Category: Daily Financial Times

Lanka Rating Agency Ltd., (LRA) has reaffirmed the entity rating of Sarvodaya Development Finance PLC (SDF) at ‘BBB-‘ with a Stable Outlook, recognising the company’s improving financial profile, strong capital position, expanding loan portfolio, and enhanced profitability during the financial year ended 2026.

SDF said the reaffirmation follows the rating upgrade announced in November 2025 and reflects SDF’s continued progress across several key financial indicators.

According to LRA, the company’s loan portfolio increased by approximately 55.3% to Rs. 29.8 billion in FY 2025/26, compared with approximately Rs. 19.2 billion in FY 2024/25. This growth was broadly in line with the wider licensed finance company sector and reflected relatively strong performance compared to many companies in the sector, supported by SDF’s expanding presence in microfinance, small and medium-sized enterprise lending, society bulk loans and agriculture-related financing. SDF’s profitability also strengthened during the year, with earnings increasing to approximately Rs. 820.1 million from Rs. 473.8 million in the previous financial year. LRA attributed the improvement to lower funding costs, strong portfolio growth and stable interest spreads.

Asset-quality indicators recorded further progress, with gross and net non-performing loan ratios declining to approximately 4.9% and 2.9%, respectively. The improvement was supported by loan recoveries and the expansion of the company’s overall lending portfolio.

SDF maintained a strong capital position, recording a Capital Adequacy Ratio of approximately 22.1% in FY 2025/26, compared with 20.6% in FY2024/25. The ratio remained above the industry average and provides the company with sufficient capacity to support its anticipated portfolio expansion during FY 2026/27.

The company’s deposit base grew by approximately 7.9% to Rs. 10.6 billion during the year and represented around 30% of its funding mix. SDF continues to offer a diversified portfolio of services, including deposit mobilisation, microfinance, SME lending, leasing, housing finance, gold-backed lending and digital financial solutions.

Through its longstanding affiliation with the Sarvodaya Movement and its network of connected societies, SDF maintains a distinctive position within Sri Lanka’s financial services sector, with a strategic focus on agriculture financing, rural entrepreneurship and inclusive access to finance.

LRA stated that the sustainability of SDF’s earnings, together with the continued maintenance of asset quality and capital strength, would remain important to the company’s future rating performance. Further improvements in profitability and SDF’s relative position within the sector could positively influence the rating over the medium term.

Time has flown so rapidly. It has been eleven years since the demise of my ‘revered mentor.’ It has been ten years since the demise of my ‘reverse mentor.’ Prof. Uditha Liyanage was a sage of our age, in touching many minds as a marketing maestro, who left us on 10 August 2015 at the age of 61. Nadeepa Dharmasiri was a precious prodigy, touching many hearts as a loving son, who left us on 8 August 2016, at the age of 13. As Seneka (the younger) said, ‘time discovers truth; time heals what reason cannot.’ Today’s column is a heart-felt reflection of the mentoring insights involving a superior and a son, in celebrating two special lives.

Overview

Mentoring is typically associated with an enriching relationship with two individuals. Eric Parsloe, a veteran mentor, and an acclaimed author describes it as follows: ‘Mentoring is to support and encourage people to manage their own learning in order that they may maximise their potential, develop their skills, improve their performance and become the person they want to be.’ It goes beyond coaching which is more directive. Mentors inspire and influence the proteges (mentees) by sharing experiences in truly ‘walking the talk.’

In the conventional form, it happens with a youngster being nurtured by a veteran senior who is admired as a revered mentor. In a creative form, it happens with a senior being nurtured by a junior, who becomes the reverse mentor, on a specific aspect such as technology. Both forms of mentoring are needed for personal and professional developments. I was so fortunate to have both for at least several years.

Prof. Uditha Liyanage as my revered mentor

I first met late Prof. Liyanage as my marketing teacher at the Postgraduate Institute of Management (PIM). As an engineer who had never done marketing, I developed a flavor for marketing during my MBA studies, thanks to him. The way he generated interest in us not only for the concepts but also for the applications was indeed remarkable. He often advocated us to ‘be brilliant in basics.’

The way he delivered a session was very interactive and informative, as he firmly believed in ‘chalk and talk.’ This was the case with numerous topics in Strategic Marketing, Marketing Communication, Consumer Behaviour, Research, Business Strategy and Policy. Of course, he had PowerPoint slides but not with just points but with powerful points. He always challenged us by asking ‘what is THE point? We had to be clear about the central theme or the main argument.

Prof. Liyanage insisted on understanding and application of managerial topics. He gave us a challenge. Be confident in sharing a key learning in your own words with your teenage son or daughter, in a manner that they understand. That requires clarity and commitment. He suggested we have a ‘switch on’ and ‘switch off’ approach. Switch on is when you are in complete focus with attentive concentration. Switch off means relaxing and unwinding. A healthy blend of both is necessary in effectively grasping knowledge.

Developing teaching models was one of his key initiatives. A simple Google search would amply justify the popularity of those models in relation to marketing and strategy. Liyanage Value Pyramid, Liyanage 10 S Strategic Marketing Planning Framework and Liyanage Strategy Quadrant are some such models that became very useful for management learners. These authentic models made his sessions immensely enriching and showcased the power of Sri Lankan thinking that is second to none.

Prof. Liyanage inspired me on many fronts. He was standing tall in front of all of us. As a sought-after marketing scholar, a strategic management thinker, an exceptional academic, a thought-provoking teacher and a visionary leader, he was a guiding light for us. I saw him rendering yeoman service in multiple ways in raising the PIM flag higher.

