Category: Daily Financial Times

Opposition Leader Sajith Premadasa yesterday proposed that the Sri Lankan elephant be officially recognised as the country’s National Animal, calling for the designation to be backed by measures to protect both elephants and communities affected by the Human-Elephant Conflict (HEC).

In a statement marking World Elephant Day, Premadasa said the recognition should go beyond symbolism and become a national commitment to science-based conservation, protection of elephant habitats and corridors, responsible development, and safeguarding rural lives and livelihoods.

He said the loss of elephant habitats and traditional ranges had intensified conflict with rural communities, resulting in crop and livelihood losses as well as elephant deaths.

‘The Human-Elephant Conflict is not a problem that can be solved by protecting elephants alone, nor by protecting people alone. We must protect both,’ Premadasa said.

He called for coexistence to become a national commitment, with the objective of protecting rural communities while preventing the persecution of elephants.

His statement in full: ‘The Sri Lankan elephant is far more than a magnificent species of our wildlife. It is part of who we are.

‘For thousands of years, the elephant has been woven into the history, culture, traditions and civilisation of our island. It has lived alongside our people and has become an enduring symbol of Sri Lanka itself.

‘But today, our relationship with the elephant is facing a painful crisis.

‘Elephants are losing their habitats and traditional ranges. Rural communities are living with fear, loss and uncertainty. Farmers are losing their crops and livelihoods, while elephants are losing their lives. The Human-Elephant Conflict is not a problem that can be solved by protecting elephants alone, nor by protecting people alone. We must protect both.

‘That is why I believe it is time for Sri Lanka to take a meaningful national step.

‘Let us recognise the Sri Lankan elephant as our National Animal. But let this not be merely a title or a symbol.

‘Let it become a national commitment to science-based conservation, protection of elephant habitats and corridors, responsible development, and practical measures that protect the lives and livelihoods of rural communities.

‘Our goal must be clear: a Sri Lanka where people can live without fear and elephants can live without persecution.

‘On this World Elephant Day, let us honour our heritage, accept our responsibility and work together for our future. Let us make coexistence our national commitment.’

Sri Lanka stands at an important crossroad in its economic journey. Having emerged from its recent economic crisis, the country now has an opportunity to reposition itself as a competitive export and investment hub in the Indian Ocean. To achieve this, we must move beyond traditional thinking and embrace new regional economic partnerships that can connect Sri Lankan industries to larger markets and global supply chains.

A strategic vision for regional integration

One such opportunity is the proposed Japan- Sri Lanka Economic Corridor proposed by the Ministry of Economy, Trade and Industry of Japan. It is an initiative that deserves far greater attention and urgent implementation.

Japan has already proposed a roadmap for building an export-oriented industrial corridor, with the objective of strengthening Sri Lanka’s industrial base, integrating the country into regional supply chains and making greater use of the vast Indian market. The concept was subsequently discussed between the two governments and formed an important part of the Japan-Sri Lanka Inter-governmental Economic Policy Dialogue held in Colombo in February 2026.

A mutually beneficial partnership

The opportunity is particularly significant because it can create multilateral economic relationships: Sri Lanka can provide a competitive production and export base, South Asia and ASEAN offers a huge and rapidly expanding market and manufacturing ecosystem, while Japan can contribute technology, investment, management expertise and access to sophisticated global supply chains.

This combination offers Sri Lanka an opportunity not merely to increase exports but to become an integral part of regional manufacturing networks serving Asia and beyond.

From investment promotion to export-led growth

Sri Lanka should therefore focus on identifying products and sectors where this corridor can generate real export opportunities. Rather than concentrating only on attracting investment into the country, our objective should be to produce in Sri Lanka for South Asia, ASEAN, Japan and other international markets.

This is the time to bring together the Government, the BOI, the Export Development Board, the private sector and Japanese and regional business communities to identify specific sectors, develop investment-ready projects and remove the regulatory and logistical obstacles that prevent Sri Lankan companies from becoming part of regional supply chains.

