Category: Daily Financial Times

Colombo successfully concluded yet another insightful edition of its flagship event ‘The Way Forward ‘series on 27 November 2025 at the Cinnamon Grand Colombo.

The forum featured the keynote speaker, Maliban Group of Companies CEO Ravi Jayawardena, which brought together a distinguished audience comprising senior corporate leaders, professionals, and emerging executives from across the corporate sector.

The session focused on a timely and a compelling theme, ‘Strategic Maneuvering in Tough Times: Live or Lead.’ Drawing from his extensive leadership experience, Jayawardena shared practical insights and real-world perspectives on navigating organisations through periods of uncertainty and disruption. His address strongly emphasised the importance of knowledge enhancement, adaptive thinking, and professional development as essential enablers of sustainable leadership that would drive through the tough times

A key highlight of the discussion was the critical role of maintaining a positive mindset in decision-making, particularly under intense external pressures. Jayawardena underscored that resilience and optimism are not merely personal traits, but strategic necessities for leaders steering organisations through challenging environments.

He further elaborated on the importance of strategic resource allocation, advocating equal emphasis on continuous training and knowledge sharing alongside investments in research and development. According to Jayawardena, organisations that foster a corporate culture open to new ideas-and one that thoughtfully accommodates learning from errors-are better equipped to respond to external forces with agility and confidence. Such a culture, he noted, instills a strong sense of ownership among teams involved in strategic initiatives. However, he cautioned that empowering teams and allowing room for error must be balanced with prudent judgment, as even a single misstep can have far-reaching consequences.

Addressing the question of the nature of leadership during high-risk periods, Jayawardena emphasised that senior management must take the lead in times of uncertainty. He highlighted the strategic value of retaining experienced professionals, dispelling the common misconception that senior staff lack the dynamism of younger employees. Instead, he reinforced that experience, perspective, and sound judgment are indispensable assets during turbulent times.

Jayawardena also spoke on the need for organisations to continuously redefine their performance parameters in response to evolving micro and macro environmental conditions. He stressed that key performance indicators (KPIs), as well as criteria for measuring success and failure, must be periodically reviewed and recalibrated to reflect new realities. Known for his eloquence, he reinforced his message through compelling real-life examples, including references to world-class athletes who overcame adversity through discipline, consistency, and determination.

The session concluded on a high note, reaffirming The Way Forward series as a valuable platform for thought leadership, dialogue, and learning-empowering professionals to not only survive challenging times, but also to lead decisively all the time.

The session was compered by Gayathri Wickramasinghe whilst Ravi Jayawardena was accorded with a token of appreciation by the TMC – Colombo Chairperson Duneeshya Bogoda.

Flash Health, a Sri Lankan healthtech startup building cashless, on-demand outpatient care, has raised a $200,000 seed round led by nVentures, with participation from angel investors across Sri Lanka, Singapore, and the United States.

The funding comes as Flash Health expands its footprint across insurers, large employers, and healthcare providers, positioning itself as one of the country’s most widely adopted digital outpatient platforms addressing everyday healthcare needs.

At the core of Flash Health’s offering is Cashless OPD, which allows employees and policyholders to access doctor consultations, medicines, diagnostics, and telemedicine services without paying out of pocket, removing upfront payments and simplifying access to address a long-standing friction point in everyday healthcare across emerging markets. The platform’s approach has also received global recognition, with Cashless OPD winning at the World Summit Awards, an UN-backed platform recognising startups advancing the Sustainable Development Goals, selected from over 900 applications across 143 countries.

nVentures Managing Partner Chalinda Abeykoon said: ‘We first met Arshad and the Flash Health team in late 2023 and were immediately struck by their ethos, attention to detail, and culture of excellence. As we worked with the team to fine-tune their product roadmap and execution, we saw a team that listens, iterates, and delivers. Flash Health is now operating at real scale, which made this a clear investment decision for us.’

Flash Health’s growth has been driven by partnerships with leading insurance providers, including AIA, HNB Assurance, Janashakthi Insurance, and Union Assurance, enabling policyholders to access services such as medicine delivery, home lab testing, telemedicine consultations, and wellness incentives through integrated digital workflows.