‘The process of learning and one’s exposure to education must be continuous. There is so much more to be known, and that which you know may no longer be valid.’ This had been Prof. Liyanage’s advice. He shared with us articles, web-links and books that are of high relevance to sharpening the managerial skills. I still remember how he shared the article on ‘Nishkam Karma (detached involvement) written by Prof. Chakraborty of Indian Institute of Management, Bangalore. Prof. Liyanage was much interested in knowing my reflections on it, and it took time for me to realise the value of such gestures. Moreover, I see the immense value of detached involvement as a leader, thanks to him.

I saw the blossoming of transformational leadership at PIM with Prof. Liyanage. He influenced all of us to raise the quality and relevance of all modules we deliver. ‘Our business is mastery,’ he often uttered. ‘PIM brings the reward of outstanding results to those professional managers who strive towards mastery.’ That’s how he influenced the aspiring learners of PIM. Converting practitioners to professionals with character and competence has been our endeavour.

He influenced us to change for the better. Through his famous ‘mod-tradi consumer model’ , he encouraged us to strike a balance between the traditions and technology. I still remember how he insisted us to use more practical examples in discussing a theory than being overly theoretical in neglecting the practice. He showed us through his innovative teaching approaches as to how we should maintain depth and breadth.

Prof. Liyanage compared PIM to a temple and often suggested that the work we do has a high spiritual value. He encouraged us to ‘give more than get’ regarding rewards. Having left a lucrative multinational career in becoming an academic, this lesson was much soothing for me.

He cautioned me to strike the needed balance between knowledge creation and knowledge sharing when I was having an over-demand for training and consultancy. Research role, though not financially rewarding, is of extreme use for a management academic. I learnt how to be a multiple role player with balance and brilliance, thanks to him. My respect towards him, in fact, grows day by day with gratitude towards a ‘revered mentor.’

I was so glad to collectively initiate the creation of ‘Prof. Uditha Liyanage Memorial Library’ at PIM, and jointly launch the Biennial Memorial Oration together with Sri Lanka Institute of Marketing (SLIM) and Chartered Institute of Marketing (CIM). The inaugural oration was held in 2019 delivered by Dr. Mahesh Amalean and the second one was on August 10, 2021, delivered by Dr. Hans Wijayasuriya. Prof. Malik Ranasinghe and Dr. Harsha Cabral were the orators of subsequent events.

My son as my reverse mentor

My son was my hero on many fronts. He was an all-rounder with flair for music and favor for technology. He was loved by everyone who had an encounter with him. This was evident in the way students, teachers, relations, and friends alike emotionally responded upon hearing his sudden demise. Being a junior prefect and a chorister at Royal College, he was in the limelight as a bright and obedient student.

I learnt a lot by being with him. My association with him gave me many opportunities to discover him. As a life-long learner in management, it was indeed ‘reverse mentoring’ in action. Me from Generation X (born approx. between 1960-1980), was being mentored by a young boy from Generation Z (born approx. 2000 onwards). I learnt how to be cheerful from him. He was always smiling. This was repeatedly mentioned by his friends who came to pay their last respect. When I was stressed and tired, his warmth and cheerfulness was a relief for me. From early childhood, he was a ‘hugging’ boy. He used to request from me and his mom, ‘give me a big hug.’ A flying kiss was a regular feature when he was half asleep when I had to leave early in the morning. He was the cheer generator at home front. The popular prescriptions of positive thinkers were very much evident in little Nadeepa.

He was a guardian to his elder sister Navodi. He was conscious of the fact that she was struggling with the pressures of GCE AL. He had to sacrifice many excursions because of Navodi’s AL encounters. His care was aptly experienced by my parents as well as Ruklanthi’s parents. The way he showed his genuine love for me, Ruklanthi and Navodi was a classic case of caring. He showed us how we should care for each other through timely action.

The way school teachers appreciated Nadeepa was such a delight for us as parents. He was one whom the teachers could have confidence in assigning a task. Being a primary prefect and a junior prefect, this was further demonstrated by him. The fundamental elements of commitment we encounter in management could be seen in him. Nadeepa was a member of the ‘Inspirational Choir’ who sang the welcome song at the airport when Pope Francis visited Sri Lanka in 2015. He had made many speeches in front of large audiences and sang many times in a variety of entertainment events. He fell into a pool and broke his ankle one year before his departure. Subsequently, he was in clutches for two months. Yet, he never lost his spirit. All these were signs of his confidence. I humbly admire his ways, compared to where I was his age.

My son never skipped playing. He enjoyed playing cricket and soccer with his friends. He also enjoyed playing computer games. Though I did not understand what it really meant, he told me that he is a clan leader in virtually playing the ‘clash of the clans.’ He often told me and Ruklanthi not to be too serious. We in fact were worried at times, whether he is neglecting his studies. Yet, he proved otherwise in passing exams with flying colours. I learnt how to be relaxed yet stay in focus, from him.

He was a natural team leader. There had been many instances where he played a key role in organising class parties, trips, and other events. The way others rallied around him was amazing. He knew how to gather friends for a worthy cause. Whilst I was teaching teamwork, he really demonstrated it in his own way.

Nadeepa was often creative on many fronts. He was writing poetry and composing songs. He was handy with the camera I bought from the USA and took many uncommon shots. He won many creative writing competitions. What I insist on being creative, I saw clearly in my son. I saw the curiosity in him the way he asked many intelligent questions, especially when we were travelling together. He wanted to think deeply and to probe. No wonder, he found science his favorite subject. At times, I felt he wanted to challenge the assumptions and have a fresh way. What I was teaching as ‘out of the box thinking,’ I saw in his own original approach.

