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‘SL lost US$ 15 billion in revenue from tourism and foreign remittances from 2018 to 2022’

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Imtiaz Buhardeen

By Hiran H.Senewiratne

Sri Lanka had lost more than US$ 15 billion in revenue from the tourism industry and foreign remittances from 2018 to 2022, Almas Holdings Group chairman Imtiaz Buhardeen said.

“The reasons for this huge revenue loss for the country were the Easter Sunday attacks, the political coup of 2018, the Covid-19 global pandemic and economic and political unrest. However, the country is now slowly but steadily limping back to normalcy and the business community is a bit happy about this progress, Buhardeen told The Island Financial Revenue.

Buhardeen added: “At this juncture Sri Lanka’s economic fundamentals are falling into place and the country is also making rapid progress by implementing the IMF reform program unlike during the previous 16 occasions. We are now very bullish on Sri Lanka’s economic future.

“With IMF support, confidence is building in the outside world for Sri Lanka. It is now noticeable that the tourism sector and foreign remittances are also slowly picking up, which is a good sign for the country’s progress.

“The government is very serious in implementing the state-owned enterprises reform program, which is a need. The IMF and other creditors are observing us more strictly than on previous occasions.

“SOEs, which are incurring heavy losses, should be listed on the CSE, because once the institutions are listed, every quarterly they have to release audited results. It is mandatory that every listed company in the CSE has to meet this requirement.

“By listing profit-making SOEs in the private sector, they could be enabled to double their current profits and manage their funds more efficiently and effectively.

“We have observed that SriLankan Airlines is now making operational profits but due to their huge loans and high interest they are not able to turn around immediately. The government cannot be giving them handouts all the time.

“Only 1 percent of the Sri Lankan population is engaged in the stock market and more education programs should be held to woo more to the stock market. As interest rates are coming down rapidly, moving and investing in the stock market will be the best option for people.

“Investing in the stock market is more accountable and transparent than investing in other sources.

“There is much talk that domestic debt restructuring will have a major negative impact on the EPF but that is totally false.”



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Lanka’s largest solar park set to transform energy landscape and local economy in Hambantota

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A new era in Sri Lanka’s renewable energy is unfolding in the Gonnoruwa Division of Hambantota District, where construction has begun on the country’s largest solar power park. Spanning 450 acres and designed to generate 150 megawatts (MW) of electricity, the US$150 million private-sector-led project is poised to become a cornerstone of the nation’s sustainable energy ambitions.

Officials say the solar park, guided by the Sustainable Energy Authority and the Mahaweli Authority, will make its first contribution to the national grid by the end of this year, with full capacity expected by 2026. Once completed, the facility will rank among Sri Lanka’s largest renewable energy installations, second only to the 210 MW Victoria Dam and the 150 MW Upper Kotmale hydropower project.

The initiative is being framed as a strategic response to recurring power cuts in the Southern Province during annual drought periods. With a projected 20% contribution to the country’s daytime electricity demand, the solar park is expected to significantly stabilize the grid, reduce reliance on fossil fuels, and contribute to the country’s renewable energy targets.

Project Engineer Thilanka Bandara confirmed that preliminary land preparation and boundary works have been completed, with 50 MW already feeding into the national grid. The investment, fully funded through foreign direct investment, local bank loans, and equity capital, requires no government funding. Two private firms are sharing the development, contributing 70 MW and 80 MW respectively.

Bandara highlighted a unique feature of the project: the transmission infrastructure, estimated at US$16 million, is entirely financed by the investors, marking a departure from conventional grid-connected projects. The park will also employ state-of-the-art ground-mounted solar technology, considered the most advanced currently deployed in Sri Lanka.

In a first for Sri Lanka, the solar panels will be installed five feet above the ground, allowing partial-shade crops to be cultivated underneath. Technical Officer Sithmina Bandara explained that this setup will enable the cultivation of food plants such as mushrooms, which thrive in shaded conditions, creating a model for integrated solar-agriculture systems. Agricultural experts have already provided guidance on implementing this initiative, which combines energy production with local food security.

The project is expected to generate 750 to 1,000 direct and indirect jobs, with 400–500 already employed in the initial phase. Long-term maintenance work will provide further employment opportunities, offering a substantial economic boost to the Hambantota region. Environmental management measures are also in place to prevent elephants from entering nearby villages, ensuring harmony between development and wildlife.