On the enterprise side, the platform is trusted by organisations such as Akbar Brothers, Sri Lanka Cricket, SriLankan Airlines, Hidramani, and others, reinforcing Flash Health’s role as a reliable healthcare partner for employee wellbeing and medical access.

Flash Health Founder Arshad Ameer said: ‘At Flash Health, our mission has always been to make healthcare feel human, accessible, and effortless for everyone. These partnerships reflect a shared belief that when we remove friction from healthcare, we improve health outcomes, quality of life, and peace of mind. We’re not just building a platform, we’re building a future where care reaches people, not the other way around.’

In response to Sri Lanka’s ageing population and increasing demand for care delivered at home, Flash Health has partnered with MediHelp Hospital to launch a Homecare Service, allowing patients to receive nursing, physiotherapy, and medical support directly at their doorstep.

The platform’s relevance became especially evident during the recent flooding caused by Cyclone Ditwah, when Flash Health activated its Doctor Hotline free of charge, managed over 500 medical inquiries, prioritised medicine deliveries to accessible flood-affected areas, supported essential medicine distribution in coordination with the Sri Lanka Red Cross, and reached over 75,000 people with public health guidance, emphasising the role of digital outpatient infrastructure when physical healthcare access is disrupted.

Flash Health plans to use the seed funding to deepen insurance integrations, expand Cashless OPD adoption across workplaces, scale its Homecare Service, and grow its medicine delivery and diagnostics operations nationwide.

Three Trinitians who represented Sri Lanka at the Asia Cup 2025 last month found their places in the 2026 ICC Under-19 World Cup which is currently taking place in Namibia and Zimbabwe.

Dimantha Mahavithana, Aadham Hilmy, and Sethmika Senavirathne are the three cricketers. They are coached at Trinity College by Naveen Ekanayake who is with Trinity outfit for the last decade.

Kingswoodian Kavija Gamage is the Vice-Captain of the touring squad. (SJ)

Sarvodaya Development Finance PLC (SDF), in collaboration with Fintechnology Asia Pacific Lanka Ltd (FINAP), has officially launched CIXOR PayDay, a next-generation digital WageTech platform that enables employees to access a portion of their earned wages in real time, while giving employers a structured and capital-efficient way to offer this benefit.

Positioned as a financial wellness tool rather than a loan product, CIXOR PayDay is aimed at salaried and wage-earning Sri Lankans facing short-term cash-flow pressures, combining on-demand access to already-earned income with employer-side features that minimise disruption to working capital.

CIXOR PayDay allows eligible employees to securely access part of their accrued wages through a dedicated mobile app, now available on both the Google Play Store and Apple App Store, while employers benefit from end-of-cycle instant settlement and a pre-approved liquidity float of up to 21 days.

Sarvodaya Development Finance PLC Chief Executive Officer Nilantha Jayanetti said: ‘Across Sri Lanka, many hardworking people are pushed into debt because their expected and unexpected bills arrives just days before payday. With CIXOR PayDay, we give them a regulated, transparent alternative by allowing access to a portion of the salary they have already earned. This is a healthier, more responsible way to manage short-term financial stress, and it is fully aligned with our mission of promoting financial inclusion and protecting vulnerable communities from predatory lending.’

Eligible employees will be able to view their accrued earnings through the app and request advances within limits agreed with their employer, with funds transferred directly to their designated bank account or wallet. This helps them manage essential expenses and avoid high-cost informal borrowing.

The technology platform powering CIXOR PayDay has been developed by Fintechnology Asia Pacific Lanka Ltd., (FINAP) and promoted by Sarvodaya Development Finance PLC, leveraging FINAP’s experience in delivering enterprise-grade solutions for banks, finance companies and other regulated institutions across the region.

FINAP Founder and CEO Dr. Kutila Pinto said: ‘Earned wage access has emerged globally as an innovative employee benefit because it addresses the stress created by the timing mismatch between income and expenses. With CIXOR PayDay, our collaboration with Sarvodaya Development Finance brings this concept into Sri Lanka’s formal financial system as one of the world’s first dual-sided WageTech platforms, delivering flexibility to both employees and employers through an independent, risk-managed infrastructure.’ The solution has been designed with emphasis on responsible usage, data security and regulatory compliance. Users will have clear visibility of applicable fees and limits on the proportion of wages that can be withdrawn early, supported by safeguards governing how customer information is handled.

