September 22, Colombo (LNW): President Anura Kumara Dissanayake is set to embark on an official visit to the United States today, where he will participate in a series of high-level engagements, including addressing the 80th session of the United Nations General Assembly (UNGA) in New York.
The President’s visit is seen as a key diplomatic mission, as Sri Lanka seeks to strengthen its presence on the global stage amid ongoing efforts to re-engage with international partners. He is expected to deliver his address to the UN General Assembly on Wednesday at 3:15 p.m. local time, where he will outline Sri Lanka’s foreign policy priorities, domestic reforms, and its stance on pressing global issues.
In addition to his address at the General Assembly, President Dissanayake will hold bilateral discussions with the United Nations Secretary-General, as well as several other world leaders. These talks are expected to focus on areas such as sustainable development, regional security, climate resilience, and economic cooperation.
The President is also scheduled to engage with members of the Sri Lankan community during his visit. A special meeting has been organised to facilitate dialogue between the Head of State and Sri Lankan nationals living in the United States, with discussions likely to centre on investment opportunities, national reconciliation efforts, and the role of the diaspora in the country’s future development.
Accompanying the President on this official tour is Minister of Foreign Affairs, Foreign Employment, and Tourism Vijitha Herath, who is expected to play a supporting role in several of the diplomatic discussions and promote Sri Lanka’s tourism and labour engagement strategies on the international platform.
President Embarks on Official Visit to United States for High-Level UN Engagements
Islandwide Mobile EPF Initiative Launched to Support Workers
September 22, Colombo (LNW): A nationwide outreach programme aimed at supporting members of the Employees’ Provident Fund (EPF) has officially been launched today, marking the beginning of what is being called the EPF Mobile Service Week.
The initiative, spearheaded by the Ministry of Labour, seeks to bring essential services directly to communities across the country.
The first event took place this morning in Jaffna, with Deputy Labour Minister Mahinda Jayasinghe attending as the chief guest. Designed to improve accessibility and address long-standing concerns of EPF contributors, the mobile service is expected to cover multiple districts over the coming days.
Officials from the Ministry noted that the programme has been tailored to provide a wide array of services, going beyond routine administrative support. Participants will be able to resolve discrepancies in their EPF accounts, submit claims, and receive personalised assistance from Ministry representatives.
In addition, the mobile units will host job fairs aimed at connecting jobseekers with prospective employers, particularly targeting youth and those recently displaced from employment. Legal experts will also be on hand to offer guidance on workplace rights, retirement entitlements, and EPF regulations — an offering intended to empower workers with knowledge of their legal protections and responsibilities.
Court Extends Remand of Ex-Minister Shasheendra Rajapaksa Amid Corruption Allegations
September 22, Colombo (LNW): Former Minister Shasheendra Rajapaksa will remain in custody until September 30 following a ruling by the Colombo Chief Magistrate’s Court earlier today (22).
The court dismissed a request for bail, opting instead to extend his remand as investigations into corruption charges continue.
Presiding Magistrate Asanka S. Bodaragama issued the order after reviewing the details presented by legal representatives and investigators. The decision reflects the court’s view that the nature of the allegations warrants continued judicial oversight while inquiries are underway.
Rajapaksa stands accused of unlawfully securing financial compensation amounting to Rs. 8.85 million. The funds were reportedly claimed as recompense for the damage caused to a political office he had constructed on Mahaweli land — a location not legally sanctioned for such use.
The building was destroyed during the mass public protests that took place during the 2022 ‘Aragalaya’ movement, a period of widespread unrest that led to the downfall of several high-ranking political leaders.
The Commission to Investigate Allegations of Bribery or Corruption, which initiated the arrest, alleges that Rajapaksa’s compensation claim was made in violation of the Anti-Corruption Act, categorising the act as a clear instance of misusing public resources for personal gain.
President Declares Electricity Supply Services Essential Amid Concerns of Disruption
September 22, Colombo (LNW): President Anura Kumara Dissanayake has formally declared that all operations connected to the provision of electricity are now categorised as essential public services, following the issuance of a special gazette on 21 September.
Acting under the authority granted by the Essential Public Services Act No. 61 of 1979, the President made this designation in light of potential threats to the uninterrupted functioning of electricity-related services across the country.
