Category: Daily Financial Times

A dispute over the allocation of a Parliament committee room has disrupted the work of the Committee on Public Finance (CoPF), its Chairman MP Dr. Harsha de Silva told Parliament yesterday.

Raising the issue in the House, Dr. de Silva said the activities of the CoPF had effectively come to a standstill after the Committee on Public Enterprises (COPE) sought exclusive use of the committee room from Tuesday to Friday, from morning until evening.

He said the arrangement had left little room for the CoPF to conduct its proceedings and fulfil its oversight responsibilities.

“Committees do not own rooms in Parliament,” Dr. de Silva said, urging a resolution to the matter.

The comments point to growing tensions over parliamentary resources at a time when both oversight committees are engaged in reviewing key public finance and governance issues.

No immediate response from the COPE was made in Parliament regarding the matter.

Richard Pieris Finance Ltd., has reported a strong financial performance for the year ended 31 March 2026, recording a Profit Before Taxes of Rs. 701.6 m, reflecting continued business growth, operational resilience, and strengthened market confidence.

The results demonstrate the Company’s ability to deliver sustainable growth while maintaining financial discipline in an increasingly competitive operating environment, Richard Pieris Finance said in a statement.

The Company recorded a Profit After Tax of Rs. 448.7 m for the financial year, compared to Rs. 254.7 m in the previous year. The strong performance was supported by growth across its core business segments, improved operational efficiencies, disciplined portfolio management, and a continued focus on customer-centric financial solutions.

Total assets increased to Rs. 24.57 b from Rs. 20.24 b a year earlier, while customer deposits grew to Rs. 11.68 b, reflecting the continued confidence placed in the Company by depositors and investors. Shareholders’ funds strengthened to Rs. 4.43 b, further reinforcing the Company’s capital base and long-term financial resilience. These results underscore the stability of Richard Pieris Finance’s operating model and its ability to achieve growth while maintaining prudent risk management and strong governance standards.

The Company’s lending portfolio continued to expand across key segments, with loans and advances increasing to Rs. 10.84 b and lease receivables growing to Rs. 7.41 b. Supported by a diversified portfolio that includes vehicle leasing, gold loans, Islamic finance, consumer lending, and the recently introduced Sarumaga mortgage solution, Richard Pieris Finance continues to strengthen its position as a trusted provider of financial services to customers across Sri Lanka.

Chairman Nalin Wijekoon said: “These results reflect the resilience of our business model, the confidence placed in us by our customers, and the commitment of our team. Despite operating in a challenging environment, we have remained focused on sustainable growth, prudent governance, and creating long-term value for all stakeholders. Our continued progress is a testament to the trust that customers, investors, and business partners place in Richard Pieris Finance.”

CEO Lohika Fonseka said: “Our performance during FY 2025/26 reflects the steady momentum we have built across the business. We continue to strengthen our core operations, expand our product offering, enhance customer accessibility, and invest in the systems and capabilities required to support the next phase of growth. Our focus remains on delivering responsible financial solutions while maintaining strong standards of service, governance, and risk management. As we continue to grow, we remain committed to building a stronger, more agile institution capable of meeting the evolving financial needs of customers across the country.”

The Company’s performance during the year was further supported by a strengthened governance framework led by an experienced Board of Directors comprising professionals with extensive expertise in banking, finance, risk management, audit, human resources, technology, and corporate strategy. This breadth of experience continues to provide strategic direction while ensuring sound oversight and long-term sustainability.

Net Operating Income increased to Rs. 1.74 b during the year, reflecting growth in business volumes and improved operational performance. The Company also continued to maintain a balanced approach to growth, supported by prudent risk management practices and a disciplined focus on portfolio quality.

As part of its ongoing growth strategy, Richard Pieris Finance continued to invest in digital innovation, operational excellence, and customer accessibility. During the year, the Company launched its Loan Origination System (LOS) Mobile App to streamline internal loan processing and improve operational efficiency, while also introducing its Device Finance solution to provide customers with convenient access to Samsung smartphones through simplified financing and flexible repayment options. These initiatives, together with ongoing enhancements to the Company’s cybersecurity framework aligned with globally recognised standards, reflect Richard Pieris Finance’s commitment to delivering greater convenience, efficiency, and trust through technology.

Supported by its Fitch Rating of ‘A(lka)’ with a Stable Outlook, Richard Pieris Finance remains well-positioned for future growth. The Company’s strong financial fundamentals, growing branch network, diversified portfolio, robust capital base, and the backing of the Richard Pieris Group provide a solid platform for continued expansion while ensuring stability and confidence for customers and stakeholders alike.

Backed by the strength, heritage, and credibility of one of Sri Lanka’s most respected conglomerates, Richard Pieris Finance continues to benefit from the support and stability associated with the Richard Pieris Group, further reinforcing its long-term sustainability and ability to create value for customers, investors, and business partners.

