Category: Daily Financial Times

The Government has established an independent appeal committee allowing businesses to challenge sanctions, debarment, and blacklisting decisions imposed in public procurement, introducing a formal independent review mechanism that was previously absent from the procurement system.

The Finance, Planning and Economic Development Ministry said the mechanism had been established under Section 10.2 of Chapter 10 of the Procurement Guidelines – 2024 for Goods, Works and Non-Consultancy Services, with the aim of strengthening fairness, transparency, and confidence in public procurement.

The new mechanism provides bidders, suppliers, contractors, and service providers with an independent avenue to appeal against sanctions, debarment, or blacklisting decisions imposed by Chief Accounting Officers (CAOs) of Procuring Entities.

The Ministry said that until the establishment of the committee, there had been no formal mechanism, as required under Section 10.2 of the Procurement Guidelines – 2024, to independently review such appeals.

The committee was established following Cabinet approval on 8 June on a proposal submitted by the Finance, Planning and Economic Development Minister.

A three-member committee has been appointed for a three-year term, comprising a retired judge as Chairman and two former Ministry Secretaries as members.

The Ministry did not identify the three members in its media release.

The committee considers appeals based on written submissions, supporting evidence, and other relevant information provided by the parties concerned. It may also seek additional information or clarification where necessary to establish the circumstances surrounding a decision under review.

However, the committee does not replace the authority of Procuring Entities. Its mandate is to independently assess appeals and submit recommendations to the Treasury Secretary, who exercises the relevant authority under the Procurement Guidelines 2024.

The Department of Public Finance serves as the committee’s Secretariat, facilitating the appeals process, providing administrative and procedural support, and coordinating communication with relevant institutions.

The Finance Ministry said the committee has already considered several appeals lodged by bidders against sanctions imposed by CAOs of relevant Procuring Entities and submitted its recommendations to the Treasury Secretary.

For businesses participating in Government tenders, the mechanism provides an avenue outside the Procuring Entity to seek a review of decisions affecting their ability to participate in public procurement. Businesses are also able to submit relevant evidence and explanations as part of the review process.

The Ministry said the mechanism was intended to improve transparency and accountability in procurement decisions and provide businesses with greater confidence in participating in Government procurement opportunities.

It said the establishment of the committee was aimed at strengthening the institutional framework for governance and integrity in public procurement while supporting fair participation and the protection of public resources.

Europe is buckling under an onslaught of illicit cigarettes, and losing over 16.7 billion Euros in taxes annually, as the World Health Organization (WHO) sponsored high excise tax strategy on cigarettes as a deterrent unravels faster than ever.

A recent article published by Washington DC’s, Tax Foundation argues that consumers in Europe and elsewhere are increasingly finding ways around high cigarette prices, whether through illicit purchases or cross-border shopping. More than 10% of cigarettes consumed in the EU last year were illicit, amounting to around 42 billion sticks. Ireland, despite having one of Europe’s highest cigarette tax burdens, still reports a smoking rate of around 17%.

Sri Lanka faces a similar dilemma. Higher taxes on legal cigarettes have not eliminated demand. They may instead be changing where demand is met: through illicit cigarettes or lower-taxed alternatives. That distinction matters. A tax policy can appear effective on paper while pushing consumers outside the legal, taxed market.

The Tax Foundation questions whether taxes should account for at least 75% of the retail price of cigarettes in all circumstances. Its central objection is simple: tax incidence measures a percentage of price, not the real tax burden consumers face, or the revenue governments collect. A 75% tax share on a low-priced product is not the same as a 75% tax share on a high-priced one. Consumers respond to what they pay, not to the percentage embedded in the final price.

