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Sri Lanka’s campaign to win their maiden Under19 Men’s Asia Cup title ended in disaster with a 106-run hammering at the hands of Afghanistan at Al Amerat, Oman yesterday.

It was Sri Lanka’s second successive defeat in Group B following a 45-run loss to Bangladesh on Saturday, and it put them out of contention from the tournament.

Sri Lanka’s only win was against associate member Malaysia in their opening match. It was a disappointing performance from Sri Lanka of whom much was expected.

Sri Lanka made it to the semi-finals in the last two editions in 2024 and 2025, but not so on this occasion.

Once the Afghanistan batsmen had battered the Lankan bowling for 275, the writing was on the wall for them. Knowing they needed a good start if they were to challenge that total, Sri Lanka began quite disastrously losing two wickets in the first three overs to be 5-2 and were soon 41-4 with right-arm pacer Noor Ali Niazi having claimed all four wickets for 18 runs in six overs.

Kithma Withanapathira tried his best to resurrect the innings with a 48-ball half-century (58) inclusive of 8 fours and 2 sixes but hardly found any support from the other end. Sri Lanka were eventually bundled out for 169 in the 35th over to give Afghanistan their third win in as many matches and finish on top of Group B.

Afghanistan’s innings was built on a superb century from Subhan Zakhail who made 107 off 111 balls (13 fours, 1 six) and a half-century from Abidullah Nadarjan (55 off 64 balls, 7 fours). Seamer Sethmika Seneviratne was the pick of the bowlers finishing with 3/44.

With Bangladesh beating Malaysia in their final Group B match by a thumping margin of 205 runs yesterday, they went through to the semi-finals with Afghanistan.

Scores:

Afghanistan (U19) 275 (49.5) (Abidullah Nadarjan 55, Subhan Zakhail 107, Shah Faisal Rahimi 33, Tahir Sarwary 32, Sethmika Seneviratne 3/44, Vigneshwaran Akash 2/60) beat Sri Lanka (U19) 169 (34.1) (Kithma Withanapathirana 58, Sethmika Seneviratne 23, Extras 20, Noor Ali Niazi 4/35, Amir Hamza 2/42, Sohail Khan 2/42, Mohammad Ali Barakzai 2/24)

Sri Lanka has made considerable progress in restoring macroeconomic stability following its unprecedented economic crisis. Fiscal consolidation, improved revenue mobilisation, debt restructuring and the rebuilding of foreign exchange reserves have helped restore confidence in the economy. These achievements must be protected.

However, economic stabilisation is not the same as economic transformation. A country can improve its fiscal accounts while continuing to face structural weaknesses in its external sector. Sri Lanka’s challenge is particularly evident in the persistent gap between its foreign exchange earnings and its commitments to finance imports, service external obligations and meet other international payments.

This raises an important question for the 2027 Budget: How can public expenditure be transformed from an instrument primarily concerned with allocating financial resources into a strategic instrument for strengthening the country’s capacity to earn foreign exchange?

Recent discussion in the Daily FT, including the article 2027 Budget should strengthen external sector capacity, has rightly drawn attention to the relationship between fiscal policy and external-sector pressures. This discussion deserves to be taken further.

The issue is not whether Sri Lanka should increase or reduce Government expenditure. It is whether the composition, quality and expected economic returns of that expenditure are appropriate for the country’s development requirements.

The 2027 Budget should therefore mark a transition from expenditure discipline alone towards expenditure effectiveness, without compromising fiscal and debt sustainability.

The primary surplus is necessary, but not sufficient

Sri Lanka’s achievement of a primary surplus of 5.4% of GDP in 2025 demonstrated the progress made in fiscal consolidation. The IMF’s May 2026 review projected a primary surplus of 2.3% of GDP for 2027, reinforcing the importance of maintaining a credible fiscal anchor.

However, a primary surplus measures Government revenue less non-interest expenditure. It does not, by itself, establish whether the economy is generating sufficient foreign exchange to meet its external commitments.

