June 15, Colombo (LNW): Sri Lankans currently residing in the country on holiday while employed in Israel have been urged to take immediate action in light of the ongoing unrest in the region, according to a special advisory issued by the Sri Lankan diplomatic mission in Tel Aviv.

With air travel severely disrupted due to the escalating hostilities and closure of airports in Israel, returning to the country as scheduled has become increasingly uncertain. The Sri Lankan Embassy has warned that individuals who are unable to re-enter Israel before their visa validity lapses may face restrictions on future travel, potentially barring them from returning to their places of employment.

Ambassador Nimal Bandara, speaking from Tel Aviv, stressed that it is imperative for all affected Sri Lankan nationals to notify the embassy without delay if their return is likely to be postponed. He explained that efforts are already underway to engage with Israeli authorities to explore the possibility of extending the re-entry visa period for affected individuals.

However, he underscored that the embassy needs to receive accurate information from citizens currently in Sri Lanka in order to advocate effectively on their behalf.

To facilitate the process, Sri Lankans who are temporarily in Sri Lanka but employed in Israel have been asked to send their personal details via WhatsApp to one of the following numbers: 071-844 7305, 071-683 3513, or 071-974 2095.

The embassy has specifically requested that these details be submitted by the end of today, 15 June, to ensure timely coordination.

In a related development, the Sri Lankan Embassy has confirmed that a Sri Lankan woman residing in the coastal city of Bat Yam sustained minor injuries during overnight attacks carried out by Iran. The incident, which occurred in the early hours of the morning, involved the shattering of glass windows, resulting in a cut to the woman’s right hand. She was promptly attended to, and her injuries have been described as non-critical. Ambassador Bandara noted that her condition is stable and that she is receiving appropriate care.

June 15, Colombo (LNW): President Anura Kumara Dissanayake has concluded a significant diplomatic mission to the Federal Republic of Germany, marking his first official state visit to the European nation.

The visit, which took place from June 11, focused on advancing economic collaboration, enhancing political engagement, and showcasing Sri Lanka’s evolving development agenda.

The President’s tour followed an invitation extended by German President Frank-Walter Steinmeier, who welcomed him with full ceremonial honours at Bellevue Palace in Berlin.

Their bilateral discussions revolved around mutual aspirations for closer ties, particularly in emerging sectors such as vocational education, sustainable tourism, and economic diversification.

In his meetings, President Dissanayake briefed German officials on the progress Sri Lanka has made towards economic stabilisation, political reform, and reconciliation. He expressed the nation’s commitment to creating a more robust and transparent economic environment conducive to international investment.

Notably, vocational training emerged as a priority theme, with both sides recognising the potential of skills development to support long-term economic recovery.

The President also held key talks with prominent members of the German government, including Foreign Minister Dr Johann Wadephul and Federal Minister for Economic Cooperation and Development Reem Alabali-Radovan.

These engagements provided a platform to discuss trade cooperation, bilateral assistance programmes, and Germany’s long-standing support for Sri Lanka’s development efforts. Particular appreciation was shown for landmark German-funded projects such as the Friendship Maternity Hospital in Galle and the Technical Training Institute in Kilinochchi.

President Dissanayake further explored avenues for collaboration in tourism by meeting representatives of Germany’s outbound tourism sector. He outlined Sri Lanka’s vision for a sustainable and resilient tourism industry, emphasising the government’s intent to strengthen workforce capacity, encourage responsible tourism investment, and ensure that growth in the sector aligns with the island’s ecological and cultural priorities.

Economic diplomacy was a cornerstone of the visit. At a business roundtable co-organised by the Sri Lankan Embassy in Berlin, the German Chamber of Commerce and Industry (DIHK), and the German Asia-Pacific Business Association (OAV), President Dissanayake addressed an audience of corporate leaders and investors. He outlined Sri Lanka’s commitment to regulatory reform, economic openness, and regional connectivity, encouraging German businesses to explore new opportunities in the island nation.

While in Berlin, Sri Lanka’s Foreign Minister Vijitha Herath met with Dr Thomas Steffen, State Secretary of the German Federal Ministry for Economic Affairs and Energy. The discussions centred on Sri Lanka’s improved political stability and steps taken to attract foreign direct investment, reaffirming both countries’ shared interest in deeper economic cooperation.

Accompanying the President were senior government officials including Ambassador Varuni Muthukumarana, Director General for Europe and North America Sugeeshwara Gunaratna, and Board of Investment Chairman Arjuna Herath. Their presence underscored the administration’s intent to present a cohesive and forward-thinking development strategy to international partners.

