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Over 9,100 Sri Lanka Army Personnel Promoted for Independence Day

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In line with the 78th National Independence Day celebrations, the Sri Lanka Army has promoted a total of 9,158 Other Ranks from both the Regular and Volunteer Forces to their respective next ranks.

Accordingly, promotions under the Other Ranks category included 260 Warrant Officers II promoted to the rank of Warrant Officer I, 1,211 Staff Sergeants elevated to Warrant Officer II, 1,704 Sergeants promoted to Staff Sergeant, 2,339 Corporals to Sergeant, 2,204 Lance Corporals to Corporal, and 1,440 Privates promoted to Lance Corporal from the Regular and Volunteer Forces.

49 Prisoners to Receive Presidential Pardons for Independence Day

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A total of 49 prisoners will receive special presidential pardons today in conjunction with the 78th National Independence Day celebrations.

The pardons will be granted under the powers vested in the President by Article 34 of the Constitution.

According to the Department of Prisons, inmates currently serving sentences will be entitled to a remission of one week for each year already served. In addition, the remaining portions of sentences imposed on prisoners due to unpaid fines amounting to less than Rs. 75,000 will be commuted.

PM Urges Unity Beyond Politics; Opposition Leader Calls for Honest Reflection on Independence Day

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Prime Minister Dr. Harini Amarasuriya called on all citizens to work together by setting aside narrow political interests in the pursuit of national progress, in her message marking the 78th National Independence Day.

Meanwhile, Leader of the Opposition Sajith Premadasa stressed the need to reflect honestly on Sri Lanka’s post-independence journey, acknowledging both achievements and shortcomings, while urging unity to safeguard democracy and national sovereignty.

The full messages issued by the Prime Minister and the Leader of the Opposition are reproduced below:


Message from the Prime Minister on the 78th National Independence Day:

This is a time for all of us to work together, setting aside narrow political interests in the pursuit of national progress, Prime Minister Dr. Harini Amarasuriya stated in her Independence Day message.

The 78th National Independence Day is marked with renewed hope for freedom. We have now entered a new chapter with a people’s government formed through the collective will and effort of all citizens.
The Government has begun the task of building a nation for future generations, grounded in human values, strengthened by skills, and enriched by intellectual capacity. The time has come for every citizen to fulfil their responsibility to the motherland by contributing meaningfully to the building of a nation rooted in shared values.
We remain committed to achieving national priorities, including stabilizing the country on a strong economic foundation; advancing a new political vision that transforms political practice and redefines the role of the politician through a renewed political culture; guiding society with equality, dignity, and compassion; and addressing persistent rural poverty.
The Government is also focused on strengthening welfare mechanisms to ensure access for vulnerable social groups so that no one is left behind; advancing the digital transformation of the economy through modern science and technology; and presenting Sri Lanka to the international community as a nation guided by a non-aligned foreign policy, enabling engagement based on trust with all countries and peoples.
This is a time for all of us to work together, setting aside narrow political interests in the pursuit of national progress. As we mark the 78th National Independence Day, I invite all Sri Lankans to stand united with renewed confidence and determination, and to join in the shared task of shaping a new era of national renewal.


Message from the Leader of the Opposition on the 78th National Independence Day:

As we mark 78 years since gaining independence on February 4, 1948, it is vital to reflect on our history while firmly focusing on the future, stated the Leader of the Opposition Sajith Premadasa in his Independence Day message.

As we mark 78 years since gaining independence on February 4, 1948, it is vital to reflect on our history while firmly focusing on the future.
When we objectively examine the country’s journey over the past 78 years without extremism, we can identify both significant achievements and serious setbacks.
It is essential that we understand these realities, critically assess them, and act decisively in the present to lay a strong foundation for a better future.
Over these 78 years, many commendable steps have been taken to safeguard democracy and to strengthen the economy, healthcare, education, social values, and cultural heritage.
At the same time, it must be acknowledged that the two civil conflicts arising from youth uprisings in the North and the South weakened the progress that should have accompanied the freedom we gained.
As a result, the living standards of our people have remained under strain when measured against the country’s Gross Domestic Product.
On this Independence Day, we must examine without rose-tinted glasses the challenges that have hindered national progress, including irrational political decisions and transfers of power driven by narrow agendas focused solely on political gain.
Indicators such as the Happiness Index and the Human Development Index do not reflect a satisfactory situation today.
Today, we are confronted not only with challenges to the free society, free economy, and free life envisioned at independence, but also with threats to democracy and the rule of law that were inherited alongside freedom.
Therefore, at this 78th Independence celebration, we have a responsibility to identify our national challenges with intelligence and critical thought, in order to strengthen and protect the sovereignty, independence, and people’s supremacy entrusted to us for future generations.
Accordingly, on this Independence Day, all political and civil organizations, as well as the entire population, must unite as Sri Lankans.
Our independence was not achieved through division based on race, religion, or any other distinction, but through unity. Today, what our nation needs most is that same spirit of unity.