Similarly, a Government Budget surplus does not automatically produce a balance-of-payments surplus. The two accounts measure different economic relationships.

The external sector is influenced by merchandise exports and imports, tourism, other services, workers’ remittances, investment income and external financing. Consequently, fiscal performance must be assessed alongside the country’s capacity to generate and retain foreign exchange.

The policy implication is clear. Sri Lanka should maintain fiscal discipline, but it should not treat the achievement of a primary surplus as the ultimate objective of economic policy.

The more important question is whether the available fiscal resources are being used to strengthen the productive and foreign exchange-earning capacity of the economy.

Understanding the widening external-sector challenge

Sri Lanka›s external-sector position requires continuous attention.

According to the Central Bank›s August 2026 external-sector assessment, the cumulative merchandise trade deficit reached approximately $ 7.2 billion during January-August 2026, compared with $ 4.3 billion during the corresponding period of 2025. Tourism earnings declined by 10% over the same period, although workers› remittances increased by 19.8% to approximately $ 6.1 billion.

These developments demonstrate that individual sources of foreign exchange earnings can move in different directions, while import expenditure can increase substantially.

The IMF›s May 2026 projections also indicated a current account deficit of $ 534 million for 2026 and $ 115 million for 2027.

These projections should not be interpreted as an inevitable outcome. They should instead serve as an early warning that the country›s external-sector capacity needs strengthening.

Sri Lanka must pay attention to both sides of the equation: increasing foreign exchange earnings and reducing avoidable foreign exchange expenditure.

This does not mean indiscriminately restricting imports. Imports of machinery, technology, energy, intermediate goods and essential inputs are necessary for economic growth. The objective should be to ensure that foreign exchange is used productively and that the economy develops a stronger capacity to generate the resources needed to finance these commitments.

Making public expenditure an instrument of foreign exchange generation

Not all Government expenditure produces the same economic returns. Some expenditure increases immediate domestic consumption, while other expenditure creates productive assets, improves efficiency and generates future income.

The 2027 Budget should therefore distinguish between three complementary expenditure priorities.

First, strengthening domestic productive capacity.

Investment in agriculture, fisheries, manufacturing, renewable energy, transport and logistics can reduce production costs, improve productivity and lower avoidable import dependence.

For example, improving agricultural productivity through irrigation, technology, storage, research and better market access can reduce the need for selected food imports while improving rural incomes.

Similarly, developing renewable energy and improving energy efficiency can reduce exposure to imported fossil fuels, strengthen energy security and release foreign exchange for other productive uses.

However, import substitution should not become an excuse for protecting inefficient domestic production. Investments should be guided by productivity, quality, cost competitiveness and long-term economic viability.

Second, expanding foreign exchange-earning activities.

Sri Lanka needs a broader and more diversified export base.

Traditional merchandise exports, including apparel, tea, rubber and coconut products, remain important. However, greater attention should be given to value addition, product diversification, market development and integration into international production networks.

There are also substantial opportunities in tourism, information technology, business-process outsourcing, professional services, maritime services, logistics, education and specialised knowledge-based services.

Public expenditure should support the infrastructure, skills, research, digital connectivity and institutional arrangements required to develop these activities.

Third, investing in future sources of competitiveness.

Sri Lanka should not limit its ambitions to expanding existing industries. It should also identify emerging opportunities in artificial intelligence, digital services, advanced manufacturing, biotechnology, renewable-energy technologies and other knowledge-intensive activities.

This does not mean that the Government should attempt to manufacture every new technology domestically. Rather, it should facilitate partnerships between Sri Lankan entrepreneurs, universities, international investors and technology providers to identify commercially viable opportunities.

Public investment in research, technical education, innovation and industry partnerships can help position Sri Lanka in higher-value segments of international markets.

Connecting the BOI, EDB and National Business Facilitation initiatives

One of the most important requirements is to ensure that public expenditure supports a coordinated institutional system.

The Board of Investment (BOI), Export Development Board (EDB) and National Business Facilitation (NBF) initiatives should operate as complementary components of a broader economic development strategy.