The ‘Collective for Social Media Declaration'(CSMD) hereby expresses its grave concern regarding the ‘Chartered Institute Of Media Professionals Of Sri Lanka’ gazetted by the Government in June 2026, which poses a serious risk of severely restricting the digital civil space and the freedom of expression of independent voices in this country. While this bill presents itself as introducing and maintaining professional standards in the media sector, it carries a high potential of becoming a repressive tool that directly silences independent journalism and professional criticism in practice.

It is factually clear that the very initial operation of this bill, upon enactment, opens the door to direct political interference. Under Clause 5(4) of the bill, the ‘Interim Council’ appointed for the first year of the act’s operation falls entirely under the influence of the Minister in charge of the subject. This council, composed of members nominated with the consent of the Ministry Secretary and the Minister, is empowered to determine the foundational criteria for selecting members of the permanent council – paving the way for the institution’s very foundation to be shaped according to political will, devoid of any independent professional basis.

In this context, the three primary threats posed by this bill – particularly to the digital space, social media activists, and content creators – can be identified as follows:

1. Entrapping digital creators through the definition of ‘Media Professional’

This bill directly includes not only traditional journalists but also ‘content creators’ and ‘content editors’ operating on online platforms such as YouTube, Facebook, and TikTok within the legal scope of ‘media professional.’ While on the surface this may appear to be professional recognition or appreciation extended to them, its true underlying intention is to bring independent citizens under an institutional and state regulatory framework.

2. The risk of vague ‘Misconduct’ rules and disciplinary control

The governing council established by the bill is granted full authority to impose a professional code of ethics and exercise disciplinary control over members. The most serious legal gap therein is that ‘professional misconduct’ is not specifically defined within the bill itself. Leaving this to be determined by rules subsequently formulated by the governing council creates a broad political opening to persecute independent journalists by labeling any content critical of the Government or corrupt officials as ‘unethical’ or ‘misconduct.’

3. The ‘Triple Legal Threat’ converging with other repressive legislation

If a social media activist’s professional registration is revoked through disciplinary proceedings under this bill, the impact is not limited to mere institutional punishment. A deadly ‘triple legal trap’ is activated here, where this bill converges with the already-enforced Online Safety Act (OSA) and the proposed Protection of the State from Terrorism Act (PSTA).

As a practical illustration: an independent social media activist (YouTuber) who exposes large-scale Government corruption could have their professional registration revoked under this bill on grounds of ‘ethical violation.’ They could then be reduced to the status of an ordinary unofficial citizen, after which the content could be removed from the internet under the Online Safety Act(OSA) on claims of spreading misinformation, and punishment imposed. Furthermore, if the exposure triggers public outrage, it could be framed as inciting anti-state sentiment, and if the proposed PSTAl is passed, the mechanism would be in place to arrest the individual without a warrant.

Our request and emphasis

As a collective that stands for and operates with socially responsible, human rights-based ethical social media activism, we make our emphasis on that ethical foundation.

The combination of these laws has the full capacity to directly or indirectly threaten the freedom of speech and expression guaranteed under Article 14(1)(a) of the Constitution, and to create a dark era of ‘self-censorship’ in this country’s digital space – where media personnel, especially social media activists, censor themselves out of fear of legal punishment.

Therefore, we strongly urge the National People’s Power (NPP) Government to immediately withdraw this bill, which suppresses civil space and the right to criticise under the guise of professionalism. We, as the ‘Collective for Social Media Declaration (CSMD),’ also earnestly call upon all civil society organisations, media professionals, and citizens who respect democracy to immediately unite in defense of both media freedom and democratic rights in this country.

The Social Media Declaration collective is a coalition established by civil society organisations, citizen activists, websites, and subject-matter experts, with the aim of promoting a ‘human rights-based’, Socially Responsible use of Social Media’. This collective is dedicated to advancing human rights, including digital rights, and to systematically analysing online content through research, advocacy, training, awareness-raising, and critical inquiry. It continuously strives to foster and sustainably promote democratic discourse in online spaces grounded in internet freedom, transparency-openness, and democratic values. In this way, the collective remains committed to ensuring societal well-being through the influence of technology and to encouraging the development of responsible, ethical use of social media in the digital age.

The following organisations belong to this collective. Sri Lanka Working Journalists Association; Jaffna Press Club; Eastern Provinces Journalists Forum; Centre for Policy Alternatives; Human Elevation Organisation; Movement for Land and Agricultural Reform; ActNow Youth Campaign; Wedabima Media Collective; National Collaboration Development; Foundation Best Vision Foundation; Internet Media Action; maatram.org; vikalpa.org and groundviews.org

Export Development Board (EDB) Chairman Mangala Wijesinghe yesterday said Sri Lanka expects rupee-to-rupee trade with India to significantly boost bilateral commerce, with authorities targeting around a 30% to 40% increase in trade exchanges within two years and a 15% to 20% rise in the first year of implementation.

Addressing the media, he described the initiative as a progressive step that would reduce transaction costs, eliminate currency conversion losses, and lessen dependence on the US dollar for bilateral trade.

