri Lanka is clear: to remain constrained by inherited caution or to embrace a forward-looking strategy of integration, connectivity, and openness. By leveraging its geographic position, diplomatic legacy, and maritime strengths, Sri Lanka can emerge not as a peripheral player, but as a central node in a rapidly evolving Asian regional order.

Are we aware of the everyday reality of the gap between those who pass out from Ordinary Level and Advanced Level examinations and go to university and the majority who do not? Are we aware that Sri Lanka lacks dedicated educators who could fill the void between youth employability and non-employability? Do the rural areas of Sri Lanka which make up almost the entirety of the country (leaving aside the small pockets of urban cities) fulfil the employability needs of the youth? Are we aware that English, which is the link language of Sri Lanka, is given the lowest priority in schools at provincial level where children at Ordinary Level or Advanced Level are unable to manage even a simple sentence? Are we aware that English as a language not only connects us to the world but also to each other in a nation where the language gap between Sinhala and Tamil exists to the extent that the population as a whole do not understand each other.

Some of the above questions could be answered in the below article for which we travelled to Atchuvely, about 15 kilometres from Jaffna.

To get to Atchuvely one must pass locations such as Puttur and Chemmani and many agricultural areas known for the cultivation of vegetation such as onions and tobacco.

Atchuvely is similar to a rural region in the south or elsewhere in the country in the fact that opportunities for those who either pass or fail their Ordinary or Advanced Level examination remain the same – there are little or no training opportunities that will assist them in the development of what is defined as soft skills that includes personality development, in positive thinking, self confidence in public speaking, articulation, basic proficiency in information technology, skills that will create motivation in entrepreneurship and especially language training of all three official languages of the nation.

In this backdrop 11 July marked a happy occasion for this region. As a result of one veteran educator who has a history of over 5 decades of dedication to creating not exam taking robots, but humans who develop a range of wholesome abilities including one that most education institutions in Sri Lanka forget – the ability to live in harmony with each other irrespective of religion or ethnicity, Atchuvely is fast turning into a locale where youth from other regions seek out.

This area is now being identified as a place that offers authentic vocational training alongside nurturing a peaceful heart.

‘Today marks the 8th academy award ceremony following the creation of the Apostolic Carmel Academy within the Atchuvely Convent of Our Lady of Lanka,’ stated Sr. Therese Ranee, the initiator of this mission, addressing those attending the event. ‘Strengthening the mind, empowering the heart, strengthening character, strengthening leadership and assertiveness, are identified as some of the priorities of this institution.

Although currently located at Atchuvely, the academy will hope to shift to Mirusuvil, the village of Sr. Therese Ranee where her ancestral family home located on one acre of land has been donated by her relatives for the explicit purpose of using it for youth development.

Sr. Therese Ranee’s fame as a peacebuilder which had spread within and beyond Sri Lanka resulted in a UNESCO team visiting her to write about her peace work. Her extraordinary impact in the war time East of Sri Lanka deserves special mention and would serve to show how one human with an elevated consciousness could change others contributing to upholding life when it seemed impossible

‘This is the house in which I was born. My family members have all migrated to foreign countries and they have legally given me this property so that it could be used for the nurturing of youth. The estimate for the putting up of a building that could house a large number of Sri Lankan youth, as well as volunteers and teachers have been carried out,’ Sr. Therese Ranee points out.

She explains that as a nun she is bound by monastic regulations that emphasise on obedience.

‘There is nothing called private property for us. Whatever we have and whatever that we get we have to use for the purpose of common good. It is therefore the wish that we will be able to construct the building in Mirusuvil as soon as possible not as my private property but as an education mission of the convent,’ she states. The overall estimated cost for the completion of the building is approximately Rs. 65 m and the time duration that would take for the building to be finalised is around 6 months.

‘I am confident that the support for the building will arrive in God’s perfect timing in the same way that the assistance for the setting up of the Apostolic Carmel Academy in Atchuvely was provided,’ Sr. Therese Ranee explains adding that the current building is part of the main convent that has to be vacated soon.

‘This building is old and is part of the Atchuvely convent that also overall houses a nursery, a boarding house for Ordinary Level and Advanced Level school going children,’ she explains.

The Carmel Academy she hopes would flourish in Mirusuvil as a full-fledged youth formation institution that would cater not just to the North but to the rest of the country as well.

In Atchuvely in the current location and building that the academy functions in has provided personality development and integrated holistic training for over 150 youth in the past 6 years.

‘They come here without being able to speak even a few words of English. But you saw how they performed at the award ceremony event,’ she quips. The simple award ceremony attended by parents, regional education authorities, priests, nuns and students saw compering, dance and poetic narratives as well as each youth announcing their life goals. These ranged from nursing, tailoring, teaching and serving in the police.

Holding an economics degree from the Peradeniya University and serving as principal in 3 schools; in Kalmunai, Batticaloa and Trincomalee, her background as an education trainer is of national stature, winning acclaim from provincial and central Government levels for the innovation she brought to national education in districts she served where she prioritised also the bridging of gaps connected to ethnicity.

At a time when co-existence was a dire challenge, at the height of the ethnic conflict she spent 19 years at St. Mary’s College in Trincomalee where she had served as teacher and hostel warden, in addition to being principal. She had gained the award of best principal three times and instead of her services to national education ceasing upon retirement in 2004 it had only got stronger, surmounting challenges such as serious health related obstacles.