The global picture also raises questions about whether such a benchmark is representative. According to the Tax Foundation analysis, only a small minority of countries meet the 75% incidence target, and those that do are concentrated among higher-income economies. A seldom referenced reality is that of the 190+ countries in the world a mere 39 countries conform to the WHO ‘recommended’ tax rate. It is also worth noting that of that 39 countries, 22 are high-income countries and include none from the South Asian region. That matters for countries such as Sri Lanka, where affordability, enforcement capacity, income levels and cheaper alternatives differ markedly from conditions in high-income European markets. A single global benchmark may therefore obscure more than it reveals.

As the Tax Foundation puts it, ‘the right level of taxation will be profoundly different from one country to the next’. Economic development, enforcement capability and policy objectives all matter. So too does the structure of the market. A retail-price target cannot easily capture those differences.

A target that appears successful on paper, yet encourages consumers to shift towards illicit, untaxed or under-regulated alternatives, deserves closer scrutiny. For Sri Lanka, the lesson is less about the level of taxation than about the need to align tax policy with affordability, enforcement capacity, and consumer behaviour

Sri Lanka’s experience illustrates the problem. Over the past five years, excise taxes on cigarettes have risen by more than 100%. Revenue from the legal cigarette industry, however, has not risen by the same proportion. Higher tax rates do not automatically mean higher revenue if legal sales fall, consumers down-trade, or demand shifts towards illicit and under-taxed alternatives. When tax increases outpace affordability, the legal market can contract while illicit operators gain. Raising rates is not the same thing as increasing receipts.

Retail prices are imperfect guides to tax policy. They reflect not only taxation, but also production costs, distribution, margins, inflation and exchange rates. Consumer responses vary by income group and market. As taxes rise, substitution, avoidance, cross-border shopping and illicit trade can all affect collections. The relationship between higher tax rates and higher revenue is therefore neither linear nor universal. Beyond a certain point, steep increases can create a market for cheaper untaxed products.

Europe offers a cautionary example. Ireland and France have some of the world’s highest cigarette tax burdens. They also face significant illicit trade challenges. According to the Tax Foundation analysis, more than one-third of cigarettes consumed in those countries are not legally purchased domestically. The article also cites evidence that, across the EU, an additional pound 1 in tax per pack of 20 cigarettes is associated with a roughly 7% increase in smuggling.

None of this means taxation has no role in tobacco policy. It means it must be calibrated. If affordability, enforcement and consumer behaviour are ignored, tax increases may reduce legal sales without reducing overall consumption to the same degree. The result is weaker revenue performance and a larger illicit market.

Sri Lanka’s policymakers should therefore view global recommendations through the lens of domestic conditions. The objective is not to satisfy an international benchmark, but to protect revenue, support public-health objectives and limit the space for illicit trade. Doing so requires closer attention to substitution. If legal cigarettes are taxed heavily while alternatives such as beedi remain lightly taxed and weakly regulated, price-sensitive consumers may shift to cheaper and less controlled products, weakening both revenue and public-health outcomes.

The treatment of beedi exposes a broader inconsistency in the current framework. Despite representing a significant share of tobacco consumption, it remains subject to far lighter taxation and regulatory oversight than legal cigarettes. That creates an uneven market and weakens the effectiveness of tobacco-control policy.

Raising taxes on legal cigarettes while leaving alternative combustible products, such as beedi, comparatively unchecked risks shifting consumption rather than reducing it. If the aim is to reduce tobacco use, protect revenue and strengthen regulatory control, tobacco products should be assessed within a more consistent fiscal and regulatory framework.

The debate is often framed as one between higher taxes and lower taxes. That is too narrow. The more important question is whether taxation is achieving the objectives policymakers intend. A target that appears successful on paper, yet encourages consumers to shift towards illicit, untaxed or under-regulated alternatives, deserves closer scrutiny. For Sri Lanka, the lesson is less about the level of taxation than about the need to align tax policy with affordability, enforcement capacity, and consumer behaviour.

Sri Lanka Women’s cricket team Captain Chamari Athapaththu expressed confidence that they could put up a good performance defending the Asia Cup which commences in Dubai on 28 August.

