Business
Sabry reveals state coffers had dipped to USD 17 million when he took over as finance minister
* Says can’t defend what can’t be defended
* SL should present a local mechanism free of smoke and mirrors to sell at next UNHRC sessions in Geneva
* Commends former Central Bank Governor Dr. Indrajit Coomaraswamy
By Sanath Nanaykkare
Foreign Minister Ali Sabry recently revealed that State coffers had only USD 17 million dollars when he took over as finance minister on 8th April 2022, and faced the unenviable task of paying USD 178 million on 18th April for various bills.
“In 2020, we had USD 7.6 billion worth of foreign reserves and at the time I took over the Finance Ministry, there was a mere USD 17 million. That amount was going up and down on a daily basis while another USD 500 million had to be found to pay for oil shipments that were coming in,” he said.
Speaking to journalists on ‘Salakuna’ programme telecast on Hiru TV, the former finance minister said it was good that there’s going to be court case on how the national economy came to a grinding halt due to the economic decisions taken at the time where we can also make submissions.
The minister went on to say that the decisions taken at the time to unrealistically hold the exchange rate, the rapid exhaustion of foreign reserves to defend the Sri Lanka rupee, the persistent assertion on a home-grown solution to the foreign exchange crisis instead of seeking timely assistance from the IMF led to an almost empty Treasury.
He didn’t have anything positive to say about the ban on chemical fertilizer which he said had been done without any research or following any country model for success.
“They were waiting for money to fall from somewhere. Someone went to Qatar five times to obtain short-term loans, but that didn’t work. It was anticipated that China would help, but the Chinese swap of USD 1.5 Billion came as something unusable. I had told President Gotabaya Rajapkasa well in advance to appoint an economic advisory council for him to consult with, on economic and financial decisions. But he depended on a few consultants one can count on the fingers of one hand,” he said.
However, when asked if those consultants committed an economic crime by giving wrong advice to the president, he said that motive is always necessary to prove a crime and he didn’t think there had been any motive to cause harm through such advice.
“I don’t want to put the blame on President Gotabaya Rajapaksa because he is out of power now. And it would be very remiss of me not to mention the freedom and the support he gave me to carry out my duties as a minister,” he said.
Commending former Central Bank governor Dr. Indrajit Coomaraswamy, Sabry said,” Having seen the scope of loans burgeoning between 2010- 2015, Dr. Coomaraswamy realized that by 2016-2018, a big amount of loan repayments would be accrued to pay and he raised funds when it was accessible and topped up foreign reserves and managed the situation well. But the financial authorities of the last administration didn’t have that farsightedness. What you can’t defend can’t be defended, “he noted.
The former finance minister said he would accept the responsibility for announcing to the world Sri Lanka’s inability to service its external debt and even face any punishment if it proved to be a wrong decision.
“In fact, that decision was made after consulting several high-profile Sri Lankan financial and economic specialists, not just by me; however, as finance minister I’d accept the responsibility for it without running away from it. We didn’t have the money to repay the loans. So it was advisable to announce it in advance and also convey Sri Lanka’s commitment and readiness to pay when it managed the crisis and received funds. We decided that a soft default would be better than an unannounced default which would have had more damaging consequences”.
When asked about economic decision making at present, he said,” President Ranil Wickramasinghe has extensive macroeconomic prudence and always follows the ratio of any expenditure to Gross Domestic Product (GDP) and ensures that there is income to provide for any fund allocation.”
Referring to Sri Lanka’s defeat at the recent UNHRC vote in Geneva, the Foreign Minister said,” I reiterated Sri Lanka’s unwavering commitment towards advancing, securing and protecting the human rights of our people, and continuing our engagement with the Council in a spirit of cooperation and dialogue. I must say this, when it comes to war victims in the North, we must establish a credible truth-seeking mechanism within the framework of the constitution.