“It reduces pressure on scarce hard currency reserves, preserving dollars for uses where they are truly necessary, while rupee-to-rupee trade flows freely between our two economies,” he said.

The initiative forms part of a broader effort by both countries to deepen economic integration and facilitate trade settlements directly in Indian Rupees (INR) and Sri Lankan Rupees (LKR), reducing exposure to exchange rate volatility and global dollar liquidity pressures.

According to Wijesinghe, the Indian High Commission in Colombo is actively supporting the initiative and is working closely with the Central Bank of Sri Lanka (CBSL) to strengthen trade-related financial transactions between the two countries.

“We have already noticed a favourable response,” he said, noting that discussions on increasing the use of local currencies in bilateral trade have been ongoing among local banks.

The EDB Chairman said the mechanism would help reduce demand for US dollars, while contributing to greater exchange rate stability.

Momentum behind the initiative was evident last week when policymakers, bankers, exporters,, and business leaders gathered for a high-level roundtable titled “Rupee to Rupee: Strengthening the India-Sri Lanka Commercial Corridor,” held under the patronage of Indian High Commissioner Santosh Jha and CBSL Governor Dr. Nandalal Weerasinghe (https://www.ft.lk/front-page/Sri-Lanka-and-India-set-sights-towards-Rupee-converted-6-b-trade/44-793343).

Participants included representatives from Sri Lankan banks, exporters, importers, chambers of commerce, members of the India CEO Forum, and policy think tanks.

A key feature highlighted at the event was the growing ability of financial institutions to support trade directly in INR. Indian banks operating in Colombo can now lend in INR to Sri Lankan importers purchasing Indian goods, while Sri Lankan banks can also borrow in INR to finance trade transactions without requiring dollar conversions.

“This is a good opportunity for us to promote important facilitation of trade between India and Sri Lanka,” Wijesinghe said.

The push for local currency settlement comes as economic ties between the two neighbours continue to deepen.

India has now emerged as Sri Lanka’s second-largest export destination, overtaking the UK, with annual exports exceeding $ 1 billion. At the same time, Sri Lanka imports nearly $ 5 billion worth of goods from India annually. A significant component of that trade relationship is linked to manufacturing supply chains, particularly apparel.

Wijesinghe noted that around $ 2.6 billion worth of raw materials used by Sri Lanka’s garment sector are imported from India each year.

The development reflects a growing degree of economic interdependence between the two countries and underscores the importance of reducing transaction costs and payment frictions.

The rupee-trade initiative comes amid renewed efforts to expand bilateral trade and investment ties, highlighted on Tuesday as the two countries marked 25 years of the India-Sri Lanka Free Trade Agreement (ISFTA) and launched the Indo-Lanka Chamber of Commerce and Industry (ILCCI) India Desk, which will be operated by Global Investment and Trade Advisors (GITA), an Indian trade and investment promotion agency (https://www.ft.lk/front-page/India-Desk-launch-signals-push-to-reboot-Sri-Lanka-India-economic-ties/44-793696).

The Desk is expected to provide Sri Lankan businesses with regulatory guidance, market intelligence, and structured engagement opportunities to help them navigate and access the Indian market more effectively.

Sri Lanka’s export sector posted its highest-ever first five months’ performance, with total earnings surpassing $ 7.39 billion and reflecting a 7.56% year-on-year (YoY) growth, despite global headwinds.

The previous high was $ 6.8 billion registered last year.

The latest data released by the Sri Lanka Export Development Board (EDB) showed that merchandise exports shipped in May were up 18.25% YoY to over $ 1.22 billion, whilst estimated services earnings in the month increased by 18.67% YoY to $ 347.55 million. May exports also registered a 15.01% month-on-month (MoM) increase compared to April 2026. The total earnings during the month surpassed $ 1.57 billion, reflecting an 18.34% YoY growth.

Merchandise export earnings during January-May increased by 7.63% YoY to over $ 5.75 billion, whilst services exports during the same period were estimated to have surged by 7.31% to $ 1.63 billion.

Services exports include sectors such as ICT/BPM, construction, financial services, and transport and logistics.

Addressing the media, EDB Chairman and CEO Mangala Wijesinghe described the May outcome as an outstanding achievement, with 18% YoY growth and a resilient way towards achieving the country’s annual export targets, commending exporters for navigating amid persistent global economic and trade uncertainties.

“Sri Lanka’s record performance in May and during the first five months demonstrates the sector’s ability to navigate evolving global market conditions and its resilience,” he said.

Wijesinghe remained confident that, with focused policy support and market diversification efforts, the country will be able to maintain this positive momentum despite global headwinds in the next seven months.

He attributed the decline in May tea and spices exports to tensions in the Middle East and its direct impact on shipping costs, insurance costs, logistic constraints, and operational costs, all recording sharp increases.