Addressing the trade imbalance

The opportunity is even more compelling given the imbalance in Sri Lanka’s present trade relationship with Japan. Sri Lankan exports to Japan amounted to approximately $187 million in 2025, while imports from Japan exceeded $1.1 billion (Ministry of Foreign Affairs).

A successful export-oriented economic corridor can help narrow this imbalance by significantly expanding Sri Lanka’s export capacity while creating higher-value manufacturing employment and attracting quality foreign investment.

Economic corridors cannot succeed through investment and trade policies alone. Trust, confidence and policy consistency are equally important. Sri Lanka must therefore make every effort to resolve all outstanding issues arising from the cancellation and subsequent developments relating to Japanese-funded projects, including the Colombo airport expansion, in a manner that is transparent, fair and mutually acceptable

Trust is the foundation of investment

However, economic corridors cannot succeed through investment and trade policies alone. Trust, confidence and policy consistency are equally important.

Sri Lanka must therefore make every effort to resolve all outstanding issues arising from the cancellation and subsequent developments relating to Japanese-funded projects, including the Colombo airport expansion, in a manner that is transparent, fair and mutually acceptable.

Building on decades of goodwill

Japan has been one of Sri Lanka’s most consistent and dependable development partners. The successful conclusion of the bilateral debt restructuring agreement in March 2025 and the resumption of disbursements for ongoing Japanese projects represent important milestones in rebuilding those relationships are positive developments.

We must now build upon that goodwill.

Resolving outstanding matters relating to previously cancelled or suspended projects is not simply about closing a difficult chapter in our bilateral relationship. It is about demonstrating that Sri Lanka is a reliable, predictable and trustworthy partner for future Japanese investment and cooperation.

Turning vision into action

A healthy and enduring relationship with Japan, together with a constructive economic partnership with India, can provide Sri Lanka with a powerful platform for its next phase of economic transformation.

For example, the Sri Lanka-Japan Economic Corridor encompassing India should therefore not remain another concept discussed at conferences. It must now be translated into specific projects, priority industries, strategic investments and, above all, measurable export targets.

A national opportunity we cannot afford to miss

Sri Lanka cannot afford to let this opportunity pass. Our future economic strategy must be built around exports, investment, technology transfer and integration with regional supply chains such as India. The proposed economic corridor offers precisely such a pathway.

The question before us is not whether this strategic opportunity exists. It is whether we possess the vision, commitment and sense of national purpose to seize it before others do.

The Cabinet of Ministers has approved the signing of financial agreements with the Asian Development Bank (ADB) to secure a $ 200 million loan facility for the implementation of a major post-cyclone reconstruction and livelihood support program.

The decision follows Cabinet approval granted at its meeting on 15 June 2026 to negotiate with the ADB for financing under the proposed ‘Post-Cyclone Reconstruction and Livelihood Support Project.’

Following negotiations, Sri Lanka is to obtain $ 100 million from the ADB’s concessional General Capital Resources and a further $ 100 million from its regular General Capital Resources.

Addressing the weekly post-Cabinet meeting media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the financing is expected to support reconstruction efforts in areas affected by the cyclone Ditwah, with the project focusing on restoring essential infrastructure and helping affected communities rebuild their homes and livelihoods.

‘The loan facility is planned to be used for the rehabilitation and reconstruction of road infrastructure, reconstruction of damaged irrigation systems and restoration of livelihoods and housing for families affected by the cyclone,’ he added.

The proposal to this effect was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister.

The Cabinet of Ministers has approved the award of long-term contracts for the procurement of Petrol 92, Murban crude oil and diesel to Singapore-based Aditya Birla Global Trading Ltd., and Vitol Asia Ltd.

Announcing the decision, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said, the Ceylon Petroleum Corporation (CPC) invited bids from registered suppliers for the procurement of the three petroleum products under long-term supply agreements.

