Business
Relative stability was the outcome of a united effort from the outset: CB Governor
By Sanath Nanayakkare
The relative stability the country has managed to achieve having put the worst behind it was the result of collaborative effort of the policymakers, the parliament and the Central Bank of Sri Lanka, Central Bank Governor Dr. Nandalal Weerasinghe said addressing a forum at the Central Bank recently.
The Governor said so responding to a comment from a participant at the forum to the effect: “Governor, there are a number of individuals claiming to be the ‘owners’ of the relative stability the country has achieved, but we know who the ‘real owner’ of this remarkable shift is.”
Responding to the above comment the Governor said,” First of all I must say it is wrong to say that there is an owner for this. We have been able to achieve some success as a team; the CBSL and the government. In fact, difficult decisions were made by the parliament such as increasing taxes, implementing cost reflective pricing on utilities which were made possible with stability in the political realm. Firm decisions had to be taken by the government. So it was a collaborative effort in one direction. Both the monetary policy and the fiscal policy were appropriately coordinated to take the stability effort in one direction. And that coordinated effort brought the volatile situation to some semblance,” he said.
“Now the Central Bank has independence that insulates monetary policy from political interference and thus the institution has been strengthened. The other side of the coin is the government’s fiscal policy. People elect their representatives to make fiscal policy to direct the economy besides other legislations. That’s the right of the people and that lever is in the hands of the people. If people think that the current path is correct, then they have to tell their representatives to stick to that direction. If their representatives say that they are going to take another path, then the people have to question them and make sure that the alternate path will have no pitfalls. I am not saying which way the people need to choose. It is their right.”
The Governor went on to say that the country needs to have an institutionalized framework to strengthen government fiscal policy.
“There was a Fiscal Management (Responsibility) Act in 2001- 2003, but the budget deficit targets and central government debt targets set by it were changed by the elected representatives themselves from time to time. That contributed to what has happened today. A new Public Financial Management Bill will be brought to parliament next year. I think currently the Ministry of Finance is drafting it. Once it is approved, elected members can’t increase budget deficit, government debt or expenditure as they wish. If they deviate from it under any circumstances, it is mandatory for them to restore the desired situation as per the law.”
“An Independent Budget Office (IBO) has been established to ensure checks and balances. If the parliament brings any tax proposals/expenditure proposals, the IBO will independently analyze and assess and ask where do you get the money for this- by borrowing or raising taxes, and then that independent assessment will be communicated to the parliament. The elected representatives may not always be fiscal policy experts. That is why this has happened today. The technical assistance the elected representatives need will be provided by the IBO. If we have checks and balances through such institutions and the Executive branch, the legislature branch and the Judiciary branch’s checks and balances – then decisions can’t be made because there is majority power in parliament. Ways and means of handling the economy in a sustainable way need to be justified to the people. The 4-year IMF reform programme is very important down this path. The independence of the CBSL has been assured already. It is done already. Once the Public Finance Management Act is in place, it will ensure predictability of the government’s budget deficit as well as debt stock beyond the predictability of interest rate levels. The parliament needs to enact that and establish these practices. Further, the Governance Diagnostic Report will be vital in this context as an assessment of the Anti-Corruption Landscape of Sri Lanka,” he said.
By Ifham Nizam
Australian High Commissioner to Sri Lanka Matthew Duckworth described Omega Traders’ latest investment in a modern dhal-processing facility as a strong example of how cross-border supply chains can translate into productive investment, local value addition and new business opportunities in Sri Lanka.
The investment, which adds a 150-metric-tonne-per-eight-hour-day processing capacity to Omega Traders’ operations, marks a significant expansion of the company’s manufacturing footprint as it celebrates 45 years in Sri Lanka’s food commodity industry.
Speaking at the inauguration of the new Lentil and Orid Dhal Processing Factory in Wattala, last Friday, H.C. Duckworth said the facility represented more than an increase in production capacity, pointing to the wider economic value created when Australian agricultural production is connected with Sri Lankan processing and distribution.
‘This facility is not operating on its own. It is part of a long supply chain and a trade partnership between Sri Lanka and Australia, Duckworth said.
His comments placed the Omega Traders’ investment within a broader commercial context: Australia brings agricultural production and established export capabilities, while Sri Lanka provides processing capacity, labour, market access and opportunities for further value addition.
The investment comes as Sri Lanka continues to look towards greater domestic processing and value-added manufacturing rather than relying solely on the import and distribution of finished commodities.