The contours of the model have to provide relief to the families affected by the war and missing persons’ families. Also, it needs to create a platform for war heroes also to present their cases in a fair trial because you can’t put all war heroes into one single pan. Collection of evidence and how it is used in investigation is critically important. We must soon develop an indigenous mechanism acceptable to the international community for this purpose. What we are going to showcase at the next UNHRC sessions must be free of smoke and mirrors or else we will lose even more votes, and it will have far-reaching negative effects on the country’s credibility in terms of accountability and the obligations assumed by Sri Lanka under international human rights treaties. The foreign minister is only a marketing guy for Sri Lanka at UNHRC sessions, so I myself or any other foreign minister must have a product that we can sell to the international community. How can you market a product that they won’t buy? So let’s create a marketable product without procrastination,” he said.
Business
Asia stocks slide as US and Iran threaten to escalate war
Major stock markets in Asia slumped on Monday after Washington and Tehran threatened to escalate hostilities, as the Iran war enters its fourth week.
Japan’s benchmark Nikkei 225 index was almost 3.6% lower, while South Korea’s Kospi fell by almost 6%.
US President Donald Trump warned on Saturday that he would “obliterate” Iranian power plants if Iran did not open the key Strait of Hormuz shipping route. Iran said it would respond to any such strikes by targeting key infrastructure in the region, including energy facilities.
Japan and South Korea have been particularly impacted by the conflict, as they are heavily dependent on oil and gas that would normally pass through the strait.
Iran has effectively blocked the Strait of Hormuz, one of the world’s busiest shipping channels, since the US and Israel attacked the country on 28 February.
About 20% of the world’s oil and liquefied natural gas (LNG) usually passes through the waterway – and the war has sent global fuel prices soaring.
On Monday, International Energy Agency chief Fatih Birol said that the war could see the world facing its worst energy crisis in decades.
Speaking at the National Press Club in Australia’s capital, Birol compared the current energy crisis to those of the 1970s and the impact of Russia’s 2022 invasion of Ukraine.
“This crisis as things stand is now two oil crises and one gas crash put all together,” he said.

“If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!,” Trump said in a social media post published at 23:44 GMT Saturday.
That threat came after Iranian missiles hit the Israeli city of Dimona, and shortly before a second attack on the town of Arad nearby.
Mohammad Bagher Ghalibaf, the speaker of the Iranian parliament, said on Sunday that energy and desalination infrastructure in the region would be “irreversibly destroyed” if his country’s power plants were attacked.
Such action would significantly escalate the conflict, which has already disrupted global energy supplies, pushing up prices and causing fuel shortages.
Other markets in the Asia-Pacific region were also lower on Monday.
Hong Kong’s Hang was down by almost 3.5% and the Shanghai Stock Exchange Composite index 2.5% lower.
Global oil prices were broadly steady, with Brent crude 0.45% higher at $112.69 (£84.56) a barrel and US-traded oil was up by 0.7% at $98.93.
[BBC]
Business
Healthguard Distribution powers Sri Lanka’s ‘Port to Pharmacy’ medicine supply chain
Human resources remain the biggest challenge despite advanced logistics
Industry-wide cost pressures are also beginning to surface
In Sri Lanka’s pharmaceutical trade, the journey of a medicine does not end when it arrives at the port. It must still travel safely across the island – through regulated warehouses, temperature-controlled transport and complex distribution routes – before reaching the pharmacy shelf where patients need it.
That journey is increasingly being powered by Healthguard Distribution, the pharmaceutical logistics arm of Sunshine Holdings, whose expanding distribution network now plays a critical role in ensuring the reliable movement of medicines across the country.
At the centre of that network is the company’s Western Regional Distribution Centre (WRDC), a temperature-controlled logistics hub designed to support the safe storage and efficient distribution of pharmaceutical products across the Western Province.
Spanning nearly 18,920 square feet, the facility functions as a key node in the company’s islandwide distribution system. Originally acquired in 2008 to serve as the main warehouse for Swiss Biogenic Ltd., the site evolved alongside the company’s growing operations. Following a major upgrade programme that began in July 2024, the facility recommenced operations in July 2025 as a fully compliant regional distribution centre aligned with international quality standards.
