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‘Primacy given in SL to primary production rendering the achievement of food security difficult’

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Professor Buddhi Marambe

By Ifham Nizam

Sustainable food security is not an easy target to achieve in a country like Sri Lanka, where primary production has been given the priority, Professor Buddhi Marambe of the Department of Crop Science, Faculty of Agriculture, University of Peradeniya said.

Speaking to The Island Financial Review Marambe stressed that concerted efforts are required to achieve this target. Food security cannot be achieved entirely from national agricultural production.

Marambe added: ‘A country cannot be self-sufficient in all types of food to fulfill the needs of the people encircling all components of food security. Thus, food imports also play an important role in filling the demand and supply gap.

‘At this moment, Sri Lanka’s need is a national policy covering all aspects of agriculture, not only to overcome the current food and economic crisis that it experiences, but also to ensure that the whole nation will not fall a prey again to such man-made or natural disasters.

“What we require is a futuristic national policy that is evidence-based, to enhance confidence in all food-system actors and remove the uncertainties created in their minds due to faulty assurances given in the past by politicians and state agencies and help build dignity in a person as a player who contributes to national development. We need not think of doing wonders, but simply move away from extremist ideas, and face the reality, be pragmatic.

“Sri Lanka is famous in making national policies and action plans. However, their implementation is always a question due to lack of proper institutional coordination, monitoring, evaluation and reporting systems. People, including politicians, have rarely been made responsible and accountable for what they say, what decisions they make and impose.

“Hence, a future policy, especially in agriculture, should seriously consider the governance aspects in implementation. There should be a shared vision, responsibility and accountability of all individuals and institutions or entities on who is doing what, what is being done, and what is planned to be done, according to the national policy to support the progress of Sri Lanka’s economy.

“Sri Lanka went through a process to develop an Overarching Agriculture Policy (OAP), and the document was almost finalized in 2020. Food crops, perennial crops, plantation crops, livestock and poultry, fisheries, irrigation, agrarian development, and environment were the areas covered by the OAP, developed through a comprehensive stakeholder consultation process, considering the views from all actors in a food system.

“The consultations for the OAP started at the nine provinces, obtaining views from the ground-level staff, farming community, and then the national level stakeholders and the Department of National Planning (DNP) of the Ministry of Finance provided the required leadership.

“To the best of my knowledge, this is the first time that the DNP was fully involved from the initial stages of developing such a policy due to its cross-cutting nature. This is a timely and appropriate effort given the diverse nature of the broad subsectors covered in agriculture.

“A clear balance and inter-connectivity of subsectors are to be maintained for overall sustainability. The European Commission (EU) provided the required assistance. The OAP seems not moving forward, but it is the high time to bring it to the limelight to provide required guidance to develop the agricultural economy of Sri Lanka.

“We should improve agricultural productivity and production with a view to maximizing the contribution of agriculture to the country’s food security. The productivity achievement should accompany realistic goals. The cry from different sectors of society is for varieties and technologies when a crisis is imminent. We cannot come up with new varieties or breeds overnight. Even for a human child to be born there should be 9-10 months of gestation. A new crop variety in rice would take 6-8 years to be recommended and be released.

“A new cultivar of a crop like tea took about 25 years though now with technological advances, our scientists are able to shorten this gestation period to 18 years. Let us understand this reality. Genetic barriers are not easy to tackle. We need patience, but, proactive forward thinking would make the dream of sustainable food security a reality. Further, we do have a good crop cultivation plan, but should also focus on a post-harvest management plan done simultaneously before crying foul about post-harvest losses, especially during a glut of agricultural produce in the market. These are not based on rocket science or advanced philosophical thinking, but aspects that have been brought to the notice of policy makers on several occasions. Unfortunately, such propositions were not considered favourably.

“As a nation, we need to take our famers out of the cell by continually identifying them as ‘poor farmers’. We should make society understand that the ‘poor doing farming’ and the ‘farmer becoming poor’ are two different aspects. It is the latter that we need to address promptly. Indeed, poverty issues in the country should be addressed. However, agriculture is not the panacea to resolve all the problems of the poor, or the country as a whole. Entrepreneurial farming is the key to the future and needs to be promoted through careful articulation.

