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Parliament must decidedly act as biggest enabler of country’s progressive policies: Opposition MP

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4 years ago

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by Sanath Nanayakkare

All political parties in parliament must work together to approve progressive political reforms within a month in order to swiftly pave the way for economic stability, Opposition MP Patali Champika Ranawaka said last week.”Political stability will be a collaborative effort based on the belief in the independence of the Police, the Judiciary, the Public Service, the Elections Commission etc. We have to find a realistic solution to the current economic crisis by properly utilising the limited foreign exchange earnings we get from our commodity exports, service exports, workers’ remittances and also by restricting our imports to bare essentials. Thus we should be able to trudge back to economic stability in the next 10 years and enable ourselves to repay our loans and restore the international confidence in Sri Lanka. However, the country requires political stability as a prior condition for that to happen. Although we won’t accept Cabinet portfolios, we will support such progressive transformation, and such laws need to be approved and enforced within a month. In case of any attempts to sabotage such democratic moves through unsavoury acts of politics behind the scenes, we will have to act decidedly to defeat those forces because it’s vital to respect public opinion and not to generate resentment among the general public.”

“The foreign media has widely published about Sri Lanka defaulting on its debt for the first time in its history post-independence. A 30-day grace period to come up with $78m of unpaid debt interest payments on two of its sovereign bonds expired. And we can’t meet the dollar bonds maturing in July 2022. Accordingly, it’s going to be difficult for us to borrow from the international capital market for another 10 years or so.”

“Further, the Central Bank has now proposed to repay Sri Lanka Development Bonds (SLDBs) in LKR or defer payments. Litro Gas Plc., invested USD 50 million in SLDBs via the Bank of Ceylon. If they had that money, Litro would have paid not for just one shipload of LP gas, but six or seven shiploads. We can see that Litro Plc’s money won’t be repaid. This goes to show that many key sectors of the economy has been brought to a state of bankruptcy because of the economic mismanagement over the last couple of years. There’s some hope in the society about Prime Minister Ranil Wickremasinghe handling the economy. They hope that he would get the support of foreign countries; especially the West and Japan. We have to realistically look at it. If he can obtain funding from Japan or the West without political conditions, it is going to be very valuable given the situation. There’s no issue about it. But Sri Lanka has announced that it won’t repay its bilateral loans until its debt is restructured. We have told Japan that we won’t repay loans of more than USD 3 billion. We have told China that we won’t repay loans of more than USD 7 billion. We have told India that we won’t repay loans of more than USD 4 billion. So, it would be immensely difficult to get new loans without settling existing loans. China has already expressed their strong opposition about our non-commitment to repay their loans. We have to pay USD 920 million to China this year. We might get some more support from India in addition to the credit line it has given to Sri Lanka. We can see that there are some political and economic conditions along with them. So, it’s far from reality to think that foreign funds would flow in amid the bankruptcy to end long queues for fuel, LP gas and shortages of drugs and food items. We can pin some realistic hope on the development loans already given to Sri Lanka by the World Bank and the Asian Development Bank. There is a balance of USD 1,900 million received in this manner for development projects which have not been used as these projects have come to a halt. If we can negotiate a loan re-purposing process, then we should be able to get through this year amid the difficulties. The World Bank has already pledged to re-purpose about USD 400 million to utilise for drugs, infants’ milk food and a small portion of it for fuel and LP gas. However, this won’t be sufficient and there will be a bigger crisis by June. The current circumstances have affected all sectors of the economy and we can see a gradual weakening of the economy in general.”

“There is no point in accusing the IGP or the Army Commander. People in the police and the forces are also people of this country who are exhausted by the ensuing events. So are the people of this country and the business community. In the next three months, hundreds of thousands of people may face layoffs. The shortage of infants’ food could lead to their malnutrition. We are entering a frightful future where the old and the kids are at the risk of death owing to the burgeoning nutrition and health crisis.”

“What’s the solution? We can’t find a solution by obtaining bridge financing from some country or another and prolong the crisis through short term measures. If we want to have sustainable economic stability, it has to be founded on political stability. For that an all-party representation is needed. But the Rajapaksa family is still manoeuvering their operations through their majority stake in parliament. We thought they would learn their lessons from the incidents that happened on May 9. But it doesn’t appear to be so. We can see that the prime minister is not in a position to get state affairs conducted as he pledged. That was clear at the election of the deputy speaker of parliament. In such a context, the window of opportunity for far reaching democratic reforms getting approved by parliament is very small.”