The service was officially launched on 11 December 2025, and will initially be introduced through selected employers before being expanded to a wider employee base.

‘The current economic environment has highlighted the need for practical, responsible financial tools,’ Jayanetti added. ‘Allowing controlled, on-demand access to wages already earned can ease day-to-day financial stress for employees, while helping employers support their people without permanently raising fixed costs.’

Sri Lanka stands at a crossroad in its pursuit of energy security, economic resilience, and sustainable development. The on-going formulation of the National Electricity Policy and its accompanying Tariff Policy must serve as a blueprint for the country’s transition towards a robust, future-proof energy sector. It should be capable of propelling economic growth, ensuring environmental stewardship, and safeguarding the interests of all Sri Lankans. However, recent developments in the policy drafting process and its likely outcome reveal significant procedural lapses and strategic misalignments that, if left unaddressed, will undermine national objectives and compromise the country’s long-term prosperity.

Erosion of due process in policy development

A cornerstone of effective public policy is the adherence to established legal frameworks and transparent procedural norms. The Electricity Act prescribes a clear, two-stage consultation process: first, a thorough engagement with all stakeholders, including major energy consumers, developers, and subject matter experts, prior to drafting proposals. Second, an open public consultation initiated by the Minister, a final revision, before the document is submitted for Cabinet approval.

The ongoing policy development process departs from these statutory requirements. The absence of a phased consultation represents a gross violation of the Electricity Act’s intent and spirit. By sidestepping these critical steps, the process undermines the legitimacy of the resulting policy and erodes public trust in the governance of the electricity sector. Such procedural infringements raise serious questions regarding the legality and acceptability of the current policy framework and risk setting a troubling precedent for future policymaking.

The electricity policy was supposed to align with the broader energy policy. However, the Government has prioritised its early release prior to issuing the broader energy policy, presumably to meet an IMF EFF commitment. This decision undermines national interests and the Government’s credibility.

Sidestepping stakeholder engagement

The exclusion of key stakeholders from the policy formulation process is particularly concerning in an era when collaborative governance is essential for addressing complex, multi-dimensional challenges. Effective electricity policy demands the input of industry experts, financial analysts, renewable energy developers, large-scale consumers, CEB, SLSEA, Ministries of Finance and of Policy, Central Bank, and civil society representatives. Their collective insights are indispensable for ensuring that policy decisions are grounded in technical realities, economic imperatives, and the broader public interest. Instead, it has been done behind closed doors by a Minister-appointed five-member committee, and unaccountable support staff.

Ironically, only a year ago President Anura Kumara Dissanayake declared in his 2025 New Year’s Message: ‘for the first time in Sri Lanka’s history since independence, we now have the chance to make the dream of a united and developed nation a reality through people-centered governance.’

By forgoing comprehensive early stakeholder consultation, the drafters of the current policy have missed a critical opportunity to harness the nation’s intellectual capital and build consensus around transformative reforms. This oversight weakens the quality and relevance of the policy and diminishes the sense of shared ownership necessary for successful implementation.

Undermining renewable energy: A national resourcePerhaps the most alarming consequence of the current policy approach is its detrimental impact on Sri Lanka’s renewable energy sector. It is a sector widely recognised as vital to the country’s energy security, and environmental sustainability. The draft policy is not aligned with the nation’s commitment to achieve 70% of its electricity from renewable energy by 2030 and is divorced from ground realities (Box 1), and international best practice.

Rather than creating an enabling environment for private sector renewable energy development, the draft policy imposes unnecessary constraints and perpetuates outdated biases. The lack of visionary leadership and the failure to articulate a coherent, long-term strategy for integrating renewables into the national energy mix threatens to stall progress and undermine investor confidence. This approach squanders opportunities for technological innovation and job creation. It jeopardises Sri Lanka’s ability to meet its climate commitments and reduce its dependence on fossil fuels.

