Category: Daily Financial Times

For decades, the language of business was simple: profit, growth, shareholder return. But the planet has rewritten the dictionary. Today, a company’s health is no longer measured by its balance sheet alone. Regulators, investors, and consumers are asking harder questions. Where do your materials come from? How much carbon did you emit? Are you protecting the communities around you?

In Sri Lanka, these questions are no longer theoretical. They are becoming the basis for access to capital, trade competitiveness, and national resilience. Recognising this historic shift, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) is taking a landmark step. On 26 May 2026, at the Cumulus Ballroom, Cinnamon Life, Colombo, it will host the Inaugural Sustainability Summit 2026, the first event of its kind by the country’s foremost professional accounting body.

For CA Sri Lanka President, Tishan Subasinghe, the summit is not a ceremonial gesture. It is a professional imperative. ‘Sustainability has moved from aspiration to expectation,’ Subasinghe said. ‘The accounting profession sits at the very heart of this transition. We are the ones who measure, assure, and report. If we do not lead the way in embedding sustainability into corporate strategy and governance, we cannot expect others to do so.’

As the sole national standard setter for the accounting and auditing in Sri Lanka, CA Sri Lanka carries a unique responsibility. While many organisations talk about sustainability, CA Sri Lanka has taken concrete, regulatory action. The Institute has formally embraced the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards (S1 and S2) which is the global bedrock for sustainability-related financial disclosures and climate-related reporting.

Subasinghe emphasised that the Sustainability Summit was born from a clear realisation, which is that Sri Lankan companies cannot afford to treat sustainability as a public relations exercise. ‘Global capital is shifting. Investors are no longer asking if a company follows environmental, social, and governance (ESG) principles. They are asking how well they were followed,’ he noted. ‘With frameworks like IFRS S1 and S2 becoming the global baseline for sustainability disclosure, the accountant’s role has expanded dramatically. We are now the guardians of trust in non-financial information as much as financial data.’

Sri Lanka is at a delicate but hopeful crossroads. Having navigated a severe economic crisis, the nation is rebuilding. But rebuilding the old way, without regard for environmental limits or social equity would be a mistake.

The Summit, anchored in the United Nations Sustainable Development Goals (SDGs), is designed to translate global commitments into practical, investable corporate action. Key themes include embedding sustainability into corporate strategy, mobilising green and sustainable finance, and unlocking global funding for emerging markets.

‘We are bringing together global partners, corporate leaders, regulators, and our own members to answer one question: how does Sri Lanka build resilience in an uncertain world?’ Mr. Subasinghe explained. ‘Resilience means a company that can weather climate shocks, supply chain disruptions, and stricter regulations. Resilience means a nation that protects its natural capital such as its water, its soil, and its biodiversity, because that capital is the foundation of every industry from tea to tourism.’

The accounting profession’s new frontier

Historically, accountants were seen as gatekeepers of financial truth. They must now become gatekeepers of planetary trust, as the profession is today expected to provide forward-looking, decision-useful information. The Summit’s sessions reflect this shift: from ‘What Boards Must Do Now’ to ‘The Quest for Credible, Decision-Useful Sustainability Information.’

‘Without trust, sustainability reporting is just marketing. The accounting profession brings rigour, independence, and professional scepticism. When we assure a carbon footprint or a water usage figure, we give investors’ confidence. We give regulators comfort. And we give the public a reason to believe that a company is genuinely changing, not just greenwashing,’ Subasinghe said.

He added that CA Sri Lanka has already taken concrete steps to prepare its members, including localising IFRS S1 and S2 standards for Sri Lanka and working on the implementation of ISSA 5000 (the new international standard for sustainability assurance).

Protecting the planet for future generations

Beyond the technical language of standards and frameworks, Subasinghe returned to a deeper motivation: intergenerational justice.

As a Native American proverb reminds us: ‘We do not inherit the earth from our ancestors; we borrow it from our children.’

‘That is not a slogan. It is a fact,’ Subasinghe said. ‘A company that destroys its watershed will eventually pay for water. A nation that degrades its coastline will lose its tourism revenue. Sri Lanka is a beautiful, ecologically rich island. Our long-term economic prosperity is physically tied to the health of our forests, our oceans, and our air.’

CA Sri Lanka President called on businesses of all sizes to see sustainability not as a cost, but as a strategic advantage. ‘The companies that start today will be the ones that win tomorrow. They will access green bonds. They will attract foreign direct investment. They will keep their social licence to operate.’

