Star-studded CDB retain MCA T10 Tier A crown

A star-studded team representing Citizens Development Business Finance (CDB) led by Tharinda Rathnayake edged out Abans Group by six wickets to retain the Mercantile Cricket Association (MCA) T10 Tier A crown in the final played at the CCC Ground on Sunday night.

Electing to bat first under lights, Abans Group lost both their openers in the first two overs, bowled by Nuwan Thushara and Navindu Prabash, but Kevin Samuel and Dilshan de Zoysa steadied the Abans innings with a 54-run stand for the third wicket before Samuel fell victim to Dunith Wellalage. In the chase, Vishad Randika smashed 44 runs off 22 balls, while Wellalage scored 31 off 15 balls and Movin Subasinghe scored an unbeaten 31 off 8 balls with one four and four sixes to win the game with six wickets and seven balls remaining.

A total of seven fours and 20 towering sixes out of the park were scored by both teams in the final.

In the semi-finals played in the morning, Savidu Uthsara captured three wickets while Kavinda Ishwara smashed an unbeaten 50 off 23 balls with three boundaries and five sixes to help Abans Group to the finals with an emphatic eight-wicket win.

In the second semi-final, a 25-ball 55 with three hits to the ropes and five over from Angelo Perera and a four-fer from Nuwan Thushara helped CDB Finance book their place in the final.

In a game reduced to four overs per team, Sampath Bank defeated David Peiris Group by seven wickets to clinch the third spot in the Tier A tournament.

CDB Team for the final:

Tharinda Rathnayake (Captain), Movin Subasinghe, Nuditha Lakshan, Navindu Prabash, Vishad Randika (wk), Vishwa Dhanajaya, Asadisa de Silva, Angelo Perera, Dunith Wellalage, Nuwan Thushara, Shevon Daniel

Abans Group Team for the final:

Sudara Dakshina (Captain), Dishan de Zoysa , Duranka Silva, Kaveesha Dulanjana, Kavinda Ishwara, Mihiranga Fernando, Nilanka Premerathne, Romesh Suranga, Savindu Uthsara, Shalith Fernando (wk), Kevin Samuel

Best Bowler of the Tournament: Nuwan Thushara of CDB

Best Batsman of the Tournament: Lahiru Samarakoon of David Peiris Group

Player of the Tournament: Lahiru Samarakoon of David Peiris Group

Player of the Final: Vishad Randika of CDB

Scores:

Third-place playoff (four overs per side)

*Sampath Bank beat David Peiris Group by 7 wickets in a last-ball thriller

David Peiris Group 54/5 (4) (Lahiru Samarakoon 20, Asitha Wanninayake 10; Abhishek Anandakumar 1-21, Chamath Dilsara 1-08, Hansaja Bandara 1-11)

Sampath Bank 55/3 (4) (Dulaj Ashen 14, Chamath Dilsara 18, Adithya Siriwardena 18*; Lahiru Samarakoon 1-15, Dilanka Auwardt 1-10)

Semi-Finals

*Savindu and Kavinda steer Abans Group to an eight-wicket win

Sampath Bank 73/7 (10) (Gajitha Kotuwegoda 17, Abhishek Anandakumar 14, Dileepa Jayalath 15*; Nilanka Premarathne 1-11, Savindu Uthsara 3-05, Kaveesha Dulanjana 1-15)

Abans Group 76/2 (6.3) (Kavinda Ishwara 50*, Kevin Samuel 10; Duminda Sewmina 1-14, Dileepa Jayalath 1-29)

*Angelo’s 55 and Nuwan Thushara’s four-fer take CDB Finance to final

CDB Finance A 108/10 (9.5) (Shevon Daniel 21, Angelo Perera 55, Muditha Lakshan 20; Manjula Bandara 1-08, Lahiru Samarakoon 1-20, Tharinda Nirmal 1-14, Dilanka Auwardt 3-18, Lakshan de Silva 1-04)

David Peiris Group A 89/9 (10) (Ron Chandragupta 15, Asitha Wanninayake 38, Ravindu Sembukutty 11, Vinuka Rubasinghe 16; Nuwan Thushara 4-11, Movin Subasinghe 2-16, Vishwa Dananjaya 2-08)

Final

*Vishad, Dunith and Movin power CDB to six-wicket win

Abans Group 116/7 (10) (Kevin Samuel 47, Dilshan de Zoysa 24, Savindu Uthsara 15; Nuwan Thushara 2-07, Navindu Parabash 2-20, Dunith Wellalage 2-22)

CDB 122/4 (8.5) (Vishad Randika 44, Dunith Wellalage 31, Movin Subasinghe 31*; Sudara Dakshina 1-19, Kaveesha Dulanjana 2-15)

CICRA certifies 141 Data Protection Officers in Sri Lanka

The 2nd Data Protection Officer (DPO) Awarding Ceremony was successfully held on 24 June 2026 at BMICH, marking another significant milestone in strengthening Sri Lanka’s data protection and privacy landscape.