The BOI should concentrate on attracting and facilitating quality domestic and foreign investment, particularly investment that expands productive capacity, introduces technology, develops export industries and creates employment.

The EDB should strengthen export development by helping businesses identify international markets, improve product standards, diversify their markets, develop brands and integrate into global value chains. It should also give greater attention to services exports and emerging sources of foreign exchange earnings.

The National Business Facilitation initiative should help remove the administrative obstacles that delay investment and business activity. Simplifying approvals, improving inter-agency coordination, digitising procedures and developing an effective National Single Window can reduce the time and cost of doing business.

These institutions should not operate as separate administrative entities pursuing disconnected objectives. They should function as a coordinated system, with clearly defined responsibilities and measurable outcomes.

The 2027 Budget should support this coordination through appropriate institutional funding, performance targets and accountability mechanisms.

The ultimate objective should be to convert investment proposals into actual investment, investment into productive activity, and productive activity into exports, employment and sustainable foreign exchange earnings.

Improving the quality of public investment

A major weakness in public expenditure management is the tendency to assess projects primarily through their financial allocations and physical completion rather than their wider economic returns.

The 2027 Budget provides an opportunity to strengthen project appraisal and monitoring.

Major public investment proposals should be evaluated not only by their construction costs and immediate outputs but also by their expected contribution to:

Additional foreign exchange earnings.

Savings of avoidable foreign exchange expenditure.

Export competitiveness and diversification.

Domestic value addition and productivity.

Employment and skills development.

Private-sector investment and technology transfer.

A project that requires substantial imported equipment may initially increase foreign exchange expenditure. However, if it subsequently generates export earnings, reduces energy imports or improves national productivity, its longer-term economic contribution may be substantial.

Conversely, a project with relatively low initial foreign exchange costs may produce limited economic returns if it does not address a genuine productive need.

The Government should therefore introduce an external-sector impact assessment for major public investment projects.

Such an assessment should identify the project›s foreign exchange requirements, expected earnings or savings, implementation period, risks and long-term economic returns.

It should also distinguish between short-term costs and longer-term benefits. This would enable policymakers to make better-informed decisions rather than judging investments solely by their immediate impact on the balance of payments.

Coordinating fiscal, monetary and trade policies

Public expenditure cannot strengthen the external sector in isolation.

An increase in Government expenditure can stimulate household consumption and business activity. If domestic productive capacity does not expand correspondingly, additional demand may be directed towards imported goods and services.

The situation can become more challenging if commercial bank credit expands rapidly and finances consumption and import-intensive activities rather than productive investment.

This is why fiscal policy must be appropriately coordinated with monetary, credit and trade policies.

The Central Bank should continue to safeguard price and financial stability, while allowing monetary and exchange-rate policies to respond to evolving economic conditions within its statutory mandate.

Commercial banks should be encouraged to strengthen lending to viable productive activities, including export-oriented businesses, SMEs, technology-based enterprises and industries capable of improving domestic value addition.

Trade policy should support competitive access to essential inputs, modern technology and international markets. Unnecessary administrative barriers and unpredictable policy changes can discourage investment and weaken export competitiveness.

The objective is not to control every import or direct every lending decision. It is to establish a policy environment in which fiscal resources, financial intermediation and international trade reinforce domestic production and sustainable foreign exchange generation.

Mobilising private investment and international partnerships

The Government cannot finance the entire transformation required by Sri Lanka’s economy through the national Budget.

Public resources are limited, and debt sustainability remains a critical consideration. Therefore, public expenditure should also be used strategically to mobilise private investment.

Well-designed public-private partnerships can support infrastructure, renewable energy, logistics, industrial development and other commercially viable activities.

However, such partnerships must be transparent, competitively structured and supported by appropriate risk-sharing arrangements. They should not create hidden fiscal liabilities or transfer unreasonable risks to the public.

Sri Lanka should also make more effective use of its international economic relationships.

