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Sri Lanka’s Groundbreaking Move: Independent Commission for Truth, Unity, and Reconciliation

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Sri Lanka’s Groundbreaking Move: Independent Commission for Truth, Unity, and Reconciliation

A significant stride toward transitional justice and post-conflict reconciliation in Sri Lanka has been marked with the government’s decision to establish an independent Commission for Truth, Unity, and Reconciliation—a historic endeavor shaping the nation’s future.

As outlined by the President’s Media Division (PMD), this pivotal commission is set to be established through an Act of Parliament. Currently, a comprehensive concept paper is being crafted, inviting input from pertinent stakeholders to ensure a consultative and inclusive approach in developing legislation that strengthens national unity through truth, transitional justice, reconciliation, reparation, and social cohesion.

This initiative’s core objective is to unearth the truth regarding the post-conflict grievances of Sri Lankan citizens, laying the foundation for reconciliation, reparation, and sustainable peace.

“The proposed Commission acknowledges every Sri Lankan’s inalienable right to ascertain the truth, a pivotal aspect for individuals and communities to heal from past conflicts,” affirmed the PMD.

Moreover, the Commission aims to fortify national unity, peace, rule of law, coexistence, equality, tolerance, respect for diversity, and reconciliation among Sri Lanka’s diverse communities, striving to prevent future disharmony and conflicts.

Crucially, the Commission is poised to review past Commission recommendations, including those from the Lessons Learnt and Reconciliation Commission (LLRC) and findings from the Consultation Task Force on Reconciliation Mechanisms.

The government is steadfast in ensuring the Commission’s impartiality, free from political influence, while fostering a victim-centric approach, providing a platform for voices to be heard and acknowledging past pain to reclaim dignity. Pending the new law’s enactment, an Interim Secretariat for Truth and Reconciliation Mechanism (ISTRM) has been established, laying the groundwork for this transformative Commission.

The ISTRM is actively engaging with the public and stakeholders, striving to shape this mechanism through participation and consultation, ultimately steering Sri Lanka toward sustainable peace and national unity. This monumental initiative stands as a beacon of hope for a future founded on truth, reconciliation, and unity.

Investigation Launched Into Giraffe’s Tragic Demise at Dehiwala Zoological Gardens

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Investigation Launched Into Giraffe’s Tragic Demise at Dehiwala Zoological Gardens

Dinushika Manawadu, Deputy Director of the Dehiwala Zoological Gardens, has confirmed the commencement of an independent investigation following the untimely death of “Haley,” a 30-year-old female giraffe—one of the precious few of an endangered giraffe species housed at the zoo.

Reports reveal that Haley had been grappling with health issues, particularly mobility concerns. Veterinary surgeons at the zoo had administered antibiotics to address an infection on one of her hooves, a measure taken to alleviate her ailments.

Regrettably, it is suspected that the antibiotic treatment triggered an allergic reaction, ultimately resulting in Haley’s demise on Thursday (Dec. 07).

A postmortem examination was conducted by veterinary surgeons affiliated with the Wildlife Conservation Department and the Faculty of Animal Sciences at Peradeniya University to delve into the circumstances surrounding Haley’s passing.

The zoo authorities, led by Director Ranjan Marasinghe, are eagerly awaiting the postmortem report to ascertain the precise cause of Haley’s unfortunate death.

The initiation of the investigation has been directed by the Dehiwala Zoological Garden’s administration, aiming to shed light on the circumstances leading to the tragic loss of the beloved giraffe.

President Wickremesinghe Urges Collective Agreement on Plantation Worker Wages

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President Wickremesinghe Urges Collective Agreement on Plantation Worker Wages

President Ranil Wickremesinghe convened a discussion at the Presidential Secretariat on Friday, engaging heads of plantation companies to deliberate on the vital issue of wage hikes for plantation workers. Encouraging collective deliberation, President Wickremesinghe urged the companies to strive for a minimum wage of Rs. 1,700—a demand set forth by the workers themselves.

