Business

Be patient, I will gradually turn the ailing economy around: PM

Published

4 years ago

2022/05/16

Thilina Walpola

‘We will certainly repay friendly countries that support us with funds’

by Sanath Nanayakkare

Prime Minister Ranil Wickremasinghe said on Saturday that he would gradually turn around the difficult situation faced by families of the country and create a situation where they can feed themselves three times a day.He said so responding to a question posed by the BBC whether he had some kind of timeline for turning around the ailing economy, acute shortages and queues snaking through the roads for fuel, LP gas, milk powder etc.

“Whenever I functioned as prime minister of the country, I always ensured that people were able to have three meals a day. So I want to end this era of queues and shortages and create an environment where they can go back to their normal way of living,” he said.

When asked whether he would get the support of the parliament to do that, he said,”I will have the approval of the parliament to engage in the work that needs to be done. Some will support and some others will oppose it, but I am looking to get the support of everyone to achieve this objective urgently.”When asked whether he could get on well with the President to get his plans executed, he said,” I will do my part. I will act to restore the economy. I will help preserve the rights of the people. We have agreed that GotaGoHome should continue to exist. Now we are discussing the facilities we should give these youths to promote their cause. There’s another group which clamours ‘Ranil go home’. I’m a man who was born in Colombo, and this is my home, and I have no place else to go,” he said.Responding to a question on the May 9 incident that incited violence in many parts of the country he said, “I have told the IGP to take necessary action. I will follow up on the progress made into the investigations.”

Talking about the international support for Sri Lanka to get over the crisis situation he said,” I met with a number of ambassadors. I have a good rapport with them. So let’s see what can be done. We need to have discussions with the IMF as well. If we can get our macro economy in good shape and convey the message to the world that we are acting with proper fiscal discipline, other friendly countries will also step forward to help us.”

“I am going to change many of the policies of the Rajapakasa government,” he said.

“The next few weeks will turn out to be the most difficult period for us. Today the voice of the youth has emerged because of the issues they face. GotaGoGama is a symbol of that. We will preserve that site through the functioning of a committee and we should provide it the facilities it needs. These youths should administer that site, not the government. We have to support it. They have sent me eight proposals and I would like to discuss with them. We have to transform things by listening to them.”

Asked what his message to the internal community was, he said,” We need your support to get back on our feet. We need your financial assistance for a year. The funds we receive from you, we will certainly repay.”

Wickremesinghe in his message for the Vesak Full Moon Poya Day said, “As conveyed in Buddha’s preaching to the rulers of Licchavi Kingdom, Sri Lankans should also gather and take decisions in unity to come out of this crisis situation that has befallen the country.

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Business

Salesforce Startup Program targets Sri Lanka’s high-growth tech sector

Published

18 hours ago

2026/01/9

Thilina Walpola

Bhattacharya (L) and Madusanka at the launch

Salesforce, the world’s leading AI-powered CRM platform, is set to expand its presence in Sri Lanka with the launch of the Salesforce Startup Program by the end of January 2026, signalling growing confidence in the country’s technology-led growth potential.

The move comes as Sri Lanka consolidates its position as the second-largest startup ecosystem in South Asia after India, with software, data and artificial intelligence-driven ventures accounting for nearly 60 per cent of the national startup base.

Industry observers say this concentration places Sri Lanka at a decisive stage where global exposure and enterprise access could unlock the next phase of scale.

Under the programme, Sri Lankan startups will gain access to Salesforce’s global ecosystem, including AI-powered platforms, business and technical mentorship, joint go-to-market opportunities and connections to enterprise customers, enabling founders to build globally competitive solutions from Sri Lanka.

“Sri Lanka has developed a strong base of technical talent and entrepreneurial ambition that is increasingly visible regionally and globally,” said Arundhati Bhattacharya, President and CEO of Salesforce South Asia.

“Through the Salesforce Startup Program, we aim to help startups move beyond early momentum to global relevance while delivering long-term economic impact,” he added.

He also said the initiative builds on the success of its Startup Program in India and Singapore, which today supports over 435 startups, including more than 230 AI-first companies. Several participants have expanded across Asia and beyond by building products natively on the Salesforce platform.

Responding to queries, he said Sri Lanka is also emerging as an important enterprise market for Salesforce, with major corporates such as John Keells Holdings and Cinnamon Hotels adopting the platform to modernise customer engagement, sales, marketing and loyalty management operations.

In parallel, Salesforce is strengthening the country’s digital talent pipeline through its Trailhead learning ecosystem, with plans to skill nearly 1,000 learners over the next year via local workforce development partners and community-led cohorts.