What keeps her motivated?

‘The first and foremost is the fact that I willingly dedicated my life both to the divine will of God and through that will which is above mine, to relinquish every effort to the service of youth.’

‘I think we all know that the situation in Sri Lanka is that it produces a lot of exam takers. We know that our education sector does not really recognise that the need is to create human beings who are not just machines who can function within the job sector but those who will create and nurture, within them and within others, a spirit of kindness, understanding, and a deep love for humanity.

‘What is the use of creating human beings who are preoccupied with rivalry, competition and superiority?,’ Sr. Therese Ranee asks.

Having functioned within this restricted education system that we know, she has attempted to bring as many changes as possible including those that could be described as radical, such as the introducing of yoga meditation in 1989 at St. Mary’s college and at a time when the North and East of Sri Lanka engulfed in war, extending her focus to assisting those affected by war. This writer spent many hours listening to her recounting incidents that can aptly be described as ‘miracles’ where she had received ample support from the military to save lives at a time when it seemed that the only destiny for the North was death. Her fame as a peacebuilder which had spread within and beyond Sri Lanka had resulted in a UNESCO team visiting her to write about her peace work. Her extraordinary impact in the war time East of Sri Lanka deserves special mention and would serve to show how one human with an elevated consciousness could change others contributing to upholding life when it seemed impossible.

We asked Sr. Therese Ranee a few additional questions in relation to her current work:

Q: What is your main goal after the youth complete the 6 month training at her latest initiative – the Apostolic Carmel Academy?

A: The moment the academy training finishes I focus my attention on helping in the drafting of the bio data for each of the girls. Then I personally go to various business establishments and ask if they have the need for trainees. I have walked in, in this manner to Keells and similar other establishments that have set up in Jaffna.

Q: From where has the main assistance come from for your work so far?

A: For the Apostolic Carmel Academy that was started in 2020 we have been supported by my past students who have now migrated and working in foreign lands, as well as some foreign donors. This year I received support from two of my former students from St. Mary’s in Trincomalee; Pamela and Maureen Mathews who live and work in England. The contribution of my former students and others has supported in having an award ceremony that the students and parents could cherish, obtaining computers for IT training, equipping the academy with items such as photocopy machines, fridge and kitchen equipment and furniture such as desks. The girls who seek to get the training stay at the academy which is within the convent territory. In such a safe and secure surrounding they are able to obtain relief from day to day problems their families face. Many families face poverty related issues as well as other complications. Some girls do not have parents or are from families where one parent has abandoned their responsibilities. Sometimes parents have gone to seek employment abroad and not come back. In whatever situation our effort is to calm their mind and to give them fresh perspectives and confidence.

Q: Are the young girls who enlist at the Carmel Academy mostly from the North or are they from other areas of Sri Lanka as well?

A: We have most of the young girls who finish their ordinary level and advanced level who are from Jaffna district. But within the past few years the word has spread and we have got youth from areas such as Mullaitivu, Mannar, Puttalam, Deniyaya and Matara.

Q: Will the subjects that are taught change after the academy is shifted to Mirusuvil?

A: As there will be more space at that location we will be able to expand the reach of what is taught significantly and hope to be a beacon of vocational training in the North of Sri Lanka. One of our expectations is to enable young foreign volunteers to be able to share some of their expertise such as those related to early childhood care and nursing with the students. We hope to provide more space and facilities for teachers and also run training courses for teachers. At the moment we have eight teachers. We pay them from the assistance received from my past students. At the new building which I am confident will be a reality within the next two years we hope to increase emphasis on all three languages of Sri Lanka, a factor that will help in our youth understanding each other.

Q: Are the students at the academy only Christians?

A: There are many Catholics. However there are Hindus as well. Throughout my teaching career I have emphasised peace education – so that we create a strong sense of co-existence in the minds of these girls. All the students also engage in meditation, on deep reflection into their minds and thoughts.

Q: Sr. Therese Ranee, at 81 years you do not look your age – how is it that you manage to look so young and above all how is it that you muster so much energy?

A:When we commit ourselves to God; when we become nuns we pledge to function in the world, beyond ourselves. Our human limitations then cease to restrict us. Therefore neither age nor illness will take away from ourselves the willpower that God and Christ Jesus provides us to serve the world until our very last breath. In 2024 I was diagnosed with cancer and have survived it. There is no vestige at all of that disease in me now and I even wonder if I was afflicted with that illness.

Q: Was this strong commitment to God part of your family ethics?

A: Yes, alongside the commitment to education. My father served as principal in several schools in Jaffna district for over 35 years.

Q: How many members did your family have and did your parents easily permit you to become a nun?

A:I had three older brothers, one younger brother and an older sister. The wish to become a nun entered my heart at the age of 15 when I was a boarder of Apostolic Carmel Convent in Atchuvely. This is the same convent in which this youth training academy is established and where I reside now. My parents accepted my wish to be a nun although there was some reluctance as they were very close to all their children. Yet their devotion to God was stronger.

Q: Your degree was in economics which you received from Peradeniya University?

A: Yes. Thereafter I was also sent for further religious training to India.

Q: How many students attend your academy at present?

A: The last batch for which the passing out award ceremony was held last week consisted of 15 students. We will be enrolling for our new batch in the month of September. At the new building at Mirusuvil we hope to accommodate a much larger number. The students have the option of being housed as boarders as well as day scholars.