Alternatively, he stressed the necessity of arriving at a consensus regarding the increased wage quantum before December 31st, highlighting the urgency of the matter during the meeting.

The primary agenda of the discussion centered on aligning regional plantation companies’ initiatives with the agricultural modernization program outlined in this year’s budget. The talks also encompassed the program aimed at providing land rights to plantation laborers.

In a bid to address pressing concerns, President Wickremesinghe proposed the establishment of committees dedicated to resolving the housing needs of plantation workers and representing the interests of both workers and plantation companies. Expressing optimism about the country’s economic growth driven by exports, he underscored the collective effort required to ensure the success of the agricultural modernization program.

President Wickremesinghe emphasized the imperative role of an export-oriented economy in the nation’s economic development, particularly in light of the rising food demand attributed to the burgeoning populations in Asian countries. He urged the country’s export economy to prepare and capitalize on this burgeoning demand.

The discussion, attended by Minister of Labour and Foreign Employment Promotion Manusha Nanayakkara, Minister of State for Finance Ranjith Siyambalapitiya, Secretary to the President Saman Ekanayake, Senior Advisor to the President on Economic Affairs Dr. R.H.S. Samaratunga, and several representatives from local plantation companies, comprehensively explored various aspects of the proposed initiatives.

ADB Approves USD 200 Million Loan for Sri Lanka’s Financial Sector Stability

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ADB Approves USD 200 Million Loan for Sri Lanka’s Financial Sector Stability

The Asian Development Bank (ADB) has sanctioned a substantial USD 200 million concessional loan to assist Sri Lanka in stabilizing its finance sector, following the series of challenges stemming from the sovereign debt and economic crises that commenced in April 2022 when external debt payments were suspended.

Termed the Financial Sector Stability and Reforms Program, this initiative consists of two USD 200 million subprograms. Subprogram 1, implemented in 2023, targets short-term stabilization measures and crisis management. Meanwhile, Subprogram 2, slated for 2024, focuses on structural reforms and long-term strategies to rejuvenate growth within the banking sector.

The overarching objectives encompass enhancing the stability and governance of Sri Lanka’s banking sector, augmenting the asset quality of banking entities, and fostering sustainable and inclusive finance, particularly for women-led micro, small, and medium-sized enterprises.

ADB Country Director for Sri Lanka, Takafumi Kadono, highlighted the program’s alignment with the nation’s strategy of finance sector stability and the facilitation of affordable finance for diverse sectors, aiming at fostering economic resurgence.

The initiative represents a follow-on aid from ADB’s crisis response, synchronized with the IMF’s Extended Fund Facility, designed to assist Sri Lanka in restoring financial stability. It further correlates with the government’s reform agenda, emphasizing the reinforcement of the Central Bank of Sri Lanka’s operational independence and its role as the country’s macroprudential authority.

ADB’s collaboration with the IMF and World Bank has played a pivotal role in designing targeted regulatory reforms for the banking sector, including asset quality reviews, and fortifying the deposit insurance scheme.

Complementing the loan, ADB will allocate a USD 1 million grant from its Technical Assistance Special Fund to provide advisory support, knowledge dissemination, and institutional capacity building for Sri Lanka’s Ministry of Finance and Central Bank.

This endeavor underscores ADB’s unwavering commitment to fostering a prosperous, inclusive, and resilient Asia-Pacific region, while persisting in eradicating extreme poverty through sustainable developmental efforts.

New Alliance Led by MP Nimal Lanza Launches District-Wide Promotion Activities in Puttalam

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New Alliance Led by MP Nimal Lanza Launches District-Wide Promotion Activities in Puttalam

It is reported that the Puttalam district promotion activities of the new alliance formed by the group led by Member of Parliament Nimal Lanza, who has left the Sri Lanka Podujana Peramuna and is an independent in Parliament, has been implemented in all 5 constituencies throughout the month of December.

It is stated that the activities are being carried out under the leadership of MPs Nimal Lanza and Piyankara Jayaratne.