Sri Lanka won the Asia Cup in the last edition played in Sri Lanka in 2024 defeating India in the final by eight wickets.

‘When you go as the defending champions the focus is a lot on you and there are a lot of expectations from the supporters, so every game is important especially the one against UAE who are playing at their home venue. It is our first game and a very important one at that,’ said Athapaththu shortly before the team’s departure to Dubai on Monday evening.

‘We are going to this tournament having performed well in the T20 World Cup although we couldn’t make it to the knockouts, and also with wins against Pakistan in the WT20Is (2-1) and WODIs (2-1). What I see special with this squad is that apart from being mentally in good shape the players are also in good form. We have corrected most of our mistakes and I believe we can give a good account of ourselves.’

‘Actually we are going to the T20 Asia Cup after playing a 50-over series which I think is not the ideal preparation. We cannot say that our preparations for the T20 Asia Cup are perfect. We want to do well in areas which we can control. We have a few warm-up games in Dubai and we want to prepare ourselves to the best. You cannot take any of the teams lightly in this competition because in T20 cricket any team can defeat the other at any time.’

‘We have done well in the T20 format in recent times and I have a lot of hope that our batters will be amongst the runs. In bowling there are quite a few new players like Chamudi Praboda (our U19 Captain). Unfortunately, Dewmi Vihanga (uncapped off-spinner) has sustained an injury and will be replaced by Nimasha Meepage (left-arm spinner).’

Athapaththu said since Jamie Siddons took over as head coach of the women’s team Athapaththu said the team has been making good progress.

‘This is the third series we are playing with him as coach and I see a lot of positives from him which has enabled us to make good progress. He has made an impact with the team since his arrival. We have a lot of other areas to improve. I see a lot of positives coming from him.’

‘Without any doubt I can say that Sri Lanka women’s cricket is in good space at the moment especially with so many youngsters turning up, especially Mithali (Ayodhya) who bowled superbly right throughout the T20 World Cup and won praise from many people but was unfortunately struck down by dengue and we had to leave her out of the Pakistan series. Chamodi Praboda performed well against Pakistan, likewise, Sanjana Kavindi who are our bowlers for the future. To have a team with a mixture of experience and youth makes us a strong combination. I believe we can perform well with this combination,’ said Athapathtu. (ST)

Sri Lanka squad

Chamari Athapaththu (Captain), Imesha Dulani, Sanjana Kavindi, Vishmi Gunarathne, Harshitha Samarawickrama (Vice-Captain), Kaveesha Dilhari, Nilakshika Silva, Hasini Perera, Kaushini Nuthyangana (wk), Nimasha Meepage, Sugandika Dassanayaka, Chamudi Praboda, Chethana Vimukthi, Kawya Kavindi, Mithali Ayodya

Green Lanka Towers, owned by Green Lanka Property Developer Ltd. (GLPL), a prominent fixture in Sri Lanka’s commercial real estate market for over three decades, has officially entered a new phase of growth defined by strategic equity restructuring, potential capital raising and portfolio expansion.

The company has solidified its balance sheet through capital optimisation, securing 100% unencumbered equity in its flagship asset, Green Lanka Towers, located on Nawam Mawatha, Colombo 02. As part of its next phase of growth, the company is exploring new avenues of business expansion and evaluating opportunities to raise fresh capital, including through a potential investment partnership with Dato Sri Vijay Eswaran, Green Lanka Towers Managing Director Raju Radha highlighted recently.

‘Real estate is no longer simply about bricks, buildings, and locations,’ stated Green Lanka Property Developer Managing Director Raju Radha. ‘It is about understanding what businesses need to become more successful and creating environments that support that ambition. Our journey has given us a deep understanding of shipping, property, businesses, and the importance of relationships. As we look ahead, we are taking steps to explore new avenues of expansion and raise fresh capital to position the company for its next phase of growth.’