According to Sunshine Pharmaceuticals and Healthguard Distribution Chief Executive Officer Shantha Bandara, the company’s logistics model is built around a simple but comprehensive concept.
“Our approach is ‘Port to Pharmacy’,” Bandara said during a recent media visit. “We collect pharmaceutical consignments from the Port of Colombo, clear them through Customs, store them under regulated conditions and then distribute them to pharmacies across the country. Importers and manufacturers do not have to worry about logistics – we manage the entire process.”
The distribution network today serves over 4,500 authorised pharmaceutical outlets, including pharmacies, hospitals, channeling centres, supermarkets and SPC Osusala outlets. Operations span 150 main towns and 466 sub towns, supported by 111 active delivery routes and seven regional distribution centres located across the island.
Within that system, the WRDC is the largest and among the most technologically advanced hubs.
The facility maintains strict cold-chain conditions for temperature-sensitive medicines. Its cold room capacity has been expanded from 15 cubic metres to 30 cubic metres, enabling compliant storage of products such as insulin within the required 2–8°C range. Online temperature monitoring systems operate across all storage zones while data loggers are used for insulin deliveries to ensure product integrity throughout the supply chain.
Delivery vehicles are also equipped with GPS tracking and temperature monitoring systems, allowing real-time visibility of shipments.
Automation and digital systems are increasingly shaping the operation. Software automation supports invoicing and customer credit verification, while sales teams use digital tools for order canvassing. The company’s enterprise systems provide real-time inventory and accounting visibility, supported by data dashboards used for operational decision-making.
To safeguard continuity, the facility is equipped with a high-capacity backup generator and dedicated on-site fuel storage, ensuring cold rooms, monitoring systems and warehouse operations remain functional even during power outages.
Behind the infrastructure is a workforce of 102 employees, supported by a specialised 15-member value-added services team trained in Good Distribution Practice (GDP), cold-chain management, safety and emergency response.
Yet despite the sophisticated logistics and infrastructure, Bandara told The Island that the most persistent operational challenge lies in human resources.
“We have the infrastructure, the logistics systems and the operational capability,” he noted. “However, maintaining the required number of skilled employees is an ongoing challenge because the labour market is constantly fluctuating. Our HR team is continuously recruiting and training to keep the workforce at the required level.”
Industry-wide cost pressures are also beginning to surface. Company officials noted that rising fuel prices could eventually affect transportation and electricity costs within the distribution chain, which may in turn influence pharmaceutical logistics expenses in the short term.
Still, the broader goal of the company remains unchanged – ensuring that medicines reach patients safely and on time.
From the moment a shipment arrives at the Port of Colombo to the point it reaches a pharmacy shelf, the process depends on precision logistics, regulatory compliance and operational discipline. For Sri Lanka’s healthcare supply chain, Healthguard Distribution’s growing network is becoming a key driver of that journey from port to pharmacy.
By Sanath Nanayakkare
Business
From generation to generation: SINGER secures 20th consecutive People’s Brand title
Singer Sri Lanka, the nation’s foremost retailer of consumer durables, celebrates a truly historic milestone at the SLIM-KANTAR People’s Awards 2026, securing a prestigious triple victory while marking 20 consecutive years as the People’s Brand of the Year, an achievement made possible by the enduring trust and loyalty of Sri Lankan consumers.
This year, SINGER was honoured with yet another triple win with People’s Brand of the Year, Youth Brand of the Year and People’s Durables Brand of the Year at the awards ceremony. This remarkable recognition reflects the deep and lasting relationship the brand has built with Sri Lankans across generations, standing as a symbol of trust in homes across the island.
Janmesh Antony, Director – Marketing said: “This award belongs to our customers. Being recognised as People’s Brand for 20 years, alongside Youth and Durables Brand, reflects our commitment to staying relevant across generations.”
Mahesh Wijewardene, Group Managing Director said: “Twenty consecutive years as the People’s Brand is humbling and inspiring. This milestone strengthens our commitment to keeping customers at the heart of everything we do.”
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