This prestigious event brought together key stakeholders, industry leaders, and emerging professionals to celebrate the achievements of a new generation of certified Data Protection Officers. The ceremony was graced by the Chief Guest Data Protection Authority Director General Dimuth Bhashitha Atapattu, whose presence underscored the growing national priority of advancing robust data protection practices and regulatory compliance.

The ceremony follows the success of our inaugural awarding ceremony held in November 2025, where 50 Certified DPOs were honored for the very first time. Together, these two cohorts represent a growing community of highly skilled professionals dedicated to ensuring compliance, trust, and resilience in data governance.

The awarding ceremony not only highlighted the importance of data protection in today’s business and regulatory environment but also underscored the commitment to building a future ready workforce capable of addressing emerging challenges in cybersecurity and privacy

The ceremony also acknowledged the invaluable contributions of the Key Resource Panel, whose expertise and guidance have been instrumental in shaping the learning journey of the graduating officers. The panel comprises General Counsel, DPO, Member of the PDPA Drafting Committee Trinesh Fernando, Nestle Lanka Asst. Director – Legal and Regulatory Affairs/Company Secretary Keerthi Pathiraja, Legal Consultant and Research Fellow in Technology, Media, and Telecommunications Law Ashwini Natesan, DL and F De Saram Consultant Counsel Shenuka Jayalath and Dialog Axiata PLC Assistant Manager – Regulatory Rashmin Tirimanne De Silva

Their collective insights and practical expertise in data governance, legal compliance, and emerging privacy challenges have ensured that participants receive a well-rounded and industry relevant education. As a result, the newly certified officers are well positioned to serve as trusted custodians of organisational data, driving responsible data practices across sectors.

The 2nd DPO Awarding Ceremony stands as a testament to the ongoing efforts to build a strong, compliant, and privacy conscious digital ecosystem in Sri Lanka, reinforcing the nation’s commitment to data protection excellence in an increasingly interconnected world.

Under Sri Lanka’s Personal Data Protection Act No. 22 of 2025 (PDPA), appointing a Data Protection Officer (DPO) is not merely a best practice but a mandatory legal requirement for both government and private sector organisations in specified circumstances. For public authorities, including ministries, government departments, and public corporations, the designation of a DPO is compulsory to ensure compliance with the Act’s provisions. In the private sector, a DPO must be appointed where core processing activities involve regular and systematic monitoring of data subjects or processing of special categories of personal data on a prescribed scale. The DPO serves as the designated guardian of data protection, responsible for advising the organisation on compliance, facilitating staff training, conducting data protection impact assessments, and acting as the primary point of contact with the Data Protection Authority. With the PDPA fully enforced, organisations failing to appoint a qualified DPO where required risk significant penalties and regulatory action.

CICRA Campus continues to lead the way in empowering organisations and professionals to meet global data protection standards. With the PDPA soon going to be in effect, the demand for qualified Data Protection Officers is at an all-time high. Don’t miss this opportunity to become a certified leader in this critical field.

To enroll in the upcoming DPO Training Program and for further details, please contact CICRA today on 0710 600 800.

CICRA and Daily FT have announced the 2nd Data Privacy and Protection Summit 2026, scheduled to take place on 23 July at the Oak Room, Cinnamon Grand, Colombo. This landmark event is designed to equip Sri Lankan organisations, both public and private, with the knowledge, strategies, and tools needed to achieve full compliance ahead of the imminent enforcement of the Personal Data Protection Act (PDPA). As regulatory deadlines approach and cyber threats evolve, this summit serves as a vital platform for businesses to stay ahead of the curve, mitigate risks, and build robust data governance frameworks.

Registration for the summit is now open by visiting www.dataprotectionsummit.lk to register online.

Mistaken CDS account suspensions delay CSE market opening

The Colombo Stock market yesterday faced a two-and-a-half hour opening delay after active trading accounts had been mistakenly deactivated.

The Colombo Stock Exchange said the Central Depository System Ltd. (CDS) suspended the CDS accounts that were inactive for more than 15 years on 30 June 2026 as notified on 15 June 2026.

