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Singer Sri Lanka Excels in SAFA Best Annual Report Awards 2022

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Singer Sri Lanka has achieved outstanding recognition at the South Asian Federation of Accountants (SAFA) Best Presented Annual Report Awards, Integrated Reporting Awards, and SAARC Anniversary Awards for Corporate Governance Disclosures Competition 2022.

Singer secured the prestigious Gold Award for the third consecutive year in the Service Sector (Excluding Financial Services & Communication & IT) category. This remarkable accomplishment reflects the company’s unwavering commitment to transparency, accountability, and governance in annual reporting.

The evaluation process, conducted by SAFA’s esteemed committee, focused on enhancing transparency, accountability, and governance in the published Annual Reports of entities across South Asian countries. Singer Sri Lanka’s success in clinching the Gold Award underscores the exceptional quality and excellence embedded in their annual reporting practices.

The awards ceremony took place at the Hotel Radisson Blu, Kaushambi, Ghaziabad, Uttar Pradesh, India. The event served as a platform to celebrate and honor organizations that have demonstrated excellence in their reporting standards.

Mahesh Wijewardene, CEO of Singer Group of Companies, remarked, “This recognition is a testament to our continuous pursuit of excellence in reporting standards. It reflects the tireless efforts of our team and our unwavering commitment to transparency and accountability.”

Shalinka Seresinhe, Finance Director at Singer (Sri Lanka) PLC, added, “Winning the Gold Award in the Service Sector is a reflection of our commitment to maintaining the highest standards of corporate governance, transparency and accountability in our financial reporting practices. We are honored to be recognized for our efforts in this prestigious competition.”

“As we celebrate this significant achievement, we renew our commitment to upholding the highest standards in corporate reporting and governance. We extend our heartfelt gratitude to SAFA for recognizing our efforts and providing a platform for acknowledging excellence in the industry,” he added.



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Sri Lanka, India caught in US-Iran ship crisis

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By Shamindra Ferdinando

Iran has sought the Indian intervention, at the highest level, to provide lifesaving support to the crews of empty Iranian vessels stranded just outside Sri Lanka’s 12-nautical mile territorial waters off Galle.

Sources familiar with the issue said that Iran had brought the developing situation to the attention of New Delhi as the crews of almost 20 vessels, included Indian nationals. Sources stressed that the group of vessels that unloaded crude oil a couple of months back were now stranded within Sri Lanka’s Exclusive Economic Zone (EEZ).

The US Navy torpedoed an unarmed Iran frigate, returning from India, on 04 March, 2026, about 19 nautical miles off the Galle coast. The unprovoked attack killed nearly 100 Iranians.

The Iranian Embassy in Colombo has inquired from the Indian High Commission of their response to the situation, sources said. The US has issued a global warning against providing food, water, medicine and other services to the Iranian vessels. The outcome of Iran-India talks on the issue at hand was not known, though sources asserted India may not throw its weight behind Iranian efforts to address the issue.

Responding to The Island queries, sources said both Sri Lanka and India were in a dilemma due to the US warning. India couldn’t ignore the plight of the Indian crew members and the Iranian vessels in its backyard.

The Sri Lankan government remains tight-lipped about the vessels stranded in its EEZ. Our efforts to elicit a response from relevant authorities were in vain. In addition to Indians, there are Bangladeshis among the crew members. Iran has explicitly stated the responsibilities of the countries concerned to provide assistance in terms of international law.

The Iranian position was articulated by its Ambassador to Sri Lanka, Dr.Alireza Delkhosh, recently. In a special statement, Ambassador Delkhosh emphasised that in terms of the Convention on the Law of the Sea (Article 98) as well as SOLAS and SAR

Conventions, Sri Lanka couldn’t refrain from providing the needs of the Iranian vessels stranded in its EEZ.

SLMC leader Rauff Hakeem lambasted the NPP government in Parliament for failing to provide assistance to the Iranian ships. The former Minister alleged that the government was simply carrying out dictates of the US. He strongly criticised the way Foreign Minister Vijitha Herath was handling the issue.

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Namal further remanded

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MP Namal Rajapaksa being brought to the Colombo Magistrate’s Court yesterday. Pic by Nishan S Priyantha

MP Namal Rajapaksa, who is in remand custody over the controversial Airbus deal, was further remanded until October 27 by the Colombo Magistrate’s Court yesterday (13).

Colombo Chief Magistrate Asanga S. Bodaragama made the order after considering submissions by officers of the Commission to Investigate Allegations of Bribery or Corruption and lawyers representing Rajapaksa.

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IMF projects Lankan economic growth to moderate amidst mounting global uncertainties

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Sri Lanka’s economy is expected to sustain its recovery over the next two years, although growth is projected to moderate amid mounting global uncertainties, according to the International Monetary Fund’s (IMF) latest World Economic Outlook.

In its World Economic Outlook 2026: Resilience Under Strain, Urgent Choices, the IMF projects Sri Lanka’s economy to expand by 4% in 2026, slowing to 3.7% in 2027, following estimated growth of 5% in 2025.

Inflation, meanwhile, is forecast to rise to 5.3% in 2026 and 5.4% in 2027, reversing the average deflation rate of 0.5% recorded in 2025.

Unemployment is expected to remain steady at 3.9% throughout the forecast period.

The projections come amid growing pressure on the global economy from the ongoing conflict in the Middle East, elevated energy prices, geopolitical tensions and trade disruptions.

Sri Lanka’s external position is also expected to weaken, with the current account balance projected to shift from a surplus of 1.6% of gross domestic product (GDP) in 2025 to deficits of 0.5% in 2026 and 0.3% in 2027.

The IMF’s outlook points to continued economic expansion in Sri Lanka, but with slower growth, rising inflation and a narrowing external surplus giving way to current account deficits over the forecast period.

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