Policy failure costs

The effects of flawed Electricity Policy extend far beyond the technical boundaries of the sector. They extend throughout the economy and society at large. Decades of poor management, non-competitive investment, and short-sighted decisions have caused over Rs.400 billion in financial losses to the CEB (Figure 1). Since the financial crisis, cost-reflective tariffs agreed with the IMF have prevented such losses. These foregone resources could have been directed toward infrastructure building, social services, and economic

development.

Sri Lankans bear the consequences of these missteps through increased costs, poorer services, and reduced economic opportunities. The country faces high electricity tariffs and experienced power outages, impacting economic output and driving consumers toward expensive/lower quality alternatives. Increased oil and coal reliance strains foreign reserves. In 2024, Sri Lanka spent nearly US$630 billion for importing oil and coal for power generation, or 3.9% of total exports that year.

Moreover, the failure to embrace renewable energy and modernise the sector undermines Sri Lanka’s energy security, leaving the nation vulnerable to external shocks, price volatility, and supply disruptions. In an increasingly interconnected and competitive global landscape, such vulnerabilities carry significant strategic risks that must be urgently addressed.

Constructive recommendations

Despite these challenges, there is a clear path forward. It is one grounded in transparency, inclusivity, and visionary leadership. To restore credibility and effectiveness to the electricity policy-making process, the following recommendations are suggested:

1.Adherence to transparency and legal procedures: Ensure compliance with the procedural mandates of the Electricity Act. This includes:

a)Conducting a comprehensive, two-stage stakeholder consultation, as legally mandated. Firstly, with energy consumers, developers, and subject matter experts before drafting policy proposals. Then, with the broader public.

b)Maintain transparency in the policy process by providing accessible records, incorporating public feedback and justifying decisions.

c)Ensure the policy committee and its support team have no conflicts of interest.

2.Fulfillment of national and international commitments: Embed in the policy, Sri Lanka’s commitments to sustainable development, energy security, regulatory reforms, private sector participation, foster technological innovation and decarbonisation.

3.Integration of technological priorities: Promote grid modernisation initiatives, digital solutions such as smart metering and automation, and storage and other advanced technologies. These measures enhance efficiency and reliability of the electricity supply, and sector sustainability.

4.Prioritise renewable energy integration: Develop a coherent, long-term strategy for accelerating the adoption of renewable energy with which Sri Lanka is richly endowed. This should include clear targets; supportive regulations; incentives for innovation, investment, private sector engagement; and create value for the nation.

5.Align with national and global best practices: Benchmark Sri Lanka’s energy policies against international standards and successful models from comparable economies to identify areas for improvement and adaptation.

6.Strengthen institutional capacity: Invest in building the technical, managerial, and regulatory capabilities of relevant agencies to ensure effective policy implementation and sector oversight. Furthermore, agencies should be held accountable.

Implementing these reforms addresses immediate deficiencies, generates public support, and lays the foundation for a resilient, dynamic, and forward-looking electricity sector. Moreover, it will permit the Ministry to heed the President’s call for ‘people-centered governance’.

Conclusion

The stakes in Sri Lanka’s electricity policy debate could not be higher. The choices made today will shape the nation’s economic trajectory, environmental legacy, and societal well-being for future generations. It is incumbent upon policymakers, business leaders, and the broader public to demand a policy process that is transparent, participatory, and founded on evidence-based analysis.

Sri Lanka possesses the talent, resources, and ambition to become a regional leader in sustainable energy. Realising this potential demands a decisive break from past practices and a collective commitment to reform. By embracing procedural integrity, fostering stakeholder engagement, and embracing advanced technologies and renewable energy, the country can chart a course toward energy independence, economic vitality, and a more prosperous and secure future for all.

Box 1: 2,430 MW of private renewables now in operation in 2025

Sri Lanka obtained a significant share of electricity from private renewable energy projects, primarily via the Feed-in-Tariff mechanism and rooftop solar. As of March 2025, the private sector had invested in 2,430 MW renewable energy capacity, supplying 19% of electricity in the first quarter (PUCSL, Renewable Energy Generation Report, Quarter 1, 2025). That private investment is valued at about US$2.5 billion equivalent.

PUCSL reported that mini-hydro, wind, and solar provided power at lower average costs than coal or oil (Daily Generation and Cost Estimation Report, March 18, 2025).