The EDB noted that the merchandise exports growth in May was driven largely by improved demand across the apparel, coconut and coconut-based products, food and beverage, gem and jewellery, as well as the fruits and vegetables products categories, while services exports in ICT/BPM and transport and logistics also grew significantly.

He said it was interesting to see the manufacturing sector’s contribution to the GDP has increased by 7%, overcoming the services sector’s growth.

As per the data shared by the EDB, the industrial sector showed a significant increase in performance.

Apparel and textiles remained the dominant contributor, but the sector saw a 4.84% YoY decrease between January and May 2026, reaching $ 2.03 billion. However, it posted the strongest monthly performance so far this year, up by 6.66% YoY to $ 414.72 million, signalling improving demand from key export markets after a challenging start to 2026.

Electrical and Electronic Components (EEC) exports surged by 51.79% YoY to $ 253.88 million, supported by strong performance in electrical transformers (43.84%), insulated wires and cables (58.08%), and switches, boards and panels (21.64%).

Processed food and beverages export earnings also increased by 26.63% YoY to $ 293.16 million during the first five months.

Agriculture exports also witnessed a remarkable growth during the first five months. Export earnings from coconut and coconut-based products rose significantly by 20.45% to $ 515.17 million during January-May 2026 compared to the same period last year. This performance was supported by growth across all major coconut product categories, including Coconut Kernel products (15.29%), Fibre products (11.19%), and Shell products (49.89%). The sector’s strong performance was driven by strong demand for value-added products such as Coconut Oil (26.1%), Desiccated Coconut (30.47%), Coconut Cream (15.86%), Liquid Coconut Milk (12.5%), and Activated Carbon (45.53%), reflecting continued global demand and increased value addition within the sector.

Earnings from the rubber sector increased by 4.84% to $ 404.7 million during the first five months, largely driven by improved performance in pneumatic and retreaded rubber tyres and tubes, which registered a growth of 7.62%.

Seafood exports also grew by 19.2% YoY to $ 105.49 million between January and May 2026, driven by higher exports of Frozen Fish (13.3%) and Fresh Fish (46.69%), reflecting improved volumes and stronger international demand.

However, tea exports, which comprised 12% of total merchandise exports, declined by 4.62% YoY to $ 581.91 million during the January-May 2026 period. This reduction was mainly attributed to weaker performance in key product categories, with Bulk Tea exports falling by 6.97% and Packeted Tea exports decreasing by 5.04% compared to the corresponding period in 2025.

On the services side, the ICT/BPM and financial services sectors showed positive growth during the first four months, with increases of 21.74% YoY to $ 751.53 million and 48.23% YoY to $ 30.09 million, respectively.

The robust May figures build on the positive trajectory recorded in 2025. Sri Lanka’s total export earnings reached over $ 17.25 billion last year, marking a 5.6% YoY increase and achieving nearly 95% of the $ 18.2 billion export target.

For 2026, Sri Lanka has set an ambitious export revenue target of $ 20 billion, reflecting an anticipated YoY growth of 10-12%. Merchandise exports are expected to exceed $ 15.7 billion in 2026, while services exports are projected to rise to $ 4.3 billion.

“The launch of the National Export Development Plan (NEDP) 2026-2030 marks a significant milestone in Sri Lanka’s journey towards building a more competitive, diversified, and sustainable export economy. These projections form part of a broader roadmap to boost Sri Lanka’s export earnings to $ 36 billion by 2030, comprising $ 25 billion from merchandise exports and $ 11 billion from services,” Wijesinghe added.

Among Sri Lanka’s top 15 export markets, the US, India, Italy, China, Australia, Belgium, Türkiye, Japan, and Mexico recorded positive YoY growth in both May 2026 and cumulatively for the January-May period, reflecting emerging resilience across major international markets.

The US, the largest single export destination accounting for around 22% of total merchandise exports, recorded a strong YoY increase of 10.87% to $ 240.23 million in May 2026. Meanwhile, cumulative exports for January-May 2026 reflected a marginal increase of 0.28%, reaching $ 1.18 billion compared to the corresponding period in 2025, indicating stable but relatively subdued overall growth in exports to the US market.

India strengthened its position as Sri Lanka’s second-largest export destination, surpassing the UK, with cumulative exports increasing by 7.95% YoY to $ 442.33 million during January-May 2026. In May 2026, exports to India also recorded a positive YoY growth of 3.78%. In contrast, exports to the UK increased modestly by 3.51% to $ 70.77 million in May 2026, while cumulative exports declined by 5.96% over the January-May period compared to 2025.

Exports to the European Union (EU), which represent 25.5% of Sri Lanka’s total merchandise exports, increased by 13.36% YoY to $ 262.96 million in May 2026. Similarly, during the cumulative period from January-May, they increased by 6.62% YoY to $ 1.25 billion.

Galle CC and Negombo CC were the only teams to beat the rain and pull off a first innings win on the opening weekend of matches of the Under23 Inter-Club 2-day tournament concluded on Tuesday.