President Calls for Unity and Brotherhood to Rebuild Sri Lanka

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President Anura Kumara Dissanayake has called on all citizens to join hands in unity, determination and brotherhood to rebuild Sri Lanka, in his message marking the 78th National Independence Day.

The President’s full Independence Day message is as follows:

President’s Independence Day Message:

As we mark 78 years since gaining independence on February 4, 1948, it is vital to reflect on our history while firmly focusing on the future.
When we objectively examine the country’s journey over the past 78 years without extremism, we can identify both significant achievements and serious setbacks.
It is essential that we understand these realities, critically assess them, and act decisively in the present to lay a strong foundation for a better future.
Over these 78 years, many commendable steps have been taken to safeguard democracy and to strengthen the economy, healthcare, education, social values, and cultural heritage.
At the same time, it must be acknowledged that the two civil conflicts arising from youth uprisings in the North and the South weakened the progress that should have accompanied the freedom we gained.
As a result, the living standards of our people have remained under strain when measured against the country’s Gross Domestic Product.
On this Independence Day, we must examine without rose-tinted glasses the challenges that have hindered national progress, including irrational political decisions and transfers of power driven by narrow agendas focused solely on political gain.
Indicators such as the Happiness Index, which considers per capita income, healthy life expectancy, physical and mental well-being, social cooperation, freedom of choice, generosity, and freedom from corruption, as well as key components of the Human Development Index, healthy life, quality education, and adequate living standards, do not reflect a satisfactory situation today.
Today, we are confronted not only with challenges to the free society, free economy, and free life envisioned at independence, but also with threats to democracy and the rule of law that were inherited alongside freedom.
These concerns must not be reduced to narrow political debates or dismissed as issues affecting only one side.
Therefore, at this 78th Independence celebration, we have a responsibility to identify our national challenges with intelligence and critical thought, in order to strengthen and protect the sovereignty, independence, and people’s supremacy entrusted to us for future generations.
We firmly believe that all democratic forces must work together to achieve this goal.
Accordingly, on this Independence Day, all political and civil organizations, as well as the entire population, must unite as Sri Lankans.
Our independence was not achieved through division based on race, religion, or any other distinction, but through unity. Today, what our nation needs most is that same spirit of unity.

78th Independence Day Celebrations Underway at Independence Square

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Sri Lanka’s 78th National Independence Day, themed “Rebuilding Sri Lanka,” will be celebrated ceremoniously today (February 4) at the Independence Square in Colombo.

The main state ceremony will commence at the Independence Square under the patronage of President Anura Kumara Dissanayake, with the participation of national leaders, members of the armed forces, and other distinguished invitees.

The annual event marks Sri Lanka’s independence from colonial rule and highlights the country’s commitment to unity, renewal and national development under the chosen theme.

WEATHER FORECAST FOR 04 FEBRUARY 2026

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Several spells of shower will occur in Northern, North-central, Eastern and Uva provinces and in Nuwara-Eliya and Matale districts.

Showers or thundershowers are likely at a few places in Western and Sabaragamuwa provinces and in Galle and Matara districts after 2.00 p.m.

Misty conditions can be expected at some places in Western, Sabaragamuwa and Central provinces and in Galle, Matara and Badulla districts during the early hours of 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.

One Year Remembrance of Hemaka de Alwis

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February 04, Colombo (LNW): One year after his passing, Hemaka de Alwis, founder of Fairway Holdings, is remembered as a visionary leader whose influence continues to shape Sri Lanka’s corporate and urban landscape.

A lawyer by training and an entrepreneur by passion, de Alwis brought innovation, discipline, and creativity to every field he touched, playing a pivotal role in redefining modern Colombo’s skyline.