Nadeepa wanted to be a scientist and a priest. That may sound like a rare and unique combination. He was spiritual by nature. I saw a young pure heart brimming with genuineness in him. He was having asthma but got quite used to an inhaler. Strangely, he experienced an acute asthmatic attack resulting in a struggle at the Medical Intensive Care Unit (MICU)of Lady Ridgeway Hospital for three days. I still recall watching through the glass door of the MICU last time, whilst Ruklanthi was inside sitting close to Nadeepa. She consoled me saying, ‘he is too precious for this world.’

Nadeepa Dharmasiri Memorial Prize for Science (his favourite subject) awarded to grade 9 students at Royal College will be a way to remember his name for the aspiring scientists. We are pleased to have created the Nadeepa Dharmasiri Memorial Trust Fund (www.nadeepdharmasiri.info) to help the needy children of his age, and despite challenges, several charity projects have been done with the generous contributions of relatives and friends.

Moving ahead

‘In the end it’s not the years in your life that count; it’s the life in your years,’ so said Abraham Lincoln. Both my revered mentor and my reverse mentor proved it in different ways. Prof. Uditha Liyanage left a legacy as a legendary scholar. Nadeepa Dharmasiri in his small way showed the value of a loving son. Goodbye my beloved Sir. Goodbye my darling son. I collectively celebrate both these special lives with peace and solace.

Ceylon Chamber of Commerce Chairperson Krishan Balendra (second from left) and Maldives Business Chamber President Ahmed Amjad exchange the MoU. Others from left: Sri Lanka-Maldives Business Council President Sanjeewa Perera and Maldives Business Chamber General Secretary Ali Mohamed

The Sri Lanka-Maldives Business Council (SLMBC), under The Ceylon Chamber of Commerce and the Maldives Business Chamber (MBC), recently signed a Memorandum of Understanding (MoU) to boost ties between the private sectors of the two countries.

The MoU was signed during the 18th Annual General Meeting of the SLMBC at which Chief Guest was Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe and Guest of Honour was Maldives High Commissioner Masood Imad.

The signatories were Ceylon Chamber of Commerce Chairperson Krishan Balendra and Maldives Business Chamber President Ahmed Amjad.

SLMBC President Sanjeewa Perera described the MoU as a ‘significant step forward’ and an ‘important milestone’ in bilateral business relationships. The MoU aims to foster greater business opportunities for the private sector of both Sri Lanka and Maldives.

‘The partnership will provide a strong institutional framework to enhance business-to-business collaboration, facilitating knowledge sharing and creating new opportunities for companies in both Sri Lanka and the Maldives,’ said Perera in his speech at the AGM after being re-elected for another term.

He said that the presence of Minister Samarasinghe at the AGM was a strong reflection of the Government’s commitment towards enhancing Sri Lanka’s international trade relations and strengthening economic engagement with the Maldives.

The SLMBC looks forward to working closely with the Minister and the Ministry to identify opportunities, overcome challenges, and create greater value for business in Sri Lanka and the Maldives. Perera also thanked Maldives High Commissioner for the continuous support, encouragement, and active engagement with SLMBC. He said the High Commission has been instrumental in strengthening the long-standing friendship and cooperation between the two nations, and SLMBC greatly values the partnership.

He also thanked the Export Development Board and its Chairman Mangala Wijesinghe for their continued partnership and support. ‘EDB has been valued collaborating in many of our initiatives, particularly in promoting Sri Lanka business in international markets,’ Perera said.

Additionally SLMBC Chief also extended gratitude to Ceylon Chamber Chairperson Krishan Balendra for their leadership and ongoing support towards the work of the council. This was in addition to recognising the contribution of the outgoing committee members whose dedication and commitment enabled SLMBC to achieve meaningful progress during the past year.

The AGM was told that the relationship between Sri Lanka and the Maldives, unique in nature, has been built upon decades of friendship, geographical proximity, cultural connections, and strong economic cooperation. The partnership extends across multiple sectors, including tourism, trade, education, healthcare, and construction, financial services, and professional services.

However, Perera said ‘while we have achieved considerable progress, there remains significant untapped potential. The responsibility of the Business Council is therefore to act as a bridge in connecting businesses, facilitating investment, encouraging collaboration, and creating sustainable economic value for both nation countries.’

Detailing some of the recent initiatives, Perera said SLMBC working closely with the Export Development Board, successfully facilitated the participation of 40 Sri Lankan companies at the recent Hotel Asian Exhibition in the Maldives. This provided an important platform to showcase Sri Lankan capabilities, strengthen commercial relationships, and create new business opportunities.

SLMBC also engaged extensively with key stakeholders and government institutions in the Maldives to identify opportunities for greater trade and investment collaboration.

Recognising the potential in the healthcare and education sector, SLMBC facilitated and initiated initiatives aimed at positioning Sri Lanka’s preferred destination for Maldives students and patients seeking quality education and healthcare services.

During the visit of Maldives President Mohamed Muizzu, the SLMBC worked with the Ministry of Economic Development of the Maldives and the High Commission of the Maldives in Sri Lanka in coordinating the Maldives Sri Lanka Business Forum.

Perera said the visit by Maldives President s was an important milestone in strengthening investment and business linkages between our two countries.

Outlining the priorities for the new term, Perera said SLMBC will focus further strengthening public-private dialogue between both countries to address trade barriers, enhance market access, and create a more enabling environment for businesses.

Secondly, encouraging most Sri Lankan companies, including SMEs, to explore opportunities in the Maldives across sectors such as hospitality, construction, renewable energy, education, digital transformation, and professional services. Thirdly, promoting greater Maldives and investments into Sri Lanka while positioning Sri Lanka as a competitive and attractive region or business destination.

