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‘To obtain IMF assistance, govt. must address bribery and corruption on urgent basis’

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By Hiran H.Senewiratne

The government should address the issues of bribery, corruption and mismanagement by way of new legislation without delay to obtain IMF assistance, Head of Sales at Softlogic Holdings Eardley Kern said.

“We are not purely dependent on IMF funds but the most important thing is IMF endorsement, which gives an indication to the external world that Sri Lanka is on the correct course when implementing proper governance issues. Therefore, it is strategically important for the government to meet those requirements, Kern told The Island Financial Review.

Kern added that since the stock market is an important barometer on the economy, IMF endorsement is absolutely necessary to attract foreign investors to the stock market. ‘Huge selling pressure and an exodus of foreign investors from the stock market will be inevitable if the government fails to implement good governance, he said.

Yesterday CSE investor sentiment slightly improved but both indices showed a downward trend. The All- Share Price Index went down by 120.9 points and S and P SL20 declined by 37.62 points. Turnover stood at Rs 854 million without any crossings.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 284 million (1.4 million shares traded), Capital Alliance Rs 85.7 million (1.2 million shares traded), Distilleries Rs 27.8 million (1 million shares traded), Expolanka Holdings Rs 22.8 million (172,000 shares traded), First Capital Holdings Rs 22.8 million (502,000 shares traded), Hayleys Fabrics Rs 19.9 million (451,000 shares traded) and Hayleys PLC Rs 19.6 million (218,000 shares traded). During the day 29.7 million share volumes changed hands in 11000 transactions.

Huge selling pressure was noted in primary dealer companies, including Capital Alliance and First Capital Holdings. The reason for the stock market to come down yesterday was because investors are expecting the Central Bank to implement a hawkish monetary policy stance and maintain the status quo.

It is said that Sri Lanka’s major creditors, such as Japan, India and France, are likely to reach broad agreement this month on debt reduction steps, including extending repayments, foreign media reported.

Sri Lanka has held multiple rounds of talks with bondholders and bilateral creditors, including Japan, China and India, on reworking its foreign debt after suspending repayments in May last year.

A group of Sri Lanka’s major creditors, including the United States, Japan and India, want to sign a memorandum of understanding with the country around the time of the International Monetary Fund and World Bank meetings later this month in Morocco. The only stumbling block is that China is foot- dragging due to geo-political issues, which has negatively impacted Sri Lanka and other countries, market analysts said.

Yesterday, the rupee opened at Rs 323.90/324.10 to the US dollar, after closing on the previous day at Rs 324.00/324.25 to the US dollar, dealers said.

Two bonds were actively trading. A bond maturing on 01.08.2026 was quoted stable at 15.60/75 percent on Tuesday. A bond maturing on 01.05.2028 was quoted at 14.50/80 percent after closing on Monday at 14.45/70 percent.



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HNB partners IDEAL Motors to drive financial freedom through vehicle leasing solutions

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HNB, Senior Vice President/Head of Retail Banking, Kanchana Karunagama and Director of Legal & Corporate Affairs, Nimisha Welgama sharing the MoU, alongside the representatives from both organizations

HNB PLC, the leading private bank in Sri Lanka, has partnered with IDEAL Motors (Pvt) Limited to provide customers with attractive leasing solutions for brand-new vehicles & generators .

The partnership introduces a range of benefits designed to support individuals, entrepreneurs, and businesses seeking reliable vehicle and power solutions. Through this collaboration, customers can access structured lease facilities, special interest rates, free life insurance coverage, and attractive discounts through HNB General Insurance.

Commenting on the partnership, HNB, Senior Vice President/ Head of Retail Banking, Kanchana Karunagama, said, “At HNB, we believe that the right financial support can help people and businesses move forward with greater confidence. This partnership with IDEAL Motors shows our commitment to creating meaningful solutions that make vehicle and power investments more accessible, while helping our customers achieve their personal and business aspirations. By combining HNB’s financial expertise with IDEAL Motors’ industry capabilities, we are creating opportunities that support the ambitions of Sri Lankans and contribute towards a stronger, more connected economy.”

Customers purchasing vehicles through IDEAL Motors will also benefit from exclusive offers including free registration, and discounts on Bolero Maxx Pik-Up, Alfa Plus Load Carrier, Mahindra Pik-Up Single Cab, Mahindra Pik Up Double Cab, XUV 3XO vehicles, creating greater value throughout their ownership journey.