Renowned for his uncompromising commitment to excellence, he consistently elevated industry standards, ensuring that each project reflected enduring quality and thoughtful design.

Below is an eulogy composed by his son in remembrance:

“We cherish the memory of Hemaka de Alwis, a lawyer turned entrepreneur who brought innovation to every field he touched. As the founder of Fairway Holdings, he was a pioneering force whose creative spirit and formidable intellect reshaped the very skyline of Colombo. His name became synonymous with an uncompromising dedication to excellence. He did not merely meet industry standards, he elevated them, ensuring that every project stood as a testament to enduring quality.

He is deeply missed by his wife and son, and remembered with affection by the friends and staff who were inspired by his kindness and brilliance. A true patron of the arts and a visionary leader, he moved through the world with a constant drive to improve and develop all that lay before him, a challenge he embraced with genuine enjoyment.”

LB Finance Secures $45 Million to Boost MSME Lending

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By: Staff Writer

February 03, Colombo (LNW): LB Finance PLC has strengthened its growth momentum after securing $45 million in long-term strategic funding from two prominent Switzerland-based impact investors, responsAbility Investments AG and BlueOrchard Finance Ltd. The funding marks a major milestone for the company as it deepens its role in expanding financial inclusion and supporting Sri Lanka’s micro, small and medium-sized enterprises (MSMEs).

The financing package consists of senior debt facilities amounting to $20 million from responsAbility Investments AG and $25 million from funds managed by BlueOrchard Finance Ltd. The transaction reflects a shared commitment between LB Finance and the investors to promote responsible lending and widen access to finance in emerging economies.

Commenting on the development, LB Finance Managing Director Niroshan Udage said the partnership represents a significant step forward in the company’s long-term strategy. He noted that the additional capital will enhance LB Finance’s ability to channel funding to MSMEs, a segment that plays a crucial role in job creation, income generation, and overall economic resilience.

“Support from globally recognised impact investors such as responsAbility and BlueOrchard reinforces confidence in our strategy and governance framework,” Udage said. “It also enables us to scale our efforts in providing sustainable and inclusive financial solutions to entrepreneurs across the country.”

Access to stable foreign currency funding remains a key requirement for financial institutions seeking to expand lending to under-served sectors. The new facilities strengthen LB Finance’s funding base and liquidity position, enabling it to accelerate portfolio growth while maintaining prudent risk management standards.

The company said the additional resources will be primarily directed towards expanding MSME financing, particularly businesses that contribute to employment, value addition, and regional economic development. By improving access to affordable credit, LB Finance aims to empower local entrepreneurs and support Sri Lanka’s broader economic recovery.

LB Finance Executive Director Ravi Yatawara said securing foreign currency funding of this scale amid challenging global conditions highlights the institution’s strong fundamentals and disciplined financial management. He added that the partnership will allow LB Finance to reach a wider base of under-served enterprises and support sectors linked to export growth and employment generation.

The funding agreement was formalised at AFIFORUM 2026 held in Bangkok, bringing together global development finance institutions and impact investors.

BlueOrchard Finance Ltd., part of the Schroders Group, is recognised as the world’s first commercial manager dedicated to microfinance debt investments, having deployed over $10 billion across more than 100 emerging markets. Respons Ability Investments AG is a leading Swiss impact asset manager with a focus on financial inclusion, climate finance, and sustainable food systems, aligned with the UN Sustainable Development Goals.

The latest investment further strengthens LB Finance’s position as one of Sri Lanka’s leading non-bank financial institutions, backed by over 50 years of operational experience and a national long-term rating of A-(lka) with a Stable Outlook from Fitch Ratings

Modern Cranes, Maritime Gains: SAGT’s Role in Sri Lanka’s Port Revival

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By: Staff Writer

February 03, Colombo (LNW): South Asia Gateway Terminals (SAGT), operated by John Keells Holdings, continues to play a pivotal role in strengthening Sri Lanka’s maritime economy as fresh international financing signals renewed confidence in the country’s port infrastructure. A proposed USD 20 million financing package from the Washington-based International Finance Corporation (IFC) marks a critical step in SAGT’s ongoing modernization drive, particularly at a time when regional port competition is intensifying.