For the purpose of writing this article this writer lived in the same compound of the convent inhabited by the youth and the nuns. I witnessed the abject simplicity of the rooms of the nuns. There was almost no difference in the living facilities of the boarders and those of Sr. Therese Ranee except that the boarders lived in a dormitory. The food consumed by the reverend sisters and the students were both simple although nutritious. This writer ate with the students of the academy and witnessed how they all shared in the task of preparing the meals and the decorum they exhibited in their day to day life. Their demeanor was cheerful and their time was structured to be productive.

One of their main difficulties is the ability to write and speak English and Sinhala. Yet the training at the academy has given them a foundation imparting the enthusiasm to perfect the two languages.

Mary Nirosha, the 23 year old assistant to Sr. Therese Ranee who had been a student at the academy 2 years ago is currently based in the convent premises and assists in the day to day administrative matters. ‘I need more teachers and currently I am searching for dedicated teachers who can be further trained,’ she states.

There is currently a past student from Matara who is willing to teach the students Sinhala. But six months may not be sufficient for this task. We at the Harmony Page have expressed our willingness to undertake the publication of a series of tutorials for the regions of Sri Lanka on the Thribasha concept we promote – so that all three official languages are equally prioritised. We will be following this concept in book form as well through the mass media realm and use the first practical instruction at the Atchuvely Apostolic Carmalite Academy under the supervision of Sr. Therese Ranee.

With the objective of strengthening the cooperation between Myanmar and Sri Lanka in gemstones, jewellery, tourism, and investment, the Chief Executive Officer and Gemologist of the Nojili Group of Companies in Sri Lanka and Japan, L.A.D. Palitha has successfully completed a business development visit to Myanmar from 11-17 June 2026.

The Embassy of Sri Lanka in Yangon facilitated this visit.

The Nojili Group of Companies is active in the international gemstone and jewellery trade, as well as eco-tourism development, with operations in Sri Lanka and Japan. During the visit, CEO Palitha undertook an in-depth study of Myanmar’s gem industry and explored opportunities for future collaboration between the two countries, in the respective subject area.

As part of the program, CEO Palitha visited several important gem and jewellery-related institutions in Yangon, including Scott Market (Bogyoke Aung San Market), gemstone trading centres, and gem and jewellery museums and laboratories. He also held successful business-to-business meetings with leading industry stakeholders, including Gemro Jewellery, Yangon Managing Director Khine Zin Win. These engagements provided valuable insight into Myanmar’s gemstone heritage, industry practices, and potential partnership opportunities.

A major highlight of the visit was CEO Palitha’s participation in the UMTA Travel Fair – 2026, one of Myanmar’s leading international tourism exhibitions, held from 12-15 June 2026 at the Chatrium Hotel and Sedona Hotel in Yangon. The event was organised by the Yangon Regional Government in collaboration with the Union of Myanmar Travel Association (UMTA).

During the fair, CEO Palitha met with UMTA Chairman and President Kyaw Bhone Naing, along with tourism leaders, travel operators, investors, and business representatives from Myanmar and abroad. Discussions focused on strengthening tourism cooperation between Sri Lanka and Myanmar, particularly in eco-tourism, cultural tourism, heritage tourism, and outbound travel markets.

CEO Palitha also developed productive relations with UMTA and Myanmar Tourism Marketing (MTM), with talks centred on tourism promotion, visitor exchange, joint marketing, and long-term business partnerships.

Under the instructions of the Ambassador of Sri Lanka to Myanmar, Prabashini Ponnamperuma, the visit was coordinated by Minister of the Embassy of Sri Lanka in Myanmar, Lal Kularathna. The Embassy of Sri Lanka in Yangon welcomed the successful outcome of the visit and noted that such engagements help deepen people-to-people ties and expand economic cooperation between Myanmar and Sri Lanka.

The global power, might and super-power status the US experiences and enjoys today, since the end of the WW I in 1918, were not fortuitous nor serendipitous by any stretch of imagination. They were extremely and punctiliously strategised and crafted national and international courses of action executed and prosecuted with efficacy, sagacity and potency. As the US commemorated the momentous and iconic 250th year of Independence on the first week of July 2026, author wishes to place on record, unequivocally, that the ascendency and supremacy of US were political, economic, diplomatic, military, technological, cultural and innovative statecraft and not stagecraft.

It may be felicitous and pertinent to place on record that the US, relatively a young nation or probably an ‘infant’ compared to the civilisations of China, Egypt, Japan, Iran, Greece or India which have documented histories well over four to six millennia. Since the then Kingdom of England arrived in Jamestown, Virginia in 1607 and settled, thus recognising the immense potential in all spheres of the vast land of the US. Then they continued, the much-known sequence of British Empire, to explore, expand and exploit reaching 13 states till 1770s. In 1770s, the US Revolution took place and the Declaration of Independence, with the primary author Thomas Jefferson, was signed. This document is, arguably being considered as one of the greatest documents ever drafted, thus birthing a new nation known as the US.

The US was fundamentally a less developed nation compared to the other nations during that era. The US needed to acquire and expand its geographic and territorial dimension and was believed to be the objective of the Founding Fathers of the US. President Thomas Jefferson was instrumental in initiating the Louisiana Purchase Treaty with Napolean Bonaparte in 1803. This real estate purchase was often considered as one of the greatest purchases the world has ever known. The cost was $15 million consisting of land larger than Indonesia or 2/3 the geographic size of India. In today’s value, the cost per acre was $0.84 cents or $538 per square mile.