In rain-affected conditions at Army grounds, Dombagoda, Negombo CC batting first were bowled out for 83, but fought back to dismiss Kandy Customs SC for 33 to gain the vital first innings lead. In their second innings Negombo CC made 43-2. Bowlers took the honours in this game with Kandy Customs SC off-spinner Kaveesha Induwara taking 5/34. For Negombo CC their opening bowlers Shehan Pramod (4/19) and Amitha Perera (6/12) took all ten wickets between them.

A Captain’s knock of 84 off 92 balls (4 fours, 3 sixes) by Dulsith Darshana and his fourth wicket partnership of 117 with Yuri Kottigoda (56 off 90 balls, 1 four, 4 sixes) saw Galle CC overhaul Sebastianites’ total of 191 with 200-6 and take first innings points at the BRC grounds. It was Sebastianites’ captain Rusiru Vilochana who shone for his team with the bat – 91 off 226 balls (4 fours), while leg-spinner Chatham Lakpriya picked up 5/46 off 24 balls.

All the other matches ended in a draw due to bad weather with Colts notching up the highest total – 304-4 declared against Ace Capital CC at Colts grounds. Opener Hiran Jayasundara hit an unbeaten 139 off 233 balls (11 fours, 1 six) and shared in two century partnerships – 123 for the third wicket with Aaron Kodithuwakku (45) and 113 for the fourth with Rishma Amarasinghe (60 off 88 balls, 6 fours). Left-arm seamer Rachintha de Silva took three of the four wickets to fall for 33 runs. Ace Capital CC did not bat.

Neighbours BRC also topped the 300-run mark declaring at 300-5 against Kurunegala YCC at Welagedara Stadium. Former Trinity College, Kandy left-hander Kusal Wijetunga played a masterly innings of 151 off 239 balls (16 fours, 4 sixes) figuring in two profitable partnerships of 95 with Kaveesha Perera (49) and 127 with Yasiru Rodrigo (39). Kurunegala YCC did not bat.

Rain denied Chilaw Marians CC a first innings win against Moratuwa SC at Welisara. After scoring 209 courtesy a 95-run stand off 98 balls between Kevin Samuel (72 off 102 balls, 9 fours, 3 sixes) and Sasanka Nirmal (56 off 77 balls, 4 fours, 2 sixes), Chilaw Marians CC had Moratuwa SC reeling at 74-7. Nirmal followed his half-century with a spell of 4/9 off 7 overs with his off-breaks. Moratuwa SC seamer Prabash Nirwan took 4/70.

Badureliya CC had Tamil Union three down for 45 in reply to their total of 251-8 declared when rain forced a draw at Surrey Village grounds, Maggona. Highlight of the Badureliya CC innings were the half-centuries scored by captain Hiruna Gallage (55 off 84 balls, 4 fours), Shehan Madusanka (58 off 114 balls, 2 fours) and Rusanda Silva (55* off 149 balls, 5 fours). Former Sri Lanka U19 cricketer Vihas Thewmika took 4/75 with his off-spin.

Former Maliyadeva College, Kurunegala all-rounder Dimantha Arusha hit a splendid century (138* off 141 balls, 14 fours) to help Army SC declare at 286-9 against Police SC at Police Park. Police SC replied with 31-1 when rain ended play.

Mineth Premaratne hit a stroke-filled 84 off 136 balls (11 fours, 1 six) and Ameesha Rasanjana and Shanikya Deshapriya contributed 41 apiece to enable Bloomfield end the first day on 245-5 against NCC at the NCC grounds. There was no play on the second day.

In the match between Ragama CC and United Southern SC at Salawa Army grounds only 28 overs were possible during which time Ragama CC invited to bat first scored 87-2.

The match between Kurunegala SC and Panadura SC at Panadura was abandoned without a ball bowled in the two days.

Sri Lanka, as reported in the Daily FT on Wednesday, has signalled a major reset in its economic engagement with India. The Government announced that its review of existing Free Trade Agreements (FTAs) is nearing completion, while policymakers and business leaders called for a shift beyond traditional trade towards deeper integration in investment, technology, logistics, and digital commerce. This is precisely the approach Sri Lanka should pursue with other key markets as well.

With persistent volatility in the Sri Lankan rupee, constrained sovereign credit ratings, a significant external debt burden, and continuing repayment obligations, the country stands at a pivotal moment in its economic journey. Having emerged from its worst economic crisis in recent history, Sri Lanka must now choose a path that delivers sustainable prosperity and long-term resilience.

The direction is clear: market access, not aid, will drive our future. Expanding trade, attracting investment, integrating into global value chains, and building competitive industries are the foundations of lasting growth. As President Paul Kagame of Rwanda has often emphasised in reflecting on Africa’s development experience, ‘Africa must trade its way out of poverty, not depend on aid.’ The same principle applies to Sri Lanka. Our future prosperity will be determined not by the assistance we receive, but by the opportunities we create through greater engagement with global markets.