IDEAL Motors (Pvt) Limited, Director Legal and Corporate Affairs, Nimesha Welgama, said, “Our collaboration with HNB represents a shared commitment to supporting Sri Lankans in achieving greater financial independence through accessible ownership solutions. By combining IDEAL Motors’ mobility and power solutions with HNB’s financial expertise, we aim to empower individuals and businesses with opportunities that contribute to economic progress and community development. This partnership highlights our vision of creating lasting value by enabling customers to confidently invest in their future.”

With IDEAL Motors recognised for its diverse portfolio of automotive and power solutions, and HNB’s extensive expertise in financial services, the partnership aims to provide a seamless experience from selection to ownership, supported by flexible financing options and customer focused solutions.

The partnership further strengthens HNB’s commitment to supporting economic progress by providing financial solutions that enable customers to invest in personal mobility, commercial growth, and business continuity. Through collaborations with leading industry partners, HNB continues to expand opportunities for Sri Lankans while delivering a banking experience built around accessibility, trust, and value.

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Sri Lanka Insurance Corporation General and the Ministry of Education committed to protect Sri Lanka’s schoolchildren

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Sri Lanka Insurance Corporation General Ltd (SLICGL) and the Ministry of Education, Higher Education and Vocational Education share a commitment to protect Sri Lanka’s children throughout their school education. The pledge is delivered through the Suraksha Student Insurance Scheme, which protects over 4 million school children.

The Government of Sri Lanka, through the Ministry of Education, Higher Education and Vocational Education, provides the Suraksha Student Insurance Scheme free of charge to schoolchildren throughout the country. SLICGL is proud to partner with the Ministry in delivering this national initiative, which helps safeguard students against the financial impact of unforeseen circumstances.

Eligible students include those aged 5-21 years in Grades 1-13 from government schools, government-approved private schools, and Pirivena education, as well as students aged 4-21 years in assisted special schools.

The scheme provides hospitalisation, outpatient and critical illness cover, as well as personal accident cover for permanent and temporary disability, together with a life insurance benefit for children from low-income families on the death of a parent. Cover applies to incidents within and outside school premises.

For a child, an illness or accident can be far more than a temporary setback. It can place added pressure on a family and, in some circumstances, disrupt schooling. Suraksha acts as a safety net, giving children and their families greater peace of mind and helping them stay in school despite life’s uncertainties. The scheme is easily accessible through SLICGL’s islandwide network of 200 branches and customer service centres.

Children’s Day is a celebration of hope, the hope for every child to have the opportunity to learn, grow and build a better future. Celebrating children also means protection, not for a single day but for every day they spend in the classroom.

Commemorating Children’s Day, SLICGL extended support towards the educational needs of children at an underprivileged school. The project highlighted the company’s belief in protecting the future not only by being supportive when the unexpected happens, but also in helping create an environment in which children can learn, grow and fulfil their potential.

As Sri Lanka’s National Insurer, SLICGL’s role goes further than protecting people against risk. It is also about contributing to a stronger, safer and more resilient country as children’s education, wellbeing and aspirations contribute directly to help build the journey ahead.

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Vietjet launches Hanoi to Prague route via Almaty, expanding to Central Asia and Europe

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Inaugural celebrations for the new Prague to Almaty and Prague to Hanoi services mark an important milestone in Vietjet’s intercontinental network expansion

Vietjet, which already flies between Colombo and Ho Chi Minh City, has officially launched new services connecting Hanoi with Almaty, Kazakhstan, and Prague, Czech Republic, as well as Almaty with Prague, expanding its intercontinental network and marking its entry into the European Union. The new air links offer more affordable travel options while fostering greater tourism, trade and cultural exchange between Asia and Europe.

For Sri Lanka, the new routes widen the network that Vietjet is building out of Colombo. The airline has operated non-stop flights between Colombo and Ho Chi Minh City since August 2026, three times a week on Tuesdays, Thursdays and Saturdays, while its new Ho Chi Minh City to Maldives service via Colombo is scheduled to begin on 5 December 2026. With Hanoi now linked to Central Asia and Europe, Sri Lankan travellers have a growing choice of destinations reachable through Vietjet’s extensive network.

The inauguration ceremonies took place at Almaty International Airport and Václav Havel Airport Prague on 10 October, amid a warm welcome from local leaders, residents and visitors. The inaugural flights were greeted with traditional water cannon salutes and performances showcasing local cultural heritage, marking the beginning of new journeys connecting the three regions and welcoming international travellers to Vietnam. Passengers on the inaugural flights also received commemorative gifts from Vietjet and the airports, adding a special touch to their journeys.

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