After the American-Mexican war of 1840s, US purchased the State of Texas for a total amount of $25 million, thus expanding the geography of the US. The scale of Texas was larger than France and UK combined. Then the US in 1867, purchased State of Alaska from Russia for $7.2 million or in today’s value, $0.37 per acre. This piece of real estate was equivalent to the combined geographic size of Pakistan, Thailand and Bangladesh. One could comprehend the manner in which the US leaders, approximately 200 years ago, purchased land for expansion and used it for agriculture, livestock, industry, manufacturing and infrastructure since the 19th Century. It is frequently being stated that the US is by far the greatest and the most ‘paragon’ piece of real-estate in the world. It has two major oceans i.e. Pacific and Atlantic, and in military terminology known as ‘moats’, where ground or any invasion becomes almost impossible. These acquisitions, indeed, enabled US to attain ‘Strategic Depth’ as no other nation.

Challenges, impediments and travails US were compelled to confront and opportunities

The US underwent one of the most diabolical and fiendish civil wars the world has ever witnessed from 1861 to 1865 between the Union and Confederate States. This was premised mostly on slavery, westward expansion of the new states and election of President Lincoln. The Civil War killed nearly a million soldiers and civilians and almost rived the Union.

In the beginning of the 1900s, the US was a highly indebted country, mostly to the European powers. In 1898, the Spanish-American war led to the decline of Spanish Empire, which had colonised nations for many centuries including Sri Lanka. According to historians, the Spanish-American war, which enabled US to defeat Spain, catapulted US as a potent military power to be reckoned.

With the break-out of the WW I in 1914, had many European Empires as Britain, France, Germany, Austria-Hungary and Ottoman enmeshed but the US was not involved. The US got involved only in 1917, marginally, since Germany convinced Mexico to join Germany in the war against the US, according to infamous ‘Zimmerman Telegram’. However, the WWI was opportune and providential to the US as it enabled US to shift from a debtor nation to a creditor nation.

Since European powers needed funds for the war, the US provided the funds. By 1920s, after WWI, US demanded the Europe to pay the debt in full whilst minimising imports to the US from Europe. Further, US raised tariffs, the highest ever known as ‘Smoot-Harley Tariff Act’. Eventually, this led to the Great Depression as global trade diminished by approximately 60%.

After the WW I, similar to many other nations, US was confronted with one of the deadliest pandemics known as ‘Spanish Flu’. This killed nearly 700,00 Americans. It is strongly presumed that the Great Depression, which transcended to the entire world mostly to Europe, led to the WW II. Again, during the WW II the US got embroiled only after the attack on Pearl Harbor in 1941. But yet again, this too was a uniquely fortuitous to the US, which enabled the US to supply armament and material in scale to Europe and USSR. It is being stated that this, particular, event fueled unprecedented industrial revolution and evolution of the US industrial base as never before.

On a separate note, the unparalleled rise of US was neither linear nor reposeful as US had to address, shape and fashion the global order and re-build the war devastated economies with iconic Marshal Plan, prevent and stymie the spread of Communism and Socialism in many parts of the world with engrossment on Korean War in 1950s and Vietnam War in 1960s/1970s, address the convolutions of Cold War, amongst others.

How US became the dominant power

It should be stated that regardless of the sentiments of the global community, the US, today, is an unmatched, unrivaled and unparalleled economic, political, and philanthropic power-house with unchallenged global soft power and reach. Most may not be aware that the Mississippi River Basin played a seminal and transformative role in the economic and commercial metamorphosing of the US from a developing economy to a dynamic economy with its 14,500-mile navigable waterways for purposes of most efficacious transportation within the country.

By the end of WWII, the US had already emerged as the predominant power replacing the UK, France and Germany. Also, the US Dollar had replaced the British Sterling as the most transacted currency, thus it had emerged as the Global Reserve Currency. By the 1920s, the US share of global GDP was hovering between 15% to 20%. After WWII, US share of global GDP soared to over 40% since all other major economies were devastated i.e. UK, France, Germany, Russia and Japan, and also had the largest Navy, amongst others.

Whilst in 1944, as the world was in the midst of WWII, in Bretton Woods in the US, top most bankers and technocrats were in the midst to establish a feasible global monetary order. The US position was that since the US possessed over 80% of reserve gold, the US Dollar would be backed by gold, or each ounce of gold would be priced at $35. Instantaneously, the US Dollar became the Official Reserve Currency of the world. All other currencies had to be pegged to the USD. This gave the US gargantuan and unparalleled stature in international commerce and finance.

Many economists used to argue that the standing of reserve currency would last 80 to 100 years, only, since the beginning of the year 1400 AD. In 1450 AD, it was Portugal, then Spain, Netherlands, France and Britain, which ended its reserve currency status in 1920. Today, $has surpassed over 100 years and still maintains 58% of all official reserves. It is unlikely the $would be replaced by the Euro, which consists of 20% of reserves, in the foreseeable future. None of the BRICS currencies, known as 5-R, is convertible. They are Real (Brazil), Ruble (Russia), Rupee (India), Renminbi (China) and Rand (South Africa). The BRICS currencies may transact bilaterally but cannot replace the USD, whatsoever.