Following the evaluation of bids, Aditya Birla Global Trading (Singapore) Ltd., was selected to supply both Petrol 92 and Murban crude oil.

‘For the procurement of 1.2 million barrels ±5% of Petrol 92 Unleaded, four bids were received. Aditya Birla Global Trading was selected to supply the requirement for a six-month period from 1 September 2026 to 28 February 2027,’ he said at the weekly post-Cabinet meeting media briefing yesterday.

Dr. Jayatissa said the same company was also selected from four bidders to supply 2.8 million barrels ±5% of Murban-type crude oil. The contract will cover a four-month period from 1 November 2026 to 28 February 2027.

Meanwhile, Vitol Asia Ltd., of Singapore was selected to supply 1.12 million tons ±5% of diesel with 0.05% maximum sulphur content.

‘Six bids were received for the diesel procurement, with Vitol Asia selected for the contract covering the period from 1 September 2026 to 28 February 2027,’ he added.

The proposal to this effect was submitted by Energy Minister Anura Karunathilake.

China Communications Construction Company Ltd., (CCCC) is exploring further investments in Sri Lanka spanning renewable energy, trade and logistics, and digital services, alongside existing and proposed projects centred on Colombo Port City.

The President’s Office said yesterday the investment plans were discussed during a meeting between President Anura Kumara Dissanayake and a senior CCCC delegation led by Executive Director/President Zhang Bingnan in Colombo.

According to the President’s Office, discussions focused primarily on projects currently being implemented and proposed future projects centred on Colombo Port City.

CCCC representatives said confidence in the Government’s current program had encouraged the company to explore bringing further investment opportunities to Sri Lanka.

The delegation also expressed interest in expanding investments into renewable energy, trade and logistics, and digital services, identifying potential for Sri Lanka to position itself as a regional hub in these sectors.

The company representatives said 90% of the workforce employed in their investment projects would be sourced locally.

The CCCC delegation also included Overseas Business Director Tang Qiaoliang, Joint Venture Division Deputy General Manager Ji Haijun, China Harbour Engineering Company Ltd. (CHEC) General Manager Zhang Xiaoqiang, CHEC Sri Lanka General Manager Wang Gang and CHEC Colombo Port City Managing Director Xiong Hongfeng.

Every society is judged not only by the freedoms enjoyed outside its prison walls but also by the justice practiced within them. A prison sentence removes liberty-it should never remove dignity, legal protections, or the right to life. When correctional institutions become overcrowded, poorly governed, or politically influenced, they risk becoming instruments of repression rather than institutions of justice and rehabilitation.

Why good governance matters

Modern prisons should protect society, provide lawful punishment, prepare offenders for successful reintegration and never used to eliminate opposing politicians. Independent oversight, professional corrections staff, adequate funding, transparent investigations into deaths in custody, and political independence are essential safeguards. Overcrowding, corruption and political interference increase the risk of violence and abuse.

Historical lessons

Peru (1986) – El Frontón, Lurigancho and Santa Bárbara Prisons

Coordinated uprisings occurred involving members of the Shining Path insurgency.

Security forces retook the prisons.

Later judicial findings concluded that some prisoners were unlawfully executed after organised resistance had ended.

Lesson: Even during prison emergencies, the rule of law must prevail.

Syria (1980) – Tadmor (Palmyra) Prison

Following an assassination attempt against President Hafez al-Assad, security forces entered Tadmor Prison.

Hundreds of detainees were killed.

Human-rights organisations regard the incident as one of the twentieth century’s worst prison massacres.

Lesson: Political retaliation has no place within correctional institutions.

Khapra Ward, East Pakistan (now Bangladesh) (1950)

Police opened fire on imprisoned Communist political activists inside Rajshahi Central Jail.

Seven prisoners were killed and many others injured.

Lesson: Political beliefs should never determine how prisoners are treated.