The aid and debt trap

For decades, developing nations have measured success by the volume of external assistance they attract. History offers a stark lesson. Singapore, South Korea, Vietnam, and Ireland didn’t achieve prosperity through aid-they achieved it through trade, investment, productivity, and global integration. Aid provides temporary relief; market access creates lasting wealth. Sri Lanka cannot build its future on dependency. While multilateral support helped stabilise our economy during the crisis, long-term success requires generating our own engines of growth through exports, innovation, and entrepreneurship.

The new economic reality

The global economy is transforming rapidly. Technology, AI, digital commerce, and global value chains are reshaping wealth creation. Sri Lanka must position itself as a competitive trading nation-exporting not just goods, but services, knowledge, and innovation. We’ve already proven our potential. Our apparel, IT, BPO, tourism, and professional services sectors compete internationally. Now we must scale these successes and build new industries capable of serving regional and global markets. Technology exports must be at the core of this transformation.

Trade agreements as policy pillars

Expanding market access through high-quality trade agreements must become central to economic policy. Modern agreements encompass digital trade, services, technology partnerships, and supply chain integration. Sri Lanka must pursue opportunities that enable our businesses to access billions of consumers worldwide-not remain constrained by a domestic market of 22 million.

Commercial diplomacy

Our embassies must transform into economic outposts. Successful nations use foreign missions to identify export opportunities, attract investment, support domestic businesses, and build strategic partnerships. Sri Lanka’s overseas missions should be measured by their contribution to exports, investment, technology transfers, and economic opportunities created for Sri Lankan enterprises. Commercial diplomacy must become a pillar of foreign policy.

Entrepreneurial ecosystems

Young Sri Lankans possess creativity and ambition to build globally competitive businesses. Yet many struggle to access affordable financing. Policymakers, financial institutions, and investors must create low-cost funding mechanisms, startup platforms, and venture capital ecosystems. The next generation should build companies capable of competing across South Asia, Southeast Asia, and beyond. Technology has lowered barriers-startups from Colombo to Jaffna can reach global customers.

Unlocking female workforce potential

Sri Lanka has one of South Asia’s most educated female populations, yet labour force participation languishes at approximately 35%. This represents one of our largest untapped economic opportunities.

Increasing female participation to 50% over the next decade would transform our economy-boosting household incomes, productivity, tax base, consumption, and resilience. Achieving this requires modernising labour policies: flexible work arrangements, remote opportunities, childcare support, and workplace practices that encourage participation. The future of work is flexible and technology-enabled. Our regulatory framework must evolve accordingly.

Lessons from success

Vietnam transformed from poverty to an export powerhouse through trade liberalisation and global integration. South Korea, once aid-dependent, focused relentlessly on exports, education, and technology. Both demonstrate that sustainable prosperity comes from competitiveness and innovation-not dependency.

The path forward

Aid provides temporary support during crises, but market access creates sustainable prosperity. Grants and concessional financing bridge short-term gaps-they don’t create the productive capacity for long-term success. Competitive businesses, skilled workers, innovative entrepreneurs, and expanding exports do. Sri Lanka’s next chapter must be defined by a clear vision: a nation that trades more, innovates more, empowers entrepreneurs, attracts investment, and fully utilises its people’s talents. The twenty-first century belongs to nations embracing openness, competitiveness, and innovation-with technology exports at the core. For Sri Lanka, the path to prosperity lies no longer in dependency on aid, but in opportunity and access. In this new era, trade, market access, and special relationships are the most powerful engines of economic development.

In every community, there are people who dream of a better income, a better lifestyle, and a better future. These dreams are natural. But because of these hopes, many individuals unknowingly fall into dangerous traps, especially those set by people who promise quick wealth through illegal pyramid schemes. These schemes have grown into sophisticated ones over time, hiding behind attractive advertisements, job offers, training programs, online apps, and even cryptocurrency claims. Yet at their core, they remain simple frauds designed to take money from ordinary people and leave them with nothing.

To understand why so many fall victim, it is important to see how these schemes operate, how they disguise themselves as legitimate opportunities, and how easily someone can be deceived without realising it.

A job interview that wasn’t a job

As seen throughout history, the concept of a pyramid scheme too can be easily understood by following a simple storyline. The story begins with a young woman who attended what she believed was a normal job interview. She explained that she was hoping for a modest salary because she is just starting her career. Instead of offering her a job, the interviewers laughed and told her she could earn more than a hundred thousand rupees a month without even going to an office. Being very curious, she asked what the work involved. That was when they revealed the catch, she needed to pay a large registration fee first. After paying, she was told she only needed to bring in two or three more people who could pay the same amount. Once she did that, they promised the monthly income would begin.

What she thought was a job interview was actually a recruitment attempt for a pyramid scheme. The situation may sound unbelievable, yet thousands of people have encountered exactly the same tactic. The promise of easy money and effortless income can be tempting, especially when the invitation comes from someone friendly, confident, or persuasive. But the truth behind these schemes is far more troubling.