On 15 August 1971, the Nixon Administration, arbitrarily, dismantled the Bretton Wood System by suspending the $convertibility into gold. This was known as ‘Nixon Shock’. The $became a fiat currency and backed by ‘full faith and credit’ of the US Government. Since energy and oil prices spiked dramatically and eroded the value of $with Yom Kippur war of 1973 coupled with stagflation and Vietnam War, the US succeeded in securing an agreement with Saudi Arabia to price oil exclusively in USD, thus buttressing global demand for the US Dollar. Since Saudi Arabia was the largest producer and exporter of oil as well as the anchor of OPEC, other oil producing countries followed suit. These were ingenious economic and political statecraft executed and acquitted in the most efficacious manner by the US in order to maintain the global supremacy.

Global predominance of US economy and polity

In the 1950s, the global population was around 2.5 billion and the US population was around 150 million. The US share of global GDP was hovering around 40% while the US share of global population was only 6%. Today, the global population is around 8.2 billion whilst the US is around 350 million. The global GDP is $126 trillion and the US is around $32 trillion. Author wishes to expatiate that with a US share of global population of only 4.2%, the US share of global GDP is around 25%, if one does simple math. The US has been maintaining, consistently and unwaveringly, the share of global GDP of 25% or higher since the end of WWII. These records, manifestly, validate the omnipotence and dexterity of the US economy in all spheres.

In order to make comparisons with some of the leading economies such as China, which is the second largest economy, the share of global GDP of China is around 15% with a share of a global population of 17%. With regard to Germany, the share of global GDP is around 4.2% with a share of global population of around 1% and with regard to India, share of global GDP is around 3.3% with share of global population of 17.8% respectively. These figures of three of the largest economies i.e. China, Germany and India, would reflect the unparalleled lead or vantage the US has in the economic dimension.

The US is the largest importer of goods and services in the world accounting for around 13% and second largest exporter, behind China, with around 10%, with an estimated global trade of $36 trillion in 2025. The US is well-endowed with coal, iron, oil and gas and other natural resources as well as the largest arable land in the world. The US is the largest producer of crude oil in the world today, surpassing both Russia and Saudi Arabia, accounting for over 13 million bpd, which is around 15% of global oil production. Its defense spending is over $one trillion whilst the next largest is China, which is around $370 billion according to the World Bank. The global spending of defense is around $2.9 trillion and the US spends over 1/3. The US operates an estimated 750 to 800 overseas military bases in around 75 countries. In comparison, the overseas military bases of all other countries combined in the world would not be less than 50 bases. These establish the unmatched and supreme military métier and might of the US.

Corporates and influence of US on global scale

In the beginning of the 1900s, nobody paid much heed to the US equity market index known world over as Dow Jones Industrial Average (DJIA). Today, the global equity markets, either directly or indirectly, correlate to the US equity market, which is over 60% of the global market cap. of equity markets. The market cap of US equity is around $78 trillion or 225% of its GDP. The so-called ‘Magnificent-7’ corporates have a total market cap. of $23 trillion and are highly focused on AI, ML, Quantum Computing and most advanced technologies, thus embracing the 5th Industrial Revolution. This figure is still greater than the entire GDP of China or the country with the second largest stock market cap., which is also China, around $17.5 trillion. Here the author is focusing on just seven trillion-dollar market cap. corporates ranging from NVDIA to Tesla. The NVIDIA too recorded the highest ever market cap. of $five trillion in June 2026, exceeding the annual GDP of Japan, India or UK. Of course, the market cap. and GDPs of nations cannot be compared since the sources are disparate but readers would get a perspective of the depth and breadth of the equity market and strategic depth economy of the US.

In 1901, US chronicled the first ever billion-dollar corporate i.e. US Steel, and in 2017 chronicled the first ever trillion-dollar corporate i.e. Apple. Also, the US produced the first billionaire in 1916 and the first trillionaire in 2026 respectively. With a share of global population of merely 4.2%, the US consistently boasts and dominates the top most universities and largest corporates in the world as no other nation.

The impact of the US financial and banking realm is a force to be reckoned with. When the Federal Reserve Bank (Fed) appointed Kevin Warsh in May 2026 as the new Chair of Fed, the entire world was fixated on his monetary policy whether its hawkish or dovish. All electronic and print media extended coverage of this crucial appointment. Similarly, when the Central Bank of China, PBOC, appointed the Governor Pan Gongsheng in July 2023 and Reserve Bank of India (RBI) appointed the Governor Sanjay Malhotra in December 2024, the world as well as Asia did not pay much attention.

As the 41st President George H. W. Bush quote ‘If anyone tells you that America’s best days are behind her, they’re looking the wrong way’ unquote. These were echoed well over three decades ago. The author wishes to enunciate that this article was drafted not to determine or assess whether the domestic or foreign policy of America were moral, ethical or justifiable but to, unequivocally, establish the uninterrupted and unprecedented trajectory of prowess, impact and influence of the US since the beginning of 20th Century.

I like to conclude with the sapient words of President Dwight Eisenhower quote ‘America is best described by one word, Freedom.’

The resilience of Sri Lanka’s financial system can no longer be measured by capital, liquidity and profitability alone, with policymakers and financial institutions needing to adapt to an era where geopolitical tensions, climate risks, cyber threats and technological disruption have become permanent features of the operating environment, Central Bank of Sri Lanka (CBSL) Deputy Governor K.G.P. Sirikumara said.