‘I am also looking forward to exploring the possibility of raising new capital with my long-term business partner of over 25 years, Dato Sri Vijay Eswaran. Our partner Vijay has been a passionate and bullish investor in Sri Lanka because of his roots in Sri Lanka, just like myself, and he entered this market during some of the country’s most challenging years. His connection to Sri Lanka and his origins in the country have shaped a deep conviction in its long-term potential,’ Radha added.

‘I would like to add that Vijay is a well-known Asian billionaire who operates his business empire in 45 countries, with a presence across one quarter of the world across sovereign nations, and his business model may be better positioned and more far-sighted than domestic markets that could be immature in capital formation, such as Sri Lanka and India, where commercial laws are still in their infancy,’ Radha further pointed out.

‘What characterises him best is that he has remained faithful to his convictions and persevered with what he started. He recognised the true long-term potential of Sri Lanka much before the war ended. That conviction, built through decades of experience and belief in the country’s future, is particularly relevant today as Sri Lanka enters a new phase of economic transformation,’ Radha further said.

The potential capital-raising initiative could provide GLPL with additional financial firepower to pursue new development opportunities, enhance its existing asset base and capitalise on the evolving commercial real estate landscape in Colombo. The potential partnership would bring together Radha’s deep domestic real estate footprint and Eswaran’s international commercial capacity and long-standing confidence in Sri Lanka, bringing fresh strategic direction to GLPL as Sri Lanka’s property sector experiences renewed momentum.

Green Lanka Property Developer Managing Director Raju Radha, Dato Sri Vijay Eswaran

Transitioning Green Lanka Towers into a fully self-sustained asset provides the company with substantial operational agility. The management is pivoting its focus towards facility modernisation, asset optimisation, and tailored commercial real estate solutions designed for institutional occupiers, while assessing opportunities to expand its footprint through new investments and strategic acquisitions.

Parallel to its financial strengthening, GLPL has significantly expanded its corporate tenant lineup at Green Lanka Towers. The company recently added premier banking institution NDB Bank and an offshore business process outsourcing (BPO) entity serving the expanding Colombo Port City economic zone to its client roster. This influx of high-profile tenants reflects evolving market dynamics in Colombo, where businesses increasingly prioritise landlord stability, modern infrastructure and prime accessibility over simple square footage.

‘For GLPL, the opportunity is to combine a strong and unencumbered asset base with fresh capital, strategic relationships and a clear understanding of what modern corporate occupiers require. Welcoming respected institutions such as NDB Bank and the Port City BPO services company as clients is an encouraging reflection of the direction we are taking.’

Looking forward, GLPL is positioning its platform to capture rising demand across Colombo’s key business corridors as the commercial property landscape adjusts to new investment zones and the growth of the Colombo Port City special economic zone. Supported by a strong capital platform and exploring the potential to raise additional capital, the company plans to pursue secondary development opportunities, upgrade existing facilities and explore strategic acquisitions while delivering long-term value for corporate occupiers.

The potential capital-raising strategy represents a further step in GLPL’s broader ambition to transform its established Colombo property platform into a more dynamic growth vehicle, leveraging its existing assets, institutional tenant relationships and strategic partnerships to participate in Sri Lanka’s next cycle of commercial and economic expansion.

Travellers today are seeking more than beautiful destinations. They are looking for experiences that restore balance, improve wellbeing, and create lasting transformation. Across the globe, wellness tourism continues to grow as people prioritise health, mindfulness, and meaningful travel.

It is therefore encouraging to see Sri Lanka receiving international recognition as one of the world’s emerging wellness destinations. The country’s centuries-old Ayurveda heritage, abundant biodiversity, tropical climate, medicinal plants, and spiritual traditions create an ecosystem naturally suited for holistic wellbeing.

Unlike destinations where wellness has been commercially developed in recent decades, Sri Lanka’s healing traditions have been woven into daily life for generations. Ayurveda here is not a trend; it is a living practice passed down through centuries.

This growing recognition reinforces Sri Lanka’s position as one of Asia’s most authentic wellness destinations and signals exciting opportunities for the country’s wellness tourism sector.