Appointment of divisional representatives of the new alliance, establishment of affiliated organizations, establishment of monks’ organizations, establishment of women’s organizations etc. will take place throughout the month and Siripala Amarasinghe and former President Gotabaya Rajapaksa’s private secretary Sugiswara Bandara have left to lead those programs.

Meanwhile, a mobile service of the provincial council will be held at Madampe Karukkuwa Sugathananda Maha Vidyalaya on Saturday, focusing on the Chillaw Constituency.

That was according to a request made by Nimal Lanza from North West Governor Lakshman Yapa Abeywardena.

This new political alliance is being created to support President Ranil Wickremesinghe and it is scheduled to be unveiled next January.

Showers will occur at several places after 1.00 p.m

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Showers will occur at several places after 1.00 p.m

Showers or thundershowers will occur at several places over most provinces of the island after 1.00 p.m. Heavy showers about 100mm are likely at some places in Central, Sabaragamuwa, Western and Uva provinces and in Galle and Matara districts.

A few showers may occur in Northern, Southern, Western and Eastern provinces during the morning too.

Misty Condition can be expected at some places in Uva province and in Ampara district during the morning.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Three Major SL Banks get authorized persons license from the Colombo Port City

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Three Major SL Banks get authorized persons license from the Colombo Port City

By: Staff Writer

Colombo (LNW):The Colombo Port City Economic Commission (the Commission) yesterday announced that three leading commercial banks of Sri Lanka, the Commercial Bank, Hatton National Bank (HNB), and Sampath Bank, have been issued an Authorized Persons (AP) license from the Colombo Port City Economic Commission.

This significant development marks a major milestone in the development of the Colombo Port City SEZ as a premier international business and services hub in South Asia, a world-class project, transforming Sri Lanka’s economic landscape.

The Commission reiterated its strong commitment to collaborating with the Central Bank of Sri Lanka, the Securities and Exchange Commission, and the Insurance Regulatory Commission of Sri Lanka to ensure that robust and streamlined guidelines are in place to drive the success of the Colombo Port City as a premier multicurrency, export of services SEZ.

Breaking new ground on the nation’s economic revival, Sri Lanka’s leading private sector bank, HNB PLC became one of the first bank’s to be granted an Authorized Person (AP) License to operate within the Colombo Port City Special Economic Zone (SEZ)

The AP License was granted to HNB by the Colombo Port City Economic Commission following a series of strict evaluations, legal and preliminary regulatory approvals.

“As a heritage brand within the Sri Lankan economy, we have been present at the inception of every major pillar of the nation’s economic development, senior official of the bank said.

We are proud to continue that legacy today, as one of the first bank’s to receive preliminary approvals to operate within the Port City Colombo, he added.

Sampath Bank PLC has announced their first step in getting qualified as an Authorized Person and to be permitted to engage in offshore banking business in and from the area of authority of the Colombo Port City.

It will be receiving the Authorized Persons (AP) License from Colombo Port City Economic Commission (CPCEC) and Certificate of Registration as an Off-shore Company from Registrar General of Companies.

This is the first milestone after the receipt of Monetary Board concurrence in 2022 for the issuance of a banking license to engage in business under the Colombo Port City Economic Commission Act, No 11 of 202

As a systemically important bank that is deeply integrated with all facets of the domestic economy, we see Port City Colombo opening-up unprecedented opportunities for the nation, and its corporates.

Lion Brewery wins Product Packaging of the Year award in Sri Lanka.

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Lion Brewery wins Product Packaging of the Year award in Sri Lanka.

By: Staff Writer

Colombo (LNW): Lion Brewery was recently recognised by Retail Asia as one of the key leading fast moving comsumer goods (FMCG) brands at this year’s FMCG Asia Awards.

Lion Brewery claimed a Gold Award in the Product Packaging of the Year – Sri Lanka segment for the repackaging of the Lion portfolio and Lion Ice extension which rolled out across its range this year.