During the implementation of the suspension, certain active CDS accounts were also inadvertently suspended. This matter was detected during the pre-open session today and accordingly, the Market Auction Call (pre-open) was extended in order to restore the status of the CDS accounts that had been inadvertently suspended, the CSE said in a statement.

Regular trading commenced at 11.00 a.m.

The exchange said it deeply regret the inconvenience caused by the delayed commencement of trading, and that the extension of the pre-open session was necessary to ensure a fair and orderly market.

June records lowest tourist arrivals so far in 2026

Sri Lanka’s tourist arrivals fell by 10% in June year-on-year (YoY), marking the lowest inflow for the year so far, trailing last year’s pace amid a sharp decline in Indian travellers.

According to provisional data from the Sri Lanka Tourism Development Authority (SLTDA), June 2026 arrivals stood at 124,551, down from 138,241 in June 2025. It also fell 15% compared to May 2026, with weekly inflows showing moderate dispersion; 27,043 in the first week, 27,423 in the second, 28,585 in the third, and 41,000 in the final week.

Average daily arrivals dropped to 4,152, down from 4,608 a year earlier, although the highest single-day intake was 5,173 visitors on 20 June.

India remained Sri Lanka’s largest source market, contributing 43,423 arrivals (35%), but also showed a sharp 28% month-on-month (MoM) decline compared to 60,342 arrivals in May, signalling softening demand from the country’s key tourism feeder market. The UK followed with 10,474 visitors (8%), while Australia and China contributed 8,710 (7%) and 8,224 (7%) arrivals, respectively.

Despite the June slowdown, cumulative arrivals for 2026 rose to over 1.14 million, though the industry remains 1.8% below the 1.16 million arrivals recorded in the same period last year, indicating that Sri Lanka has yet to fully regain its previous growth trajectory. India continues to dominate overall source markets with 293,683 visitors (26%), followed by the UK with 108,567 (9%) and Russia with 77,349 (7%).

The June slowdown comes after stronger performances earlier in the year and underscores the importance of sustaining demand from key source markets, particularly India, if Sri Lanka is to maintain momentum towards its annual tourism targets.

Backward Britain, advanced Sri Lanka, and the American Revolution

Britain has had six Prime Ministers in 10 years. A politician who entered Parliament through a recent by-election is poised to become the Prime Minister, i.e., the political leader of Britain. If these facts do not drive home the anomalous, irrational nature of the UK political system and the comparative improvement on it that we have in Sri Lanka, nothing will.

There is a mini-series currently on Netflix about the American Revolution, the 250th anniversary of which is celebrated this month, July. Whatever the criticisms of the American political system and that of France which provided the more radical yet fraught successor to the democratic revolution in America, in neither country can anyone who wins just his home State have a direct pathway to the Presidency (except, in the US case, as a Vice-President who succeeds an assassinated President).

By contrast, in the Westminster model so dear to Ceylon’s/Sri Lanka’s left liberals, you can rule the whole country if you have won your seat and your party has won the larger number of seats in the legislature.

There is a reason for this distortion in Britain. It retains the historically anachronistic monarchy, not a democratically elected office, as the unifying symbol of the nation. The opposite is true of modern democracy exemplified by the USA and France. This is why the great liberators of Latin America, starting with Simon Bolivar, chose the model of the American Presidency rather than that of the UK.

It is not that the American presidency doesn’t require reform and rectification. Alexandria Ocasio Cortez has been among those calling for the abolition of the Electoral College and the installation of a system of purely direct national election of the President. France has precisely such a direct system. So too Sri Lanka.

Sri Lanka’s electoral system is also far more progressive than Britain’s which is the one we had until 1978, namely the first-past-the-post, ‘winner takes all’ system, which enables a victory by a narrow margin of votes and the non-representation of the losers by a narrow margin, of that seat or district. The Westminster model is a zero-sum game; Sri Lanka’s isn’t.

Unlike the ‘progressives’ of Sri Lanka, the heroic leftist revolutionaries of Latin America who were imprisoned for decades under military or civilian-military juntas which occupied the presidency, never confused dictatorship or authoritarianism with the presidential system and thought that the former sprang from the latter. They went on to run for and win the Presidency in their countries (Mujica, Lula et al), though that second cycle of left rule (Pink Tide 2) is now closing.

Even when I was indicted as the first accused of 23 persons including EPRLF founder-leader K Pathmanabha, on 14 counts under the Prevention of Terrorism Act and the Emergency regulations, for (alleged) acts committed dating from 1984 against the Jayawardene administration, we had not demanded and did not demand the restoration of either the Westminster model or the ‘closed’ economy which had preceded Jayewardene rule in 1978.