The planned funding, expected to be structured through a combination of the IFC’s Managed Co-Lending Portfolio Program and parallel lenders, is aimed at upgrading ship-to-shore (STS) cranes at the Colombo Port terminal. This investment directly addresses a pressing operational challenge: nearly half of SAGT’s existing STS cranes have reached the end of their productive lifespan, posing risks to efficiency and throughput.

Cranes are the backbone of container terminal operations, determining vessel turnaround times, berth productivity, and overall competitiveness. By replacing aging equipment with modern, energy-efficient cranes, SAGT is positioning itself to handle larger vessels, increase cargo volumes, and maintain Colombo Port’s status as a key transshipment hub in South Asia.

Beyond operational gains, the upgrade carries wider economic implications. Improved terminal productivity supports Sri Lanka’s export-import trade, enhances port-linked logistics services, and strengthens foreign exchange earnings. The expected reduction in fuel consumption and emissions also aligns with global shipping’s shift toward greener operations, making Colombo a more attractive port of call for environmentally conscious shipping lines.

SAGT’s journey is closely tied to Sri Lanka’s broader port sector evolution. As the country’s first private container terminal, SAGT set an early precedent for public-private partnerships in port development. IFC’s involvement from inception—both as an equity partner and now as a financier—underscores long-term international confidence in Sri Lanka’s maritime potential, even amid economic recovery challenges.

In a region where ports in India, Singapore, and the Middle East are rapidly expanding capacity, sustained investment is essential. The proposed crane upgrades may appear modest in scale, but their impact on reliability, efficiency, and environmental performance is significant. For Sri Lanka’s maritime economy, SAGT’s progress demonstrates how targeted infrastructure investments can reinforce competitiveness, attract global capital, and support long-term port-led growth.

Finance Companies Surge as Lending Boom Reshapes Credit Landscape

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By: Staff Writer

February 03, Colombo (LNW): Sri Lanka’s finance company sector recorded a striking turnaround in 2025, emerging as one of the fastest-growing segments of the financial system amid a fragile but improving macroeconomic environment. Latest data released by the Central Bank of Sri Lanka (CBSL) show that total assets of licensed finance companies expanded by 44% year-on-year to Rs. 2.77 trillion as at end-December 2025, reflecting an aggressive push in lending activity and a gradual return of borrower confidence.

The sector’s loan book grew even faster, rising 56% to Rs. 2.22 trillion during the year, compared with much more subdued growth in 2024, when credit expansion was constrained by high interest rates, weak consumer demand and elevated credit risk. The sharp rebound in 2025 signals easing financial conditions, lower inflation and a revival in consumption-led borrowing, particularly in vehicle financing, personal loans and small enterprise credit.

Funding patterns also shifted significantly. While customer deposits rose a healthy 19.8% year-on-year to Rs. 1.26 trillion, borrowings surged by an extraordinary 178% to Rs. 849 billion. This contrasts sharply with 2024, when finance companies relied more heavily on deposits amid tighter wholesale funding conditions. The increased use of borrowings in 2025 suggests improved access to market funding and renewed confidence from institutional lenders, though it also raises questions about funding sustainability if market conditions tighten again.

Equity capital increased by a more modest 13.4% to Rs. 62.8 billion, indicating that balance sheet growth continued to outpace capital accumulation. While profitability improved, the slower pace of capital growth may prompt regulators to closely monitor capital adequacy as the sector expands.

Earnings performance strengthened in tandem with balance sheet growth. Net interest income rose 26% year-on-year to Rs. 185.1 billion in the nine months to end-December 2025, supported by higher loan volumes despite some moderation in interest margins compared with 2024. Non-interest income climbed 26.5% to Rs. 31.5 billion, reflecting improved fee income and recoveries. As a result, sector profits surged 45% to Rs. 61.5 billion, a sharp recovery from the weaker earnings environment seen in 2024.

Crucially, asset quality showed a marked improvement. Gross non-performing loans declined to 6.1% from 11.5% a year earlier, while net NPLs fell to 3.2% from 6.5%, highlighting the impact of stronger recoveries, loan restructurings and better credit underwriting. Returns also improved, with return on assets rising to 6.3% and return on equity climbing to 16.3%, up from 5.8% and 12.8% respectively in 2024.

The finance sector’s revival has broader economic implications. Increased lending is supporting consumption, trade and small-scale investment at a time when the economy is seeking durable growth momentum. However, the pace of expansion underscores the need for prudent risk management to avoid a repeat of past credit cycles that amplified economic stress.