What makes Sri Lanka a globally recognised wellness hub?

Several factors make Sri Lanka uniquely positioned within the global wellness landscape: over 2,500 years of authentic Ayurvedic heritage, qualified Ayurvedic physicians and traditional healing expertise, indigenous medicinal herbs and natural remedies, tropical forests, lakes, and coastal environments that support holistic healing, mindfulness, meditation and spiritual traditions, locally sourced wellness-focused cuisine, and a growing focus on sustainable and responsible tourism. Together, these elements create wellness experiences that cannot easily be replicated elsewhere.

Amuna’s role in

Sri Lanka’s wellness story

At Amuna Ayurveda and Wellness Retreat, these qualities come together in carefully designed programs that focus on lasting wellbeing rather than temporary relaxation.

Each wellness journey begins with a personalised consultation by experienced Ayurveda physicians before progressing into customised therapies, herbal treatments, therapeutic nutrition, yoga, meditation, breathwork, and restorative experiences inspired by nature.

Rather than offering a one-size-fits-all retreat, Amuna embraces the Ayurvedic philosophy that every individual is unique, with programs tailored to each guest’s constitution, lifestyle, and wellness goals.

Whether the objective is stress management, improved sleep, detoxification, pain relief, or simply reconnecting with oneself, every experience is grounded in authentic Sri Lankan Ayurveda.

Contributing to

Sri Lanka’s wellness future

As Sri Lanka continues to gain international recognition for wellness tourism, destinations like Amuna play an important role in showcasing the country’s authentic healing traditions to a global audience.

Our commitment extends beyond providing exceptional guest experiences. We remain dedicated to preserving Ayurveda, promoting responsible wellness tourism, supporting local communities, and sharing Sri Lanka’s unique healing heritage with the world.

International recognition is not simply a milestone; it reflects the collective efforts of wellness practitioners, tourism stakeholders, and hospitality providers working together to position Sri Lanka among the world’s leading wellness destinations.

At Amuna, we are proud to be part of that journey and look forward to welcoming travellers seeking authentic healing, meaningful transformation, and the timeless wisdom of Ayurveda in the heart of Sri Lanka.

Begin your transformation

Are you ready to step away from the noise, unplug, and experience the profound healing power of authentic Sri Lankan Ayurveda? Speak directly with our wellness team today to map out a personalised retreat designed around your recovery goals.

Prime Lands Residencies PLC, has commenced the transfer of deeds to homeowners at The Palace Gampaha, marking another significant milestone in the journey of the largest planned community in Gampaha and reaffirming the company’s commitment to delivering on every promise made to its customers.

Strategically located just 100 metres from Kandy Road, The Palace Gampaha is the largest planned gated residential community in Gampaha, comprising 480 fully furnished two and three-bedroom apartments designed to offer families a complete living experience with modern comforts, convenience, and long-term value. Following the successful completion of this landmark development, Prime Lands Residencies PLC also commenced the transfer of legal ownership to homeowners, providing them with the assurance and confidence that their investment is fully secured.

As the largest condominium community developed in Gampaha, the deed transfer process represents a significant milestone requiring meticulous planning and coordination.

Prime Lands Residencies PLC has successfully completed all required statutory approvals, including the necessary certifications from the Condominium Management Authority, together with the registration of the Condominium Plan and Deed of Declaration, ensuring the development is fully compliant with Sri Lanka’s legal and regulatory framework.

For every homeowner, the transfer of a deed represents far more than the completion of a legal formality; it is the official recognition of ownership and the final milestone in the homebuying journey. A registered deed provides homeowners with full legal title to their property, safeguarding their investment while enabling them to confidently manage their asset for the future, including selling, transferring, or passing it on to the next generation. The commencement of deed transfers at The Palace Gampaha therefore provides every homeowner with the confidence, security, and peace of mind that comes with legally protected ownership.