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In a society which bears not only class inequity but also the residues of casteism in the social consciousness and practices, an electoral system of proportional representation is more democratic an agency than a first-past-the post model in which such archaic residues can play a decisive role. There could be a casteist Prime Minister elected from a specific locality, but it is difficult to envisage a casteist President who has to draw votes from as diverse a social spectrum as possible to win

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Structure of State

Opting for a form of State is the most challenging task for a political leader or political thinker, because one is advocating a choice of the best sword and shield, the best ‘armour’ for the country, the nation, and its people.

Given the geopolitical and geostrategic realities of the island of Sri Lanka, with its composition, demographic distribution and neighbourhood, the best form of State is the 1978 Jayewardene model with its 1987 structural reform (provincial councils).

We’ve fought and won a Thirty Years War, a second Southern civil war, seen off a foreign military force on Sri Lankan soil, swiftly recovered from a tsunami, clocked an average of 5% economic growth in those years, supplemented it with social programs, and remained a functioning electoral democracy (except for a partial, i.e., Parliamentary, closure in December 1982-1988)-all under our existing political system.

Ranasinghe Premadasa and Mahinda Rajapaksa couldn’t have done any of it under a Westminster model dependent on shifting Parliamentary majorities. Sri Lanka wouldn’t have restored its sovereignty, and survived as a single unified/reunified State, i.e., one country, under any model other than the Presidential form of a Republic that we’ve had thanks to JR Jayewardene and above all the universal inspiration of the political order forged by the American Revolution 250 years ago.

As for electoral systems, JR perhaps opted for proportional representation because he was confident that the UNP would remain the country’s largest single party, but it is also true that theorists of progressive, pluralist democracy, and even radical democracy, have always recognised proportional representation as superior to, and more progressive, than the first-past-the post system.

Aristotle’s axiom

There is a more fundamental conceptual sense in which the 1978 political model (Presidency, proportional representation) as modified in 1987 (presidency plus provincial devolution) contains the rudiments of the best available political order for Sri Lanka.

Aristotle identified three broad types of State: rule by one man, which he called tyranny; rule by a few, which he named oligarchy; rule by a majority, which he designated democracy. After arguing how each type slides to its extreme and decomposes into its opposite, generating a vicious cycle, he concluded that the best State is a hybrid or mixed type, which is a fusion of the key features of all three types listed above.

Far more so than Ceylon/Sri Lanka’s 1947 Soulbury and 1972 Republican constitutions, the 1978 Republican constitution approximates the Aristotelian hybrid of the three types.

The Founding Fathers of the USA were influenced by Aristotle’s argument and the accounts by classical historians of the Republics of ancient Greece and Rome. The result was the rejection of the British model of hereditary monarchy and Parliamentary Government in favour of a democratic republic, headed by a democratically-elected Presidency and containing a bicameral legislature.

Sri Lanka’s triad-nationally-elected Presidency, legislature elected on proportional representation, devolution to elected Provincial Councils-constitutes a better system than Britain’s. Undiluted proportional representation provides the clearest mirror of public opinion and respective political strengths, while the directly elected Presidency provides the stability that can be undermined in a strictly Parliamentary system with proportional representation.

The Lankan system is superior even in the matter of devolution. The model of a purely Parliamentary system with the devolution of power to regions produces as in the British case, periodic demands for referendums on independence. An elected Presidency as the systemic apex has power which far exceeds the capacities of a Westminster model to contain and counter a political push by a regional/provincial assembly. The elected Presidency is a better ‘lid’ than a Parliament. This is especially so in the Sri Lankan case where its North and East are neighbours of an ethnic-kinstate with 80 million people, Tamil Nadu.

Those of the Lankan liberal-left who have consistently advocated both the abolition of the executive Presidency and expanded quasi-federal devolution have displayed a complete absence of responsibility and realism.

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Had Sajith spent the time figuring out how to bridge the 8% between 42% and 50% he’d be President today. Going even further, if he had retained his 42% (2019) and added a mere 1% to it, moving up to 43% he would have won in 2024. Instead, the SJB, imitating Ranil, and influenced by Rajitha Senaratne and Karu Jayasuriya, lost time and energy on a campaign to abolish the Executive Presidency rather than to win it

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Anomalous Lankan left

Unlike the left universally, which recognises the USA and France as having qualitatively more advanced political systems than Britain which never experienced a war of independence or completed a revolution against the feudal aristocracy and the monarchy, the Lankan left is unable to rid itself of the residues of a colonial mindset.