The directive, conveyed through an Extraordinary Gazette issued by the Secretary to the President, Dr N. S. Kumanayake, applies to all entities involved in the generation, transmission, and distribution of electricity. This includes government departments, public corporations, provincial and local authorities, as well as co-operative societies engaged in energy provision.
Prevailing showery, windy condition over south western parts of Island further expected to continue (Sep 22)
September 22, Colombo (LNW): Prevailing showery and windy condition over the south western parts of the island is expected to continue, the Department of Meteorology said in its daily weather forecast today (22).
Showers will occur at times in Western and Sabaragamuwa provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts.
A few showers may occur in North-western province.
Showers or thundershowers are likely at a few places in Uva province and in Ampara and Batticaloa districts after 2.00 p.m.
Fairly strong winds of about (30-40) kmph can be expected at times over Western slopes of the central hills and in Central, Northern, North-central and North-western provinces and in Trincomalee and Hambantota districts.
The general public is kindly requested to take adequate precautions to minimise damages caused by lightning and temporary localised strong winds during thundershowers.
Marine Weather:
Condition of Rain:
Showers are likely at several places in the sea areas off the coast extending from Puttalam to Matara via Colombo and Galle.
Winds:
Winds will be south-westerly and wind speed will be (30-40) kmph.
Wind speed can increase up to (50-55) kmph at times in the sea areas off the coast extending from Chilaw to Trincomalee via Mannar and Kankasanthurai and from Matara to Pottuvil via Hambantota.
State of Sea:
The sea areas off the coast extending from Chilaw to Trincomalee via Mannar and Kankasanthurai and from Matara to Pottuvil via Hambantota may be rough at times.
A Nation Reclaimed: One Year of Renewal, Justice, and Hope
An Editorial Reflection
By: Roger Srivasan
Today we mark one year of visionary leadership — a year that reclaimed our nation from fear, corruption, and division, and set it on the path of justice and renewal.
One year ago, a weary nation placed its trust in new leadership — not out of blind hope, but out of a desperate need for change. For too long, the country had suffered under the weight of corruption, nepotism, and mismanagement. The people longed for a leader who would not merely promise reform, but embody it; one who would not rule from above, but serve from among them.
In a single year, much has changed. Fear no longer dictates the rhythm of daily life. The drug barons and underworld lords who once operated freely — some from foreign soil, issuing orders of violence and death — have been hunted down. Their empires lie fractured, their reign of terror dismantled. For the first time in decades, the streets whisper not of fear, but of freedom.
The cancer of corruption, too, has been confronted head-on. Politicians who grew fat on the people’s poverty now find themselves ensnared by justice. Their hidden wealth is being seized, their impunity stripped
away. The message is clear: no one is above the law.
Yet the leader who has guided this renewal has not sought the limelight. He shuns grandeur, choosing instead the quiet path of service. He is, in truth, an asset to the nation and a gift to the people — a leader
delivered by Providence, walking a few steps ahead of those who would harm the Republic.
Perhaps the most profound transformation has been moral: the banishment of racism from politics. For decades, cynical leaders played the vile trump card of ethnic division, pandering to the majority Sinhala community while alienating Tamils, Muslims, and others. That era is gone. Today, all races are embraced with dignity and equality, each community valued as a cherished child of the nation. Diversity, once manipulated for division, is now celebrated as strength.
This first year is not the end of the journey, but the foundation of a greater one. The task ahead remains immense: rebuilding institutions, restoring the economy, and deepening democracy. But the trajectory has
shifted. The people know, at last, that change is possible— that a nation once betrayed can be reclaimed.
One year on, the promise of renewal shines bright. Justice is no longer a dream, but a reality in motion. Hope is no longer an illusion, but a force alive in every village and city. This is not merely a new chapter
in the nation’s story. It is a reclamation — of justice, of unity, of dignity. Above all, it is the beginning of a dawn that belongs to every citizen, now and for generations to come.
Sri Lanka Set for Stable Growth as Investors Eye Post-Crisis Opportunities
By: Staff Writer
September 21, Colombo (LNW): Sri Lanka’s battered economy appears to be entering a new phase of stability and growth, with international investors increasingly optimistic about its long-term prospects. After years of crisis and political turbulence, the country is now regaining momentum on the back of reforms, improved governance, and recovering investor confidence.