June 15, Colombo (LNW): Showers will occur at times in Western, Sabaragamuwa, Central, Southern and North-western provinces, the Department of Meteorology said in its daily weather forecast today (15).

Heavy falls about 100 mm are likely at some places in the Western, Sabaragamuwa and North-western provinces and in Nuwara-Eliya, Kandy, Galle and Matara districts.

Several spells of showers will occur in the Northern province and in Anuradhapura district.

Showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts during the afternoon or night.

Strong winds of about (50-60) kmph can be expected at times over Western slopes of the central hills and in Northern, North-central, Sabaragamuwa, North-western and Southern provinces and in Trincomalee district.

The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds.

Marine Weather:

Condition of Rain:
Showers will occur at several places in the sea areas off the coast extending from Puttalam to Hambantota via Colombo and Galle.

Winds:
Winds will be south-westerly.

wind speed will be (35-45) kmph and can increase up to (60-70) kmph at times in the sea areas off the coast extending from Puttalam to Mullaittivu via Kankasanthurai and Mannar and from Hambantota to Pottuvil.

Wind speed will be (30-40) kmph in the other sea areas around the island.

Wind speed can increase up to (50-55) kmph at times in the sea areas extending from Puttalam to Hambantota via Colombo and Galle and from Mullaitivu to Vakarai via Trincomalee.

State of Sea:
The sea areas off the coast extending from Chilaw to Kankasanthurai via Puttalam to Mullaittivu via Kankasanthurai and Mannar and from Hambantota to Pottuvil will be very rough at times.
Naval and fishing communities are advised not to venture into these sea areas, until further notice.

The sea areas extending from Puttalam to Hambantota via Colombo and Galle and from Mullaitivu to Vakarai via Trincomalee will be rough at times.

The wave height may increase (about 2.0 – 2.5 m) in the sea areas off the coast extending from Mannar to Pottuvil via Puttalam, Colombo, Galle and Hambantota (this is not for land area).

Naval and fishing communities are requested to be vigilant in this regard.

Sri Lanka is edging closer to securing its next tranche of International Monetary Fund (IMF) funding, with the global lender acknowledging the country’s commitment to tough economic reforms. However, several critical IMF benchmarks remain unfulfilled, particularly in 2025, raising questions about the durability of Sri Lanka’s recovery trajectory.

Julie Kozack, Director of the IMF’s Communications Department, announced that a Staff-Level Agreement was reached on April 25 for the fourth review of Sri Lanka’s Economic Reform Programme. The deal moves Sri Lanka a step closer to receiving around $344 million in financial assistance, pending approval from the IMF Executive Board.

“The program and Sri Lanka’s ambitious reform agenda continue to deliver commendable outcomes,” Kozack said. She pointed to gains in macroeconomic stability, including low inflation, a rebound in economic growth, rising foreign reserves, and progress in debt restructuring.

Among the most recent steps taken by Sri Lanka is a 15% increase in electricity tariffs and the publication of revised bulk supply transaction account guidelines by the Public Utilities Commission—actions that fulfill prior conditions required for the next IMF disbursement.

Yet, despite the progress, Sri Lanka has fallen short in several critical areas tied to IMF benchmarks in 2025. These include delays in fully implementing the new Public Procurement Law, gaps in asset recovery legislation, and slow progress in operationalizing recommendations outlined in the IMF’s Governance Diagnostic Report. Additionally, concerns remain over Sri Lanka’s ability to sustain tax revenue improvements and maintain fiscal discipline ahead of the 2025 presidential elections.

Governance reforms—especially related to transparency, anti-corruption, and institutional independence—are central to IMF expectations. While Sri Lanka has published an updated governance action plan, its execution remains partial and uneven.

Kozack stressed that maintaining momentum is vital. “It’s important to acknowledge this progress and ensure that reform momentum continues through the remainder of the current program,” she said. “Elevated global economic risks can impact countries like Sri Lanka, and if needed, the IMF stands ready to recalibrate policies within the existing framework.”

Sri Lanka’s road to economic recovery remains fragile. While near-term indicators show signs of improvement, meeting outstanding IMF conditions is crucial for long-term stability and regaining investor confidence. The exact date for the IMF Executive Board’s decision has not been announced, but it will hinge on the timely and full implementation of prior actions.