The inaugural Sustainability Summit by CA Sri Lanka will feature an impressive line-up of international and local experts, including UNDP Sri Lanka Resident Representative Azusa Kubota as Chief Guest, along with leading voices from EY, Deloitte, KPMG, the Colombo Stock Exchange, and top Sri Lankan conglomerates such as John Keells Holdings, Aitken Spence, and Hayleys.

But for Subasinghe, the real audience is every CA Sri Lanka member and every finance professional across the island. ‘This is not a one-day event. This is the beginning of a movement. We are asking our profession to upskill, to embrace new standards, and to lead conversations that go beyond debits and credits. Sustainability is now a core competency of the modern accountant. Those who ignore it will be left behind, and so will the companies they serve.’

The Inaugural Sustainability Summit 2026 will be held on Tuesday, 26 May 2026, from 3.00 p.m. to 8.00 p.m. at the Cumulus Ballroom, Cinnamon Life, Colombo, followed by networking and cocktails.

Rain had the final say in the first unofficial women’s ODI between Sri Lanka A and New Zealand A which ended in a no-result at the Rangiri Dambulla International Cricket Stadium yesterday.

Sri Lanka A winning the toss and taking first lease of the wicket progressed to 217-7 in 42 overs when rain halted play and forced a permanent stoppage.

Vishmi Gunaratne returning to competitive cricket after a wrist injury had kept her out of Sri Lanka’s tour to Bangladesh and 17-year-old Sri Lanka Under19 cricketer Sanjana Kavindi provided a solid partnership of 60 off 65 balls for the first wicket.

Gunaratne scored a pleasing 23 off 39 balls before getting caught down the leg side off right-arm seamer Kayley Knight who also sent back another Sri Lanka U19 batter Vimoksha Balasuriya off successive overs.

Kavindi joined hands with Sumudu Nisansala to raise another half-century partnership – 68 off 78 balls. Kavindi was dismissed for a well-compiled 45 off 61 balls (4 fours, 1 six). Her dismissal brought forth a middle order collapse when Sri Lanka A lost four wickets for 29 runs with seamer Emma Black threatening to run through the batting by picking up the wickets of Piumi Wathsala (8) and skipper Sathya Sandeepani (0) cheaply.

Limansa Thilakaratna (21*) and Dewmi Vihanga (32 off 33 balls, 4 fours,1 six) halted the slide with an enterprising stand of 52 off 58 balls carrying the total past the 200-run mark when rain ended play.

New Zealand A were guilty of conceding 34 extras of which 31 were wides. Add to that, their catching and ground fielding left a lot to be desired. They allowed the Lankan batters the luxury of a charmed life. Had those chances been accepted Sri Lanka would have struggled to get to 150.

For this three-match unofficial WODI series Sri Lanka has named a 15-member squad comprising Sathya Sandeepani (Captain), Sanjana Kavindi, Vishmi Gunaratne, Vimoksha Balasuriya, Lihini Apsara, Limansa Thilakarathna, Dewmi Vihanga, Sumudu Nisansala, Rashmika Sewwandi, Piumi Wathsala, Randi Premarathne, Satheeskumar Sajinthiny, Rashmi Silva, Chamudi Praboda and Tharuka Shehani.

The squad includes several Sri Lanka U19 players like the captain Chamudi Praboda, Sanjana Kavindi, Vimoksha Balasuriya and Limansa Thilakarathna.

The second unofficial women’s ODI will take place at the same venue on 15 May. – [ST]

Scores:

Sri Lanka Women’s A 217-7 (42) (Vishmi Gunaratne 23, Sanjana Kavindi 45, Sumudu Nisansala 50, Limansa Thilakarathna 21*, Dewmi Vihanga 32, Extras 34, Emma Black 2/45, Kayley Knight 2/35, Jess Watkin 2/29) v New Zealand Women A

Commercial Bank of Ceylon has announced the first winners of its exciting ‘Debit Card Challenge 2026,’ with 250 debit card holders emerging victorious in the inaugural monthly draw of a promotion that is set to reward 1,000 customers with prizes worth a total of Rs. 45 million.