This milestone demonstrates Prime Lands Residencies PLC’s commitment to ensuring that every stage of the development journey from construction and handover to legal ownership is executed with transparency, professionalism, and accountability.

Only a limited number of apartments remain, with fully furnished, move-in-ready units available from Rs. 27.5 million onwards.

Sri Lanka’s post-2022 macroeconomic trajectory has often been described as a textbook recovery. Single-digit inflation, a stabilised rupee, replenished central bank gross official reserves, and primary budget surpluses reflect the fruits of disciplined fiscal management under the IMF’s Extended Fund Facility (EFF).

Yet, macroeconomic stabilisation is merely the bridge out of insolvency; it is not an engine of long-term prosperity. As the grace periods of external debt restructuring draw to a close over the medium term, Sri Lanka faces an unforgiving mathematical reality: servicing restructured sovereign debt while lifting household living standards requires real GDP growth of at least 6% to 7%. That trajectory is impossible without a structural surge in foreign exchange (Forex) revenue.

This raises an urgent policy question: Is our current approach to trade policy, investment promotion, and procedural modernisation adequate without fully implementing the Economic Transformation Act (ETA) No. 45 of 2024? The short answer is no. Relying on legacy administrative structures to deliver transformative Forex growth is attempting to run a modern, globally integrated economy on an analogue engine.

Anatomy of status quo: Fragmented and sub-scale

For decades, Sri Lanka’s trade and investment framework has operated in administrative silos:

n The Board of Investment (BOI) deployed blunt tax holidays that frequently attracted non-tradable real estate and domestic-market-oriented investments rather than export-linked manufacturing.

n The Export Development Board (EDB) and the Department of Commerce (DoC) promoted goods and negotiated access abroad, but wielded zero statutory authority over the border taxes and non-tariff barriers governed by Sri Lanka Customs and the Ministry of Finance.

n Foreign missions pursued traditional diplomatic agendas largely divorced from measurable, ground-level export promotion targets and investment pipelines. While recent efforts to resume Free Trade Agreement (FTA) talks, host overseas roadshows, and introduce partial digital filing at border agencies are steps in the right direction, they remain incremental patches on a structurally broken architecture.

Under this status quo, merchandise exports have hovered sluggishly around $ 12-13 billion annually-over-reliant on low-complexity apparel and unrefined tea/rubber-while net Foreign Direct Investment (FDI) rarely crosses 1.5% of GDP. This trajectory cannot generate the Forex cushion needed to insulate the economy against future global shocks.

Why administrative “good intentions” fail without ETA

The Economic Transformation Act No. 45 of 2024 was enacted precisely because decades of administrative “good intentions” repeatedly foundered on institutional inertia and policy inconsistency. Operating without the full operationalisation of the ETA leaves three critical structural vulnerabilities unaddressed:

Budgetary blueprint: Actionable priorities for the national budget

If the Economic Transformation Act provides the legislative architecture, the National Budget must serve as its financial engine. To avoid repeating historical failures of unfunded statutory mandates, upcoming budget cycles must move beyond fiscal accounting to implement five concrete structural allocations:

If Sri Lanka takes the path of least resistance-relying on standard promotions, seasonal tourism spikes, and worker remittances without overhauling its trade architecture-the economic fallout is predictable

1. Capitalise the new apex bodies (OIT and Economic Commission)

The Office for International Trade (OIT) and the Economic Commission of Sri Lanka (ECSL) cannot function if they inherit underfunded civil-service operational structures. The budget must provide dedicated, ring-fenced funding to recruit specialised international trade lawyers, econometric modellers, and seasoned investment negotiators capable of closing complex trade pacts (such as ETCA and RCEP accessions) and pitching directly to Fortune 500 supply chains.

2. Establish a Trade Adjustment Assistance (TAA) fund

As protective para-tariffs (CESS and PAL) are systematically dismantled over a 3-to-5-year horizon, domestic producers face direct competition. The Treasury should establish an earmarked TAA Matching Grant Fund (LKR 10-15 billion) to co-finance factory-floor automation, renewable energy integration, and international quality certifications (e.g., ISO, CE, ESG standards) for local SMEs transitioning into export value chains.