Delivering the keynote address at the Sri Lanka Economic Association (SLEA) and Gamani Corea Foundation (GCF) Economic Forum on ‘Financial Sector Resilience Amidst External Shocks: Managing Policy Challenges for Financial Stability’, Sirikumara said the nature of resilience had fundamentally changed as external shocks had become more frequent, interconnected and complex.

‘The global economy today has entered an era in which shocks are no longer exceptional. They have become recurring and, in many ways, define the future economic landscape,’ he said, noting that Sri Lanka, as a small open economy, remained particularly vulnerable to geopolitical fragmentation, supply chain disruptions, volatile commodity prices, climate events and changing global financial conditions.

He said traditional indicators such as capital adequacy, liquidity and profitability remained important but were no longer sufficient to assess the true strength of financial institutions.

‘True resilience today extends beyond capital adequacy, profitability and liquidity. It reflects the ability of the financial system as a whole, including institutions, markets and infrastructure, to continue performing critical functions, absorb shocks, preserve confidence and adapt to structural changes in the risk environment,’ Sirikumara said.

Drawing lessons from recent crises, he said policymakers should no longer ask whether shocks would occur but whether financial systems possessed the capacity to absorb, adapt and recover while continuing to support economic activity.

He warned that external shocks increasingly interacted with domestic vulnerabilities, amplifying risks through weaker governance, concentrated exposures and operational weaknesses.

‘The objective is not to eliminate uncertainty, but to ensure policymakers and financial institutions possess the information, tools and capacity to absorb shocks, preserve confidence and continue supporting sustainable economic growth,’ he said.

Sirikumara also highlighted the increasingly difficult policy trade-offs confronting central banks, particularly when inflationary shocks require tighter monetary policy while higher interest rates simultaneously increase borrowing costs and weigh on financial intermediation.

Recent experience had demonstrated the importance of carefully balancing price stability and financial stability, he said, stressing that neither objective could be pursued in isolation.

He said this reinforced the need for stronger coordination between monetary policy and financial stability frameworks, particularly as uncertainty increasingly reduced the effectiveness of backward-looking policy approaches.

The Deputy Governor said Sri Lanka had responded to recent crises by significantly strengthening its institutional framework.

He pointed to the Central Bank of Sri Lanka Act No. 16 of 2023, which enhanced the Bank’s independence, governance and accountability while formally recognising its financial stability mandate. He also cited the Banking (Special Provisions) Act, amendments to the Banking Act, the establishment of the Coordination Council for Fiscal, Monetary and Financial Stability Policies and the Financial System Oversight Committee as key reforms that have improved crisis preparedness and policy coordination.

He said resilience required forward-looking supervision supported by stress testing, risk assessments, scenario analysis and stronger coordination across regulators rather than reliance on historical indicators alone.

‘Financial stability is a shared responsibility,’ Sirikumara said, adding that strong institutions, effective coordination and robust preparedness mechanisms were essential to preserve confidence during periods of stress.

The keynote address was followed by a panel discussion featuring University of Colombo Economics Professor Priyanga Dunusinghe, former CBSL Deputy Governor J.P.R. Karunaratne, HNB Managing Director/CEO Damith Pallewatte and Alliance Finance Company PLC Deputy Chairman/Managing Director Romani de Silva, and moderated by Daily FT Editor Nisthar Cassim.

Prof. Dunusinghe said maintaining financial stability alone would not be sufficient if financial institutions remained excessively risk-averse.

He said the financial sector must continue providing adequate funding to productive sectors of the economy, warning that excessive caution following the crisis risked slowing the recovery, particularly in rural and semi-urban areas.

‘We need to ensure the financial sector delivers the expected outcomes to the economy by providing the necessary financial resources to productive sectors,’ he said, adding that inclusive finance should remain a priority alongside resilience.

Karunaratne cautioned against relying solely on improving headline banking indicators, noting that rapid credit growth could temporarily improve non-performing loan ratios without necessarily reflecting underlying asset quality.

He said operational risks, cyber vulnerabilities, market risks and the economic impact of recent Middle East tensions had yet to be fully reflected in financial sector data and warranted close monitoring.

Pallewatte said banks now faced multiple overlapping risks rather than isolated shocks, identifying geopolitical developments, cyber security, climate change and talent shortages as the principal threats confronting the industry.

Despite these challenges, he expressed confidence in the sector’s resilience, pointing to strong capital, liquidity and recovery planning developed following Sri Lanka’s recent economic crisis.

‘The banking sector has the capacity to manage this,’ he said, describing the industry’s performance during the crisis as evidence of its resilience.

De Silva said resilience should also be measured by how effectively the financial sector serves the real economy.

He argued that greater coordination between policymakers, banks and the non-bank financial sector was needed to improve financial inclusion, noting that almost half of Sri Lanka’s economically active population still lacked access to formal finance despite the country’s extensive financial network.

De Silva also called for greater collaboration to mobilise climate finance, strengthen agricultural value chains and expand access to productive credit, particularly through institutions serving under-banked communities.

Rare Earths mining in coastal Sri Lanka lays bare capitalism at its most predatory form. Mining lobbies, both domestic and international, are capitalising on the country’s debt distress to push commercial extraction of heavy mineral sands (HMS) from public beaches. In doing so, they not only exploit the country’s vulnerability but also undermine the right to development that working people in the global south have been advocating for years. By instrumentalising the desperation of the Government, these private interests are advancing an extractive economic model at the cost of the ecological and economic well-being of local communities and future generations, while simultaneously jeopardising key sectors that generate foreign revenue, such as tourism, coconut and fisheries. Taking advantage of the bad-debt deal that has left a sizeable debt servicing burden, set to tighten after 2028, Sri Lanka is usurped within the global commodity chains that service the consumption and development interests of the global North. In other words, the Rare Earths rush consolidates Sri Lanka as a cheap destination not only for labour but also for commodities.