As the country approaches the halfway mark of its IMF program, the coming months will be decisive in determining whether Sri Lanka can maintain reform discipline—or risk setbacks in its path to economic recovery.

DFCC Bank PLC has made history by becoming the first foreign corporate entity to list a bond on the National Stock Exchange – International Exchange (NSE IX) at GIFT City, India. This milestone marks a major advancement for Sri Lanka’s capital markets and positions DFCC Bank as a regional leader in sustainable finance.

The listing of DFCC Bank’s Green Bond on NSE IX completes a strategic multi-listing journey that began with its initial issuance in Sri Lanka, followed by a dual listing on the Luxembourg Stock Exchange. This latest listing not only enhances the bank’s access to global capital markets but also highlights its commitment to cross-border, scalable sustainable finance.

A ceremonial bell-ringing event was held on 9 June 2025 at the Grand Mercure, GIFT City, to mark the occasion. The event was attended by several dignitaries, including K. Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA), as the Chief Guest. DFCC Bank was represented by CEO Thimal Perera and Senior Vice President Prins Perera.

“This listing is a signal of Sri Lanka’s readiness to engage regionally through future-forward finance,” said Thimal Perera. “DFCC Bank is showing how institutions in emerging economies can structure sustainable capital in line with global standards. This achievement bridges South Asia’s financial systems with international markets in a meaningful, purpose-led way.”

V. Balasubramaniam, MD and CEO of NSE IX, welcomed the listing, stating, “We are pleased to have DFCC Bank PLC as the first foreign issuer on NSE IX at GIFT IFSC. The Rs. 2.5 billion Green Bond listing reflects the potential for greater regional collaboration through GIFT City and supports BIMSTEC’s vision for stronger trade and investment ties.”

Proceeds from the bond will be used to finance renewable energy initiatives in Sri Lanka, particularly solar power projects that meet the Sri Lanka Green Finance Taxonomy. These investments contribute toward the nation’s goal of sourcing 70% of its energy from renewable sources by 2030.

The Green Bonds are aligned with the International Capital Market Association’s Green Bond Principles and support the United Nations Sustainable Development Goals—specifically SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action).

In a promising move that blends international innovation with local expertise, a new partnership has been forged between  New Zealand’s Product Accelerator (NZPA) and EML Consultants (Pvt) Ltd. of Sri Lanka signaling  a strategic leap forward for small and medium-sized enterprises (SMEs) looking to harness cutting-edge technology and expand into global markets.

With the aim of bridging hemispheric innovation, Dr. Karnika De Silva—a respected Senior Materials Expert of New Zealand’s Product Accelerator (NZPA)—will partner with Sri Lanka-based consultancy firm EML Consultants (Pvt) Ltd.

This strategic partnership is striving to deliver cutting-edge, sustainable, and inclusive technologies in solving regional infrastructure and environmental challenges, with specific focus on Sri Lankan manufacturing and rubber products sectors.

Dr. De Silva, with his grassroot knowledge of polymer science, rubber technology, and sustainable materials engineering, is a pivotal individual at NZPA, a government-supported national platform housed at the University of Auckland.

Our role is to bridge the gap between the capabilities of research and the needs of industry. We do not dump deep science on the companies but rather provide them with targeted, timely, and low-risk R&D for rapid commercialization,” she explains. NZPA engages over 100 researchers across seven universities and two Crown Research Institutes (CRIs) in building an innovation hub.

Dr. De Silva’s professional and personal background is in Sri Lanka. As a former Deputy Director of Research in Technology at the Rubber Research Institute of Sri Lanka (RRISL), she has played an important role in opening up overseas markets for Sri Lankan rubber manufacturers.

“With my background and strong links in both countries, I’m in a unique position to connect Sri Lankan SMEs with NZ’s advanced technological solutions,” she notes.

Her most recent collaboration with EML Consultants aligns with their vision to create climate-resilient, low-carbon infrastructure in the Asia and Middle Eastern region. “EML’s regional development and sustainability initiatives are perfectly positioned to utilize NZPA’s cutting-edge capability—whether it is robotics, AI application for Agritech, air quality sensors, or green materials in infrastructure,” she says.

The NZPA engagement model—Engage, Define, Connect, Deliver—is designed for practical application. It allows EML to harness New Zealand’s cutting-edge manufacturing technologies, including seaweed-based cosmetics, geothermal nano-silica for green tires (already commercialized in Sri Lanka), and tropical climate sustainable coatings.