“So, if they don’t give up, the government has to make them give up or otherwise the country will stagnate. There is no difference in their influence or their representatives’ influence in government. If friendly countries won’t help us and aid won’t flow from an international aid forum, and if we don’t receive bridge financing either, then there’s one thing for us to do. We will have to forget growth and contract our economic needs and wants by 25%. We need to tell that to the public honestly and openly.”

“According to reports, 28%-30% households in the country completely depend on LP gas for cooking, mainly in Colombo, Gampaha and urban areas. 7%-10% depends on firewood. The balance uses a mix of furnace oil, firewood and LP gas for the purpose. So we have to have a mechanism to provide them with LP gas without keeping them in queues for days. There are 4 million empty gas cylinders in the country. There is no point in distributing 50,000 cylinders per day; that stock will just disappear. So we must devise a proper plan to distribute without inconveniencing the people.”

“It is the same with fuel. The problem won’t fix itself as a shipload of diesel or petrol comes in. On the front of coal too, a crisis is looming as coal stocks will finish after June because the rough seas will impede the unloading operations of coal. So priority has to be given to providing electricity and fuel where they are critically needed. Public transport is one such key area. Train services consume 1% of the fuel supply and 5% of commuters travel on it. Buses consume 19% of fuel and transport 47% commuters. Agriculture related vehicles, machines, equipment should also be given priority. The limited USD resources need to be used to buy drugs required for infants and children as well as essential life-saving drugs. Another key concern is allocating funds for fertilizer and resurrecting the ailing agriculture as soon as possible.”

“The next rebellion will be caused by famine and hunger crisis. It will be an insurrection not only against the politicians but against any individual or family seen to be resilient against the crisis. If we don’t take collective action now to resolve these crises, it won’t be a one-day incident like on May 9. Instead, a series of incidents will unfold before us over the next 10 years or so. That will become the ‘new normal’ of the country. So we must act to create the opportunity to create two million home gardens where possible to grow fresh produce.”

“It was manifest that security forces and the police can’t quell rebellions. Security forces and police consist of people of this country. So we must move beyond finding bridge financing from various sources. An agreement is needed to have a sustainable solution. Some politicians talked about ending queues in 48 hours. Some said problems could be resolved in 100 days. There are some who say that they can get fuel from friendly countries when they come to power. These comments are detached from the realities on the ground.”

“There is an Aragalaya out there and we must pay close attention to it. They also need to be actively involved in the governance of the country. After that we can hold elections. Lebanon became bankrupt in 2019. By 2022, the traditional political parties lost their power in parliament. When they hold the next election, completely new members will come to Lebanese parliament. It happened in Greece, Argentina, in some African countries, Italy and France. So we must bear in mind that Sri Lanka critically needs political transformation in order to be inclusive of representation at all levels for decision making.”


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Business

GREAT 2025–2030: Sri Lanka’s Green ambition meets a grid reality check

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9 mins ago

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2026/02/7

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Sri Lanka’s Renewable Energy Project Development Plan, branded GREAT 2025–2030 (Green Energy Acceleration Targets), reads like a confident pivot toward a cleaner, cheaper power system. With more than 2,600 MW of new renewable capacity planned—dominated by solar and wind—and a strong push on storage and grid stabilisation, the strategy signals intent. Yet beneath the headline numbers lies a harder business truth: generation is racing ahead of the grid, and unless infrastructure and control catch up fast, value will leak from an otherwise compelling transition.

At the core of GREAT is scale. Solar leads with 1,571 MW across multiple zones, while wind contributes 1,004 MW, primarily from Mannar, Kilinochchi and the North-Western belt.

Smaller but steady additions are planned in mini-hydro (51 MW) and biomass (38 MW). On paper, the mix lowers marginal costs, cuts imports, and insulates the economy from fuel price shocks—outcomes financiers and policymakers both welcome.

But a senior retired electrical engineer, who spent decades inside Sri Lanka’s power system, cautions that capacity alone doesn’t create reliability—or returns.

“We are adding megawatts faster than we are adding visibility and control,” he said. “Rooftop solar has already exceeded 1,350 MW, much of it invisible to operators. From a grid perspective, that is unmanaged generation, and unmanaged generation is risk.”

The business implications are immediate. Transmission bottlenecks, particularly delays in 220 kV and 400 kV lines, are constraining renewable evacuation. Projects commissioned on time can still face curtailment, eroding project IRRs and shaking investor confidence.