Walk, before you run

The National Mineral Policy that the Government of Sri Lanka unveiled in June 2026 articulates the ‘imperative to harness the potential of mineral wealth’, ensuring ‘equitable benefits’ while ‘safeguarding the environment’. The ‘holistic objective’ of the new policy highlights the significance of ‘maximising value addition to minerals, stimulating local processing and manufacturing industries to utilise mineral resources and reduce reliance on exports, and promoting research and development within the sector’ (page 01, National Mineral Policy).

A cost-benefit analysis that a Government would do before any investment project shows that heavy mineral sands mining is not an economically profitable industry for Sri Lanka to pursue. Taxes and royalties that the Government will earn are neither adequate to compensate for the costs on livelihoods, environment, coconut and tourism industries. Nor would these investments create backward linkages, contributing to the industrialisation of our economy

But Capital Metals PLC, joined by Ambeon Capital PLC as the major local partner, thinks differently. Their Taprobane Minerals project located along a 60 KM stretch of the Eastern coast from Komari to Oluvil, is built on extraction, not value addition. The Capital Metals Executive Chairman Greg Martyr, states, ‘In developing countries, often politicians talk about value addition. When they say, ‘We want you to go this far downstream and build a pigment plant or sludge plant’, we say, ‘Hey, hey, walk before you run. Start getting some cash flow in. The rest of the world has been doing it on a stage basis. Start with concentrate and work your way up.’

Martyr’s YouTube video (May 15, 2026) is intended to build investor confidence in the financial viability of the Taprobane Minerals Project in Sri Lanka. What it does is reveal how the extractive mining intent of transnational companies shapes public policy and institutions while disregarding the developmental interests of developing countries. Martyr boasts of active lobbying and influence not only over the Government, but also of ‘shak[ing] up’ the Geological Survey and Mining Bureau (GSMB), shifting GSMB from the Ministry of Environment to the Ministry of Industries. On top of these, the brutal and dirty track record of Capital Metals in its former avatar as the Equatorial Palm Oil PLC in Liberia in 2008 , as well as of individuals leading the company, GCM Resources, involved with the Phulbari massacre in Bangladesh in 2006 , illustrates the predatory nature of mining companies and the dangers of disasters to come. The midwifery role that the Ceylon Chamber of Commerce plays in this dirty business illustrates short-term profiteering interests of the local corporate élites to the detriment of the livelihoods, health of local people and the environment.

The scramble for rare earths

The green to advanced technologies, i.e., wind turbines, smartphones, Electric Vehicles (EVs), glass and ceramics, batteries, polishing agents, military hardware and weapons, rely on Rare Earths. It is a big business tipped to grow at a rate of 10.34% per year between 2026 and 2034, according to Fortune Business Insights. The dominance of China in isolating and refining 92% rare earth elements (REEs), has led to geopolitical tensions augmented by the spillovers from the US trade war on China. Apart from the US, Australia, the EU, Japan, South Korea and India are driving the mineral sands rush, articulating REEs as critical strategic reserves upon which they should acquire control and dominance. In May 2026, India and the US signed a critical minerals and rare earths cooperation framework to ‘engage in international efforts to protect sensitive supply chains from coercive market practices and reduce [their] collective vulnerability to single-source monopolies’ (U.S. Mission India Statement). In parallel, QUAD Critical Minerals Initiative Framework was announced, committing public and private sector financing up to $ 20 billion to consolidate critical mineral supply chains from mining, processing and recycling.

Reminiscing about erstwhile colonial resource grabs, developing countries endowed with Rare Earths are under geopolitical pressure and are forced to pay the price. The scramble for minerals in the Democratic Republic of Congo (DRC) has coincided with increased fighting, deaths and displacement of people. In Myanmar, REE mining has been aided by armed groups and has caused human rights violations, extensive damage to livelihoods and ecosystems. Quest for green energy in Mozambique has passed on toxic waste, leading to public health issues, groundwater pollution and land degradation. In Ganzhou in Jiangxi Province, China, reputed as the Rare Earths Kingdom, extractive mining has led to soil acidification and water contamination. Environmental degradation around the Bayan Obo mining sites in Inner Mongolia province, due to toxic chemicals used in processing, heavy metals and radioactive elements such as thorium, has contaminated groundwater, destroying agricultural and pastureland.

Sri Lanka, too, has been swallowed by the expanding rare earth commodity frontier. Heavy mineral sands, considered a strategic resource, have attracted foreign investors from India, Australia, and South Korea. In contrast to countries with scarcely populated, large land masses, for a small Island nation like Sri Lanka, with a high population density, and coastal areas already vulnerable to erosion and sea level rise, beach mining pose an existential threat.

The Balance Sheet of extractivism

Foreign direct investments in coastal mining in Sri Lanka reveal a larger logic – that capital preys on indebted countries to extract resources, not for local benefit, but to feed global supply chains – EVs, electronics and military hardware, controlled by the Multi-National Corporations (MNCs) of the Global North. Having failed to meaningfully reduce its debt burden, Sri Lanka continues on the edge, susceptible to crisis profiteers. Coastal mining is not development. It is pillage dressed in investor rhetoric.