A balance sheet of the record of President Dissanayake’s National Peoples Power (NPP) Government could put the economy in the credit box. Sri Lanka’s economic recovery has continued marking a successful first year in office of the Government. Data for end November 2025 shows that Sri Lanka’s GDP grew by 5.4% in the 2025 Q3 (up from 4.9% in 2025 Q2), year on year National Consumer Price Index (NCPI) inflation fell to 2.4% and foreign currency reserves rose to $5.9 billion. However, estimated income poverty still affects about 22% of the population of 23 million and levels of child malnutrition remain high, stains on a country once described as a basic need’s success story as early as the 1970s by Economics Nobel Laureate Professor Amartya Sen.

Nonetheless, this is a turnaround from the worst economic contraction and inflationary spiral in Sri Lanka’s post-independence history following the pre-emptive external debt default in April 2022. The recovery has been underpinned by a $2.9 billion 17th International Monetary Fund (IMF) program since 2023, $4 billion in emergency aid from India in 2022, and prudent monetary policy by the Central Bank of Sri Lanka led by Governor Dr. Nandalal Weerasinghe. The Government took the pragmatic decision to continue with the demanding revenue based fiscal consolidation IMF program despite the NPP having previously campaigned for a renegotiation of its terms.

A welfare Budget in November

The recovery meant the Government could revert to its welfare-oriented mandate alongside the IMF program in the 2026 national Budget presented to Parliament on 7 November. The Budget theme, ‘Steady and Strong: Committing to Fiscal Discipline for a Resilient Economy’, largely supports the IMF’s path of revenue-based fiscal consolidation. It targets a primary surplus of 2.5% of GDP, total Government revenue of 15.4% of GDP, and an overall fiscal deficit of 5.1% of GDP for 2026. However, the Budget’s growth target of about 7% in 2026 appears ambitious given the IMF’s more conservative projection of 3.1%, the country’s moderate historical growth performance and the uncertain global economic environment.

Crucially, due to the Government’s success in raising the tax-to-GDP ratio to an estimated 15.4% in late 2025 (up from 8.2% in 2022) through widening the tax base and revenue administration reforms and significant under-expenditure investment, the Budget also gives political relief for the NPP’s base. Important Budget provisions include allocations for building new homes for low-income families, investment in irrigation infrastructure vital for agricultural development, salary increases for public servants, creation of 75,000 new public sector jobs and importing double-cab vehicles for MPs.

Economic hit from Cylone Ditwah

Sadly, external shocks do occur with increasing frequency, and natural disaster related shocks have dire economic consequences. There is little doubt that the devastating natural disaster-related external shock has affected the rosy post-Budget economic outlook. Between late November and early December, Cylone Ditwah brought heavy rains, floods and landslides to Sri Lanka causing extensive deaths and damage across the country. Two international assessments have highlighted the scale of death and economic destruction. On 11th December, the UN in Sri Lanka reported that nearly 10% of Sri Lanka’s population were affected, with over 600 people dead or missing to date. More than 91,000 homes have been damaged or destroyed. Notably, the death toll and damage to homes seems less than the 2004 Indian Ocean Tsunami, the country’s worst natural disaster thus far. The Tsunami resulted in 35,000 deaths/missing people,110,000 homes damaged as well as losses of over $1 billion in assets and $330 million in potential output. But the total damage including infrastructure from Cyclone Ditwah seems higher than the Tsunami as all Sri Lanka’s 25 districts were affected. Published on 17 December, the World Bank Global Rapid Post-Disaster Damage Estimation (GRADE) assessment estimated the total damage at $4.1 billion (or 4% of Sri Lanka’s 2024 GDP). While this may seem like big numbers, the experience of other natural disaster situations in Southeast Asia suggests this might turn out to be a conservative estimate.

The Government has appealed for foreign aid for relief and reconstruction. The IMF Board quickly approved a $200 million IMF Rapid Financing Instrument, probably related to Sri Lanka’s stellar implementation of the IMF program itself. The World Bank committed $120 million in emergency support by repurposing funds from ongoing projects while the ADB provided $43 million for trade finance and disaster relief. Aid commitments from key bilaterals include India (a $450 million aid package), Japan ($2.5 million aid), the US ($2 million aid) and China ($143,000). The Government also set up a Rebuild Sri Lanka Fund and appointed a management committee for the Fund. But the composition and gender balance of the management committee of the fund, made up of only senior officials and corporate leaders, has drawn political criticism. So too has the lack of early warning to the population of the path of Cyclone Ditwah, slow distribution of foreign aid to the worst affected areas of the country and small financial flows into the Fund.