These collaborations not only de-risk R&D investment for Sri Lankan SMEs but also accelerate their entry into international markets.

Dr. De Silva mentions a recent success. “We re-engineered pylons that are installed on New Zealand’s horse racing tracks. The client had no idea that rubber could be a viable solution, but we supplied a durable, UV-resistant product within three months—available for mass production. This is the kind of fast, applied innovation that might also be available for Sri Lankan businesses.”

Beyond materials science, Dr. De Silva points to the possibilities of taking Sri Lankan innovation to a policy platform. She mentions New Zealand’s forward-thinking approach, for example, the assignment of a dedicated Minister of Manufacturing and national respect for researchers. “It would be wonderful if Sri Lanka too institutionalized to reward scientists and engineers in commercialization, not just in academia but also in the private sector.”

As a last candidate for the Excellence in Leadership in manufacturing award in New Zealand, Dr. De Silva is a strong testimony of what can be accomplished through cross-border collaboration. Her message to Sri Lankan stakeholders is clear-cut: “Tap into New Zealand’s proven innovation models. Collaborations like EML and NZPA are just the beginning—together, we can build a more sustainable, inclusive, and technologically advanced future.”

This joint effort between NZPA and EML Consultants offers a new page in Sri Lanka’s journey towards sustainable production and infrastructure development—informed by science, driven by collaboration, and focused on pragmatic outcomes.

Q Collection Pte. Ltd., a Singapore-based apparel manufacturer recognised for its operational excellence and product diversification, has launched manufacturing operations in Sri Lanka with a strategic support from Hela Apparel Holdings PLC, a leading global apparel solutions provider.

As part of this process, Q Collection has acquired and assumed operational control of Hela Group’s subsidiary, Jinadasa Bennett (Private) Limited.  The transaction includes the transfer of operational assets and employees based at these manufacturing sites.

All employees at the manufacturing facilities have been offered continued employment under their existing terms, with no loss of accumulated benefits, ensuring workforce continuity and operational stability.

“This initiative reflects Q Collection’s commitment to delivering world-class manufacturing solutions in collaboration with globally renowned apparel brands” said Senthil Selvan, Group Chief Executive Officer of Q Collection.

“We are expanding our manufacturing footprint to enhance supply chain resilience and evolve into a multi-country apparel producer. Sri Lanka was selected for its strengths in high-end, ethical manufacturing—particularly in the underwear category. We are proud to collaborate with Hela Apparel Holdings in this strategic move to establish a strong foundation in the country and execute our long-term plans.”

The collaboration supports both companies’ strategic objectives: Hela’s transformation into a hybrid model of owned, managed, and partner-enabled manufacturing solutions, and Q Collection’s continued growth across South Asia as a sustainable manufacturing base for the global brands.

“This initiative provides opportunities for both companies to unlock greater potential. At the same time, this will also support our financial targets for this year, as the proceeds will be used to settle our short-term liabilities and strengthen the Company’s financial position,” said Sanath Amaratunga, Chief Executive Officer – Manufacturing Division.

“Hela remains committed to advancing our capabilities across our remaining six facilities in Sri Lanka, Kenya, and Egypt.”

The establishment of Q Collection’s operations aligns with Sri Lanka’s broader ambition to position itself as a regional hub for apparel manufacturing and innovation. This initiative highlights the potential of cross-border collaborations to enhance competitiveness, strengthen regional supply chains, generate employment, and attract long-term foreign investment.

It also reflects the growing interest of international stakeholders in the Sri Lankan apparel sector, particularly from those seeking agile, ethical, and scalable production solutions.

Q Collection is a Singapore-headquartered apparel manufacturing company specialising in high-efficiency, high-quality production solutions for global apparel brands. With a growing footprint in South Asia and a strong reputation for reliability and performance, Q Collection delivers manufacturing excellence through strategic partnerships and leading operational practices.

Hela Apparel Holdings PLC is a global fashion conglomerate offering end-to-end supply chain solutions to some of the world’s most recognised international brands. With manufacturing operations in Sri Lanka, Kenya, and Egypt, and a brand management arm in the United Kingdom, Hela is committed to sustainable growth and continuous innovation across the apparel value chain.

In pictures:

Picture 1: Senthil Selvan, Group Chief Executive Officer – Q Collection Pte. Ltd

Picture 2: Sanath Amaratunga, Chief Executive Officer – Manufacturing Division, Hela Apparel Holdings PLC