Asia Frontier Capital (AFC) Fund Manager Ruchir Desai, writing recently in International Banker, described Sri Lanka as one of the most compelling investment destinations in Asia. “With an outlook for stable growth, a universe of exceptionally well-run companies with good corporate governance, and valuations that are still below pre-crisis levels,
Sri Lanka remains a top country pick for our AFC Asia Frontier Fund,” he said. The country currently accounts for nearly 13% of AFC’s Asia Frontier Fund, making it the second-largest holding.
Economic data supports this cautious optimism. Sri Lanka’s GDP expanded by 5% in 2024 and by 4.9% in the first half of 2025, surpassing expectations.
Growth has been fueled by domestic consumption, renewed business and infrastructure investment, and a strong rebound in tourism. Visitor arrivals are expected to reach 2.5 million this year, exceeding pre-pandemic levels and underlining the sector’s importance to the recovery. Worker remittances have also surged as the rupee stabilized, strengthening household incomes and domestic demand.
Desai recalled that when he visited Colombo in late 2022, the country was at its lowest point in decades, with the stock market trading at a price-to-earnings ratio of just four times. Since then, the Central Bank’s decisive interventions steep rate hikes, a managed devaluation, and subsequent easing as inflation cooled combined with the IMF’s Extended Fund Facility program in 2023, have helped restore credibility to the economy.
The Colombo Stock Exchange has since surged nearly 200% in US dollar terms, and remains attractively valued compared to pre-crisis levels.
The 2024 elections, which brought Anura Kumara Dissanayake and the National People’s Power coalition to power, are seen as a political inflection point. Investor confidence was reflected in the CSE’s 34.5% surge in the final quarter of 2024, followed by a further 19% gain so far in 2025. For many analysts, the decisive mandate reduced political uncertainty and opened the way for deeper reforms.
Looking ahead, tourism and logistics stand out as key growth drivers. With its deep-sea terminals and strategic geographic location, the Port of Colombo is well-positioned to become a major South Asian logistics hub. Desai argued that policies to strengthen trade and logistics could deliver long-term dividends, while Sri Lanka’s proximity to India offers another opportunity. Just as Southeast Asian economies leveraged China’s rise in the 2000s, Sri Lanka could benefit from India’s rapid economic expansion, particularly in tourism and trade.
Global uncertaintiessuch as US trade policy shift pose risks, but Desai noted Sri Lanka’s limited exposure, with exports to the United States accounting for just 3% of GDP. Instead, he stressed that Sri Lanka’s recovery is driven largely by domestic reforms and resilience.
The key challenge now, he cautioned, is to ensure that policymakers do not become complacent in the face of renewed optimism. “The stage has now been set for Sri Lanka to achieve a period of stable growth,” he wrote, “but this requires disciplined execution of reforms to secure long-term benefits for companies, investors, and the country at large.”
Sinopec’s Hambantota Refinery Plan Tests Sri Lanka-India Balance
By: Staff Writer
September 21, Colombo (LNW): Sri Lanka’s energy landscape is once again at the centre of geopolitical currents, as Chinese state-owned oil giant Sinopec prepares to invest $3.7 billion in a refinery at Hambantota, a project that promises major economic benefits but raises strategic anxieties particularly in New Delhi.
The Ceylon Petroleum Corporation (CPC) clarified this week that it would not be bound to purchase refined fuel products from Sinopec once the refinery begins operations.
CPC Managing Director Mayura Neththikumarage stressed that the government was merely considering allowing Sinopec to sell up to 40% of its refined output domestically. “There is no guaranteed commitment from CPC or any other player,” he said, noting that local purchases would depend entirely on competitive pricing through open tenders.
This stance highlights Colombo’s effort to present the refinery project as a commercial venture rather than a strategic concession.
Sinopec, headquartered in Beijing and the world’s largest oil refiner by capacity, has agreed to fast-track the Hambantota refinery with a daily processing capacity of 200,000 barrels four times the size of Sri Lanka’s existing Sapugaskanda facility.