The campaign, which will run until 30 June 2026, is one of the bank’s latest initiatives designed to provide greater value and rewarding experiences to its customers, further reinforcing its commitment to delivering superior benefits through everyday banking, transforming routine debit card usage into opportunities to win an array of exciting and practical rewards.

Open to all Commercial Bank debit card holders, the promotion rewards customers who spend Rs. 20,000 or more per month using their debit cards at Point-of-Sale terminals, for online transactions, or via the Bank’s Q+ Payment App. Each qualifying customer is automatically entered into monthly raffle draws, with winners selected island-wide.

The first of these draws which saw 250 customers walk away with valuable prizes, sets the tone for the remaining months of the campaign. Monthly draws will continue through to June, offering more customers the chance to win, the Bank said.

Adding further excitement, customers who spend Rs 100,000 or more throughout the promotional period and consistently meet the required monthly spending thresholds will also qualify for a grand draw, at which an additional 25 high-value prizes will be awarded.

The prize pool features a wide selection of sought-after household and electronic items, including refrigerators, televisions, washing machines and iphones, ensuring that winners receive rewards that bring real value to their daily lives.

The ‘Debit Card Challenge 2026’ has been launched as part of Commercial Bank’s strategy to further strengthen its leadership in the cards segment, while rewarding customer loyalty and encouraging greater adoption of secure, convenient digital payment methods.

By simply using their Commercial Bank debit cards for routine purchases, customers not only benefit from the ease and safety of cashless transactions, but also gain access to a rewarding experience that could see them take home one of over 1,000 prizes.

With more draws to come and bigger rewards on the horizon, the Bank has invited all debit card holders to maximise their usage and take full advantage of this limited-time opportunity to turn everyday spending into extraordinary wins.

Commercial Bank credit and debit cards support a wide range of year-round promotions across Sri Lanka, providing cardholders with regular opportunities to enjoy exclusive savings and privileges across retail, dining, lifestyle and travel sectors. The Bank continues to strengthen its merchant partnerships and expand the scope of its promotional programs, ensuring that customers receive tangible value and rewarding experiences throughout the year.

ANC Campus recently hosted an exclusive industry dialogue titled ‘Impact of the Current Geopolitical Climate: Strategic Insights for Sri Lanka’s Private Sector in 2026.’ This event served as a significant milestone to mark the announcement of the University of West England’s first UK branch campus in Sri Lanka. Set to open in June, the campus aims to establish the nation as a premier education hub for the South Asian region.

The panel brought together Hayleys PLC Executive Director Sarath Clement Ganegoda, Prime Group Chairman Premalal Brahmanage, and Janashakthi Insurance PLC Director and CEO Ravi Liyanage for a discussion focused on how the local private sector should navigate an increasingly volatile global environment.

Defining business resilience

Brahmanage opened the session by looking back at the economic crisis of 2022. During this period, the country faced its worst conditions, with inflation hitting 80% and interest rates reaching 30%. Despite these challenges, the economy showed a recovery within ten months, which is a rare occurrence on a global scale. Brahmanage noted that this recovery was possible because the government and the private sector worked together. He stated that entrepreneurs must act with a sense of urgency instead of waiting for a perfect plan. He suggested using practical methods like value engineering, careful cash flow management, and offering a wider range of products. He believes that if the state and private businesses continue to cooperate, they can turn current challenges into future progress.

Ganegoda noted that the nation recently reached a $5,000 per capita income level for the first time. He linked this to the natural strength of the people and the business community. Ganegoda argued that the strength of the nation is tied directly to the private sector, which provides 85% of the GDP. If private companies are not resilient, the nation cannot be resilient as well. He shared that Hayleys has maintained a 9% growth rate in real dollar terms by looking at markets outside the country. With a total turnover of around $1.8 billion, more than half of which comes from outside Sri Lanka, the company’s strategy involves building factories in Indonesia, Thailand, and the Philippines. They have also made recent investments in Africa and opened offices in Italy and Poland. By moving closer to global consumers and spreading out their risks, they aim to keep growing at a fast pace.

Liyanage observed that traditional theories about keeping a business running must be changed for the modern world. He said that companies are no longer just trying to survive; they are now focused on moving forward even during difficult times. He pointed to the growing Electric Vehicle industry and the insurance sector, which saw a 40% growth rate, as proof of this trend. Smart companies are now protecting themselves by expanding into other countries and buying stocks or bonds when prices are low. Liyanage believes the local mindset is unique because people are willing to start over after a loss. He said that the most important part of being resilient today is learning how to do well during chaos and uncertainty rather than just waiting for it to end. This strength comes from a focus on new ideas. When faced with a difficult situation, leaders are forced to think differently about how they manage money and find new ways to fund their operations.