Potential to increase SL’s market share of Maldives imports

Perera revealed that total imports to the Maldives have increased from $2 billion in 2016 to $ 3.6 billion in 2025. However, Sri Lanka’s share of Maldives imports hasn’t increased significantly but remained below 5% despite the potential.

“Over time, a number of other countries have taken a more targeted and focused approach, and as a result, Sri Lanka shares gradually eased. That said, through the collective efforts of the council, the support of our government partners, and the commitment of the business community, we are starting to see positive momentum. Sri Lanka’s market share has improved to about 4.7 from 4.4 in 2024.

‘This is a welcome step in the right direction, but it also underlines the scale of opportunities still ahead of us. Sri Lanka has a complete advantage from quality products and services to geographical proximity and strong people-to-people relationships. Objective must be to further strengthen our presence and regain greater participation in this important market. Healthcare is another sector where considerable opportunity exists,’ SLMBC President Perera said.

Sri Lanka’s exports to the Maldives amounted to $132 million in 2025 and imports from the Maldives were valued at $ 5 million.

Tapping opportunities in healthcare for Maldivians

For many years, Sri Lanka has been one of the preferred destinations for Maldives seeking medical treatment under the Aasandha National Insurance Scheme. However, the competitive landscape has evolved with other countries increasingly strengthening their healthcare partnerships promotional strategies. So these developments present both a challenge and an opportunity for Sri Lanka.

Sri Lanka continues to have highly qualified medical professionals, internationally recognised hospitals, and strong healthcare capabilities.

To fully capitalise on this opportunity, Perera said Sri Lanka must adopt a more coordinated approach involving government, institutional healthcare providers and industry stakeholders. A strong national strategy will enable us to position Sri Lanka once again as a preferred destination for Maldives. Another important area of focus for SLMBC has been strengthening financial connectivity between Sri Lanka and the Maldives. The Council made a formal submission for consideration in support of the establishment of a Bank of Maldives branch presence in Sri Lanka, recognising the importance of enhancing financial linkages, facilitating trade flows, and supporting great economic cooperation. ‘We are happy to see some progress on this important initiative, and remain hopeful that the relevant authorities in Sri Lanka will conclude the remaining formats positively, paving the way for greater collaboration and mutual benefit between our two nations,’ Perera said.

The SLMBC together with the Export Development Board of Sri Lanka will once again organise a dedicated Sri Lanka Pavilion as the 20th Hotel Asia exhibition in the Maldives from 28 to 30 September 2026. In parallel, SLMBC intends to lead a business delegation to the Maldives to further strengthen commercial partnerships and create new opportunities for Sri Lankan enterprises. It also plans to undertake a healthcare-focused CSR initiative together with an education wellness exhibition, supporting objectives of positioning Sri Lanka as a preferred destination in these important sectors.

Perera told SLMBC members that the success of the Council depends on collective efforts, shared vision, and collaboration. ‘Together, we can strengthen the Sri Lanka Maldives economic partnership, create new opportunities for business, and contribute towards sustainable growth for regional nations. Let us move forward with renewed ambition, stronger collaboration, and a shared determination to build a more prosperous and mutually beneficial future,’ he added.

Govt. committed to boost ties with Maldives: Trade, Commerce, Food Minister Wasantha Samarasinghe

Trade, Commerce, Food Minister Wasantha Samarasinghe said work of institutions such as SLMBC has become more important at a time when the global economy is facing challenges hence welcomed efforts to strengthen current partnership and build new ones that are beneficial to both countries.

‘There have been discussions in the past about how to best improve trade relations to benefit both countries, which we should continue with renewed renewable energy. I also encourage business from both countries to think beyond environmental trade, conventional trade,’ the Minister said.

He said while trade between Maldives and Sri Lanka has continued to grow over the years, there remains considerable unstable potential. There are opportunities across many sectors, including fresh fruit, wheat flour, vegetables, black tea, black tea packing, electrical conductors, nuts and others, seeds, prepared or preserved wood.

‘We also need to refocus on sectors such as tourism, hospitality, and holistic medicines, education, and healthcare. Let us continue to promote trade, tourism, and other opportunities between our countries,’ Minister said, adding ‘The Sri Lanka Government is committed to creating a stable, transparent, and investor-friendly business environment. We believe that sustainable economic progress is achieved through strong partnership between government and the private sector.’

He encouraged SLMBC to continue expanding its engagement with small and medium-sized enterprises, and. emerging industries. ‘The future of our economy depends not only on corporations but also on the next generation of innovators and business leaders,’ he added.

Maldives Business Chamber committed to work closely with Sri Lanka-Maldives Business Council

Maldives Business Chamber President Ahmed Amjad expressed sincere gratitude to SLMBC for partnering with the Chamber and placing trust and commitment to strengthening the bilateral business relationship.

‘Our two countries have enjoyed a close friendship and business ties for many years, and this partnership marks another important step in enhancing our economic cooperation. Through this collaboration, we aim to promote bilateral trade, encourage business and investment opportunities, facilitate B2B networking and create meaningful partnerships between entrepreneurs and investors from both countries,’ he said.

‘The Maldives Business Chamber is committed to work closely with the Sri Lanka Maldives Business Council to build a stronger and more prosperous business relationship for the benefit of both nations. We look forward to achieving many successful milestones together,’ Amjad added.

Maldives High Commissioner’s genuine reflection on bilateral ties

Maldives High Commissioner Masood Imad in his remarks said Sri Lanka and Maldives Business Council is playing an important role in strengthening the economic partnership between the two countries.

‘Maldives and Sri Lanka have enjoyed a friendship for centuries. It goes far beyond geography. History, culture, commerce, education, and family ties have bound our people together. Sri Lanka remains one of Maldives’ most valued trading partners. It provides essential goods and services that contribute greatly to our economy and to the well-being of our people. If we are honest with ourselves, we must also recognise an important reality: our friendship is deep; it is genuine. Yet our economic relations have not fully reflected the strength of that friendship.’