Most of the production is expected to be exported, but even a 40% local allocation would reshape the island’s petroleum market, now dominated by CPC and Lanka IOC (LIOC), the subsidiary of India’s state-run oil major.
For Sri Lanka, the stakes are high. CPC still holds more than half of the retail fuel market and operates the sole refinery at Sapugaskanda, which processes 50,000 barrels daily.
It reported profits of Rs. 18 billion in the first half of 2025, showing resilience even under debt pressure. LIOC commands around 18–20% of the retail market and has expanded aggressively, particularly in lubricants and marine fuel. In recent years, new entrants such as Shell (through US-based RM Parks) have attempted to diversify the market, though Australian firm United Petroleum withdrew in 2024.
Against this competitive backdrop, Sinopec’s entry represents not only an economic opportunity but also a political balancing act. India has long been wary of China’s presence in Sri Lanka’s southern Hambantota region, already home to a Chinese-built and leased port. Energy infrastructure at the same location could heighten Indian concerns of a dual-use facility, blending commercial and strategic purposes.
The challenge for Sri Lanka’s National People’s Power (NPP)-led government is to manage these competing pressures.
On one hand, Hambantota’s refinery could boost foreign direct investment, create jobs, and reduce import dependency for refined fuel. On the other, it risks aggravating India, Sri Lanka’s largest neighbour and crucial economic partner, especially as New Delhi has supported Colombo with credit lines during its economic crisis.
Analysts suggest that the refinery’s implementation will depend on Colombo’s ability to keep it within a transparent commercial framework while offering assurances to India that its security concerns will not be undermined. “This is less about fuel supply and more about geopolitics,” one Colombo-based economist noted, arguing that Sri Lanka cannot afford to antagonize either China or India in the current climate.
Construction of the refinery is scheduled for completion within three years, with ongoing negotiations over the extent of domestic sales. Whether this ambitious project moves smoothly forward or stalls under geopolitical pressure will test the NPP government’s ability to balance economic recovery with regional sensitivities.
CEB Seeks Tariff Hike as IMF Demands Transparent Pricing Formula
By: Staff Writer
September 21, Colombo (LNW): Sri Lanka’s loss-making state power utility, the Ceylon Electricity Board (CEB), has requested yet another tariff hike an overall 6.8% increase for the October to December quarter citing surging energy and financing costs alongside long-standing debt tied to the controversial Uma Oya hydro project.
The proposal, submitted to the Public Utilities Commission of Sri Lanka (PUCSL), would mark the third tariff revision in 2025 and affect more than 7.2 million electricity users.
The CEB warns that without higher tariffs, it faces a Rs 7.7 billion deficit in the final quarter of the year. Its revenue forecast of Rs 112.3 billion falls well short of the Rs 125.3 billion needed to cover generation, capacity, transmission, distribution, and finance costs. Energy expenses alone are projected at Rs 68.4 billion, with the utility blaming rising demand.
Financial disclosures paint a bleak picture. For the first half of 2025, the CEB reported a group loss of Rs 9.5 billion, with revenue plummeting 38% year-on-year to Rs 201.5 billion.
Although lower interest rates have cut financing costs to Rs 7.78 billion, legacy debt continues to drain the utility. Loan repayments and interest payments account for more than Rs 6 billion this quarter alone, including capital repayments of Rs 4.3 billion and interest of Rs 1.7 billion.
A portion of the debt stems from a Rs 20 billion debenture issued in April 2021 at a 9.35% coupon rate far higher than government securities. Most of these funds, Rs 14 billion, were spent on paying private power producers, while another Rs 6 billion went to the Ceylon Petroleum Corporation. Debenture interest now adds another Rs 471 million to CEB’s costs.
The Uma Oya hydro project remains a costly burden. Financed partly by an Iranian loan during the Mahinda Rajapaksa era, the project has triggered payment obligations of USD 5 million (Rs 1.5 billion) due to delays.
The CEB admits that more than USD 19.3 million (Rs 5.8 billion) remains overdue to contractor Farab, with only partial payments made. In a Cabinet decision, the Ministry of Agriculture has been tasked with shouldering some of the debt repayment, raising concerns over fiscal transparency.