Soviet Union (1941) – NKVD Prison Massacres

As German forces advanced, Soviet security services executed thousands of political prisoners rather than evacuating them.

Victims included political opponents, intellectuals and clergy.

Lesson: Prisons must never become instruments of state terror.

United States (1971) – Attica Prison

Poor conditions and overcrowding contributed to a major prison uprising.

The retaking of the prison resulted in 43 deaths.

Subsequent investigations corrected inaccurate official accounts.

Lesson: Independent investigations are vital after deaths in custody.

The true measure of a nation’s commitment to justice is revealed behind prison walls. A correctional institution should never become a place where political scores are settled. It should remain a place of lawful custody, accountability and rehabilitation. A democracy is strengthened when the rule of law applies equally to every person-including those in custody-and to every institution of the State

Spain (1936) – Cárcel Modelo

During the early Spanish Civil War, armed militias killed prominent political prisoners inside Madrid’s Modelo Prison.

Lesson: Political instability quickly erodes the independence of correctional institutions.

Why democracies must never weaponise their prisons

History demonstrates that when governments use prisons to intimidate, silence or eliminate political opponents, the consequences extend far beyond prison walls. Public confidence in the justice system declines, human-rights protections weaken, and democratic institutions suffer lasting damage. Every unexplained death in custody deserves an independent, transparent investigation.

Human rights and international standards

The United Nations Nelson Mandela Rules recognise that imprisonment removes liberty but not humanity. Prisoners remain entitled to humane treatment, healthcare, due process and protection from torture or arbitrary violence. These standards protect both prisoners and the integrity of the State.

Conclusion

The true measure of a nation’s commitment to justice is revealed behind prison walls. A correctional institution should never become a place where political scores are settled. It should remain a place of lawful custody, accountability and rehabilitation. A democracy is strengthened when the rule of law applies equally to every person-including those in custody-and to every institution of the State.

(The author is a CPA who was the head of finance at the Securities and Exchange Commission of Sri Lanka from its inception in 1992 and was a founder manager. He has commercial experience in Australia and over 15 years of experience in the public service and not-for-profit sectors in New Zealand where he resides now)

AMW CEO Jawahar Ganesh has called for Sri Lanka and India to establish a direct Indian rupee (INR)-Sri Lankan rupee (LKR) settlement mechanism, insisting that it could reduce businesses’ exposure to US dollar (USD) volatility and ease pressure on Sri Lanka’s foreign exchange reserves.

Speaking at the ‘India Calling’ forum last week, organised by the Lanka India Business Association, he said AMW currently imports around $ 200 million worth of goods annually, predominantly from India, but continues to settle transactions in USD.

Ganesh noted that the SLR had depreciated by around 11% against the dollar over the past year, from around Rs. 300 to Rs. 335-340, increasing the rupee cost of imports even when suppliers’ dollar prices remained unchanged.

‘If we had been able to purchase in INR, Sri Lankan customers could potentially have benefitted from that 11% difference,’ he said.

Ganesh said a key obstacle was the absence of a directly published and transacted INR-LKR rate between the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka (CBSL), with transactions currently being routed through the dollar.

‘INR goes to USD, and USD comes back to LKR,’ he said, questioning why the two Central Banks could not establish a daily direct conversion rate to facilitate bilateral settlements.

He proposed that the RBI and CBSL explore publishing a daily direct INR-LKR conversion rate that could be used by commercial banks and businesses.

A second challenge, he said, was the availability of INR liquidity in Sri Lanka, given the country’s trade deficit with India.

Sri Lanka imports around $ 4.5 billion worth of goods from India annually, while it exports around $ 1.5 billion, against total bilateral trade of about $ 6.7 billion, excluding tourism.

Ganesh pointed out that growing Indian tourist expenditure could help address the rupee liquidity issue.

With around half a million Indian visitors currently arriving in Sri Lanka, he said a potential increase to 1 million visitors spending an average $ 200 each could generate substantial INR inflows.

