Business

Economic stakes of the 2024 presidential election

Published

2 years ago

2024/09/19

As Sri Lanka gears up for elections, policymakers must avoid rash economic promises that risk a decade of lost growth and an era of relative decline.

As too often in the past, Sri Lanka appears not to have broken its damaging tendency towards ‘competitive populism’ ahead of elections. Fiscally profligate promises ranging from wage increases to loan write-offs and welfare handouts are being made in a bid to win votes. Such pledges often come with a hefty price tag that the country can ill afford, especially given its still fragile economic recovery.

The choices for Sri Lanka on the economic front are starkly clear: a) proceed along the agreed International Monetary Fund’s Extended Fund Facility (IMF-EFF) programme fiscal targets and timelines; b) rehash tax and spending at the margin without materially altering EFF targets and commitment; and c) discontinue the current EFF programme and renegotiate afresh. The choices made will determine what the enduring effects of the 2022 economic crisis will be.

Even the fact that such options are a matter of discussion points to an irrefutable fact: harsh austerity in the midst of a deep economic crisis hurts, and it hurts the neediest most.

The austerity measures – tax increases, wage freezes, subsidy removals – implemented so far have helped rebuild fiscal buffers, restore monetary stability and revive economic growth. In the process, though, both policymakers and the public have been called on to make sacrifices. For the former, implementing unpopular economic measures is never easy. The latter, despite a decline in incomes and living standards, have been mostly resigned in the hope of seeing their economic conditions improve over time. Those improvements have partly materialised, albeit rather slowly. Those who fell into poverty have been offered welfare support, and jobs are being generated. But for those on low to middle incomes – the ‘squeezed middle’ – the cost-of-living crisis has left lasting damage.

Elections can galvanise promises to speed up the recovery process via various policy solutions. In normal times, these will not invite intense scrutiny. However, these are not the typical ‘business-as-usual’ times for Sri Lanka. It is a country still tagged as ‘in default’ with very limited access to international finance, either for the government or the private sector.

This very limited access hinges on the continuation of the IMF programme. Any extended interruption to the current EFF could result in the drying up of that scarce funding, and the only way to keep essential services running will be to print new rupees and make the currency nearly worthless as inflation spirals. This time around, therefore, Sri Lanka’s habit-forming past practice of ‘muddling through’ crises is no longer an option.

Electoral policy agendas will inevitably focus on alleviating economic hardships, tackling distributional concerns, and boosting output growth. Sri Lanka’s current economic context, though, demands that these should not be addressed haphazardly. Shortcomings on tax and spending can be redesigned through targetted measures without damaging fiscal credibility. In turn, continued stability around the fiscal framework will help to focus policy more intently on deeper structural factors that impede durable growth. If managed well, Sri Lanka’s post-election path could usher in an era of self-sustaining economic recovery, driving rising living standards towards a more prosperous and fairer society.

The Institute of Policy Studies of Sri Lanka (IPS) provides robust analytical evidence on these and other critical issues through its ongoing research on the economic crises and its aftermath. These include assessments on the distributional impacts of recent tax and spending policies, the effectiveness of the Aswesuma programme, impacts on education and the labour market, the gains and risks of entering into regional trade agreements to boost growth, amongst others, using an array of latest data and research methods.

Drawing on these insights, IPS’ annual flagship report, Sri Lanka: State of the Economy 2024, scheduled for release on 8 October 2024 examines who has lost out from the economic crises, how they have been supported, and what needs to change. As economic policy competes for space in Sri Lanka’s post-election agenda setting, the report with its thematic focus on ‘Economic Scars of Multiple Crises: From Data to Policy’ offers analytical evidence designed to help secure the necessary degree of consensus required for an economic strategy that will take the country from stabilisation to growth and prosperity.

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Business

Cricket to speak for every life that can be saved on Sunday July 19

Published

19 hours ago

2026/07/12

Thilina Walpola

Pink match Dambulla Sixers vs. Jaffna Kings

Dambulla Sixers Pink Match calls Sri Lanka to wear pink, fill the SSC, and take the TLC (Touch, Look, Check) message home

There are days when cricket is about the result. There are days when it is about pride, rivalry, form and the final over. And then there are rare days when cricket is asked to carry something far greater than the game itself. Sunday, July 19, will be one of those days.

At 3.00 p.m. at the SSC Grounds, the Dambulla Sixers will meet the Jaffna Kings in the Lanka Premier League. But before the first ball is bowled, the country will be invited to stand together for a message that can save lives. This is the LPL Pink Match 2026.

It is not simply a match played in pink. It is a national reminder that breast cancer awareness matters, early detection saves lives, and every family has a role to play. The call to the public is direct:

Buy a ticket. Come to SSC. Wear pink. Bring your family and friends. Share the flyer. Post it on your WhatsApp Status and social media. Wear the official Pink Fan T-shirt. Most importantly, take home the message of TLC — Touch, Look, Check.

A match with a message

The Dambulla Sixers will take the field in specially designed pink playing apparel and pink helmets. The stadium will carry breast cancer awareness messages, the TLC logo will be displayed on giant screens, and the live broadcast will carry the message to homes across Sri Lanka. The Jaffna Kings will also take part in the Pink Match ceremony, reminding the country that while there may be opposing sides in cricket, there are no opposing sides in the fight against cancer.

Children from Suwa Arana – A Place for Healing, together with children from SOS Children’s Villages Sri Lanka, will join both teams on the field during the official ceremony. Their presence will give the day its deepest meaning. It will remind spectators that illness does not stop with the patient. It enters homes, affects siblings, changes routines, tests parents, and demands courage from entire families.

