Business

‘Ground realities should correspond to President’s words’

Published

4 years ago

2022/08/10

The National Peace Council called on the government to restore political stability.

“The immediate need is to restore political stability. The route to follow is not Emergency rule, by cracking down on the protesters and their leaders, but to find ways and means of engaging with them in a nonviolent manner and address the root causes that brought tens of thousands of citizens, young and old, to the streets, countrywide,” the NPC said in a statement.

It said: President Ranil Wickremesinghe’s inaugural address to Parliament set forth a vision of good governance and civility that would stand among the most outstanding in the world. His speech comes at a time when several leaders of the protest movement, and youth activists, have been arrested for having violated the law during the public protests that led to the resignations of the former President Prime Minister and Cabinet of Ministers of the country.

The National Peace Council congratulates the President on his assumption of office and pledges our support to make his vision a reality. We see the government, headed by the President, is taking forward several new initiatives to improve the current situation. The system change, the protest movement and youth of the country are seeking, is a transformation of the existing structures, both within and outside the current Parliament, which contributed to the collapse of the economic fabric of the country.

We have five specific requests to make of the President at this time.

1. The Cabinet has approved the proposed 22nd Amendment to strengthen the system of checks and balances. Three of the 10-member Constitutional Council will represent civil society. However, the discretion is given to the Speaker to pick them, which makes it likely that the choice will be in favour of the government. Therefore, we call for the civil society representatives to be appointed as in the 19th Amendment by both the Prime Minister and Opposition Leader together.

2. In his inaugural address, which was welcomed by many for its content and delivery, the President repeated his call for an all-party government. Earlier he had written to all parliamentarians regarding this. We urge the President to establish the all-party government in a manner that would give equal weight to each of the political parties in Parliament, irrespective of their size or numbers. The Cabinet needs to be established in such a manner that each party feels that they have a say in the governance, otherwise it will be a show only.

3. The significant role that the protest movement has made to the rise of the President to his present position has been recognided by the President who has offered them places in the national policy council, which is yet to be established. Additionally, we call for representation of members of the protest movement in the all-party government.

4. We urge the President to recognise the exceptional nature of the public protests that included youth, entire families and spanned the communities as the President noted in his inaugural address. We call on him to grant a blanket amnesty/pardon to those currently being held in custody or being subjected to legal action. Being magnanimous towards the youth and others who contributed to ushering in the change of political leadership needs to be done without resorting to Emergency rule.

5. The economic difficulties, the country is going through and its present inability to earn more than it spends, will require significant restructuring of the economy and livelihoods and living standards of the people. This will require a government that has the people’s backing and a fresh mandate. We call for elections to be held, within a time frame of a year, and that the long-postponed provincial elections, which are especially important to the minority communities, should also be held.

Unfortunately, the spate of arrests of leading members of the protest movement have cast a pall of gloom over the country which the President’s inaugural address can dispel if words are the precursor to change on the ground. It is essential that they do or else the hope of political stability and getting out of national economic distress will prove to be elusive.

The immediate need is to restore political stability. The route to follow is not Emergency rule by cracking down on the protesters and their leaders but to find ways and means of engaging with them in a nonviolent manner and address the root causes that brought tens of thousands of citizens young and old to the streets countrywide. The legitimate demands of people who have seen their living standards crash in a matter of months should be addressed through dialogue with them and not by assuming Emergency powers and engaging in witch hunts to silence the dissenting voices.

The National Peace Council is an independent and non partisan organization that works towards a negotiated political solution to the ethnic conflict in Sri Lanka. It has a vision of a peaceful and prosperous Sri Lanka in which the freedom, human rights and democratic rights of all the communities are respected. The policy of the National Peace Council is determined by its Governing Council of 20 members who are drawn from diverse walks of life and belong to all the main ethnic and religious communities in the country.

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Business

Sri Lanka educates women but keeps many out of work, ADB warns

Published

6 hours ago

2026/06/5

Thilina Walpola

Shannon Cowlin - ADB Country Director for Sri Lanka

Sri Lanka has one of the most educated female populations in South Asia, yet only about one in three women participates in the labour force, making female workforce participation among the lowest in the region and leaving a significant source of economic growth untapped.

That paradox took centre stage at a knowledge forum organised by the Asian Development Bank (ADB) in Colombo on June 3, where government officials, labour authorities, academics and private-sector leaders examined the deep-rooted barriers preventing women from fully participating in the economy and explored reforms needed to unlock their economic potential.

Opening the event, ADB Country Director for Sri Lanka Shannon Cowlin said the issue extends beyond gender equality and has become a critical economic challenge for a country seeking sustained growth and inclusive development.

“Empowering women to participate fully in the labour force is not only a matter of equality; it is essential for inclusive economic growth and poverty reduction in Sri Lanka,” she said.

The forum, held under ADB’s Serendipity Knowledge Programme (SKOP), focused on findings from a recent ADB-supported study exploring the factors behind Sri Lanka’s persistently low female labour force participation.

Cowlin noted that despite notable progress in education and human development, Sri Lanka continues to lag behind on measures of gender equality and women’s economic participation. She said multiple studies have shown that the factors shaping women’s labour force participation are layered, interconnected and multidimensional.

According to the study, many women remain concentrated in informal, low-paid and insecure employment with limited access to social protection and few opportunities for career advancement. Social and cultural expectations continue to place primary caregiving responsibilities on women, often restricting their ability to pursue careers or remain in full-time employment.

The lack of affordable childcare services, unequal access to digital skills and technology, concerns over workplace safety, sexual harassment and inadequate transport options were identified as major obstacles preventing women from entering or remaining in the workforce.

“These are complex challenges that require action from all stakeholders – government, development partners, the private sector, civil society and academia,” Cowlin said.