At the same time, electricity demand has softened amid economic pressures, compressing the system’s ability to absorb intermittent power—especially on Sundays and holidays, when demand dips but solar output peaks.

“Low demand days are now the stress test,” the engineer noted. “Without storage and grid-forming assets, you’re forced to back down renewables or keep thermal units running for stability. Both options cost money.”

GREAT attempts to address this with 650 MW / 2,250 MWh of Battery Energy Storage Systems (BESS) and 600 MW of pumped storage at Maha Oya by 2034, alongside synchronous condensers to maintain inertia. These are not optional add-ons; they are value enablers. Storage smooths volatility, captures excess midday solar, and shifts energy to peak hours—turning stranded electrons into bankable revenue.

Yet timing matters. Storage, controls, and transmission must arrive before or with new generation. Otherwise, developers face curtailment risk, lenders price in uncertainty, and tariffs fail to fall as promised.

The plan’s institutional fixes are equally commercial. A Renewable Energy Control Desk (from 2026), Distribution Control Centers in high rooftop solar areas, smart meter mandates, and grid digitalisation are designed to restore operational visibility. Time-of-use tariffs, paired with daytime EV charging and industrial load-shifting, aim to reshape demand—turning a system problem into a market opportunity.

“Tariffs are signals,” the engineer said. “If you want power used at noon, price it right. If EVs and factories move load to the day, solar becomes an asset, not a headache.”

For investors, the message is nuanced but clear. Sri Lanka’s renewable pipeline is real and sizeable.

The policy direction favours clean energy, and the cost curve is attractive. However, project bankability will increasingly hinge on grid-readiness—access to storage, firm evacuation paths, and participation in smart, controllable networks.

For policymakers, GREAT’s success will be measured not by megawatts announced, but by megawatt-hours delivered reliably and profitably. Accelerating transmission approvals, fast-tracking BESS procurement, and enforcing smart metering for distributed generation are the difference between a virtuous transition and a congested one.

“The transition is inevitable,” the engineer concluded.

“The question is whether we do it cheaply and safely, or pay twice—once for generation, and again for the fixes we delayed.”

GREAT 2025–2030 sets Sri Lanka on the right path. The business case now depends on execution—where grids, markets, and management must move at the same speed as ambition, he added.

By Ifham Nizam

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Zone24x7 enters 2026 with strong momentum, reinforcing its role as an enterprise AI and automation partner

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28 mins ago

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2026/02/7

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Zone24x7 team

Zone24x7 concluded 2025 with significant industry recognition, securing seven awards across three leading technology competitions—marking one of the strongest years in the company’s 22-year journey. The awards recognized the Industrial Vending Machine solution developed for a client in Australia. It earned both national and regional honors, including Second Runner-up at the Asia Pacific ICT Alliance (APICTA) Awards 2025.

More than accolades, the recognition showcases Zone24x7’s ability to deliver practical, enterprise-ready solutions that create measurable business impact. Competing against leading technology companies across the Asia Pacific region, the wins highlight the company’s growing global footprint and its focus on translating innovation into operational value for customers.

Neschae Fernando, CEO of Zone24x7

Zone24x7’s award run began at the SLASSCOM National Ingenuity Awards 2025, where the company secured National Winner for Best Innovative Product in Manufacturing, National 1st Runner-up for Best Innovative Product (General), and two Provincial Winner titles in the Western Province. This success continued at the National ICT Awards (NBQSA 2025), with Gold in Manufacturing, Engineering & Construction, and the IoT Technology of the Year Award.

“2025 validated our approach of building technology around real business needs,” said Neschae Fernando, CEO of Zone24x7. “As we move into 2026, our focus is on helping enterprises improve productivity, visibility, and decision-making by applying AI, automation, and connected systems in ways that go far beyond standalone tools or chat-based solutions.”

Headquartered in the United States with a world-class technology hub in Sri Lanka, Zone24x7 serves over 50 enterprise customers across multiple industries. The company specializes in integrating artificial intelligence, IoT, and enterprise platforms to solve complex operational challenges at scale.

Its portfolio includes Generative AI capabilities that enhance workflows, system intelligence, and human productivity; AI-powered automation platforms that connect digital and physical data sources; and a Cognitive Vision Analytics Platform that delivers real-time insights from video and image data. In addition, Zone24x7 provides RFID-enabled solutions and Warehouse Management Systems that improve inventory accuracy, asset visibility, and supply chain performance.