3. Ring-fence capex for the Trade National Single Window (TNSW)

Compressing cargo clearance dwell times from days to hours directly reduces the “shadow tax” on Sri Lankan exporters. Under the Public Financial Management (PFM) Act, the Government should establish a multi-year, legally protected capital expenditure line to fully integrate the digital TNSW across Customs, the Sri Lanka Standards Institution (SLSI), and port authorities, insulating the project from mid-year spending cuts.

4. Replace blanket tax holidays with targeted productivity credits

The national tax framework must shift from discretionary corporate tax holidays toward performance-linked R and D and capital expenditure tax credits. Tax incentives should reward tangible exporter upgrades-such as patent acquisition, software adoption, and workforce re-skilling-directly supporting the ETA’s high-tech export mandates.

5. Introduce a commercial diplomacy performance envelope

The Treasury should restructure overseas mission allocations by tying a dedicated operational budget envelope to verifiable economic deliverables. Commercial attachés in key regional hubs (New Delhi, Singapore, Brussels, Washington, Tokyo) should operate under clear, performance-linked KPIs evaluated by resolved non-tariff barriers, bilateral investment leads, and exporter market penetration.

Cost of Inaction: Next Balance-of-Payments trap

If Sri Lanka takes the path of least resistance-relying on standard promotions, seasonal tourism spikes, and worker remittances without overhauling its trade architecture-the economic fallout is predictable:

1.Low-growth trap: Real GDP growth will stagnate in the 2.5% to 3.5% corridor, failing to create high-value employment or meaningfully reduce poverty.

2.Debt service vulnerability: When foreign debt amortisation ramps up, an export base locked below $ 15 billion will leave the current account defenceless against commodity price shocks.

3.Regional marginalisation: As regional peers rapidly automate border clearances and realign regulatory frameworks to capture global supply-chain relocation, Sri Lanka will remain bypassed by tier-one export capital.

Conclusion

Moving beyond stabilisation

Incremental modernisation and ad-hoc trade roadshows offer the illusion of progress without the structural capacity to sustain it. To permanently break the cycle of balance-of-payments crises and sovereign defaults, Sri Lanka must leverage the legislative powers of the Economic Transformation Act and finance them through outcome-driven, transformative national budgets. Fiscal discipline ensures a country avoids insolvency; only a competitive, outward-oriented trade and investment architecture can deliver lasting economic prosperity.

(The author is the Principal Consultant and CEO of KiWi Strategy Consultants, based in Sri Lanka. A Chartered Engineer with a diverse professional portfolio spanning senior corporate leadership, investment management, and strategic consulting, he holds a B.Sc. in Mechanical Engineering from the University of Peradeniya and an MBA from the University of Colombo. Leveraging his expertise in industrial systems, macro-policy structures, and professional management frameworks, his current research focuses on structural economic dynamics, trade optimisation, and development economics in South Asia.

Seylan Bank PLC has announced the appointment of Krishan Thilakaratne, Non-Executive Director, as the Deputy Chairman of the Board with effect from 17 August 2026.

Thilakaratne was appointed as a Non-Executive Director to the Board in 2018, and the progression to Deputy Chairman, reaffirms his long-standing governance role and leadership capacity.

He currently serves as Director/CEO of LOLC Finance PLC and is a member of the Senior Management Team of LOLC Holdings PLC.

Thilakaratne carries over three decades of experience in banking and finance. He began his career at Seylan Bank in September 1990, at the age of 19, as a Banking Assistant, before joining LOLC Group in 1995. Today, he counts more than 31 years of expertise in management, credit, channel management, marketing, factoring, portfolio management, and Islamic finance.