The political system of Britain is hardly renowned for its social, historical and cultural modernity. In turning its back on historical experiences (America’s War of Independence, the French Revolution, the Napoleonic wars against old Europe, the wartime French Resistance) and resultant political models of the USA, France, Russia, China, and Latin America, Sri Lankan left liberals are actually turning their backs on the wellsprings of political modernity.

The liberal-left or left-liberal sector produced much of the blunders in thinking on key political choices in contemporary Sri Lankan history:

Patriotic war of national-territorial reunification vs. appeasement of Prabhakaran.

Presidency vs. Westminster model.

Proportional representation vs. first-past-the-post.

Provincial autonomy within unitary State vs. Federalism.

In a society which bears not only class inequity but also the residues of casteism in the social consciousness and practices, an electoral system of proportional representation is more democratic an agency than a first-past-the post model in which such archaic residues can play a decisive role. There could be a caste-ist Prime Minister elected from a specific locality, but it is difficult to envisage a casteist President who has to draw votes from as diverse a social spectrum as possible to win.

One would have expected the Lankan left, progressives and liberals to know better.

A republic is the most progressive political order. The Westminster model is not embedded in a republic but a monarchy, devoid of even a written constitution.

Parliamentary republics exist, with India and Sri Lanka (1972-1978) being examples. However, the great, modern republics aren’t Parliamentary but Presidential.

Countries which have a real revolution in their political history-be it ‘bourgeois-democratic’ or non-capitalist/socialist-have opted for Presidencies.

A republic is distinguished by the people being acknowledged as the source of power and sovereignty. Because the country’s leader is chosen by the votes of the whole people in aPresidential system, it is a far a better ‘political shell’ or ‘superstructure’ for a modern republic than is a parliamentary system.

The inability to grasp these basics explain why Sri Lanka’s left-liberals have failed to play their role as the consistent vanguard of modernity and modernisation. They have even been a force for conservatism.

The left-liberal cosmopolitan elite and its academics and intellectuals in particular were prejudiced and hostile precisely towards the two Sri Lankan leaders who most approximated Antonio Gramsci’s guiding criterion of the ‘national-popular’: Ranasinghe Premadasa and Mahinda Rajapaksa.

The left-liberals now support the illiberal left-the JVP-NPP Government.

Centre-right irrationality

The liberal-right/liberal centre-right/liberal-centre, i.e., the UNP, the Karu Jayasuriya-led forum and the Samagi Jana Balavegaya (SJB) are also off the rails.

The liberal centre-right stands quite firmly for the Open Economy and devolution-but neither would have been possible to implement or sustain without the Executive Presidency. Despite that axiomatic fact, the UNP under Ranil Wickremesinghe spent much political capital during the Yahapalanaya years on the ‘abolition’ project and the successor SJB wasted a few valuable years after its founding in 2020 advocating ’19th Amendment Plus’, i.e., the abolition of the Executive Presidency.

Sajith Premadasa had scored 42% at the Presidential Election running in November 2019 against Gotabaya Rajapaksa who was surfing an anti-terrorist, post-Easter Massacre wave. Sajith’s 42% was an excellent achievement especially when one recalls that Anura Kumara Dissanayake won in 2024 with only the same percentage of the vote, 42%.

Had Sajith spent the time figuring out how to bridge the 8% between 42% and 50% he’d be President today. Going even further, if he had retained his 42% (2019) and added a mere 1% to it, moving up to 43% he would have won in 2024. Instead, the SJB, imitating Ranil, and influenced by Rajitha Senaratne and Karu Jayasuriya, lost time and energy on a campaign to abolish the Executive Presidency rather than to win it.

Any party of the liberal-democratic right, centre-right or centre, which advocates when in Opposition and wastes time when in office in trying to abolish, or actually succeeds in abolishing the Executive Presidency, will realise that it cannot proceed for long with either the open economy or devolution.

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It is not that the Sri Lankan political system doesn’t require reform-but such reforms have to be a step forward, not backwards. The directly-elected Presidential system needs to remain as the overarching repository of the general will of the citizens of the island taken as a whole, but the Judiciary and Legislature have to be strengthened and checks-and-balances ensured along American lines

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Jayewardene and Premadasa revolutions

JR Jayewardene was more advanced than most Ceylonese/Sri Lankan politicians. Though he was a product of the Legislative Council under British colonialism, he was the first and most prominent Parliamentarian to be able to escape from its conceptual limitations, turn towards and find inspiration in the two great democratic republics-USA and France. Thus the 1978 Constitution for which he had advocated since 1966, was modelled – though imperfectly-on the American and French political systems.