How Pyramid schemes really operate

A pyramid scheme works by convincing people to pay money upfront and then persuading them to recruit others who will also pay. Early members receive money using the payments made by new members. Nothing real is sold. No actual service is provided. The entire structure is supported only by a continuous flow of new people joining at the bottom. By the time the flow of new recruits dries up, which is inevitable, the scheme collapses. Those who joined earlier may earn something, but the vast majority lose their savings. In many cases, the operators themselves vanish long before the collapse, leaving behind financial ruin, broken trust, and sometimes even legal consequences for the innocent participants.

Why Pyramid schemes are illegal

Sri Lankan law is very clear on this issue. Under Section 83C of the Banking Act, starting, promoting, joining, or even unknowingly participating in a pyramid scheme is illegal. A person found guilty can be fined up to ten million rupees or imprisoned for up to three years. If someone knowingly promotes such a scheme with the intention of deceiving others, the penalties are much more serious. These laws exist because pyramid schemes cause enormous harm, not just to individuals, but to society and the economy as a whole.

The many disguises

of a Pyramid scheme

Even with strict laws, pyramid schemes continue to spread because fraudsters constantly create new ways to disguise their operations. One of the most common tricks is to present the scheme as a multi-level marketing business (MLM). MLM itself is not illegal if it involves selling real products at genuine market prices. However, pyramid schemes use MLM as a cover. They may display vitamins, gadgets, cosmetics, or electronic items, but these products are usually overpriced, low quality, or merely symbolic. The real focus of the scheme is not selling products but adding more members. That is the clear signal that something is wrong with what they promote.

Another trick is misusing company registration documents. Fraudsters proudly show certificates issued by the Registrar of Companies to convince people that the business is legal. But a registered company can still engage in illegal activities. Registration alone does not make the business model lawful. Many people trust these documents without understanding the difference between a registered business and a legal business activity.

Some operators use glamorous lifestyles to mislead people, such as photos with luxury cars, foreign tours, expensive hotel stays, and dramatic claims of rapid wealth. These are staged to create trust and excitement. In reality, many of these so called ‘success stories’ are either exaggerated or completely fabricated. The promoters themselves are often paid by the scheme to attract new members.

With the rise of the internet, pyramid schemes have also been moved online. They appear as mobile applications and social media promotions, asking users to invest in foreign currencies or cryptocurrencies. Participants are often asked to click advertisements or complete simple tasks while the app displays fake earnings. These numbers are artificially generated to create the illusion of profit. In Sri Lanka, cryptocurrencies are not legally recognised as a form of currency, making such schemes even more dangerous. People not only lose their money, but also risk losing their personal information to unknown operators.

Another modern disguise is the ‘training program.’ Some organisations conduct one day or weekend workshops, charging high registration fees and promising certificates and job opportunities afterward. In reality, these programs have no professional value. Their entire income depends on constantly enrolling new participants, making them nothing more than pyramid schemes wrapped in professional language.

The damage caused

by Pyramid schemes

The consequences of falling into a pyramid scheme are severe. Financial loss is the most obvious result. People often borrow money, mortgage property, or use their savings to join, hoping to earn it back quickly. When the scheme collapses or when the operators run away, the debt remains. Relationships, too, suffer deeply. Many recruit family members and friends, believing they are offering a good opportunity. When those people lose their money, blame, anger, and mistrust follow. In some cases, victims face legal trouble for participating in or promoting an illegal scheme, even if they did not intend to cheat anyone.

Preventing the trap

Given these dangers, the best protection is awareness. Learning about legal financial practices and understanding how genuine investments work is essential. The Central Bank of Sri Lanka offers guidance through its website, hotlines, and awareness programs. By educating yourself, not only is your own money protected, but the spread of such schemes to others is also prevented. If you come across any suspicious activity, reporting it to the nearest police station or to the Central Bank’s Financial Consumer Relations Department can help stop the scheme before more people get trapped.

A final reminder

Pyramid schemes survive only when people fall for false promises. By staying alert, asking questions, and making informed decisions, you can protect yourself, your loved ones, and your community from these harmful traps. Quick riches may sound tempting, but real financial stability always comes from honest work, patience, and wise choices, not from illegal shortcuts disguised as opportunities.

Parliament was briefly adjourned yesterday after tensions flared between the Government and the Opposition over a request for an urgent debate on judicial vacancies and proposed changes to the retirement age of judges.

Speaker Jagath Wickramaratne suspended proceedings for 10 minutes after a heated exchange erupted in the Chamber following the Government’s decision not to accommodate the Opposition’s request for a debate during the day’s sitting.

Earlier, Opposition MP Ajith P. Perera informed Parliament that 20 Opposition MPs had submitted a letter to the Speaker seeking a debate on vacancies in the judiciary and the proposed increase in the retirement age of judges.

Responding on behalf of the Government, Leader of the House and Minister Bimal Rathnayake said the request could not be accommodated as the ongoing debate could not be interrupted due to a vote scheduled at the conclusion of the day’s proceedings.