He said despite the goodwill that continues between, there is a growing sense that has drifted from the shared spirit of balance and reciprocity, I convey this not in a condescending manner, but in an invitation for genuine reflection. True friends should be able to speak truth, difficult truth, respectfully and sincerely. To restore the energy that once defined our partnership, we must first understand what had gradually weakened it. It serves neither the Maldives nor Sri Lanka if policies, administrative practices, or perceptions create unintended barriers between two countries, whose destinies have been intertwined for generations and centuries. We often speak of a special relationship, and rightly so. But it is our shared responsibility to ensure that this friendship is not only spoken about, but experienced by people and our businesses every day.

He said that over 30,100 Sri Lankans were employed in the Maldives through active and newly issued work permits. During the same period, we also issued 238 student visas and 616 dependent visas. You know, students in government schools are free; they go to school free from grade one to grade 1012, now. Sri Lankans live, work, study, and contribute to the Moldovan society. This is something very important. These figures represent more than labour mobility. It’s not labour mobility. They reflect the confidence that Sri Lankan professionals, entrepreneurs, families continue to place in the Maldives. At the same time, the Maldivian community in Sri Lanka has declined to around 1,700 people. That’s a toll on the Sri Lankan economy.’

‘Sri Lanka used to be the only place where Maldivians come for medical and education, at least during a time. But yes, with the opening of the world, the Maldives opening itself to the world, there are so many other options have come to our attention, and people move, but Sri Lanka still remains has a has an advantage over all the other countries because it’s just obstacle away from Maldives, you know,’ said the High Commissioner adding there over 16 flights per day between Colombo and Male’.

However the High Commissioner posed a question: ‘Does the experience of our people truly reflect the friendship we proudly process? This is the million-dollar question. True partnership is not measured only by numbers and trade balances. It is measured by confidence, accessibility, fairness, and trust. It is measured by whether businesses feel welcome, where the families can move with confidence, and whether opportunities exist in both directions. These are the qualities that sustain enduring partnerships, and this is what Sri Lanka and the Maldives has to strive for.’

Against this backdrop, the High Commissioner expressed the hope that practical issues affecting people-to-people mobility, business confidence will continue to receive thoughtful attention. ‘It would also send a powerful message that our long-standing friendship continues to grow through mutual beneficial cooperation. Friendship between nations is not preserved by history alone. They are strengthened through continuous effort, mutual understanding, and a willingness to adapt. Maldives approaches this relationship with optimism, openness, and goodwill. We remain committed to working closely with the Sri Lankans to remove unnecessary obstacles, expand trade and investment, deepen people-to-people ties, and ensure that the next chapter in our relationship is remembered not only for its proud history, but also for its shared future.’

The Government has called for expressions of interest (EOIs) to unlock the value of several State-owned heritage bungalows in Colombo 5.

The Finance, Planning and Economic Development Ministry is inviting visionary investors to participate in an exciting Government initiative to unlock the economic value of a portfolio of prestigious State-owned bungalows situated in the highly sought-after Colombo 5 neighbourhood.

Through a transparent National Competitive Selection Process, investors are invited to submit innovative proposals for the adaptive reuse, refurbishment, operation, and maintenance of these unique properties under 30-year lease agreements, while ownership of the land and buildings remains with the Government of Sri Lanka.

This initiative forms part of the Government’s broader strategy to promote private sector investment, stimulate tourism, revitalise underutilised public assets, and create sustainable economic opportunities. The bungalows are located in Stanmore Crescent, Paget Road, and Skelton Road, all in Colombo 5.

The Finance Ministry said these architecturally distinctive properties, located in one of Colombo’s most prestigious residential precincts, present exceptional opportunities for investment in boutique hotels and heritage accommodation, signature restaurants and fine dining, cafés and lifestyle establishments, tourism-oriented retail concepts, and/or premium hospitality ventures.

Investors are encouraged to introduce innovative business concepts that preserve the heritage character of these properties while creating vibrant commercial destinations that enhance Colombo’s tourism and urban landscape.

Proposals for each property will be evaluated independently, and investors may submit proposals for one or more properties.

In stressing the attractiveness, the Government said the bungalows are situated within one of Sri Lanka’s most desirable commercial and residential districts. Additionally, the private sector has long-term investment security given the 30-year lease tenure, providing certainty for investment and business growth.

The bungalows are also ideal for boutique hospitality and dining and lifestyle experiences catering to both local and international visitors.

Assuring competitive and objective evaluation ensuring fairness and equal opportunity in the selection, the Finance Ministry is inviting the private sector to be part of a national initiative to revitalise public assets while contributing to sustainable economic development. Interested parties can view the properties on 12 August at 10 a.m., and the deadline for proposals is 25 August.

Sri Lanka will face Malaysia today in a crucial group-stage encounter at the Asian Netball Championship 2026, looking to bounce back after suffering a 62-51 defeat to Singapore in their second match of the tournament in Hong Kong.

The Sri Lankan team began its campaign with an encouraging 57-57 draw against hosts Hong Kong on Saturday. Despite holding opportunities to secure a memorable victory, Sri Lanka had to settle for a share of the points after a closely fought contest. The result provided the team with confidence, but also highlighted areas that needed improvement ahead of the remaining matches.

However, Sri Lanka was unable to maintain that momentum against Singapore in their second outing. Singapore produced a more consistent performance throughout the match and eventually secured a 62-51 victory, leaving Sri Lanka with a defeat and increasing the importance of today’s meeting with Malaysia.