Investment promotion, export market access, technology partnerships, development finance and participation in regional and global value chains should be treated as interconnected elements of economic strategy.

The objective should be to attract investment that contributes to production, exports, skills, technology and employment rather than investment measured merely by the amount of capital announced.

Establishing an external-sector-oriented expenditure framework

The preceding proposals require a practical mechanism for implementation.

I would therefore suggest that the Government consider introducing an External-Sector-Oriented Public Expenditure Framework as an integral part of its medium-term fiscal and development strategy.

Under this framework, major expenditure proposals would be assessed against their expected contributions to domestic productive capacity, export earnings, import efficiency, foreign exchange savings and private investment.

The Finance Ministry should provide the overall fiscal framework and ensure consistency with debt sustainability and medium-term expenditure limits.

Relevant sectoral ministries should identify investment priorities and establish measurable performance indicators. The BOI, EDB and National Business Facilitation initiative should contribute to identifying investment opportunities, export potential and administrative constraints.

The Central Bank should provide independent analysis of external-sector developments and associated macroeconomic risks, consistent with its statutory responsibilities.

An annual public report could assess the outcomes of major expenditure programmes, identifying whether expected investments, exports, employment and foreign exchange benefits have materialised.

Importantly, this framework should complement, not replace, existing public financial management and investment appraisal arrangements. It should strengthen accountability by connecting Budget allocations with measurable economic outcomes.

Summary

Sri Lanka’s economic recovery has restored a measure of fiscal stability, but its external-sector vulnerabilities remain a fundamental challenge. The 2027 Budget presents an opportunity to move beyond treating the primary surplus as the principal measure of fiscal success. While maintaining fiscal discipline and debt sustainability, public expenditure must increasingly be directed towards expanding productive capacity, strengthening export competitiveness, reducing avoidable import dependence and generating sustainable foreign exchange earnings. This requires a strategic approach to public investment, stronger coordination between economic institutions, and a measurable framework for assessing the external-sector consequences of Government spending. Ultimately, the success of the Budget should be judged not only by how much the Government saves, but also by how effectively it helps the country earn.

Conclusion: From fiscal discipline to economic transformation

Sri Lanka’s 2027 Budget is an opportunity to consolidate the achievements of economic stabilisation while addressing the structural weaknesses that contributed to the country’s external-sector vulnerability.

Maintaining a credible primary surplus, controlling public debt and strengthening revenue mobilisation remain essential. However, these objectives should not be pursued independently of the country’s productive and foreign exchange-earning capacity.

The fundamental challenge is to narrow the gap between what Sri Lanka earns in foreign exchange and what it must spend to sustain its economy and meet its international commitments.

This requires more than expenditure restraint. It requires better expenditure decisions, stronger productive investment, export diversification, import efficiency, private-sector participation and effective institutional coordination.

The BOI, EDB and National Business Facilitation initiatives can play complementary roles in translating these priorities into practical economic outcomes.

Ultimately, the success of the 2027 Budget should not be judged solely by the primary surplus it achieves or the amount of public expenditure it contains. It should also be judged by the productive capacity it creates, the foreign exchange it helps generate and save, the investment it mobilises and the employment and prosperity it delivers.

Sri Lanka needs a Budget that does not merely manage scarcity, but builds the country’s capacity to earn and save foreign exchange. That is the transition from economic stabilisation to sustainable economic transformation.

The Central Bank of Sri Lanka (CBSL) has barred the Ernst and Young (EY) partners who audited National Development Bank (NDB) from carrying out any further banking audits and forced the lender to reconstitute its Board audit committee, after a Rs. 13.6 billion fraud ran for three years before being uncovered once the 2025 accounts had been certified.

‘We have already taken action against the auditors,’ Director of Banking Supervision R. R. de Silva Jayatillake told the Committee on Public Finance (CoPF), chaired by SJB MP Dr. Harsha de Silva, on 5 November. ‘The partners involved cannot continue doing banking audits. We have also got the bank to reconstitute the Board audit committee.’