‘If that grows to 1 million visitors spending $ 200 each, why can’t they pay in INR?’ he asked.

He suggested that those rupee reserves could subsequently be used to settle payments to Indian suppliers, reducing the need to use scarce USD.

‘This means we don’t have to lose dollars that we need for other purposes, including our International Monetary Fund (IMF)-related obligations,’ Ganesh said.

He said Indian banks and Sri Lankan banks had expressed willingness to facilitate greater INR use, following a rupee convention organised by the Indian High Commission in June, but the absence of direct settlement remained the key constraint.

‘I have one humble request for ‘India Calling’: Can we get INR to LKR straight?’ Ganesh said, offering to be part of any negotiations with Indian authorities.

Laptop.lk, The Technocity Ltd., recently recognised outstanding academic excellence by presenting state-of-the-art Lenovo laptops to exceptional G.C.E. Advanced Level (A/L) students representing all 25 districts of the country.

The prestigious awards ceremony was held at the 606 The Address, Colombo and was attended by Prime Minister’s Office Additional Secretary A.B.M. Ashraff, Zonal Directors from the Education Ministry, Lenovo South Asia Director Naveen Kejriwal, Lenovo India Regional Head – Overseas Business Shekhar Karmakar, The Technocity Ltd., Chairman Famy Ismail, Laptop.lk Director and The Technocity Ltd., Head of Sales Minhaj Farook, the senior management of Laptop.lk, together with principals, teachers, parents, and the award-winning students from schools across the island.

The initiative was launched with the objective of empowering deserving students with the latest technology to support their higher education and future careers. By providing each recipient with a Lenovo laptop, Laptop.lk aims to help bridge the digital divide and give talented young Sri Lankans the tools they need to excel in an increasingly technology-driven world.

Laptop.lk has established itself as one of Lenovo’s largest authorised distributors in Sri Lanka, serving customers through an extensive islandwide network. Renowned for supplying genuine Lenovo products backed by professional technical support and after-sales service, the company has played a significant role in expanding access to world-class technology for students, educational institutions, businesses and government organisations throughout the country.

Ismail said: ‘Every great achievement begins with an opportunity. These outstanding students have already demonstrated exceptional dedication and perseverance. We are proud to place the power of Lenovo technology in their hands, enabling them to pursue higher education with confidence, explore new ideas and build successful futures. Investing in education is one of the most meaningful investments we can make in the future of Sri Lanka.’

The ceremony reflects Laptop.lk’s continued commitment to supporting education, nurturing young talent and contributing to Sri Lanka’s digital transformation through meaningful partnerships and technology-driven initiatives. As one of Lenovo’s trusted distributors in the country, Laptop.lk remains dedicated to making innovative technology accessible to communities across Sri Lanka while helping shape the next generation of leaders and innovators.

The Court of Appeal yesterday postponed until 25 August further consideration of a petition filed by former State Intelligence Service (SIS) Director Suresh Sallay challenging his arrest and detention in connection with investigations into the Easter Sunday terrorist attacks.

The intervening petitions filed in connection with Sallay’s petition were taken up yesterday, with attorneys representing the intervening petitioners making submissions before the Court, according to Ada Derana.

Following the submissions, the Court of Appeal ordered that further consideration of the case be postponed until 25 August.

Tamil Union and Bloomfield had close calls before winning their matches on the opening day of the Major Club 50-over tournament yesterday.

Chasing a target of 214, Tamil Union slumped to 128-7 but Minod Bhanuka played a skipper’s knock of 79* off 117 balls (6 fours, 2 sixes) to guide his team home by one wicket with eight balls to spare at the Welagedara Stadium. With the help of the tail, Bhanuka shared in valuable stands of 38 with Lahiru Samarakoon (24), 30 with Tharindu Rathnayake (10) and 15* with Thilan Lorensuhewa (5*). Samarakoon also starred with the ball taking 5/26 in bowling out Kurunegala YCC for 213. Kurunegala YCC recovered from losing their first four wickets for 47 through fifties from Lakvin Abeysinghe (67 off 81 balls, 7 fours) and Amesh Tennakoon (71 off 67 balls, 6 fours, 2 sixes).