The 11-goal margin reflects a difficult outing for Sri Lanka, particularly as Singapore managed to maintain control during crucial stages of the game. Sri Lanka will now need to quickly recover from the setback and produce a much-improved performance against Malaysia if they are to strengthen their position in the competition.

Today’s match carries significant importance for Sri Lanka as the team seeks to remain competitive in the group and keep its hopes of progressing alive. Malaysia, who are also among the established teams in Asian netball, are expected to provide another demanding challenge.

For Sri Lanka, the key will be to improve their consistency and reduce the errors that have cost them valuable opportunities in the opening matches. Against Hong Kong, Sri Lanka demonstrated that they have the ability to compete strongly against quality opposition, but the draw also showed how small lapses can prevent them from turning a strong performance into victory.

The coaching staff will now be looking for greater discipline in possession, sharper movement in attack and stronger defensive organisation. The players will also need to maintain their composure during critical periods of the match, particularly when Malaysia begins to apply pressure.

The 57-57 draw against Hong Kong showed Sri Lanka’s potential, while the defeat to Singapore exposed the areas that still require attention. With little time between matches, the challenge now is to put the disappointment behind them and respond positively.

Sri Lanka’s meeting with Malaysia therefore represents more than just another group game. It is an opportunity for the team to regain its confidence, correct the mistakes from the Singapore match and make a strong statement in the Asian Netball Championship.

With the tournament entering a decisive stage, Sri Lanka will be hoping that the experience gained from the opening two matches can translate into a more composed and effective performance today. A positive result against Malaysia could provide the much-needed boost as Sri Lanka continues its campaign in Hong Kong.

Workers’ remittances climbed to a record high in July, marking one of the strongest seven-month performances in the country’s history, despite economic uncertainty stemming from the ongoing Middle East conflict, a region that hosts a large share of Sri Lankan migrant workers.

Latest data from the Central Bank of Sri Lanka (CBSL) showed that inflows rose 11.51% year-on-year (YoY) to $ 777.6 million. July marked the seventh consecutive month of exceptionally strong remittance inflows, highlighting the continued resilience of Sri Lankan migrant workers and the growing use of formal transfer channels.

The performance also surpassed the previous July high of $ 697.3 million recorded in 2025, making it one of the strongest monthly inflows on record.

In addition, remittances in July increased 12% from June’s $ 695.02 million, reflecting seasonal variations in transfer patterns.

The $ 777.6 million inflow in July now ranks among the country’s strongest monthly performances, behind $ 846.9 million in May 2026 and $ 814.7 million in March.

Cumulative remittances for the first seven months of 2026 also rose to over $ 5.38 billion, registering a robust 21.4% YoY increase and marking the strongest January-July performance in Sri Lanka’s history.

With export earnings and tourism facing external pressures, remittances have once again reinforced their position as Sri Lanka’s single largest source of foreign exchange, providing critical support to external reserves and broader macroeconomic stability.

The strong start to the year follows a historic performance in 2025, when full-year remittances climbed to $ 8.07 billion, a 23% increase from a year earlier and the highest annual inflow ever recorded.

The total exceeded the previous all-time high of $ 7.24 billion in 2016 by about 12%, firmly cementing remittances as Sri Lanka’s largest and most reliable source of foreign exchange during its ongoing post-crisis recovery.

CBSL data show that the rebound has been both sharp and sustained since the collapse in inflows during the 2022 economic crisis, when remittances fell 31% to a 12-year low of $ 3.78 billion amid acute foreign exchange shortages and the proliferation of informal transfer channels.

The turnaround began in 2023, when inflows surged 57% to $ 5.96 billion, marking the strongest post-crisis recovery on record.

Momentum continued in 2024, with remittances rising a further 10.1% YoY to $ 6.57 billion, supported by a wave of outbound labour migration as thousands of Sri Lankans sought overseas employment in the aftermath of the economic collapse.

Although overseas departures eased slightly in 2025, inflows continued to rise, pointing to higher average transfers per worker.

Historically, Sri Lanka’s workers’ remittances averaged around $ 7 billion a year between 2014 and 2018, or roughly $ 600 million a month, reinforcing their longstanding role as a stabilising pillar of the economy.

Lanka Santha produced a superb round of medal golf to emerge as the overall Nett champion at the Visa August Monthly Medal, which attracted more than 300 golfers to the Royal Colombo Golf Club (RCGC).

Santha returned an outstanding 58 Nett to take the Overall title and also dominated the Masters Division, winning the Nett crown with the same score. Glen Mathew was runner-up in the Masters Nett with 59, while he secured the Overall Nett Visa Infinite Customer Men’s title with 59. Dilini Hennayake won the corresponding Ladies’ title with 68.

In Division A (0-9), Suhayb Sangani completed a fine double, winning both Nett (65) and Gross (72). Viran Perera was second in the Nett with 67. Division B (10-18) saw Wadood Reza claim both titles, scoring 67 Nett and 79 Gross, with H.A.S. Madanayake second in the Nett on 68.

Manoj Thalagahawatta won Division C (19-28) Nett with 62, one stroke ahead of Dhakshitha Serasundera, while M.I. Firaz Hameed took the Gross title with 87.

B.M.R. Preena won the Seniors Nett with 60, while Kumar Boralessa claimed the Gross with 75. Bandula Weerasinghe won the Masters Gross with 74.

Among the juniors, Lithum Silva won the Boys’ Nett with 66 and Vinuda Weerasinghe the Gross with 75. Kayla Perera completed a double in the Girls’ division, taking both Nett (80) and Gross (81).