Geopolitical shifts and export strategy

When discussing the impact of global shifts on exports, Ganegoda said that the country must change because it relies on an outdated list of export products. He expressed a lack of interest in Free Trade Agreements, stating that they can sometimes kill open trade by giving too much of an advantage to one country over another. He pointed out that thirty years ago, garments were the top export in Sri Lanka, and today they still are, bringing in about $5 billion with a relatively small amount of value added locally. Tea was the second largest export back then and remains so today. He noted that the primary export crops, tea, rubber, and coconut, have remained the same for decades.

Ganegoda sees a major opportunity in services, especially in the IT sector and the changes brought by artificial intelligence. He explained that AI is changing every part of the business world. His advice to young professionals and students is to embrace these changes to avoid falling behind. He also said that the Indian market is too big to ignore. While India is currently the fifth largest economy, he predicts it will become the next major market after the US and China within the next ten years. Companies must keep this in mind when designing new products. The strategy for the future involves setting up production and marketing offices closer to the people who buy the products. To stay competitive, using AI and getting closer to the consumer are the most important steps.

Caution and opportunity in the real estate market

Brahmanage discussed the current state of the real estate market, noting that while high costs and energy prices suggest a need for caution, there is also a lot of hidden opportunity. He explained that many investors are looking for alternatives to what was once called a safe haven like Dubai. He described Port City Colombo as a gateway to South and West Asia that is perfectly placed to attract investment. However, he warned that this potential is not being seen or shared with the world effectively. For example, a new project at Port City received over 270 inquiries within just two weeks, yet many people do not know about the ten-year investment visa program available for a $ 200,000 investment. He said the government has not marketed these benefits well enough.

Brahmanage further remarked that having potential is not enough if investors are turned away by slow rules and too much paperwork. He pointed to Malaysia and Vietnam as examples of countries that grew quickly because the government and private sector worked together to make approvals fast and simple. He argued that the private sector cannot grow the economy alone; the government must provide the necessary systems and support.

He also mentioned that India’s middle class, which includes 200 to 300 million people, is a massive group of potential investors. If the country can attract even a tiny part of that market, the impact would be huge. To reach a level of success similar to Singapore, the nation must increase its growth rate, and the government must show the same willingness to take risks as private business leaders.

Reshaping the risk landscape

Liyanage explained that the way insurance companies look at risk is changing. It is moving from a simple technical check to a more complex look at global events. He said that experts who can correctly predict how global politics will affect business are now in high demand. This is a new and vital profession. To stay safe, companies are no longer relying on just one supplier. They are also spreading their insurance coverage across different parts of the world to make sure they are not hurt by an issue in just one region.

The 2022 economic crisis created a specific setback for the insurance industry. By law, these companies must keep 30% of their money in government bonds. When the government could not pay its debts, the value of those bonds dropped instantly. Liyanage noted that while other countries allow insurance companies to invest in real estate as a safe, long-term asset, local policies do not yet support this. This leaves insurers with fewer options to protect their funds.

He also mentioned that bad road conditions are causing losses for insurers, and the cost of shipping insurance is becoming too high. However, he identified cyber risk as the biggest change that many companies are ignoring. For businesses that handle a lot of data, such as banks and telecom companies, the threat of a digital attack is a major concern. With new data protection laws coming soon, any loss of personal information could lead to very large fines. Liyanage pointed out that talking about how to price and manage cyber risk is a conversation that all companies must join to keep their assets safe.

Strategic mindset for the future

In their final thoughts, the speakers focused on the mental approach needed to succeed. Ganegoda pointed to technology as the most important factor. Since AI is changing everything from making goods to providing services, he urged leaders to keep learning about these developments. He believes a positive outlook is a practical tool for staying ahead of the competition.

Brahmanage stated that while business leaders cannot control global disasters, they can always control how they react. He emphasised that the speed of a response is much more important than trying to find a perfect solution. He encouraged leaders to adapt their actions and never give up when things get difficult.

Liyanage suggested that disruption is not an occasional event but the normal state of affairs in the country. He described the local business journey as a roller coaster rather than a smooth path. He argued that every crisis and every moment of uncertainty has an opportunity hidden inside it. The most successful companies are those that find those opportunities and move forward without waiting for the trouble to pass.