Adding to the controversy, the CEB’s cost forecasts have repeatedly proven unreliable. Its June estimates for power generation, finance costs, and distribution revenue are now off by billions, with the utility offering only the vague explanation of “a significant increase in all major cost items.” Errors in transmission revenue calculations flagged in previous submissions also remain unresolved, while fuel supply agreements for key plants have yet to be signed.
These developments unfold against the backdrop of an IMF technical team’s visit to Colombo, which reviewed electricity sector reforms under the Extended Fund Facility (EFF). The IMF has pressed for a formula-driven, cost-reflective tariff mechanism to eliminate ad-hoc hikes and shield consumers from inefficiencies. Its latest technical report emphasized that tariff discipline is essential for unlocking further external financing.
Analysts warn that consumers will once again shoulder the burden of decades of mismanagement. “The CEB is passing structural inefficiencies onto the public instead of fixing them,” one energy sector expert observed. “The IMF’s formula is meant to depoliticize tariffs, but unless governance improves, these hikes will only buy time.”
As unions resist restructuring and households brace for higher bills, the government is caught between public backlash and IMF demands. The October tariff proposal now stands as a test of whether Sri Lanka can finally confront its power sector’s entrenched flaws—or whether, as in the past, consumers will pay for the failures of the state.
Sri Lanka’s Innovation Hub Ambitions Threatened by Short of Funding
By: Staff Writer
September 21, Colombo (LNW): Sri Lanka’s startup ecosystem is showing signs of acceleration, but beneath the optimism lie persistent challenges that could stall its growth if urgent reforms are not implemented. The country, long praised for its strong ICT sector and high literacy rate, has recently begun attracting global attention, yet the numbers reveal that it remains far behind regional competitors in both funding and policy support.
According to global startup mapping platform StartupBlink, Sri Lanka’s ecosystem expanded by 47.2% in 2025, climbing to 68th place worldwide.
The island now hosts around 316 startups, but total venture funding raised this year is still modest at just over US$4 million. Tracxn, a global data provider, reported that only one significant equity round had closed by April 2025, valued at US$4.5 million.
This level of activity pales in comparison to neighboring ecosystems in Southeast Asia, where venture capital inflows often exceed 0.5% of GDP. In Sri Lanka, the figure is a fraction of thatbarely scratching 0.01%.
Industry experts argue that Sri Lanka should aim to scale venture investment to at least 0.1% of GDP, or about US$80 million annually, if it is to nurture startups capable of competing globally.
The government has acknowledged these gaps and announced the launch of a state-backed “Fund of Funds” to catalyze private capital inflows into local venture funds and early-stage companies. Yet questions remain about the pace of implementation and whether such measures can be rolled out quickly enough to match investor appetite.
Policymakers are also pledging to strip away bureaucratic red tape and create investor-friendly regulatory frameworks. The 2025 national budget introduced several digital economy initiatives, including a Digital Economic Authority, a data protection framework, and a national digital ID program, all aimed at building trust in Sri Lanka as a modern innovation hub.
Officials have set an ambitious target of generating US$15 billion in revenue through the digital economy by 2030, with ICT exports expected to contribute at least US$5 billion.
Despite these initiatives, critical gaps remain. Sri Lanka ranks 93rd out of 139 economies in the Global Innovation Index for 2025, with weaknesses in research capacity, institutional support, and business sophistication.
While the country has produced success stories such as Roar, InsureMe, and Mint Pay through programs like Venture Engine, the broader ecosystem struggles to convert academic research into commercial products. Inconsistent policy enforcement, high infrastructure costs, and a lack of reliable seed capital continue to deter both local and foreign investors.
The presence of over 35 global investors at events such as the Venture Engine Finale and Disrupt Asia underscores international interest in Sri Lanka’s entrepreneurial potential. Fintech pioneer Vijay Shekhar Sharma, founder of India’s Paytm, recently urged the island to seize this moment and transform into a regional digital leader.
But without bold government action to close funding gaps, expand infrastructure, and deliver regulatory clarity, much of this momentum risks dissipating.
Sri Lanka is therefore at a crossroads. With global investors watching closely and a pool of skilled professionals ready to innovate, the opportunity is clear. The question is whether the government can act decisively to create an environment where startups move from survival to global scale or whether the island will once again be overshadowed by its faster-moving neighbors.