The Executive Presidency and open economy were logically linked when advocated by JR Jayewardene as a tandem in 1966. He explained its political economy in his speech to the SLAAS-F Section (Social Sciences) in December 1966, presided over by Dr. Lal Jayewardena.

JRJ was more right than wrong, more realistic than not, and certainly more correct than the liberal-left and liberal-right, when he argued 60 years ago this year, that for sustainable, rapid economic growth and modernisation the country needed ‘a strong and stable Executive, free from the whims and fancies of the Legislature’.

The two concepts featured in the UNP manifesto of 1977, and a mandate was obtained- which is why a referendum wasn’t needed for the changeover.

JR could not have pushed through and sustained the open economy without the Executive Presidency. This is true not only of the open economy of 1977 but of its dramatically evolved ‘Growth with Equity’ model of President Ranasinghe Premadasa (1989-1993).

President Premadasa was spot-on when he told me: ‘Do you think that if not for Mr Jayewardene’s Executive Presidency, our own fellows would have allowed me to implement my pro-people development programs?’

The matter is still clearer with devolution. SWRD Bandaranaike simply could not push through the pact for Regional Councils arrived at with SJV Chelvanayakam, as Prime Minister within the Westminster model. Had he been the elected President he would have. JR Jayewardene was able to push the 13th Amendment through implement it on the ground because he was the Executive President.

Large-unit devolution outside and beyond the boundary of the unitary State has long been rejected by the majority of the island’s Sinhala majority, by means of electoral backlashes which have also been swings to nationalist-populism.

Even the 13th Amendment, i.e., provincial devolution, is acceptable to the people and swathes of the Opposition only if the constitutional capacity for containment through the directly, nationally elected Executive Presidency and its proxy the governors, remain. If the Executive Presidency is abolished, devolution will go with it. If devolution is to remain, so too must the elected Executive Presidency.

Twin pillars for SJB-UNP

Sajith Premadasa and the SJB want to:

(a) Re-energise the open economy.

(b) Rebalance it in the direction of equity with rapid, pro-people programs.

(c) Revive the Provincial Councils.

If the SJB fails to recognise the comparative superiority of the 1978 Jayewardene political model of 1978 as structurally reformed by the 13th Amendment of 1987, it will be unable to fulfil these goals.

The SJB must decide which party and period it is the successor of:

(a) The ascendant developmental UNP of Presidents JR Jayewardene and Ranasinghe Premadasa (1973-1993)

(b) The declining neoliberal UNP of Ranil Wickremesinghe (1994-2026).

Sajith Premadasa, the SJB, and any SJB-UNP partnership must rest firmly upon twin pillars:

(I) The politico-constitutional model of JR Jayewardene.

(II) The socio-economic model of Ranasinghe Premadasa.

It is not that the Sri Lankan political system doesn’t require reform-but such reforms have to be a step forward, not backwards. The directly-elected Presidential system needs to remain as the overarching repository of the general will of the citizens of the island taken as a whole, but the Judiciary and Legislature have to be strengthened and checks-and-balances ensured along American lines.

President eyes 7-8% growth with push into IT, electronics exports

President Anura Kumara Dissanayake yesterday set out an ambitious strategy to lift Sri Lanka’s economic growth to 7-8% over the coming years, identifying the information technology (IT) and electrical and electronics industries as key drivers of export-led expansion and higher foreign exchange earnings.

Addressing leading investors and industrialists from the IT and electrical and electronics sectors at the Presidential Secretariat, the President said the Government’s objective is to raise annual economic growth from around 5% by strengthening high-value domestic industries capable of competing in global markets.

He invited industry leaders to work closely with the Government to unlock the country’s economic potential and requested that they submit proposals outlining sector-specific development strategies together with the principal constraints affecting their industries.

The President said the Government intends to allocate Rs. 2 trillion for capital expenditure next year to accelerate economic activity, adding that export growth will be essential to generate the foreign exchange required to sustain that investment program.

Discussions focused on expanding Sri Lanka’s export base through higher-value technology industries.

Participants noted that the IT industry, currently the country’s third-largest export sector, has the potential to generate $ 5 billion in annual export earnings. The electrical and electronics industry, which currently exports around $ 500 million annually, was identified as having the potential to increase export revenue to $ 2 billion.

The meeting also examined Sri Lanka’s prospects of positioning itself as a recognised global brand in both sectors by leveraging its skilled workforce while expanding supporting infrastructure and industrial capacity.