Three words that matter

The message of the Pink Match is simple enough for every home to remember.

Touch. Look. Check.

Touch — become familiar with your breasts and notice any lump, thickening or unusual change.

Look — check for changes in shape, size, skin or nipple.

Check — seek medical advice without delay if something feels or looks unusual.

In Sri Lanka, breast cancer remains the most common cancer affecting women. According to the campaign material, approximately 15 women are diagnosed every day, while three women lose their lives to the disease. Yet the central message is one of hope: when detected early, breast cancer is highly treatable.

That is why this match matters. Not because a cricket match can replace medical care. It cannot. But a cricket match can start a conversation. It can remind a daughter to speak to her mother. It can encourage a husband to support his wife. It can make a workplace talk about women’s health. It can help remove fear and delay.

Sometimes, the first step towards saving a life is not taken in a hospital. It is taken in a home, when someone says, “Please check.”

More than a one-day gesture

What gives this initiative particular strength is that it is not a cause attached to cricket for a day. It is rooted in a deeper relationship. Before the Pink Match, the Dambulla Sixers team will visit Suwa Arana – A Place for Healing, where children receiving cancer treatment and their families are supported with accommodation, meals, care and dignity while they travel for treatment at Apeksha Hospital. The team visit will include time with children and families, a guided experience through Suwa Arana, and the official launch of the LPL Pink Match 2026 and the TLC National Breast Cancer Awareness Campaign.

This matters because compassion cannot be staged only under stadium lights.

It must begin in quieter places — in patient rooms, dining areas, kitchens, play spaces, healing gardens and waiting moments. By beginning at Suwa Arana and continuing at SSC, the Dambulla Sixers are connecting the human reality of cancer care with the national reach of cricket.

That is the bridge this campaign is trying to build.

Business

The Ceylon Chamber’s Commercial Document Registration Division expands export support

Published

2 days ago

2026/07/11

Thilina Walpola

The Commercial Documents Registration Division (CDRD) of The Ceylon Chamber of Commerce has expanded its export support services with the introduction of the Free Sale Letter for Pharmaceuticals, providing Sri Lankan pharmaceutical manufacturers and exporters with an additional document certification service to support their export processes and compliance requirements in international markets.

The new service expands CDRD’s portfolio of trade documentation solutions, which includes Certificates of Origin and the certification of key commercial documents required by overseas buyers, customs authorities, and regulatory bodies. These services assist exporters across sectors by helping ensure their documentation meets applicable requirements for international trade.

Established in 1925 as one of the authorised institutions to issue Certificates of Origin in Sri Lanka, CDRD has supported the country’s international trade for nearly a century. Today, the Division provides certification and verification services to exporters, manufacturers, freight forwarders, logistics providers, and other trade stakeholders, supporting businesses in meeting documentation requirements for global markets.

In addition to pharmaceutical certification, CDRD facilitates the certification of Commercial Invoices, Packing Lists, Price Lists, Health Certificates, Phytosanitary Certificates, Certificates of Analysis, Bills of Lading, Survey Reports, Beneficiary Certificates, and other export-related documents. The Division also issues Free Sale Letters and Surveyor Appointment Letters, while supporting exporters through the Ministry of Foreign Affairs’ Electronic Document Attestation System (e-DAS), enabling secure and efficient document authentication.

Through established processes, digital solutions, and its e-service platform, CDRD continues to enhance the efficiency and accessibility of trade documentation services. Available 24/7 and 365 days of the year, the platform enables exporters to submit and manage documentation requirements conveniently while ensuring that certified documents meet internationally accepted requirements. By providing reliable documentation support and adapting its services to changing trade needs, the Division assists Sri Lankan businesses in managing export requirements and accessing international markets.

For more information on obtaining commercial document registration services, contact Achala via achala@chamber.lk / 0115588886

Business

Siyapatha Finance unveils newest branch in Bandarawela

Published

2 days ago

2026/07/11

Thilina Walpola

Siyapatha Finance PLC recently expanded its island-wide footprint with the successful inauguration of its 64th branch in Bandarawela. Strategically located in scenic hill town in the Badulla District, the latest branch offers convenient and wider access to tailored, customer-centric financial solutions.

The branch was ceremoniously declared open by Siyapatha Finance PLC Chief Executive Officer (CEO) Mathisha Hewavitharana, joined by Chief Operating Officer (COO)Rajeev De Silva, Ms.D.M. Dewmi Tharindi, a student of Bandarawela Dharmapala Vidyalaya who won the Under-18 Girls’ 3,000m event at the Junior National Athletics Championship, the Senior Management and staff members as well as Traffic OIC Kandasami, Trade Association Secretary Sunanda Rathnayaka, representatives of the government and private banks and insurance companies and well-wishers.

Sharing his thoughts, Siyapatha Finance PLC CEO Mathisha Hewavitharana remarked: “We are deeply honoured to be of service to the people of Bandarawela. Opening this branch is a pivotal step in our 2026 expansion strategy and a reflection of our commitment to strengthen our presence in Sri Lanka. It is a region that showcases potential for greater economic development primarily through the country’s traditional agricultural practices. We look forward to reaching as many different communities as possible in the coming years.”

The Bandarawela branch offers a comprehensive product portfolio including leasing, fixed deposits, gold financing, business loans, personal loans, fast draft, and factoring to Smart Pay, the Company’s bill payment facility. With a thorough understanding about the current socio-economic dynamics of the region, the well-trained team at the newest branch is dedicated to providing flexible financial solutions to aspiring individuals as well as small and medium-scale enterprises (SMEs).