Elsie Pathmanathan won the Ladies Silver Nett with 67, while Dilini Hennayake took the Bronze Nett with 68. The Visa Infinite Customer special prizes went to Romesh Abhayaratne for Longest Drive and Dinoo De Mel for Nearest to the PIN.

The Ceylon Association of Shipping Agents (CASA) marked a historic milestone with the successful conclusion of its 60th Annual General Meeting (AGM), held on 24 July 2026 at the Grand Marquee, Taj Samudra Colombo.

Celebrating its Diamond Jubilee, the AGM brought together distinguished guests, industry leaders and stakeholders from across Sri Lanka’s maritime, shipping and logistics sectors to commemorate six decades of service, advocacy and excellence.

The event was graced by Ports and Civil Aviation and Energy Minister Anura Karunathilaka, MP, and Sri Lanka Ports Authority Chairman Dr. Parakrama Dissanayake who is also Advisor to President on Maritime, Ports and Logistics, together with senior representatives from Government institutions, port authorities and the private sector. Their presence reaffirmed the strong partnership between the public and private sectors in advancing Sri Lanka’s ambition of becoming a premier maritime and logistics hub in the Indian Ocean.

The AGM marked the conclusion of the highly successful three-year tenure of outgoing Chairman Shano Sabar. Under his leadership, CASA strengthened its position as the unified voice of Sri Lanka’s shipping agency community, championing industry collaboration and maintaining constructive engagement with Government agencies, regulators and stakeholders during a period of significant global shipping transformation. Members expressed their sincere appreciation for his dedication, commitment and exemplary service.

The membership unanimously welcomed Janesh Ratnadasa, Executive Vice President of the Asha Shipping/Pership Group, as Chairman of CASA for the 2026/2027 term. With over 33 years of distinguished experience in Sri Lanka’s shipping and maritime industry, Ratnadasa has built an outstanding career within the Asha Shipping/Pership Group, holding several senior leadership positions. His commitment to CASA extends beyond his corporate responsibilities, having served since 2016 as an Executive Committee Member, Treasurer and Vice Chairman. His extensive industry expertise, proven leadership and unwavering dedication to the Association make him exceptionally well qualified to lead CASA into its next chapter.

Joining him on the new leadership team are Vice Chairman Mushin Kitchilan, Director of Hemas Maritime Ltd., and Treasurer Ananda Senanayake, Managing Director of Lanka Shipping and Logistics Ltd.

In his inaugural address, Ratnadasa thanked the membership for the confidence placed in him and outlined a progressive vision for the future of Sri Lanka’s maritime sector.

He stressed that the industry must move ‘from discussion to implementation’, highlighting the importance of transformative initiatives such as the National Single Window, Maritime Single Window and Port Community System. He reaffirmed CASA’s commitment to working closely with the Government, Sri Lanka Ports Authority, Sri Lanka Customs and all industry stakeholders to strengthen the competitiveness of the Port of Colombo while positioning Sri Lanka as a trusted, integrated and globally competitive maritime and logistics hub. He also underscored the importance of investing in people through education, professional development and youth engagement to develop the next generation of maritime leaders.

One of the highlights of the evening was the official launch of the 23rd edition of Bridge, CASA’s flagship annual publication. Released as part of the Diamond Jubilee celebrations, the commemorative edition showcases thought leadership, industry insights and interviews with leading personalities who have helped shape Sri Lanka’s maritime and logistics sectors.

Further reinforcing its commitment to developing future maritime professionals, CASA announced a landmark tripartite partnership with the Institute of Chartered Shipbrokers (ICS) Sri Lanka Branch and Colombo West International Terminal (CWIT). Under this initiative, eight fully funded annual scholarships will be awarded to eligible CASA students to pursue the internationally recognised ICS UK Foundation Diploma.

The evening also recognised the inaugural scholarship recipients: Hiranya Fernando (Hapag-Lloyd Lanka), M. D. N. C. Rodrigo (MSC Lanka) and Ileesha Perera (Hapag-Lloyd Lanka). The presentation of scholarship certificates reflected CASA’s continued investment in education, professional excellence and the future leadership of Sri Lanka’s maritime industry.

As CASA embarks on its seventh decade, the Association remains steadfast in its mission to champion the interests of the shipping agency community, foster collaboration across the maritime ecosystem and support Sri Lanka’s vision of becoming the leading maritime and logistics hub in the Indian Ocean.

A total of 25 leading companies last week took the ‘Corporate Mediation Pledge’ under a ground breaking initiative of the International ADR Centre (IADRC) boosting the alternate resolution mechanism in the country.

The pledge to consider mediation as their preferred method of resolving disputes was made at a ceremony at the Port City Colombo which reflected a growing movement away from the traditional adversarial nature of litigation and towards a more collaborative approach to resolving commercial disputes.

This shift comes following the introduction of the Mediation (Civil and Commercial Disputes) Act No. 13 of 2026, which came into operation in June 2026. The legislation represents an important development in Sri Lanka’s legal system by recognising mediation as a legitimate method of resolving high-value civil and commercial disputes.

For businesses, the introduction of this framework creates a new pathway to resolve commercial disputes in a manner that is confidential, collaborative and focused on achieving practical outcomes. Unlike traditional dispute resolution processes that can often result in prolonged proceedings, mediation enables parties to engage directly, explore mutually acceptable solutions and preserve important commercial relationships that may otherwise be affected by conflict.

Speaking at the ceremony IADRC Sri Lanka Chairman Dr Kanag-Isvaran PC highlighted some of the key advantages mediation can offer businesses compared with litigation. He explained that ‘mediation focuses on interests rather than rights’, allowing the parties themselves to have a greater say in how their dispute is resolved. Rather than having an outcome imposed upon them by a court, mediation gives the parties an opportunity to reach a solution that works for both sides.