What should be done?

The Government must address three policy priorities in 2026 and beyond to build back better from Cyclone Ditwah.

First, the Rebuild Sri Lanka Fund needs a costed post-Cyclone Ditwah reconstruction implementation strategy. This can be developed in partnership with the World Bank and the Asian Development Bank to ensure international monitoring and leveraging of MDB resources with some infrastructure projects done as public private sector partnerships (PPP) to complement gaps in State capacity. This strategy should include emphasis on early warning systems; disaster resilient infrastructure in roads, railways, energy and housing sectors; and capacity building.

Second, continue to use internal resources rather than an avert focus on foreign aid, which is typical in natural disaster situations. A back of the envelope calculation suggests that total emergency aid commitments as of end December 2025 were about $818 million (or only 20% of the World Bank’s damage estimate from the GRADE assessment). Accordingly, the NPP Government should continue to use national resources to rapidly upscale relief including deploying the large domestic resources available due to under-spend on the capital Budget which is being held as special deposit accounts in State banks. A proportion of foreign reserves should also be used to import basic food and medicine. By increasing affordability and availability, this would be politically popular.

Third, a comprehensive growth plan is needed to ensure a smooth pathway for Sri Lanka to move from the present IMF stabilisation/recovery phase transformative growth. A policy matrix with 30 proposals for sustaining growth in Sri Lanka is available in the recent study of an independent growth study group under the auspices of ODI Global in London and the Centre for Poverty Analysis (CEPA) in Colombo. The study suggests that the focus should be ensuring macroeconomic stability, global supply chain integration, improved factor markets, poverty reduction and consensus building to capitalise on opportunities in tourism, the digital economy and niche manufacturing.

Conclusion

The Cyclone Ditwah shock means that Sri Lanka faces a riskier economic scenario in 2026 than the November Budget predicted. The 7% growth target seems improbable with the devastated agriculture, damaged infrastructure, disrupted tea and garment exports, increased import needs and Budget adjustment with reconstruction costs. The lesson is that debt distressed Sri Lanka remains vulnerable to external shocks and the road to recovery is risky. Nonetheless, even in challenging domestic and global economic times, well-crafted public policies can support a country’s growth trajectory and the prosperity of its people.

China has called on the United States to immediately release Venezuelan President Nicolás Maduro after Washington carried out massive military strikes on the capital, Caracas, as well as other regions, and abducted the leader.

Beijing, yesterday, insisted the safety of Maduro and his wife Cilia Flores be a priority, and called on the US to ‘stop toppling the Government of Venezuela’, calling the attack a ‘clear violation of international law’.

It was the second statement issued by China since Saturday, after US President Donald Trump said Washington had taken Maduro and his wife and flown them out of the country.

On Saturday, Beijing slammed the US for ‘hegemonic acts’ and ‘blatant use of force’ against Venezuela and its President, urging Washington to abide by the United Nations charter. China is closely watching developments in Venezuela, according to Andy Mok, a senior research fellow at the Center for China and Globalisation. China is Venezuela’s largest buyer of oil, Mok added, although the country accounts for only 4-5 percent of its total oil imports. Beyond energy, he said, China has growing trade and investment interests across Latin America, meaning Beijing is paying close attention to political shifts in the region.

The Central Bank of Sri Lanka (CBSL) has extended the tenure of P.W.D.N.R. Rodrigo, the Administrator appointed to Nation Lanka Finance PLC (NLFP), under the Banking (Special Provisions) Act, No. 17 of 2023 (BSPA).

Rodrigo, who was first appointed through the Order published in Gazette Extraordinary No. 2443/57 dated 4 July 2025, will continue in this role for a further period of six months, from 4 January 2026 to 3 July 2026.

‘The extension has been granted to ensure the uninterrupted continuation of the resolution process of NLFP,’ the CBSL said.