The reconstitution of the committee and other Board

committees was notified to the Colombo Stock Exchange, officials told the Committee, a disclosure Dr. de Silva said had passed largely unnoticed.

Jayatillake said the regulator had required the bank to submit a rectification timeline, was monitoring progress against it, and was conducting spot examinations.

The findings of the forensic audit were also being used to assess the fitness and propriety of individuals and to decide whether further orders or restrictions were needed.

The auditors flagged the fraud with an asterisk rather than a formal qualification or an emphasis of matter. Members were told those who carried out the fraud were largely compliant with reporting requirements and gave regulators, and possibly the auditors, the run around.

Dr. de Silva pressed the Director on whether the Central Bank was satisfied with the forensic audit carried out by Deloitte, a report the committee has not been given. ‘You shared some basic points,’ he said. Jayatillake replied that the exercise was a forensic audit and that relevant third parties had been interviewed.

Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) Chairperson E. H. Mohotty told the committee her board’s separate inquiry into auditor conduct was complete and had been referred to the Attorney General on 15 October, 2026, for a view on legal action.

‘What SLAASMB looked at is purely on the auditing standards and how well the auditor performed the duties based on the auditing standards,’ she said. Asked whether she could disclose the findings, she said: ‘I think it is not.’

‘That means it is scary,’ Dr. de Silva said. He added that the Deloitte exercise had looked at NDB’s transactions rather than at the audit firm.

Central Bank Governor Dr. Nandalal Weerasinghe said the Bank Supervision Department was working through the SLAASMB report to establish what action could follow. ‘Basically, they have identified certain individuals,’ he said. ‘They have to look at whether the bank has taken actions against those individuals through the forensic audit.’

He said the regulator was willing to set out in detail the supervisory changes made across the sector since the fraud. ‘I think we can share in detail what Bank Supervision as a regulator has done to strengthen the process, not only at NDB but also other banks, based on the learning of this incident,’ Dr. Weerasinghe said.

Banks have been directed to tighten reconciliation of suspense accounts, he said. ‘Broader actions, I think we can share with you. That’s not an issue.’

Dr. de Silva said the opacity around specific enforcement was difficult to defend in a regulated financial sector. ‘I don’t think this can be completely confidential, and it is good to have some sort of transparency,’ he said. ‘I’m not saying give names, but what action you have taken, so that people would feel safe that their money is safe.’

The committee would accept material on confidential cover and proceed on the Attorney General’s advice, he said.

The Central Bank moved against NDB in early April, ordering restrictions on dividends, discretionary payments and branch expansion to protect the bank’s stability, issuing a regulatory statement to assure liquidity and publishing press notices on the institution’s condition. It then required the bank to commission the external forensic audit.

The Women’s Chamber of Industry and Commerce (WCIC) successfully concluded IGNITE 2026, its flagship youth entrepreneurship initiative, bringing together 100 female university undergraduates from 17 universities across Sri Lanka for a transformative day of learning, inspiration and practical business exposure at The Kingsbury, Colombo on the 31 October 2026.

Now in its second year, IGNITE has rapidly established itself as a premier platform for nurturing the next generation of women entrepreneurs. The program was designed to equip young women with the confidence, skills and entrepreneurial mind set required to transform innovative ideas into successful ventures.

Participants engaged in a dynamic program featuring interactive workshops, business idea development sessions, entrepreneur-led discussions and networking opportunities. The event provided valuable exposure to entrepreneurship, financial literacy, leadership and innovation through real-world experiences shared by successful business leaders and founders.

Speech-Language Pathologist and Founder/CEO of Ceylon Speechie Nadini Perera, conducted an engaging and interactive workshop titled ‘Build a Business That Fits Your Life and Can Reach the World’.

A highlight of the event was the inspiring stories shared by young Sri Lankan entrepreneurs, Spice Carriage (Lactoboost) Founder Lasni Silva, Blue Fish Ceylon Ltd., Founder/Director Bhagya Sandakelum, and Sleepyheads SL Founder Shehara Ferdinandis, who candidly discussed their journeys, challenges and successes, demonstrating that ambition, resilience and innovation can turn ideas into thriving enterprises.