Industry representatives highlighted several policy and operational constraints affecting investment and export competitiveness, including complex procedures for importing electronic components, banking difficulties faced by companies operating within Colombo Port City, and challenges in promoting locally manufactured products in the domestic market.

The discussions also covered legislative and regulatory reforms aimed at removing these obstacles, with attention given to establishing a dedicated mechanism to receive industry proposals directly and expedite solutions.

Deputy Digital Economy Minister Eng. Eranga Weeraratne outlined several initiatives under consideration to strengthen the sector’s competitiveness, including the establishment of a Virtual Special Economic Zone and a national data centre.

He also said the Government plans to introduce a Green Channel to expedite Customs clearance for electronic equipment imported for research and development, while addressing banking and credit card restrictions affecting overseas payments for cloud computing and Software as a Service (SaaS) platforms.

In addition, the Deputy Minister said the Government is examining alternative incentive schemes aimed at retaining skilled professionals and slowing the outflow of technology talent overseas.

Among those attending the meeting were Labour Minister and Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando, Treasury Secretary Dr. Harshana Suriyapperuma, President’s Chief Adviser on Digital Economy Dr. Hans Wijayasuriya, Export Development Board Chairman Mangala Wijesinghe, representatives of the Sri Lanka Association for Software and Services Companies (SLASSCOM), the Sri Lanka Electronic Manufacturers and Exporters Association (SLEMEA), and leading companies operating in the IT and electrical and electronics sectors.

ADB approves $ 200 m emergency assistance for post-Cyclone Ditwah recovery

The Asian Development Bank (ADB) has approved a $ 200 million emergency assistance package for Sri Lanka’s recovery and reconstruction following Cyclone Ditwah.

The package comprises a $ 100 million regular loan and a $ 100 million concessional loan from the ADB’s ordinary capital resources, and a $ 500,000 technical assistance grant to help strengthen project implementation, readiness, and quality assurance.

The Post-Cyclone Ditwah Reconstruction and Livelihood Support Project will finance priority investments to rehabilitate damaged road and irrigation infrastructure, restore the livelihoods of affected smallholder farmers, and support the reconstruction of severely damaged or destroyed houses. The project applies build-back-better principles to strengthen resilience to future disasters.

ADB Country Director for Sri Lanka Shannon Cowlin said: ‘Cyclone Ditwah caused widespread damage to infrastructure, housing, and livelihoods across Sri Lanka, placing additional strain on communities already facing significant economic challenges. This emergency assistance will help restore essential services, support affected households and farmers, and rebuild infrastructure to higher, climate-resilient standards.’

Cyclone Ditwah made landfall in Sri Lanka on 28 November 2025, bringing intense rainfall, flooding, and landslides that caused widespread damage across 22 districts and disrupted transport networks, irrigation systems, housing, and rural livelihoods.

The project will support the rehabilitation and climate-resilient reconstruction of priority national and rural roads damaged by the cyclone. This includes slope stabilisation, drainage improvements, and repairs to carriageways and minor structures. These investments will restore safer, more reliable access to markets, services, and employment while reducing vulnerability to extreme weather events.

The project will also finance the rehabilitation of damaged irrigation infrastructure, including tanks, canals, and associated water management structures, and will strengthen dam safety planning. By restoring irrigation functionality and improving resilience, the project will help farmers resume agricultural production, support food security, and reduce exposure to future environmental shocks.

In addition, the project will provide targeted support to cyclone-affected households by building on the Government’s recovery assistance programs for smallholder paddy farmers and owner-driven housing reconstruction. Livelihood assistance will help farmers restore inputs and resume production, while owner-driven housing support will be provided through staged grants based on verified construction progress, enabling families to rebuild safely and with greater resilience.

The project will be implemented through Government agencies responsible for transport, irrigation, agriculture, and disaster recovery, supported by project implementation consultants and regular ADB review missions.

Union Bank launches new loan scheme for Government pensioners

Union Bank has launched the new Union Bank Pension Loan, to empower Government pensioners live their retirement with dignity and strength. Introduced under the warm and empowering theme ‘??????? ?????? ???? ???? ????? ??????!’ (Make your retirement a strength, not a burden), this special loan is designed to be the most rewarding financial solution for Government pensioners.

Also available for widow pensioners, Central Bank retirees, and armed forces members not in service, this loan is built to give retirees true financial freedom. Whether it is for building a home, fulfilling a lifelong dream, handling personal expenses, or creating an income generating avenue, Government pensioners can borrow up to Rs. 8 million with a very comfortable repayment period of up to 15 years. To make the process as easy and stress-free as possible, the bank offers low interest rates and fast approvals with no personal guarantors required.