“The value we bring lies in how we combine hardware, software, and AI into cohesive solutions that fit seamlessly into existing enterprise environments,” said Vipula Liyanaarachchi, General Manager at Zone24x7. “As organisations look ahead to 2026, we are focused on helping them scale efficiently, modernise operations, and unlock greater value from their data without disruption.”

The award-winning Industrial Vending Machine reflects this approach, integrating IoT hardware, intelligent software, and analytics to automate inventory control and enhance efficiency in manufacturing and industrial settings. Rather than being a standalone product, it demonstrates how Zone24x7 partners with clients to design solutions aligned to specific operational goals.

With more than two decades of experience and a strong research and development foundation, Zone24x7 is now investing further in advanced AI-driven automation, intelligent analytics, and system-agnostic architectures. As businesses navigate rapid technological change, the company is positioning itself as a long-term partner—helping enterprises adopt AI responsibly, enhance workforce productivity, and build resilient operations into 2026 and beyond.

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India’s Mazagon Dock Shipbuilders makes mandatory offer to buy remaining shares of Colombo Dockyard

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29 mins ago

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2026/02/7

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India’s Mazagon Dock Shipbuilders Limited has made a mandatory offer to buy the remaining shares of Colombo Dockyard at Rs 40 each, following a 41.73 percent stake acquisition last month.The mandatory offer targets 58.27 percent of the company.

At the recent rights issue, Mazagon Dock Shipbuilders bought 164,916,229 ordinary shares of Colombo Dockyard from the unsubscribed rights entitlement of previous stakeholder Onomichi Dockyard Company.

Mazagon paid Rs 40 per share amounting to a total Rs 6,596,649,160 .

Both indices moved upwards. The All Share Price Index went up by 67.5 points, while the S and P SL20 rose by 23.57 points. Turnover stood at Rs 9.1 billion with 16 crossings.

Top seven crossings were reported as follows: Commercial Bank 9.7 million shares crossed to the tune of Rs 1.2 billion and its shares traded at Rs 224.50, TJ Lanka 14.3 million shares crossed to the tune of Rs 549.7 million; its shares sold at Rs 38.50, Renuka Hotels one million shares crossed to the tune of Rs 250 million; its shares sold at Rs 250, Melstacorp one million shares crossed to the tune of Rs 178 million; its shares fetched Rs 179, Sampath Bank 930,000 shares crossed for Rs 145 million and its shares traded at Rs 150, Sierra Cables two million shares crossed for Rs 74 million; its shares sold at Rs 37 and Lanka Milk Food one million shares crossed for Rs 71 million; its shares fetched Rs 71.

In the retail market companies that mainly contributed to the turnover were; Colombo Dockyard Rs 514 million (3.3 million shares traded), Ceylon Land Equity Rs 349 million (15.6 million shares traded), Sierra Cables Rs 339 million (1.4 million shares traded), Commercial Bank Rs 307 million (1.4 million shares traded), TJ Lanka Rs 247 million (6.5 million shares traded), Luminex Rs 232 million (19.6 million shares traded) and Renuka Foods Rs 180 million (11 million shares traded). During the day 311 million share volumes changed hands in 50661 transactions.

It is said that the market showed mixed reactions. The banking sector actively participated, especially Commercial Bank. The manufacturing sector also performed well.

Yesterday the rupee was quoted at Rs 309.30/40 to the US dollar in the spot market, stronger from Rs 309.45/50 the previous day, while bond yields continued to edge lower on the the mid- to long end of the yield curve, dealers said.

A bond maturing on 15.06.2029 was quoted at 9.45/50 percent.

A bond maturing on 15.09.2029 was quoted at 9.50/55 percent.

A bond maturing on 15.12.2029 was quoted at 9.52/58 percent, down from 9.55/60 percent.

A bond maturing on 01.07.2030 was quoted at 9.68/71 percent.

A bond maturing on 01.10.2032 was quoted at 10.21/24 percent, down from 10.23/25 percent.

A bond maturing on 01.06.2033 was quoted at 10.55/60 percent, down from 10.57/60 percent.

A bond maturing on 15.06.2034 was quoted at 10.77/80 percent.

A bond maturing on 15.06.2035 was quoted at 10.80/86 percent, down from 10.82/87 percent

By Hiran H Senewiratne

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