WCIC Board Member Zahara Ansary conducted an interactive session, guiding students in developing and refining their business ideas.

The program’s Guest of Honour, Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe, addressed the gathering, encouraging young women to pursue entrepreneurship as a pathway to economic empowerment and national development. Certificates of participation were awarded to all attendees in recognition of their successful completion of the program.

Speaking on the significance of the initiative, WCIC reaffirmed its commitment to fostering a stronger pipeline of women-led businesses by investing in young talent and creating opportunities for future female leaders to connect, learn and grow.

‘Through IGNITE 2026, WCIC continues to inspire and empower young women to dream bigger, innovate boldly and become the business leaders and job creators of tomorrow.’

The program was made possible with the support of Macbertan Ltd., as Main Event Partner, alongside Magellan Champlain and Nanaska Ltd., as Co-Event Partners.

The Embassy of Sri Lanka in Ankara, in collaboration with the Gaziantep Chamber of Commerce, successfully organised the first-ever Sri Lanka Business Forum in Gaziantep on 3 November 2026, bringing together members of the Turkish business community to explore opportunities for closer economic cooperation with Sri Lanka.

The Forum aimed at showcasing Sri Lanka’s trade and investment potential while encouraging the participation of Turkish buyers, investors and business representatives in Sri Lanka Expo 2027 (SLEXPO 2027).

The opening session featured remarks by the Ambassador of Sri Lanka to Trkiye, Niluka Kadurugamuwa, Gaziantep Chamber of Commerce Chairman Mehmet Tuncay Yildirim, and Honorary Consul of Sri Lanka in Gaziantep Sleyman Çiçek.

The speakers highlighted the growing opportunities for Turkish businesses in Sri Lanka and elaborated the importance of strengthening bilateral trade and investment relations through enhanced business-to-business engagement. They also encouraged the Turkish business community to make use of SLEXPO 2027 as a platform to explore new business partnerships and investment prospects.

First Secretary (Commercial) of the Embassy, Dilanga Hettiarachchi, delivered a comprehensive presentation on Sri Lanka’s trade and investment landscape, outlining potential areas of cooperation between the two countries. He also introduced SLEXPO 2027, highlighting the opportunities that it offers to Turkish buyers, investors and business representatives to connect with Sri Lankan businesses.

The event attracted leading investors, traders, buyers and other business professionals from the Gaziantep business community, providing a valuable opportunity for the Embassy to exchange views, establish new contacts and explore avenues for strengthening trade and investment cooperation between Sri Lanka and Trkiye.

Hatton National Bank PLC (HNB) yesterday announced a strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group focused on the private sector, to expand supply chain finance for Sri Lankan businesses and enhance HNB’s risk management and responsible finance frameworks.

The partnership combines HNB’s relationships with corporates and small and medium-sized enterprises (SMEs) across Sri Lanka with IFC’s global expertise in supply chain finance and financial-sector advisory.

IFC will help HNB develop scalable supply chain finance solutions connecting its corporate clients with suppliers and distributors. The initiative aims to ease working capital constraints for SMEs in these value chains, strengthen competitiveness and build more resilient, inclusive businesses, with a focus on expanding financing for women-owned businesses.

IFC will also review HNB’s responsible finance and risk management practices against international benchmarks and recommend improvements to its frameworks, analytics, governance and processes.

HNB Managing Director/Chief Executive Officer Damith Pallewatte said: ‘This partnership with IFC represents an important step in HNB’s strategy to build a more connected, inclusive and resilient financing ecosystem. Sri Lankan businesses require financial solutions that respond not only to their individual balance sheets, but also to the commercial relationships and value chains through which they operate.

By combining HNB’s deep understanding of the local market and longstanding relationships across the corporate, SME and microenterprise sectors with IFC’s international expertise, we aim to develop scalable supply chain finance solutions that improve access to working capital, strengthen business linkages and support sustainable growth. Equally, this program will advance our risk management and responsible finance capabilities, ensuring that growth is supported by strong governance, sound risk disciplines and fair customer outcomes.’