The ANC Campus officials noted that this dialogue was only the first in a planned series. They intend to hold more events like this to keep the conversation going between industry leaders. By discussing the challenges and opportunities ahead, they hope to help the private sector prepare for the future.

LANKATILES marked a significant milestone with the opening of its 60th showroom in Sri Lanka, reinforcing over five decades of trust and innovation. The new showroom brings contemporary luxury, world-class tile designs and its signature double-fired premium tiles closer to customers in Colombo’s urban hub.

Located at No. 85, Dr. N.M. Perera Mawatha, Colombo 08, the new showroom stands as a modern design destination, offering homeowners, architects and designers access to LANKATILES’ extensive portfolio of premium wall and floor tile collections. The opening ceremony was graced by Chief Guest, Chartered Architect Russell Dandeniya, alongside the LANKATILES Managing Director Priyantha Talwatte and distinguished guests from the architecture, construction and business communities.

The establishment of the Borella showroom represents a strategic expansion into one of Colombo’s most connected and commercially vibrant urban corridors. Borella serves as a key junction linking residential, healthcare, educational and commercial districts, making it an ideal location to cater to a growing base of urban homeowners and industry professionals. This expansion further strengthens LANKATILES’ footprint in the Western Province, supporting the rapidly evolving urban development landscape while increasing accessibility to premium building materials and design inspirations.

Managing Director Priyantha Talwatte said: ‘The opening of our 60th showroom in Borella marks an important step in our journey to bring premium tiles closer to our valued customers in key urban centres. As Borella continues to evolve as a hub for modern living and development, we are glad to support homeowners, architects, developers and contractors with multi-faceted surface solutions that combine innovation, quality and timeless design.’

Chief Guest, Chartered Architect Russell Dandeniya said: ‘What I see today is a remarkable transformation – a clear and consistent improvement in quality, service and customer engagement in this beautiful new showroom and concept centre. This showroom is a valuable addition to Colombo’s growing design landscape’

Jannik Sinner breezed into the last 16 of the Italian Open yesterday after swatting aside Alexei Popyrin in straight sets 6-2, 6-0 to continue his bid for a first title in Rome.

The world no. 1 easily won his 25th straight match, taking just over an hour to see off Australia’s Popyrin and set up an Italian derby with Andrea Pellegrino in the next round.

Pellegrino, 29, who beat 20th seed Frances Tiafoe 7-6 (10/8), 6-1, is a qualifier ranked 155 in the world who before this week had never played in the main draw of a Masters 1000 tournament.

‘It’s fun to play a derby in Italy, he’s having an incredible tournament with a lot of victories against some really good opponents,’ Sinner told reporters. ‘We’ve played each other a long time ago (in 2019 in an ITF tournament), but he was a different player, and I was a different player.’

Sinner meanwhile is trying to extend his own record-breaking run of overall victories in the ATP’s top-ranked events after having won his last five.

The 24-year-old joins Novak Djokovic as the only player to win a year’s first 25 Master 1000 matches, with the Serbian tennis icon’s record run stretching to 31 matches in 2011.

Popyrin was suffocated by Sinner and made 23 unforced errors on his way to a comprehensive defeat.

The world no. 60 only got 48% of first serves into play and that allowed Sinner to break five times and close out a match which was barely a contest.

‘He’s a big server so his percentage was not very high, which helped me for sure a little bit, but I’ve been returning very well the second serves,’ said Sinner.

Should Sinner prevail at the Foro Italico, he will be the first Italian to win there since Adriano Panatta 50 years ago, and would complete his collection of Master 1000 tournaments.

With great rival Carlos Alcaraz out injured and Novak Djokovic eliminated early, Sinner will be red-hot favourite as he builds towards completing the career Grand Slam at the French Open which starts next week.

Former Rome champion Daniil Medvedev gets his tournament underway against Pablo Llamas Ruiz after a second-round walkover gave the Russian seventh seed automatic passage into the third.

Gauff survives scare

Coco Gauff survived a scare against Iva Jovic coming back from a match point to win 5-7, 7-5, 6-2 and reach the women’s quarter-finals.

American star Gauff, who is reigning French Open champion and reached the final in Rome last year, won a draining match on windy centre court which took the best part of three hours.