It said the Administrator requires further time to advance key steps in the process, including the implementation of an appropriate resolution tool as permitted by the BSPA.

During the extended term, the Administrator will maintain full control over all assets, operations, and affairs of NLFP, and will continue to manage the company on its behalf. He is also required to submit the necessary reports and information to CBSL in line with statutory requirements.

This decision forms part of CBSL’s ongoing efforts, as the Resolution Authority, to safeguard the interests of depositors and creditors, and to protect the stability and integrity of the financial system.

The CBSL said all stakeholders of NLFP who have financial obligations over the company are advised to fulfil their contractual obligations towards the company in accordance with respective agreements on time only through a bank account under the name of NLFP and to maintain records for all payments. Further, all stakeholders of NLFP are kindly requested to cooperate with the CBSL in this regard.

As at 30 September 2025, NLFP had liabilities worth Rs. 6.5 billion, including Rs. 4.3 billion as financial liabilities at amortised cost due to depositors. Assets amounted to Rs. 5.4 billion. Retained losses amounted to Rs. 5.4 billion.

The Management Club (TMC) Colombo will host its next Members Spark forum under the theme- ‘Why Stay Local, When You Can Go Global? – From Sri Lankan Roots to Global Relevance’ on 27 January 2026 at the Ebony Hall, Cinnamon Grand Hotel, Colombo from 6 p.m. to 8 p.m.

This session will focus on aligning Sri Lankan professionals, entrepreneurs, and business leaders with strategic insights to scale operations beyond domestic markets and compete effectively on a global platform. The keynote address will be delivered by Worldwide Logistics Lanka Ltd., Managing Director Rienzie Cooray who is a veteran in international trade, logistics, and shipping.

He holds a MBA (UK), along with professional qualifications of CLSSBB, FCIM (UK), CMA (Australia), He counts over 34 years of experience in freight forwarding and logistics which includes more than 18 years in overseas business development. His overall exposure brings a depth of practical

expertise gained through direct engagement across 56 international markets.

Rienzie is also a designated National Export Management Coach and Consultant accredited by the International Trade Centre (ITC), the trade development arm of the United Nations, and serves as an Independent Business Consultant specialiSing in the scaling up of export- and import-oriented enterprises. He is also a resource person attached to the Export Development Board (EDB), contributing to national Export Scale-Up Programs aimed at strengthening Sri Lanka’s export competitiveness. The session is expected to deliver pragmatic perspectives on market entry strategies, global value chains, and operational readiness required for international expansion, drawing from real-world case experiences.

Participation fee is Rs. 2,500, inclusive of refreshments. The event is supported by a cross-section of corporate partners from the hospitality, banking, insurance, communication, and professional services sectors.

The Inland Revenue Department (IRD) has announced that a series of tax increases on Sri Lanka’s betting and gaming sector came into effect from 1 January, following amendments to the Betting and Gaming Levy Act, No. 40 of 1988, under the Betting and Gaming Levy (Amendment) Act, No. 25 of 2025.

Under the revised framework, the Casino Entrance Levy (CEL) was doubled from $ 50 to $ 100 per entrant. ‘Every person who carries on the business of gaming in Sri Lanka shall collect a CEL of $ 100 or its equivalent in any other convertible foreign currency or in Sri Lankan currency from a Sri Lankan citizen who enters into such a place of business of gaming, with effect from 1 January 2026,’ the notice reads.

In addition to the higher entry levy, the Government has increased the Gross Collection Levy applicable to betting and gaming businesses. The levy rate has been raised from 15% to 18% on gross collections, marking a significant increase in the tax on the sector. The revised rate will apply to bookmakers and gaming operators whose gross collections exceed Rs. 1 million per month.

The IRD said the changes are mandatory for all operators engaged in casino operations and other betting and gaming activities, who are required to ensure full compliance with the new levy structure from January 2026.

The tax increases come as the Government continues to strengthen revenue mobilisation measures, particularly in sectors seen as having strong earning potential. The betting and gaming industry, which includes casinos and other regulated gaming activities, has been identified as a key area for enhanced fiscal contribution amid broader efforts to consolidate public finances and widen the tax base.