IFC Regional Vice President for Asia and the Pacific Sarvesh Suri said: ‘SMEs are the foundation of Sri Lanka’s economy, and their growth is critical for creating jobs, building stronger local supply chains and driving sustainable growth. Our partnership with Hatton National Bank aims to open new opportunities for Sri Lankan businesses and enable the private sector to play a stronger role in the country’s long-term development.’

With 256 customer centres, HNB stands as one of Sri Lanka’s largest and most technologically innovative private sector banks.

HNB is rated AA(lka) by Fitch Ratings Lanka Ltd. and was recognised as Sri Lanka’s Best Corporate Citizen for 2025 by the Ceylon Chamber of Commerce. Reinforcing its reputation for excellence, HNB was honoured with The Bracken Award for the Best Bank in Sri Lanka by the Banker Magazine, UK. The Bank was also recognised by The Asian Banker as ‘Sri Lanka’s Strongest Bank’ and awarded ‘Best Retail Bank in Sri Lanka’ for the 16th time, while receiving the title of ‘Best Bank for Large Corporates’ for the 02nd time at the Euromoney Awards for Excellence 2026. HNB is further ranked among the ‘Top 1000 Banks in the World’ as affirmed by The Banker Magazine, UK.

IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2026, IFC committed a record $105 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilising private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.

Qatar Airways has unveiled a new onboard signature music composition created in collaboration with internationally acclaimed composer Hans Zimmer, introducing a distinctive sound identity inspired by Qatar and its culture.

The composition forms part of the airline’s bespoke five-track album, Burgundy Symphony, which captures different emotions and moments associated with travel through original music.

The collaboration combines Zimmer’s cinematic storytelling with Qatar Airways’ focus on creating memorable passenger experiences, with the music designed to reflect the journey from departure to arrival.

The launch was celebrated during Zimmer’s concert in Doha on 6 November, where audiences were given an exclusive preview of the collaboration through a film showcasing the creative process and inspiration behind the album. Passengers can experience the new composition onboard Qatar Airways flights.

The Burgundy Symphony album features five tracks: Dawn, capturing the anticipation of discovering new destinations; Dusk, reflecting the tranquillity of flying above the clouds; and The Orchard, inspired by moments of calm and Hamad International Airport’s distinctive ORCHARD experience.

The remaining tracks, Homecoming and An Ode to Qatar, celebrate the lasting memories of travel and Qatar’s cultural heritage, ambition and forward-looking vision.

The initiative forms part of Qatar Airways’ efforts to enhance the passenger experience through distinctive sensory elements that connect travel with music, culture and emotion.

Sri Lanka showcased its tourism offerings to the Canadian travel industry and public at the Salon International Tourisme Voyages (SITV) 2026, held from 30 October to 1 November 2026 in Montreal, Canada, through a dedicated Sri Lanka Pavilion organised by the Sri Lanka Tourism Promotion Bureau (SLTPB), in collaboration with the Consulate General of Sri Lanka in Toronto.

The Sri Lanka Pavilion brought together 12 Sri Lankan Destination Management Companies (DMCs), providing a platform to promote Sri Lanka as a tourism destination for Canadian travellers, strengthen business connections with the Canadian travel industry and explore opportunities for tourism partnerships.

The Pavilion was officially opened by the Tourism Deputy Minister Prof. Ruwan Ranasinghe, and the Association of Canadian Travel Agencies and Travel Advisors (ACTA) President Suzanne Acton-Gervais, at a ceremony attended by tourism industry representatives and visitors.

During the exhibition, the Deputy Minister also participated in a media briefing with the Editor-in-Chief of Profession Voyages, Gary Lawrence. The discussion focused on Sri Lanka’s prospects in the Canadian tourism market, its tourism attractions and opportunities to strengthen tourism cooperation between Sri Lanka and Canada.