Chamil Madusanka, Head of Salesforce Practice and Salesforce Architect, said the programme arrives at a critical juncture for Sri Lanka’s startup ecosystem.

“Sri Lankan founders are increasingly building AI, data and enterprise software solutions with global relevance,” Madusanka told The Island Financial Review.

“What many startups need is structured access to enterprise customers, global mentorship and market exposure. This initiative creates that bridge, enabling local companies to scale faster while remaining rooted in Sri Lanka.”

He said the Startup Program is designed to act as a connective platform, bringing together startups, enterprises, technology partners, universities and developer communities to accelerate collaboration and innovation.

By Ifham Nizam ✍️

Business

Good news on risen foreign reserves exerts buoyant impact on bourse

Published

18 hours ago

2026/01/9

Thilina Walpola

CSE activities were extremely bullish yesterday following Central Bank Governor Dr Nandalal Weerasinghe’s announcement that Sri Lanka’s foreign reserves had risen to US $ 6.8 billion in December 2025, up US$ 791 million from November 2025.

The Governor provided the estimated economic growth while announcing the Central Bank’s policy agenda for this year.

In December Sri Lanka received budget support loans from the Asian Development Bank and the International Monetary Fund.

Dr Nandalal Weerasinghe

Amid these developments both CSE indices moved upwards. The All Share Price Index went up by 226.81 points, while the S and P SL20 rose by 100.01 points. Turnover stood at Rs 12.3 billion with 12 crossings.

Top seven crossings that mainly contributed to the turnover were: Lee Hedges 18.2 million shares crossed to the tune of Rs 3.9 billion; its shares traded at Rs 416, Commercial Bank 2.1 million shares crossed for Rs 467.6 million; its shares traded at Rs 215, Ceylon Hotels 429,000 shares crossed for Rs 128.7 million; its shares traded at Rs 300, LB Finance 650,000 shares crossed for Rs 105 million; its shares sold at Rs 152.50, Ceylinco Holdings 31000 shares crossed for Rs 104.5 million; its shares traded at Rs 3400, Melstacorp 200,000 shares crossed tfor Rs 35.7 million; its shares sold at Rs 178.50 and Three Acres Farm 400,000 shares crossed to the tune of Rs 29.6 million; its shares fetched Rs 740.

In the retail market top seven companies that mainly contributed to the turnover were; Wealth Trust Securities Rs 1.17 billion (55.8 million shares traded), Commercial Bank Rs 509 million (2.4 million shares traded), HNB Rs 370 million (870,000 shares traded), ACL Cables Rs 303 million (three million shares traded), Prime Lands Residencies Rs 283 million (7.9 million shares traded), Lanka Realty Rs 227.5 million (4.7 million shares traded) and HNB Rs 218 million (332,000 shares traded). During the day 223.7 million share volumes changed hands in 55116 transactions.

Yesterday, investor interest in Wealth Trust and banking stocks led to higher activity levels, brokers said. Further, the real estate sector also performed well. Lanka Realty Investments PLC acquired 51 percent of the total number of shares in issue of Lee Hedges, CSE sources said. 13,057,595 ordinary voting shares were bought at Rs 216 each.

Yesterday the rupee opened at Rs 310.12/18 to the US dollar in the spot market, weaker from Rs 310.05/15 the previous day, dealers said, while bond yields opened marginally high.

By Hiran H Senewiratne ✍️

Business

Launch of monograph ‘Development: Not By Economics Alone’

Published

18 hours ago

2026/01/9

Thilina Walpola

The Gamani Corea Foundation (GCF) is pleased to announce the launch of the monograph Development: Not By Economics Alone by Dr. Nimal Sanderatne, Emeritus Chairperson of the Foundation. The foreword to the publication has been written by Dr. Godfrey Gunatilleke, one of Sri Lanka’s most eminent development economists. The launch ceremony will be held on Friday, 9th January 2026, at 4.00 p.m. at the Horton Lodge.

In this monograph, Dr. Sanderatne argues that development cannot be understood through economic indicators alone. He emphasizes that the quality of human capital depends not only on knowledge and skills acquired through formal education, but also on deeper, non-formal processes embedded in a society’s culture and value systems. These influence human behaviour, shaping work ethics, attitudes to work and leisure, capacity for teamwork, preferences between short- and long-term goals, and patterns of saving and consumption.

Dr. Sanderatne is a distinguished economist and academic, holding degrees from the Universities of London, Saskatchewan, and Wisconsin, and was conferred the Doctor of Science (Honoris Causa) by the University of Peradeniya in 2004.