The newly developed masterbrand approach strengthens the Lion brand with a cohesive and recognisable system that unites its exceptional beers under a single, strong narrative.

The goal was to rejuvenate the centenarian to lead new consumer segments and evolving market opportunities that are reshaping the beverage landscape and reflected in the company’s future plans and portfolio expansion.

The FMCG Asia Awards 2023 took place at the Sands Expo and Convention Centre at Marina Bay Sands on 23 November.

Organised by Retail Asia, the highly coveted awards program recognises the pioneers in the industry and celebrates excellence in introducing exceptional products or executing remarkable projects.

Lion Brewery’s Chief Sales & Marketing Officer Madhushanka Ranatunga said: “For us to win this Gold Award is the best recognition of the hard work and dedication put in by the entire Lion team.

With a clear intent and purpose, we aim to continue building our iconic Lion portfolio to drive value and resonate with the changing behaviours of consumers, while we remain true to the brand’s DNA.”

Lion Brewery is one of the largest apex investors in the manufacturing sector of the economy with its state-of-the-art brewery in Biyagama.

In addition to earning foreign exchange for the country’s Treasury, it has attracted foreign direct investment to Sri Lanka through Carlsberg’s equity stake in the business.

The Brewery is the second largest tax payer in the alcobev segment, contributing LKR 70 billion in the year ended 31 March 2023 while injecting LKR 16 billion to the economy through the purchase of goods and services excluding its contribution to the Government.

Lion Brewery was recently recognised by Retail Asia as one of the key leading fast moving consumer goods (FMCG) brands at this year’s FMCG Asia Awards.

Lion Brewery claimed a Gold Award in the Product Packaging of the Year – Sri Lanka segment for the repackaging of the Lion portfolio and Lion Ice extension which rolled out across its range this year.

The newly developed masterbrand approach strengthens the Lion brand with a cohesive and recognisable system that unites its exceptional beers under a single, strong narrative.

The goal was to rejuvenate the centenarian to lead new consumer segments and evolving market opportunities that are reshaping the beverage landscape and reflected in the company’s future plans and portfolio expansion.

The FMCG Asia Awards 2023 took place at the Sands Expo and Convention Centre at Marina Bay Sands on 23 November.

Organised by Retail Asia, the highly coveted awards program recognises the pioneers in the industry and celebrates excellence in introducing exceptional products or executing remarkable projects.

Lion Brewery’s Chief Sales & Marketing Officer Madhushanka Ranatunga said: “For us to win this Gold Award is the best recognition of the hard work and dedication put in by the entire Lion team.

With a clear intent and purpose, we aim to continue building our iconic Lion portfolio to drive value and resonate with the changing behaviours of consumers, while we remain true to the brand’s DNA.”

Lion Brewery is one of the largest apex investors in the manufacturing sector of the economy with its state-of-the-art brewery in Biyagama.

In addition to earning foreign exchange for the country’s Treasury, it has attracted foreign direct investment to Sri Lanka through Carlsberg’s equity stake in the business.

The Brewery is the second largest tax payer in the alcobev segment, contributing LKR 70 billion in the year ended 31 March 2023 while injecting LKR 16 billion to the economy through the purchase of goods and services excluding its contribution to the Government.

Apparel manufacturing industry aims for vertical integration.

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Apparel manufacturing industry aims for vertical integration.

By: Staff Writer

Colombo (LNW):Sri Lanka apparel manufacturers are to strengthen vertical integration and import substitution of textiles as the way forward for the industry.

Fabric and Apparel Accessory Manufacturers Association (FAAMA) noted that the country currently imports most of its fabric requirements and raw materials, amounting to US$2 billion annually.

Asserting the importance of vertical integration, Fabric and Apparel Accessory Manufacturers Association (FAAMA) Chairman Sahan Rajapakse yesterday said that 50%-60% of Sri Lanka’s fabric requirement is imported.

This dependency on imports prolongs the industry’s lead times and impedes its ability to enhance speed and embrace agile models. Notably, over 40% of these imports consist of cotton, while 70% are composed of synthetic materials.