She stressed that improving women’s labour force participation would require more than isolated policy interventions, calling instead for structural transformation, stronger infrastructure and care services, progressive workplace practices and broader societal changes that improve women’s mobility, safety and economic agency.

The event featured a presentation by Professor Dileni Gunawardena of the University of Peradeniya, who shared findings from ADB’s study on female labour force participation, followed by a panel discussion involving representatives from the International Labour Organisation, the Department of Labour, MAS Holdings and John Keells Holdings.

Panelists discussed measures to improve the enabling environment for women, including greater investment in the care economy, expanded childcare facilities, enhanced skills development, creating safe, supportive workplaces and career pathways for upward mobility.

Participants agreed that increasing women’s participation in the workforce is not merely ‘a nice to have’ but an economic necessity, particularly as Sri Lanka seeks to accelerate recovery, boost productivity and achieve more inclusive growth.

The ADB said Sri Lanka’s economic recovery presents a unique opportunity to address long-standing structural barriers facing women and to build a more inclusive labour market that fully utilises the country’s human capital.

By Sanath Nanayakkare

Business

ComBank offers exclusive financial solutions to the ‘Guardians of the Skies’

Published

6 hours ago

2026/06/5

Thilina Walpola

Hasrath Munasinghe, Chief Operating Officer of Commercial Bank and Air Vice Marshal Rajinth Jayawardena, Director General Welfare of the SLAF exchange the agreement in the presence of representatives of the two organisations.

Reinforcing its commitment to those who serve the nation, the Commercial Bank of Ceylon has entered into a Memorandum of Understanding with the Sri Lanka Air Force (SLAF) to introduce a comprehensive suite of concessionary financial facilities for its officers and other ranks.

The partnership, unveiled in a year that marks the 75th anniversary of the Air Force, which was founded in March 1951 as the Royal Ceylon Air Force, reflects a shared recognition of the critical role played by the SLAF as the steadfast ‘Guardians of the skies,’ entrusted with safeguarding the country’s security and sovereignty.

Under the terms of the agreement, Commercial Bank will extend a range of specially tailored financial products to SLAF personnel, including personal loans, leasing facilities, housing loans and credit cards. These facilities will be offered at concessionary interest rates, alongside concessions on documentation charges, enabling Air Force personnel to access financial support on more favourable terms.

The Bank said the initiative is part of its continuing efforts to deliver best-in-class lending solutions that are both accessible and responsive to the diverse needs of its customers. By offering attractive and affordable repayment structures, the scheme is designed to empower SLAF officers and other ranks to meet their personal financial requirements with greater ease and flexibility.

A key feature of the programme is the ability for beneficiaries to align repayments with their income patterns, ensuring that the facilities remain practical and sustainable over the long term. This flexibility, combined with preferential pricing, is expected to make a meaningful difference to the financial wellbeing of Air Force personnel and their families.

Business

Treasury Bill rate hike compounds stock market volatility

Published

6 hours ago

2026/06/5

Thilina Walpola

The CSE was extremely volatile yesterday mainly due to external and internal negative factors.

‘The escalation of the war situation in West Asia and the proposed tariff hike on Sri Lanka’s exports to the US by the Trump administration are worsening Sri Lanka’s economic woes. Further, the government’s decision to increase the Treasury Bill rate has also created some uncertainty in the market, stock analysts said.

The All Share Price Index was up by 249.83 points, while the S and P SL20 rose by 67.61 points. Turnover stood at Rs 2.79 billion with 11 crossings.

Companies that mainly contributed to the turnover by way of crossings were: Chevron Lubricants 1.5 million shares crossed to the tune of Rs 294 million and its shares traded at Rs 196, TJ Lanka 2.9 million shares crossed for Rs 90.8 million; its shares traded at Rs 31, Citizens Development Business Finance 2.5 million shares crossed to the tune of Rs 80.2 million; its shares traded at Rs 32.50.

ACL Cables 634,248 shares crossed for Rs 60.9 million; its shares traded at Rs 96, CCS 438,000 shares crossed to the tune of Rs 57.4 million; its shares traded at Rs 131, Overseas Realties 991,500 shares crossed for Rs 49.6 million; its shares traded at Rs 50 and Access Engineering 653,000 shares crossed to the tune of Rs 49.3 million; its shares sold at Rs 75.50.

In the retail market companies that mainly contributed to the turnover were; Dialog Rs 133 million (3.2 million shares traded), Seylan Bank (Non-Voting) Rs 110 million (1.7 million shares traded), Colombo Dockyard Rs 96.8 million (751,548 shares traded), Ceylinco Holdings (Non-Voting) Rs 77.5 million (516,000 shares traded), Sampath Bank Rs 74.2 million (530,000 shares traded), JKH Rs 74 million (3.7 million shares traded) and LMF Rs 65 million (781,000 shares traded). During the day 123 million share volumes changed hands in 26272 transactions.

It is said that the manufacturing sector, especially Chevron Lubricants and several other firms performed well, while the banking and financial sector performed too.

Yesterday the rupee was quoted flat at Rs 334.50/335.50 to the US dollar in the spot market on, unchanged from the previous day’s close, dealers said, while bond yields were broadly steady.

The telegraphic transfer rate for Sri Lanka’s rupee against the US dollar was Rs 330.50 buying, Rs 339.50 selling; euro was Rs 381.1884 selling, Rs 395.1054 buying; and the pound Rs 442.6620 buying Rs 456.7076 selling.

A bond maturing on 01.08.2030 was quoted at 12.12/20 percent, down from 12.15.25 percent.

A bond maturing on 15.06.2034 was quoted at 13.12/20 percent, down from 13.15/25 percent.

A bond maturing on 15.03.2035 was quoted flat at 13.15/25 percent.

By Hiran H Senewiratne