Vice President Retail Products and Cards Malinda Perera said: ‘What makes this loan truly unique are the free daily lifestyle benefits that Union Bank is adding to care for its customers. Union Bank provides the highest loan value of Rs. 8 million and is the only bank provide some key benefits. Pensioners will receive Rs. 30,000 worth of free PickMe rides every year for safe and independent travel, alongside a yearly health package worth Rs. 7,000 that covers medical screenings at Nawaloka Hospitals and cash back for medicine during their birthday month along with other benefits. Pensioners will also receive a pre-approved Union Bank Credit Card as an extra safety cushion for sudden financial emergencies.’

IFRS 17 to reshape competition in life insurance

Sri Lanka’s life insurers are expecting International Financial Reporting Standard (IFRS) 17 to alter not only financial reporting but also how companies compete, shifting the focus from premium volumes to profitability and long-term value creation.

IFRS 17 was adopted in Sri Lanka as Sri Lanka Financial Reporting Standard (SLFRS) 17 last January, but the first two quarters’ reporting were deferred till 30 September 2026 in order to clarify accounting and taxation-related issues (see https://www.ft.lk/columns/Does-new-IR-Bill-violate-Constitution-over-IFRS-17/4-789752).

The Inland Revenue Department (IRD) withdrew certain provisions in the tax code related to SLFRS 17 after they were challenged in the Supreme Court.

Softlogic Life CEO Iftikar Ahamed said the accounting standard would improve transparency by making insurers’ contractual service margins (CSM) and underlying profitability more visible to investors.

HNB Life CEO Lasitha Wimalaratne said the longstanding emphasis on Gross Written Premium (GWP) would give way to insurance service revenue and CSM, allowing investors to compare insurers on the value they create rather than the volume of premiums written.

He also said IFRS 17 would encourage insurers to place greater emphasis on protection products than investment-oriented business.

‘We don’t have a choice but pushing more and more protection in this market,’ he said, adding that only the protection component of a policy is recognised as insurance service revenue under the new standard.

Union Assurance CEO Senath Jayatilake said the evolving reporting and solvency framework could encourage consolidation over time, while making Sri Lankan insurers more comparable with regional peers and potentially more attractive to foreign investors.

MiHCM achieves ISO/IEC 27701:2025 certification across Malaysia, Sri Lanka

MiHCM, a leading enterprise HR and payroll technology company operating across 22+ countries in Asia, has achieved ISO/IEC 27701:2025 certification for its operations in Malaysia and Sri Lanka.

The international privacy information management standard validates MiHCM’s commitment to privacy, data protection, and the responsible handling of customer and employee information.

ISO/IEC 27701:2025 is an internationally recognised extension to the ISO/IEC 27001 information security standard, establishing requirements and guidance for implementing and maintaining a Privacy Information Management System (PIMS). Achieving this certification demonstrates that MiHCM has implemented structured, auditable controls for the processing of personal data across its operations.

Data underpins the full range of services MiHCM delivers to enterprise clients across the region – from employee profiles and payroll records to attendance transactions, workflows, and customer configurations. The organisation processes sensitive business and personal information on behalf of clients in 22+ countries, making robust data governance a strategic as well as operational priority.

MiHCM Chief Technology Officer Shanmugarajah said: ‘ISO/IEC 27701:2025 certification marks a critical milestone for MiHCM. As an HR platform managing sensitive workforce data across South Asia and the Middle East, privacy governance isn’t a compliance checkbox; it’s foundational to customer trust. This certification validates our Privacy Information Management System: rigorous controls, transparent processes, and accountability across data lifecycle. It also complements our ISO 27001 foundation and reinforces our commitment to responsible data stewardship in highly regulated markets. Our customers can now trust that their employee data is protected by industry-leading standards.’

Shanmugarajah also noted that whilst many sound processes and controls were already in place across teams, a more formalised and consistent approach to governance was now being established. Beginning in June 2026, MiHCM will implement a comprehensive Data Governance Framework across the organisation, with ISO 27701 and privacy management forming one key component of a broader model.

The Data Governance Framework will define how data is collected, processed, stored, shared, retained, archived, and deleted across the organisation. It will establish clear roles and responsibilities around governance processes and approvals, operational controls, data handling standards, security and privacy controls, escalation and review mechanisms, and standard operating procedures.

To support the rollout, MiHCM will conduct a series of awareness, training, and knowledge-sharing sessions to equip teams across Engineering, Infrastructure, HR, Operations, Support, Customer Success, and Business functions with the understanding and tools to handle data safely and responsibly.