This was followed by the Corporation Mediation Pledge, during which representatives from 25 corporations formally signed the pledge. Their participation demonstrated a willingness among Sri Lankan businesses to explore mediation as a practical alternative to litigation and to embrace a different approach to resolving disputes.

Singapore International Mediation Centre Director Siong Koon Sim gave a presentation on the development of mediation in Sri Lanka. He traced its progression from the Mediation Boards Act of 1988 to the introduction of the 2026 legislation, placing Sri Lanka’s development within the wider international movement towards mediation. He also highlighted the growing use of mediation internationally, noting that it can provide a simpler way of resolving disputes while helping to ‘preserve relationships’.

The event also included a panel discussion featuring Siong Koon Sim; Andre Yeap SC, Senior Partner at Rajah and Tann, Singapore; Ang Leong Hao, Partner at Rajah and Tann, Singapore; Nusry Hussain, Counsel at the Singapore International Arbitration Centre; and Ramesh Selvaraj, Partner at Allen and Gledhill, Singapore.

A central theme of the discussion was the practical value of mediation for businesses. The panellists discussed how mediation can be faster and less expensive than litigation, while also giving the parties more control over the eventual outcome. This is particularly important in commercial disputes, where maintaining a business relationship can sometimes be just as important as resolving the dispute itself.

Andre Yeap SC captured this idea when he stated that ‘a reasonable settlement is better than a hard fought battle’. He also referred to the ability of mediation to ‘bridge the gap where the gap can be bridged’. His comments highlighted that reaching a sensible settlement can sometimes be more beneficial than spending significant amounts of time and resources pursuing a lengthy legal battle.

Ramesh Selvaraj similarly described mediation as a ‘safe room’ in which parties can openly discuss their concerns and ideas in a confidential and without-prejudice environment. He explained that mediation is ‘meant to be less formal’ than court proceedings, which gives the parties greater freedom to discuss possible solutions and take responsibility for reaching an outcome.

The discussion also considered the potential impact of mediation on foreign investment. Nusry Hussain pointed out that reducing the costs and risks associated with commercial disputes could make Sri Lanka more attractive to foreign investors. Greater confidence in the country’s dispute-resolution framework could therefore have implications beyond individual disputes and contribute to the wider business environment.

The Corporate Mediation Pledge Ceremony was supported by The Asia Foundation, with Colombo Port City serving as the venue partner.

Private sector borrowing from the banking system accelerated in June, with total outstanding credit increasing by Rs. 245.3 billion month-on-month (MoM) to Rs. 11.28 trillion, extending the rebound recorded in May. On a year-on-year (YoY) basis, private sector credit grew by 27.4%, compared with 27.8% in May.

According to the latest Central Bank of Sri Lanka (CBSL) data, total outstanding banking sector credit to the private sector rose to Rs. 11.28 trillion in June from Rs. 11.04 trillion in May, reflecting a 2.2% MoM increase.

The continued expansion came after the CBSL raised monetary policy rates by 100 basis points (bps) in the last week of May, the first increase since March 2023, taking the Overnight Policy Rate (OPR) to 8.75%. The Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR), linked to the OPR with predetermined margins of ±50 bps, were increased to 8.25% and 9.25%, respectively.

The rate increase was aimed at containing credit-driven import demand after pressure on the rupee intensified in May amid the Middle East conflict.

The rupee, which had depreciated 1.4% year-to-date (YTD) by end-March and 2.9% by end-April, ended 7.6% weaker against the US dollar as of 7 August.

Lending by Domestic Banking Units (DBUs) continued to account for the bulk of private sector credit, increasing by Rs. 229.8 billion, or 2.2% MoM, to Rs. 10.7 trillion in June from Rs. 10.47 trillion in May. On a YoY basis, DBU lending grew by 29.6%, compared with 30.2% in May.

Credit extended through Offshore Banking Units (OBUs) increased by Rs. 10.4 billion, or 1.8% MoM, to Rs. 579.2 billion in June from Rs. 568.8 billion in May. Despite the monthly increase, OBU credit remained 3.4% below its year-earlier level, compared with a 4.3% YoY contraction in May.

In contrast to private sector borrowing, net credit to the Government from the banking system declined by Rs. 159.5 billion, or 2% MoM, to Rs. 8 trillion in June from Rs. 8.16 trillion in May. On a YoY basis, Government credit contracted by 5.8%, widening from a 3.4% contraction in May.

Net credit to the Government from the CBSL fell by Rs. 94.2 billion, or 5.3% MoM, to Rs. 1.7 trillion, while credit from commercial banks declined by Rs. 65.2 billion, or 1%, to Rs. 6.3 trillion.

Within commercial banks, Government credit from DBUs declined by Rs. 55.4 billion to Rs. 6.22 trillion, while OBU credit fell by Rs. 9.8 billion to Rs. 82.2 billion. On a YoY basis, DBU credit to the Government contracted by 5.8%, while OBU credit increased by 18.6%.

Outstanding credit to public corporations and State-owned business enterprises rose by Rs. 16.1 billion, or 3.3% MoM, to Rs. 509.6 billion in June from Rs. 493.5 billion in May. However, outstanding credit remained 20% below the level recorded a year earlier.

DBU lending to public corporations increased by Rs. 10.8 billion to Rs. 429 billion, but was down 26.5% YoY. OBU lending rose by Rs. 5.3 billion to Rs. 80.6 billion and was 52.7% higher YoY.

The CBSL data also showed broad money (M2b) expanded by 11.5% YoY in June, easing from 12% in May. M2 growth moderated to 11.2% from 11.9%, while reserve money growth slowed to 13.8% from 16.1%.