Bloomfield also had to depend on their middle and lower order for their three-wicket win over Badureliya CC at Surrey grounds, Maggona. Having got Badureliya CC out for a modest 167, Bloomfield lost their top order losing four for 51. It was left to Asitha Wanninayake (47), skipper Ravindu Fernando (34) and Tharinda Nirmal (30*) to see Bloomfield home with 43 balls to spare. Spinners Seekkuge Prasanna (4/35) and Alankara Asanka (3/18) caused the early flutter in the Bloomfield batting. Nirmal ran through the Badureliya CC batting with 4/25 after seamers Dulaj Samuditha and Janith Liyanage had done the early damage to the innings with two wickets apiece.

In a high scoring game played at the Panadura esplanade, BRC defeated NCC by 32 runs. BRC notched the highest total of the day running up 304-9 thanks largely to their number seven bat Movin Subasingha who cracked a career best 140 off 72 balls inclusive of 10 fours and 14 sixes in a splendid display of power hitting. Till that point NCC had the game under their control reducing BRC to 201-7. Subasingha was involved in an eighth wicket stand of 102 off 73 balls with Tilanga Udeshana (11*). NCC were never in the hunt after losing their first six wickets for 129. Despite fifties from Yenula Dewthusa (53 off 62 balls, 5 fours) and skipper Chamika Karunaratne (82 off 66 balls, 10 fours, 5 sixes) they managed only 272. Subasingha shone with the ball as well, capturing 4/50 with his off-breaks.

Muditha Lakshan missed out on a maiden one-day century by one run as Colts suffered a five-wicket defeat at the hands of SSC at Colts grounds. Colts were all out for 250 with Lakshan making 99 off 91 balls (9 fours, 3 sixes) being last out attempting to get to his century. SSC got off the blocks in style with openers Shevon Daniel (71 off 70 balls, 9 fours, 1 six) and skipper Avishka Fernando (50 off 46 balls, 4 fours, 2 sixes) laying the foundation with a stand of 115 off 99 balls. Nuwanidu Fernando (54 off 42 balls, 8 fours, 1 six) and Nipun Dananjaya (30*) took SSC across the line quite comfortably with 50 balls to spare.

Fast bowler Shiran Fernando took 5/51 as Moors SC powered their way to a comprehensive six-wicket win against Nugegoda SWC at Thurstan grounds. Half-centuries from Lahiru Dawatage (56 off 56 balls, 3 fours, 3 sixes) and Sachindu Colombage (54 off 57 balls, 6 fours, 1 six) enabled Nugegoda SWC to total 240. Moors SC knocked the runs off inside 40 overs with Sadeera Samarawickrama contributing 66* off 72 balls (5 fours) and Ravishan de Silva (42) and Shehan Fernando (44*).

Ace Capitals CC collapsed for 142 to the seam and spin of Navindu Prabash (3/23), Vishwa Lahiru (3/48), Dilshan Munaweera (2/38) and Thaveesha Abishek (2/15) to hand to Panadura SC an easy 70 runs win at De Soysa Stadium, Moratuwa. National player Oshada Fernando scored 50 off 72 balls (5 fours) in Panadura SC’s total of 212-9. All-rounder Wanuja Sahan had a hand in four of those dismissals conceding 19 runs in 10 economical overs.

Defending champions CCC and runner-up Police SC had a free day.

The groupings:

nGroup A: CCC, Tamil Union, Moors SC, Panadura SC, Ace Capital CC, Nugegoda SWC, Ace Capital CC

nGroup B: Police SC, Colts, NCC, Bloomfield, Badureliya CC, BRC, SSC