Stage one of the Taprobane Minerals Project forecasts a $ 40 million return with $ 25 million initial capital expenditure ($ 18 million debt financed from local banks). The 1st stage – concentrate stage, involves extracting 125,000 tons of heavy mineral sands composite of Ilmenite, Garnet, Rutile and Zircon. Mining will be carried out along a 60 km stretch between Komari and Oluvil, from inland up to high tide. If the Government gives in to the persuasions of Capital Metals, there will be no value addition in Stage One. All-in costs for stage one for Capital Metals are $ 18 million

,which includes costs of production, taxes and royalties. As taxes and royalties, the Government of Sri Lanka will only be earning $ 2.8 million (7% of $ 40 million), leading to $ 93.9 million over the nine years that the project is expected to last. According to Capital Metals, drilling and mining work will create 300 jobs.

The income of $ 93.9 million over nine years will have a significant impact on the tourism, coconut and fisheries industries. While eastern beaches such as Arugam Bay are major attractions for tourists, Thirukkovil also hosts major coconut plantations. In addition, fisheries and agriculture provide livelihoods to people. Not only will mining take away communally held coastal land from the people, but excessive use of water and chemicals at the concentrate stage will also poison land, groundwater and destroy the marine ecosystem. To earn $ 93.9 million in 9 years, the Government is effectively damaging the coconut industry, which brings in $ 1.2 billion, and the tourism industry, which brings in $ 3.2 billion, annually. The social, health and environmental costs that will be shifted on the local people are incalculable in economic terms. 300 jobs that heavy mineral sands mining will create would mostly be low-paying, backbreaking jobs, with workers exposed to radioactive material such as thorium, not only from direct contact, but also from radon gas emitted during processing and respirable dust, hazardous to their health.

A cost-benefit analysis that a Government would do before any investment project shows that heavy mineral sands mining is not an economically profitable industry for Sri Lanka to pursue. Taxes and royalties that the Government will earn are neither adequate to compensate for the costs on livelihoods, environment, coconut and tourism industries. Nor would these investments create backward linkages, contributing to the industrialisation of our economy. Removing the black out of the beach will not only destroy the natural character of the beach, which attracts tourists, wildlife like sea turtles, but also remove the natural barrier against erosion.

No doubt that the green turn in production and consumption has created a profitable market for a few. Expeditious implementation of projects such as Taprobane Minerals also indicate possible cases of corruption profiting local bureaucrats and politicians. However, it only entrenches Sri Lanka and its people deeply in the unequal exchange that we have been located as a peripheral country – a destination for cheap labour and commodities, at the disposal of the growth and wealth generation interests of advanced economies. Developed countries like Australia, the US, China, Japan, South Korea, and even India manoeuvre commercial and geopolitical power through their private firms to capture labour and resources from countries like Sri Lanka. It is not a way out of debt distress but a way to getting further ensnared within the vicious cycle.

Rare Earths as commons

People on the island of Mannar have already demonstrated that mining for Rare Earths should not be a justification for denying people their homes. People in Thirukkovil and Panama are echoing these concerns. Thirukkovil and Pottuvil Pradeshiya Sabhas have proven to be more visionary and have halted mining projects. Rare Earths are the Commons, and it is for the people, not private investors, to decide what and how Rare Earths would be used for local needs. The Government and the private sector should recognise the legitimate demands of the people and steer away from green extractivism. As Ditwah points out, in the recent climate change-induced disaster, the Government and people would be better served by centring life and not profit in the form of US dollars at the heart of economic and development policymaking.

One of Sri Lanka’s oldest and most treasured schools rugby rivalries will once again take centre stage when Kingswood College host Wesley College in the 40th Blazé Trophy encounter at Nittawela Rugby Stadium today.

Kick-off is at 4 p.m.

The First XV encounter will be played for the Blazé Trophy, while the junior games will be worked off for the P.H. Nonis Trophy (Under-12), N.J. Mudanayake Trophy (Under-14), Shelton Wirasinghe Shield (Under-16) and the Kenneth de Lanerolle Trophy (Second XV).

The Blazé Trophy, first played in 1986, commemorates Louis Edmond Blazé, the visionary founder of Kingswood College and the man universally recognised as the Father of Sri Lanka Rugby.

Defending champions Wesley College will be chasing history by securing a fifth successive Blazé Trophy triumph. Under the guidance of current national forwards coach Terrence Henry, the Double Blues enjoyed another competitive season, finishing sixth in the Dialog Schools Rugby League before advancing to the semi-finals of the President’s Trophy Knockout Tournament.

Wesley will once again rely on the leadership of centre Kaizer Lye, whose attacking flair and defensive strength have made him one of the standout players this season. He will be supported by an experienced group that includes hard-working flanker Liam Onasis, powerful hooker Keshara Rahul and speedy winger Prarthana Rodrigo, giving the visitors quality in both the forwards and the three-quarter line.

Kingswood College, meanwhile, will be determined to reclaim the trophy in front of their passionate home supporters. The Randles Hill outfit will be captained by Sachithra Naveesha, while flankers Chanidu Adikari and Menusha Marasinghe are expected to spearhead the forward challenge. Familiarity with the Nittawela conditions could prove a significant advantage as the hosts attempt to halt Wesley’s remarkable winning streak.

Veteran referee Ishanka Abeykoon will officiate the main encounter.