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Economist says stopgaps will not help Sri Lanka’s long-term stability

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Prof. Sirimevan Colombage

By Ifham Nizam

Sri Lanka’s economic recovery requires steadfast political commitment to policy reforms, Prof. Sirimevan Colombage, a senior economist told The Island Financial review yesterday.

Speaking about his latest monograph, “Reforming Macroeconomic Policies for Stability and Growth: Sri Lanka’s Road to Economic Recovery,” Colombage emphasized that Sri Lanka cannot afford another cycle of stopgap reforms in its quest for economic stability.

The book launch hosted by the GCF’s Sri Lanka Innovators’ Forum (SLIF) at the Light House Auditorium in Colombo yesterday, highlighted the critical need for consistent and long-term policy strategies to overcome the country’s economic challenges. The Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe graced the occasion.

The monograph diagnoses the macroeconomic policy failures that have led to the current crisis and outlines the necessary steps for economic recovery and sustainable growth.

According to Prof. Colombage since March 2023, Sri Lanka has been implementing a rigorous policy reform package under a four-year Extended Fund Facility (EFF) with the International Monetary Fund (IMF).

However, speaking to The Island Financial Review, Colombage stressed that without continuous political support, these reforms may fail, plunging the country back into economic instability.

The monograph proposes a comprehensive policy framework aimed at achieving economic recovery and inclusive development through key intermediate goals such as economic stability, debt restructuring, job creation, poverty reduction, and environmental sustainability. Colombage emphasized the importance of governance reforms, anti-corruption measures, and social service policies to ensure that the benefits of economic recovery are widely shared across society.

The event also shed light on the critical need for more in-depth economic research in Sri Lanka. Despite the pressing economic challenges, the country has a severe shortage of publications in the field of economics, with only 372 out of 18,858 publications from 2019 to 2024 focusing on this area. To address this gap, the Gamani Corea Foundation (GCF) has launched a Competitive Research Awards Scheme, aiming to promote policy-oriented economic research in Sri Lanka.

As Sri Lanka continues to navigate its economic recovery, the insights and recommendations provided by experts like Prof. Sirimevan Colombage are crucial. The country’s path to stability and growth will depend heavily on the political will to implement and sustain necessary reforms, ensuring that the benefits of development are shared by all.



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Ceylinco Life agent among three global finalists for award

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Ceylinco Life’s Ambalantota branch agent AIP Manjula

Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.

The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.

Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.

The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.

The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.

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CEAT Kelani retains AA+ rating for sixth year

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CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.

The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.

Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.

The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.

Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.

The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.

CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.

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SLT-MOBITEL Enterprise launches Premium Cloud

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Riyaaz Rasheed, CEO, SLT-MOBITEL, and Faiz Shakir, VP Sales – Nutanix, Southern Asia, unveil SLT-MOBITEL Enterprise Premium Cloud Powered by Nutanix to support enterprise digital transformation

SLT-MOBITEL Enterprise, the enterprise services arm of Sri Lanka Telecom PLC, has launched its Premium Cloud service powered by Nutanix, aimed at helping Sri Lankan businesses modernise their IT infrastructure and accelerate digital transformation.

The service was unveiled at the Lanka Tech Summit 2026 held recently at ITC Ratnadipa, Colombo.

The Premium Cloud combines hybrid multi-cloud capabilities with enterprise-grade performance, enabling businesses to run mission-critical workloads, scale cloud deployments and strengthen business continuity through disaster recovery capabilities.

Hosted on SLT-MOBITEL’s Tier III data centre infrastructure, the platform is designed to provide enhanced security, reliability and flexibility while supporting the growing technology requirements of enterprises.

SLT-MOBITEL Enterprise said the platform would also support organisations seeking to adopt AI-ready capabilities and improve the management and performance of IT workloads.

A key feature of the launch was SLT-MOBITEL Enterprise joining the Nutanix Elevate Service Provider Program (NESPP), which the company said made it the first service provider in the region to join the programme.

Powered by Nutanix’s hybrid multicloud platform, the service enables application and data mobility across on-premises environments, public clouds and edge locations.

The company said the partnership combined Nutanix’s cloud technology with SLT-MOBITEL’s local expertise and support, strengthening its multi-cloud portfolio.

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