He holds extensive international exposure, serving on boards in Southeast Asia and Central Asia, including the Philippines, Indonesia, Pakistan, Kyrgyzstan, Kazakhstan, Tajikistan, Uzbekistan, and Egypt. His leadership roles extend to LOLC Moliya, Tajikistan, OJSC Micro Finance Company ‘ABN’, Kyrgyzstan, Finance, Kazakhstan, Prasac Microfinance Institution Ltd, Cambodia, LOLC Egypt, and additionally advising Lombard Micro Finance Company in Tajikistan.

In Sri Lanka, Thilakaratne has contributed significantly to the financial services sector, serving as a Board Member of the Credit Information Bureau of Sri Lanka (CRIB), Commercial Insurance Brokers Ltd. He has also held the position of Chairman of the Finance Houses Association of Sri Lanka (FHASL), the apex body for Non-Bank Financial Institutions.

A Passed Finalist of the Chartered Institute of Management Accountants (CIMA) UK and Associate Member of the Institute of Bankers of Sri Lanka (AIB), Thilakaratne has completed the Strategic Leadership Training Program in Microfinance at Harvard Business School, USA.

Harry Kane has been voted Germany’s footballer of the year for 2026, becoming the first Englishman to win the award.

The Bayern Munich striker scored 61 goals in all competitions last season as his side completed a league and cup double and reached the semi-finals of the Champions League.

Bundesliga players or German players playing abroad are eligible for the award, which is organised by Kicker magazine and voted for by 695 members of the German sports journalists association.

Kane received 272 votes, with Bayern team-mate Michael Olise – runner-up in 2025 behind Florian Wirtz – again second, this time with 203 votes

‘It’s almost impossible to find the right superlatives to describe Harry Kane – sometimes I’m at a loss for words,’ Bayern sporting director Max Eberl said.

‘He’s already been named England’s Footballer of the Year, and now he’s also won it in Germany.’

The England captain is among the favourites to win the 2026 Ballon d’Or, which will be awarded in London in October. If he wins, he will become the second English player to receive the honour while representing a German club, joining Kevin Keegan who won in 1978 and ’79 while playing for Hamburg.

Bayern boss Vincent Kompany was named coach of the year, while their women’s captain Giulia Gwinn won the award for best female player.

Kane and Kompany will be honoured on Friday at Bayern’s Bundesliga opener against VfB Stuttgart at the Allianz Arena.

Bayern began their season with silverware on Saturday as they beat Borussia Dortmund 2-1 in the German Super Cup.

On Wednesday, Kane received the 2026 Golden Shoe award for being the top scorer across Europe’s top leagues last season.

The Colombo stock market yesterday opened the week in red, with deals in CT Holdings and Cargills boosting turnover to over Rs. 16.8 billion, a more than one-year high.

With 62 counters ending in the green against 130 in the red, the ASPI ended down 0.34% or 71.84 points at 21,344.77 and the active S and P SL20 ended down 0.31% or 18.69 points at 6,009.40.

The session’s record turnover was generated by over 67 million shares traded. Foreign investors were net sellers on a net inflow of Rs. 909.9 million.

Negative contributions to the ASPI came from COMB, MELS, BREW, CTC, and RICH.

CT Holdings contributed Rs. 11.58 billion to turnover, with Cargills contributing Rs. 4.2 billion. A 10% stake of CT Holdings and 2.32% of Cargills traded.

Asia Securities investment banking arranged the entire transaction and stockbroking executed all of the selling and half of the buying. CT Holdings ended up Rs. 25.75 to Rs. 550.50 and Cargills closed down Rs. 5.50 at Rs. 680.75

The third highest contribution to turnover came from Sunshine Holdings at Rs. 178.4 million.

First Capital Research said sentiment in the bourse was largely influenced by the escalating tensions between the US and Iran.

Retail investor participation remained moderate. The Food and Staples Retailing sector led the daily turnover with a share of 94%, followed by the Food, Beverage and Tobacco and Capital Goods sectors collectively contributing 3%.