The Sri Lanka Pavilion attracted interest from visitors throughout the three-day exhibition. The event provided an opportunity to promote Sri Lanka in Montreal and the wider Quebec market, particularly among French-speaking Canadian travellers.

The Pavilion also featured cultural performances by Sanketh Dance School and Madumini Art Foundation, showcasing Sri Lanka’s artistic and cultural traditions.

Canada remains an important source market for Sri Lanka, with 46,133 Canadian visitors recorded in 2025, making it the country’s 13th-largest source market. Sri Lanka’s participation in SITV 2026 contributed to promoting the country’s tourism offerings in Canada, particularly in the Quebec market, and strengthening engagement with the Canadian travel industry.

SRI Lanka’s tourism arrivals surpassed 1.9 million in 2026, with over 49,900 visitors registered in the first eight days of November, but remained below last year’s pace ahead of the crucial winter season.

According to the latest data released by the Sri Lanka Tourism Development Authority (SLTDA), a total of 49,929 tourists arrived between 1 and 8 November, averaging 6.241 visitors a day and taking cumulative arrivals to 1,912,233.

However, arrivals during the opening four days of November were down 8.78% year-on-year (YoY), while the cumulative figure remained below 1.7% YoY.

India continued to dominate the market, accounting for 12,401 arrivals or 25% of the November arrivals so far, followed by Russia with 5,483 visitors, while the UK contributed 3,541 travellers.

The strong Indian presence has also reinforced its position as Sri Lanka’s largest source market year-to-date (YTD). India has generated 512,026 arrivals, marking the first market to cross the milestone of total arrivals so far in 2026. The UK ranked second with 176,670 visitors, followed by China with 125,326 arrivals.

RAWALPINDI: Bad light came to Sri Lanka’s aid as Pakistan invited to bat first pushed towards a big total on the opening day of the first Test at the Rawalpindi Cricket Stadium here yesterday.

By stumps Pakistan had scored 281-5 with Saud Shakeel unbeaten on 57 off 112 balls (7 fours) being the fourth Pakistani batsman to cross the 50-run mark for the day.

Every Pakistan batter got a start, but none managed to convert it into a substantial score. Pakistan made a brisk start through Azan Awais (30) and debutant Tayyab Arif (57 off 51 balls, 9 fours, 1 six), who put together 86 runs in just 16 overs. Another debutant Mohammad Taha (51 off 105 balls, 6 fours) and Babar Azam (50 off 58 balls, 7 fours) followed with half-centuries of their own, but neither could carry on to make a bigger contribution.

Saud Shakeel looked the most assured at the crease, and Pakistan will be banking on him to make the most of his start and push towards a hundred when play resumes on its second day today. Sri Lanka who bowled almost exclusively seam had a pretty poor overrate overall, bowling just 67.2 overs.

Mohammad Thaha became the second Pakistan debutant to score a half-century

Saud Shakeel was the fourth Pakistani batsman to pass the 50-run mark

Kusal Mendis in his first Test as captain won the toss and wanted to use the conditions on offer with patches of green on the pitch, but Sri Lanka’s new-ball bowlers were not on the mark.

They lacked discipline on a surface that had something for the seamers. So inconsistent were that they conceded 22 boundaries and a six in the first session, the majority of which were made use of by the two openers Azan Awais and Tayyab Arif who scored 16 of those boundaries and a six in their opening stand of 86.

Once Milan Rathnayake came into the attack, he brought Sri Lanka control and bowled 8 overs on the trot. He was the one who made the breakthrough forcing an inside edge to be caught by Kusal Mendis. And next over, Sri Lanka found more joy as Asitha Fernando bowled a fine delivery to get the outside edge of Arif. Two wickets in two overs and Sri Lanka were delighted. But after that there was no more success as Mohammad Taha and Babar Azam took Pakistan to 137 at lunch.

The Sri Lankan bowlers did bowl well after the first hour of the afternoon session and kept the pressure, but overall they were not hitting the right lengths. They had only one success – the wicket of Babar in the session that saw 77 runs scored.