The 22-year-old has struggled on clay this season, with a last-16 exit in the Madrid Open coming after a disappointing run to the quarter-finals in Stuttgart.

Gauff was so annoyed with herself shortly after saving a match point against the serve at 5-4 down in the second set that she smacked herself in the head.

But she recovered to eventually see off her fellow American and set up a clash with Mirra Andreeva in the last eight.

‘It was really hard,’ said Gauff. ‘I think the conditions made it tough to make some clean tennis. Really proud of how I was able to fight.’

Later, Naomi Osaka will face three-time Rome champion Iga Swiatek, who has not won a clay tournament since capturing the last of her four French Open titles in 2024.

Reaching the last eight would be the best result of a difficult season for Osaka, a four-time Grand Slam winner, after being knocked out of Indian Wells and the Madrid Open in the last 16 by Aryna Sabalenka

Ports Minister Anura Karunathilaka yesterday denied speculation that the Government has decided to privatise the East Container Terminal (ECT), insisting that no policy decision has been taken despite growing investor interest.

Addressing the media, Karunathilaka said the Government remains open to receiving investment proposals, but stressed that no formal move has been made to privatise the strategic terminal.

‘As a Government, we have not told investors not to submit proposals. We are engaging in discussions with interested parties, but no policy decision has been taken,’ he confirmed.

The Minister said that if the Government eventually considers any strategic decision regarding the Terminal, it would first be discussed with port workers, trade unions, and other stakeholders to ensure any outcome benefits the national economy, the port sector, and the wider public.

He also dismissed recent public claims suggesting that plans to privatise the Terminal were already underway.

‘No proposal related to the privatisation of the ECT has been discussed at the Cabinet, within the Sri Lanka Ports Authority, at the Ministry, or at any other formal Government level,’ Karunathilaka said.

The ECT at the Port of Colombo remains one of Sri Lanka’s most strategically significant maritime assets, with past investment discussions drawing both domestic political sensitivity and international commercial interest.

Power Minister Anura Karunathilaka yesterday acknowledged that the Government’s decision to increase electricity tariffs by 18% will have an indirect impact on consumers across the economy, whilst insisting that the direct effect on the majority of electricity users remains limited.

Addressing the media, he said while most households will not see an immediate increase in their electricity bills, higher tariffs imposed on industrial and commercial users are likely to be passed on through higher prices of goods and services.

‘I am saying this tariff hike doesn’t directly affect most electricity bills, but industries and commercial users who are affected will eventually pass on those costs to consumers,’ he said.

The Minister defended the revision, arguing that the Government was unable to absorb the full cost adjustment required in the power sector and had instead taken on a significant share of the burden through fiscal support rather than transferring it entirely to electricity users.

‘In an uncertain global environment, utility costs naturally come under pressure. But as a responsible Government, we have not passed the full burden either to end users or to the State-owned entities. We are sharing that burden through Treasury support. We think it is the responsibility of a responsible Government,’ he said.

He said the Government has committed a Rs. 15 billion subsidy to support the National System Operator Ltd., (NSO) until September, cushioning the impact of rising generation costs.

The tariff revision, approved by the Public Utilities Commission of Sri Lanka, came into effect yesterday for the second and third quarters of 2026 after the NSO cited rising fuel prices, changing generation patterns, and an estimated Rs. 38 billion revenue gap.

Deputy Power Minister Arkam Ilyas said the revision was driven by three key factors; adverse weather affecting the power generation mix, a sharp rise in global fuel prices, and increased electricity demand, which has grown by 150 to 200 megawatts this quarter alone.

Karunathilaka said Sri Lanka currently has 7.91 million electricity users, of which 6.75 million are domestic consumers. Of these, 6.43 million households, or over 90%, use less than 180 units per month and therefore will not face a direct tariff increase.

He added that of 49,096 religious places connected to the grid, 38,566 or nearly 79% also fall below the 180-unit threshold.

‘Therefore, the latest revision directly affects only 7.29% of total electricity users, including just 4.06% of household users,’ the Minister pointed out.

Karunathilaka also rejected allegations that the tariff increase was linked to losses stemming from alleged substandard coal imports, insisting any such losses would be recovered from suppliers and through enforcement provisions in procurement contracts.

He assured that the current tariff structure will remain unchanged until September, noting global fuel costs, weather patterns, and demand projections have all been factored into the pricing model.