FAAMA is the governing body of fabric and apparel accessory manufacturers of Sri Lanka and a subsidiary of the Joint Apparel Association Forum (JAAF).

The association has over 40 member companies and is the unified voice for the apparel industry’s supply chain, aiding fabric and apparel accessory manufacturers to identify opportunities and work towards improving logistics, policies, and infrastructure.

Rajapakse stressed that bringing in supply chains within domestic factories will help reduce lead times and allow Sri Lanka to compete with countries that already have well-established vertical integration.

“Countries such as China, Vietnam and Bangladesh all have vertical integration in place. Having this vertical integration will allow investors to develop the product organically within the local supply chain, resulting in reducing freight charges.”

He reiterated that the fabric and cotton fabric industry have great potential for vertical integration. Currently, 40-50% of the required resources is supplied by companies like Hayleys Fabric, Teejay and Ocean Lanka.

The fabric and apparel accessory manufacturing industry is also in dire need of Government policy support given that it continually battles high electricity and water tariffs which have increased industry operational costs.

Rajapakse also highlighted the adverse impact of abolishing the Simplified Value Added Tax (SVAT) can have on the industry including jeopardising the cash flow of businesses.

The industry also sees immense potential for partnerships through foreign direct investment to capitalize on know-how on product and machinery development.

“The industry has not had much investment in the past few years,” states Rajapakse. “Improving Sri Lanka’s investment environment can certainly be a tool in strengthening Sri Lanka’s fabric and apparel accessory manufacturing industry and its supply chain.”

“The US market should be an industry goal while attempting to reach the skilled and ever-evolving markets of China and India.


Sri Lanka’s listed corporates now recover from income recession.

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Sri Lanka’s listed corporates now recover from income recession.

By: Staff Writer

Colombo (LNW): Sri Lanka’s listed corporations are now recovering after the income recession experienced during the past few years.

First Capital Research makes bullish call on equities as they expect all share price index ASPI of the stock market to reach 13,500 at end 2024

It says corporate earning bottomed out in 3% when they slowed their decline to 5% while expecting 4Q 2024 earnings to record 1% growth from a year ago levels

First Capital Research (FCR) opined that corporate earnings bottomed out in the third quarter of 2023 when such earnings slowed their decline to 5 percent after slumping 65 percent and 70 percent respectively in the first and the second quarters this year, which were more severe than initially anticipated.

This in fact had a bearing on FCR’s 2024 year-end call for the All Share Price Index (ASPI) which they lowered to a range between 13,000 and 14,000.

“Market earnings are to recover from 4Q2023 onwards. However, market earnings for 2024E in absolute terms was tamed down amidst the steep drop in 2023 earnings, pushing the PER to 12x on 2023E earnings,” FCR said in their latest Equity Strategy Report released recently.

They expect the 4Q earnings to have recorded a 1 percent growth from a year ago levels, setting off a continued rebound in the quarterly earnings pushing the benchmark indices higher, making stocks again investable.

Their earnings forecasts are also in line with the growth anticipated in the economy which is expected to have rebounded from the fourth quarter in 2023, although the overall economy would still end up in a decline by about 3.0 to 4.0 percent compared to 7.8 percent contraction in 2022.

They also projected a 3-4 percent growth in the GDP in 2024 and 2025 as the economy gradually recovers from the economic crisis.

While the declining interest rates are going to be a major catalyst for the equities to perform better as expected, FCR however highlighted potential political risks coming from the scheduled elections next year to somewhat dampen the rally and investor sentiments.

They also said the potentially successful completion of the external debt restructuring, progress on State owned Enterprise reforms and the release of the second tranche of the International Monetary Fund will also influence in building investor confidence and bringing the yields of the government securities further down.

Due to their bullish calls for equities, FCR recommended equity funds to raise their equity exposure to 100 percent from their earlier 85 percent while reducing their cash exposure to zero.

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