Rathnayake stated that while Parliament could vote on the matter, there was insufficient time to conduct the debate sought by the Opposition during the current sitting.

The Government’s position drew strong objections from Opposition members, with Opposition Leader Sajith Premadasa, as well as MPs Harsha de Silva and Dayasiri Jayasekera, voicing their dissatisfaction.

As tensions persisted, Speaker Wickramaratne adjourned the sitting for 10 minutes before proceedings resumed.

Earlier, Opposition MPs have called for an urgent parliamentary debate on what they describe as mounting structural challenges within Sri Lanka’s judicial system, warning that prolonged vacancies and administrative shortcomings are undermining the efficient delivery of justice.

In a letter handed over to Speaker of Parliament on Monday, Opposition legislators requested an adjournment debate under Standing Order 19(1), arguing that the issue had become a matter of urgent public importance.

The MPs contended that vacancies across institutions involved in the administration of justice had created significant operational difficulties, affecting their ability to function efficiently, independently and effectively.

According to the letter, the resulting strain has contributed to growing case backlogs and delays in court proceedings, raising concerns about the timely dispensation of justice and access to legal remedies for the public.

The Opposition further warned that prolonged delays risk eroding public confidence in the justice system and could develop into a broader societal concern if left unaddressed.

Against this backdrop, the MPs urged Parliament to prioritise a discussion on vacancies within judicial institutions, delays in the hearing and disposal of cases, and the structural and administrative issues that have contributed to the current situation.

They also called for the formulation and implementation of swift and effective measures to address the challenges facing the judiciary.

Lee Hedges PLC has appointed Archie Warman as Chairman and Afzal Ahamed Marikar and Noel Joseph as Independent, Non-Executive Directors.

The new appointments follows Lanka Realty Investments PLC acquiring 51% stake and Eighth Wonder 20.48% stake from Lee Hedges and Company Ltd., of Vamadhevan family and related parties at Rs. 216 per share in January this year.

Warman is a seasoned real estate and investment professional with over two decades of experience in corporate finance, property investment, development and asset management in both the UK and Sri Lanka.

He is a Co-founding Partner of Steradian Capital Investments Ltd., and an Executive Director of Lanka Realty Investments PLC, with a strong track record in structuring capital market transactions, mergers and acquisitions and large-scale real estate developments.

He has led and executed significant transactions on the Colombo Stock Exchange, including rights issues, private placements and mandatory offers and has been instrumental in the development of landmark projects such as HQ Colombo, Mulberry Residences and the W15 hospitality brand.

Warman is a Member of the Royal Institution of Chartered Surveyors (MRICS) and holds a Master’s degree in Property Valuation and Law from Cass Business School, City University of London.

Marikar is a distinguished Sri Lankan businessman, entrepreneur and diplomat with extensive experience spanning construction, manufacturing, renewable energy, hospitality, dairy farming and real estate.

He has served as the Honorary Consul General for Pakistan since 1988 and has also contributed to national reconciliation efforts as a former member of the Board of the Organisation for National Unity and Reconciliation (ONUR).

He is the Chairman/Managing Director of several enterprises, including Conmix Ltd., a long-established civil engineering and construction company; Colourcon Ltd., an award-winning manufacturer of roofing and building products; Ross Hydro Power Ltd, which operates a renewable energy hydro power plant; Icon Hotels Ltd., which manages the award-winning Radh Hotel in Kandy and Ross Dairies Ltd., a modern dairy farming and milk production business.

Marikar has also held several prominent directorships, including Director of On’ally Holdings PLC, Director of Tokyo Cement Colombo Terminal Ltd., and Director of the Sri Lanka Ports Authority. In addition, he is a Founding Director of the National Construction Association of Sri Lanka (NCASL), reflecting his longstanding contribution to the development of Sri Lanka’s construction and business sectors.

Joseph is a Member of the Institution of Electrical and Electronic Engineers (MIEEE) – USA, The Institution of Lighting Engineers (MILE) – UK, The New York Academy of Science (MNYAS) – USA, the Illumination Engineering Society (MIES) – USA, Incorporated Engineer – UK (IEng), Institution of Engineering Technology (MIET) – UK, American Society of Heating, Refrigerating and Air-Conditioning Engineers (MASHRAE) – USA, The Institute of Incorporated Engineers (SL), and Incorporated Engineer – SL (IEng).

He holds over 35 years of multi-faceted experience in engineering and engineering consultancy in Sri Lanka and internationally. He has held senior positions in organisations such as State Engineering Corporation, Heavy Fab Ltd., Development Consultants Lanka Ltd., Safari Company Limited Saudi Arabia and Baharudden P M S Associates, Brunei.

He currently serves as a Non-Executive Director on the Board of On’ally Holdings PLC and as an Independent, Non-Executive Director on the Board of Prime Lands Residencies PLC. He is also the Managing Partner of Cadteam and the Managing Director of N J Consultants Ltd.