Parliament yesterday took up for debate and vote a sweeping overhaul of Sri Lanka’s main environmental law, in what the Central Environmental Authority (CEA) hopes will become the country’s first major legal reset on environmental protection in 38 years.

The National Environmental (Amendment) Bill, taken up for its final reading in the House, is being seen by environmental officials as a critical attempt to modernise an outdated legal framework that has struggled to keep pace with mounting pollution, hazardous waste, ecological degradation and the environmental fallout of unplanned development.

In a sign of the importance attached to the Bill, senior CEA officials remained in parliament throughout the day as the debate unfolded, amid growing expectations within the environmental sector that the revised law would strengthen the Authority’s hand in regulation, enforcement and environmental planning.

CEA chairman Prof. Tilak Hewawasam described yesterday as a “very special day” for the Authority and said the proposed amendments were long overdue.

“Yesterday was a very special day for the Central Environmental Authority. The Bill to amend the National Environmental Act was read in parliament for the final time, debated and voted on. This was the third revision of the Act and came 26 years after the previous amendment. While the 2000 revision was only a minor one, the 1988 amendment was a comprehensive reform that provided the legal framework and tools such as the EPL and EIA for environmental protection and environmental management in Sri Lanka. After 38 years, another comprehensive revision has now been proposed to Parliament, Hewawasam told The Island Finacial Review.

He said the CEA leadership and senior staff had closely followed the proceedings, hopeful that parliament would clear the Bill and pave the way for a stronger legal framework for sustainable development.

“We were very eager to see this revised Act passed and enacted by parliament, as it will provide the legal framework needed to drive and accelerate the country’s sustainable development, he said.

The push for reform comes at a time when the country’s environmental governance framework is under increasing strain from industrial pollution, mounting solid waste, chemical hazards, encroachment into environmentally sensitive zones and the widening conflict between economic activity and ecological safeguards.

Environmental officials say the revised law is intended to close long-standing legal and institutional gaps that have weakened environmental enforcement and slowed regulatory action.

Among the major changes proposed are provisions to legally recognise Strategic Environmental Assessments (SEA), strengthen the CEA’s authority to issue binding orders instead of merely recommendations, tighten controls on hazardous waste and chemicals, expand producer responsibility in waste management, and empower authorities to act more decisively against unauthorised constructions and environmentally harmful activities in protected and ecologically sensitive areas.

By Ifham Nizam

Residents of La Serena recently came together in a spirit of quiet reflection and shared devotion for a Vesak Bhakthi Gee recital, transforming the serene beachfront setting into an evening of song, mindfulness and gentle celebration.

The programme, organised for residents and invited guests, featured a collection of Buddhist devotional songs that captured the essence of Vesak, fostering a sense of inner peace and spiritual fulfilment. Voices joined in harmony, creating a deeply moving atmosphere rich in meaning and memory.

With around 60 per cent of La Serena residents being expatriate Sri Lankans, the event was particularly evocative. One resident observed that having lived overseas for many years, they had missed Sri Lankan cultural and religious celebrations, making the celebration especially meaningful.

Beyond the music, the gathering strengthened the bonds of community that define life at La Serena, encouraging connection, conversation and companionship among residents. Rooted in Sri Lankan cultural and religious tradition, the event reflected the resort’s commitment to enriching emotional and spiritual well-being through thoughtfully curated experiences.

La Serena is a purpose-built beachfront retirement resort in Uswetakeiyawa, offering a secure and dignified environment for assisted living. Combining the privacy of independent living with access to personalised care and shared amenities, it fosters a vibrant, connected lifestyle where residents can enjoy comfort, companionship and peace of mind.

Sarvodaya Development Finance PLC (SDF) delivered a strong financial performance for the year ended 31 March 2026, recording significant growth in income, profitability, portfolio expansion, and asset quality while continuing its commitment to responsible and inclusive finance.

For the financial year under review, SDF reported total income of LKR 6.42 billion, a year-on year increase of 46.8%. Interest income rose by 43.8% to LKR 5.85 billion, driven by business expansion and growth in earning assets. Net Interest Income increased by 35.4% to LKR 3.58 billion, while Total Operating Income grew by 40.8% to LKR 4.15 billion, reflecting the Company’s ability to generate strong and sustainable earnings.

Profitability improved substantially during the year. Operating Profit before Tax on Financial Services increased by 59.9% to LKR 1.82 billion, while Profit Before Tax rose by 63.8% to LKR 1.36 billion. Profit for the Year increased by 73.1% to LKR 820.1 million compared with LKR 473.8 million in the previous year. Earnings per share improved to LKR 5.48, demonstrating enhanced value creation for shareholders.

The Company’s balance sheet expanded significantly, with total assets increasing by 65.8% to LKR 37.37 billion as at 31 March 2026. Financial assets at amortized cost, including loans and receivables, grew by 67.2% to LKR 20.60 billion, while lease rental receivables increased by 34.0% to LKR 9.19 billion. SDF also strengthened its funding profile through debt securities, including Sustainable Bonds, amounting to LKR 2.09 billion.

Commenting on the performance, Chief Executive Officer, Nilantha Jayanetti stated, “The results achieved during FY2025/26 reflect the strength of our business model, disciplined growth strategy, and commitment to delivering responsible financial solutions. We remain focused on creating sustainable value while supporting communities and enterprises across Sri Lanka.”

SDF maintained a strong capital position, with a Tier 1 Capital Adequacy Ratio of 15.48% and a Total Capital Adequacy Ratio of 22.13%, both comfortably above regulatory requirements. Asset quality also improved, with the Gross Stage 3 Loans Ratio declining to 4.93% from 7.88% and the Net Stage 3 Loans Ratio improving to 2.94% from 5.70%. The Stage 3 Impairment Coverage Ratio strengthened to 42.60%.

Operational efficiency improved as the Cost-to-Income Ratio reduced to 42.99%, while Return on Equity increased to 19.60%. Reflecting its stronger financial position, SDF’s external credit rating was upgraded to Lanka Ratings (SL) BBB- Stable.

With a network of 56 branches, SDF remains committed to advancing financial inclusion, supporting sustainable enterprise growth, and contributing to Sri Lanka’s long-term socio-economic development.