Dr. (Mrs.) Siddhika G. Senaratne, Director General/CEO of the Sri Lanka Standards Institution (SLSI), who attended the inauguration as Guest of Honour, highlighted the importance of quality assurance in food processing and the role of standards in maintaining confidence across the supply chain.
The facility is equipped with new-generation cleaning, processing, sorting and quality-control machinery, including advanced colour-sorting technology, automated systems and an in-house quality-control laboratory.
The additional capacity will support Omega Traders’ three principal Mysoor Dhal brands — Rainbow Jumbo Dhal, Komas Dhal and Rozanna Dhal — which serve different segments of the Sri Lankan market.
But the investment also has a distinctly local agricultural dimension.
Through its Orid Dhal operation, Omega Traders plans to source locally grown black matpe from Sri Lankan farmers and process it at the new facility.
That creates a domestic value chain linking farmers to industrial processing and consumers, while potentially increasing demand for locally produced agricultural commodities.
Duckworth said this type of business partnership could generate benefits for both countries.
‘Australia produces some of the world’s best agricultural products and we are very efficient and very capable at trading them. But that alone is not going to bring success to Australia. Just as building a factory like this is not going to bring success to Sri Lanka, he said.
‘It’s when we bring these entities together that our products produced in Australia can be processed in excellence here in Sri Lanka that enables this to be a success, the H.C. explained.
The investment therefore combines two complementary supply streams: imported agricultural commodities, including Australian-origin products, and locally produced black matpe for the Orid Dhal operation.
For Sri Lanka, the business significance extends beyond Omega Traders itself. Increased processing capacity creates demand for logistics, packaging, distribution, services and agricultural inputs, while supporting employment within the food-processing ecosystem.
HR-led transformation places people, culture and business performance at the heart of the organisation
Ideal Motors (Pvt) Ltd,has achieved a significant milestone by securing multiple prestigious workplace and organisational culture accolades in 2026, reinforcing its position as an employer of choice in Sri Lanka’s automotive sector.
Among its latest achievements, Ideal Motors has been recognised as one of the 20 Great Workplaces for Young Talent in Sri Lanka 2026, ranked No. 1 and awarded the Gold Medal in the Small and Medium category of Best Workplaces™ in Sri Lanka 2026, and ranked No. 18 among Best Workplaces™ in Asia in the Medium Scale category—the highest-ranked Sri Lankan organisation in the category. The company also received Industry Excellence for Workplace Culture – Trading Industry.
The Young Talent recognition was presented at the Great Place To Work® CXO Forum 2026 held on 10 September 2026 at Cinnamon Life, Colombo. The recognition followed an evaluation of more than 100 certified organisations and highlights workplaces that create meaningful opportunities for employees under 35 to develop, contribute and grow.
At the Best Workplaces™ in Sri Lanka Awards Gala 2026, held on 11 September 2026 at Cinnamon Life, Colombo, Ideal Motors achieved another historic milestone by entering the Best Workplaces Sri Lanka list for the first time and securing the No. 1 Gold Medal in the Small and Medium category. The company also achieved No. 18 in Best Workplaces™ in Asia, reflecting the strength of its workplace culture beyond Sri Lanka.
These achievements represent more than a collection of awards. They reflect the transformation taking place within Ideal Motors, where people, culture and business performance are increasingly viewed as interconnected drivers of sustainable growth.
Over the past few years, the organisation’s HR function has evolved from a predominantly administrative role into a strategic business partner, with greater emphasis on employee experience, capability development, engagement, performance, communication, wellbeing, diversity and inclusion, and data-driven HR practices.
The Automobile Association of Ceylon (AAC) conducted a seat belt safety awareness programme in front of its headquarters and along Galle Face Centre Road, encouraging motorists and passengers to make seat belt use a habit on every journey.
AAC staff, working alongside officers of the Sri Lanka Police Traffic Division, distributed specially designed hanging tags and stickers to drivers. The material carries a clear reminder that seat belts protect drivers as well as passengers in both the front and rear seats.
The public awareness drive was held ahead of the requirement taking effect on 20 September 2026, under which seat belt use becomes mandatory for every occupant of a vehicle travelling on an expressway.
AAC emphasized that the regulation should be understood as a life-saving measure rather than only a legal obligation. Wearing a seat belt can help prevent occupants from being thrown inside or from a vehicle during a collision and can lessen the severity of injuries.
The Association said road safety legislation must be supported by sustained public education, visible enforcement and responsible behaviour by all road users. The participation of the Traffic Police helped the campaign reach motorists directly in a busy part of central Colombo.
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Justice Corea appointed Acting President of the Court of Appeal
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