The Government yesterday rejected claims of a fertiliser shortage, insisting that adequate stocks are available for the ongoing Yala cultivation season, even as farmers in several districts reported delays in receiving supplies and raised concerns over the quality of fertiliser distributed through Agrarian Service Centres.

Agriculture, Livestock, Land and Irrigation Minister K. D. Lal Kantha said fertiliser was being distributed through Govi Jana Seva centres across the country and assured that there would be no shortage affecting key crops including paddy, tea, coconut and vegetables during the Yala season.

He said the Ministry had temporarily halted fertiliser distribution through private-sector channels over the past few days but distribution would now resume under normal arrangements. Lal Kantha acknowledged that there were logistical and distribution-related issues and said the Ministry was intervening to resolve them.

The Minister also alleged that attempts were being made to create public concern over a purported fertiliser shortage and inflated procurement prices, warning that legal action would be pursued against those spreading false claims.

Department of Agriculture Director General Dr. Thushara Wickramaarachchi said the Government had decided to permit private-sector distribution of urea fertiliser and expressed confidence that the current disruptions would be resolved within the week. He said sufficient fertiliser stocks were available locally and added that procurement plans for the forthcoming Maha season had already been prepared.

Sri Lanka’s Information and Communication Technology (ICT) sector marked another significant milestone in its global expansion, as five Sri Lankan technology companies successfully participated in a European market exposure program under the Sri Lanka Export Development Board (EDB) – Import Promotion Desk Germany (IPD) project.

Strategic participation at Hannover Messe

The program commenced with participation at the globally renowned Hannover Messe, where the Sri Lankan delegation engaged in a series of pre-arranged business-to-business (B2B) meetings with European companies. The event provided a valuable platform to showcase Sri Lanka’s growing ICT capabilities and explore potential partnerships in areas such as digital transformation, software development, and emerging technologies.

Berlin Program: Deepening ecosystem engagement

Following Hannover Messe, the delegation continued to Berlin, participating in a comprehensive program that included ecosystem tours, keynote sessions, and interactive workshops. A dedicated networking and pitch event enabled Sri Lankan companies to connect with European startups, investors, and industry experts, fostering collaboration and knowledge exchange while gaining deeper insights into the German innovation ecosystem.

Nordic market exposure in Stockholm

The program further extended to Stockholm, offering valuable exposure to the Nordic innovation landscape. Key highlights included participation in the Nordic Growth Summit and a networking session hosted by Impact Hub.

The delegation engaged in strategic meetings at Tech Arena and visited Nordea Bank, gaining first-hand insights into regional business practices, fintech innovation, and scaling opportunities within the European market.

Enabling future opportunities for Sri Lanka’s ICT sector

This initiative significantly enhanced the visibility of Sri Lanka’s ICT sector in Europe while enabling participating companies to build strategic partnerships and gain critical market insights.

Importantly, the program serves as a gateway for other Sri Lankan ICT companies seeking to enter the German and broader European markets. The knowledge, networks, and exposure gained are expected to create positive spillover effects across the industry, supporting increased exports and international collaboration.

The program delivered strong commercial and strategic outcomes, generating meaningful market exposure across Germany and the Nordic region. Through engagements at Hannover Messe, Berlin workshops, and key sessions in Stockholm, companies secured a number of high-quality leads and initiated active follow-ups for potential collaborations and partnerships. Participants also gained a deeper understanding of European market dynamics particularly in Germany and Sweden including business culture, buyer expectations and emerging opportunities in AI and enterprise technology.

This marks the second collaboration between EDB and IPD, highlighting the importance of sustained joint initiatives in building long-term business relationships and ensuring continuity. A clear example is the partnership between a Sri Lankan company and a German company: after securing a deal following the first edition, both parties used this second edition to strengthen and expand their cooperation. Although reaching concrete results took more than nine months, the experience demonstrates that continuity and consistent engagement are key to achieving lasting commercial success.

The visit to Nordea Bank further strengthened sector-specific knowledge, especially for companies operating in fintech and enterprise solutions. Overall, the program enabled participants to validate product-market fit, refine their European market entry strategies and build a strong pipeline for future growth in the region.

The EDB and IPD is continuously supporting Sri Lankan ICT companies in expanding their global footprint through targeted internationalisation programs and strategic market access initiatives under this project to in the year ahead.