All necessary approvals and permits were obtained by February 2025, aligning the project with the Ceylon Electricity Board’s national generation plan. Officials confirmed that upon completion, the total output of the Solar Energy Park will rise to 200 MW, combining existing installations with the new 150 MW facility.

Experts say the Hambantota solar park represents more than just a power generation project. Its innovative design, private-sector financing, and integrated agricultural approach position it as a template for future renewable energy projects in Sri Lanka, reflecting a new model of sustainable development that balances energy, economy, and environment.

By Sirimanta Ratnasekera

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ESU Kandy clinches dominant victory at ‘Battle of Esoftians’

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The Battle of Esoftians, an annual cricket encounter organized by ESOFT Uni Kandy, concluded with a spectacular display of cricketing prowess as the Kandy team secured a massive 245-run victory over ESOFT Metro Campus, Kurunegala. The match was held on the 15th at the University of Peradeniya Grounds.

Winning the toss and electing to bat first, the ESOFT Uni Kandy batsmen dominated the field from the outset. They showcased an explosive batting performance, posting a formidable total of 280 runs for the loss of 5 wickets in their allotted 20 overs.

In response, the Kurunegala ESOFT Metro team struggled against a disciplined bowling attack. The Kandy bowlers dismantled the opposition’s batting lineup, bowling them all out for a mere 35 runs, sealing a historic win for the Kandy campus.

The event was graced by the presence of key officials from the ESOFT management: Amila Bandara – Chief Operating Officer (ESOFT Uni), Dimuthu Thammitage – General Manager (Central Region), Lakpriya Weerasinghe – Deputy General Manager, ?Lahiru Diyalagoda

Centre Manager-Degree Division, ESOFT Metro Campus Kurunegala and Dushantha Sandaruwan – Master in Charge (ESU Kandy Cricket Club)

Team Lineups

ESOFT Uni Kandy (Winners)

Chamath Ekanayake (Captain), Dinuka Tennakoon (Vice Captain), Dushantha Sandaruwan (MIC), Chalitha Rathnayake, Pulasthi Bandara, Isuru Dehigama, Kesara Nuragoda, Aadhil Sherif, Isuru Pannala, Achintha Medawatta, Ahamed Shukri, Gowtham Hari Dharshan, Danushka Sahan, Eranda Bandara, and Damith Dissanayake.

ESOFT Metro Campus Kurunegala (Runners-up)

Adeesha Samarasekara, Savishan Madusha, Lahiru Diyalagoda, Hirun Damayantha, Naveen Madushanka, Daham Pothuwewa, Senuda Thewnaka, M.R. Abdulla, Arunodya Dasun, Mohamad Afri, Desith Perera, Lasitha Ranawaka, Anton Dilon, Shenuka Thirantha, and Kavindu Bandara.

Text and Pix By S.K. Samaranayake

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HNB joins Royal–Thomian “Battle of the Blues” as official banking partner

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HNB Vice President Marketing & Corporate Communications, Upul Adikari, together with HNB, Brand Manager, Ishara Thilakarathne, presents the Official Banking Partner sponsorship cheque to St. Thomas’ College, Warden, Asanka Perera and Royal College Principal Athula Wijewardana, in the presence of the Co-Chairs of the Royal–Thomian Match Organizing Committee and captains from both teams.

HNB PLC, Sri Lanka’s leading private sector bank, has joined as the Official Banking Partner for the 147th edition of the historic “Battle of the Blues,” the Royal–Thomian cricket encounter between Royal College, Colombo, and S. Thomas’ College, Mt. Lavinia. Commenting on the partnership, HNB’s Managing Director/CEO Damith Pallewatte highlighted the bank’s long-standing connection with cricket, including sponsorship of Sri Lanka’s first Test match against England in 1982, and emphasized HNB’s commitment to nurturing young talent and promoting school cricket. The three-day clash for the Rt. Hon. D. S. Senanayake Memorial Shield will take place from March 12–14 at the SSC Grounds, with the Mustangs Trophy one-day match following on March 28 under lights. HNB’s inaugural involvement marks a milestone in the bank’s sports marketing journey, strengthening its role in the school cricket ecosystem. The bank will enhance the spectator experience by introducing digital and cashless banking solutions, modernizing the event while preserving its rich heritage and sporting tradition.

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