“The following seven aspects are priorities in a national policy leading to agriculture development and food security in the foreseeable future, considering crops (food and feed, perennial and plantation crops), animals (livestock, poultry and fisheries) and allied sectors:

“(1) Productivity enhancement of agriculture ecosystems through adoption of Good Agricultural Practices (GAP) and Good Animal Husbandry Practices (GAHP) to be demand-driven, while tackling food nutrition and safety and environment-related issues in production and product-processing.

(2) Development and adoption of climate-resilient crop varieties and animal breeds be supported while ensuring timely availability of inputs (e.g. seeds and planting material, fertilizer, pesticides, irrigation water, machinery for crops, feed and drinking water for animals).

(3) Efficient production technologies (e.g. protected agriculture, micro-irrigation, crop-animal integration, etc.) and value addition (e.g. GAP-certified products, and mechanized production and product-processing systems) be promoted with a special focus on youth and gender considerations.

(4) Efficiency of actors in the urban-rural connectivity in the food system be enhanced to reduce “food miles” (distance of food transport from producer to consumer), losses and prices through improved packaging and storage, and an efficient transportation system.

(5) A market-driven agriculture economy be supported through public-private-producer partnerships (PPPP) with targeted-subsidies, continued well-focused capacity building programmes and centrally-governed extension services.

(6) Dignity of the farming community and all other players in the food system be assured through mechanisms such as pension schemes, credit facilities with less hassle, supporting establishment of farmer companies, etc., where relevant.

(7) All actors in a food system, especially the politicians, officials of the state, private and non-governmental sector including academia and researchers/scientists, be made accountable and responsible for the decisions made and advocacies given in relation to agriculture.”



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Parliament rocked by LKR 13.2 billion NDB fraud: Systemic failure or regulatory lapse?

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Ravi Karunanayake and Bimal Ratnayake

The corridors of power in Sri Lanka’s Parliament became a theater of intense debate on April 7, 2026, as lawmakers confronted the fallout of the National Development Bank (NDB) fraud scandal. What began as a Securities Exchange Commission (SEC) disclosure has now transformed into a scathing critique of the nation’s financial regulatory domain.

Opposition MP Ravi Karunanayake took to the floor to demand accountability, not just from the bank, but from the regulatory authorities themselves. Highlighting the alarming jump in reported losses – from an initial LKR 380 million on April 2nd to a massive LKR 13.2 billion by April 6th – Karunanayake questioned how such a systemic breach could occur undetected.

“I want to focus your attention on the operations… and its supervision process,” Karunanayake told the House. “I was more shocked about what we heard at the Public Finance Committee… as there was no one to take the responsibility for detecting this earlier”.

The MP emphasised that his intention was not to trigger a ‘run’ on the bank, but to ‘purify’ oversight mechanisms, which he suggested had failed in their primary duty of early detection.

The gravity of the situation was underscored by Minister Bimal Ratnayake, who confirmed that the President has been formally briefed on the fraud. The Minister assured Parliament that the administration would take all necessary actions to ensure ‘financial sector’s discipline’ in the wake of this fraud.

Regulatory authorities have already moved to assert authority, issuing a statement on April 5, 2026, to provide oversight and maintain liquidity stability. However, the ‘appropriate regulatory support’ mentioned came with heavy strings attached as follows:

Dividend Freeze: The bank was ordered to immediately suspend cash dividends scheduled for distribution in April 2026.

Operational Curbs: NDB has been directed to restrict discretionary spending and halt all branch expansions until further notice.

Forensic Mandate: Under regulatory and board pressure, NDB is appointing an independent forensic auditor to conduct an impartial review of its systems.

The LKR 13.2 billion fraud is estimated to impact NDB’s unaudited total asset base by 0.7%. While NDB Chairman Sriyan Cooray and CEO Kelum Edirisinghe were noted for their expertise by Ravi Karunanayake, the focus has shifted toward the systemic vulnerability of the sector. As the criminal investigation and internal inquiries proceed, the primary question remains: how did a fraud of this magnitude remain invisible to the regulators until it reached the breaking point?

With the Public Finance Committee now involved, the NDB incident is no longer just a corporate crisis – it is a test of the integrity of Sri Lanka’s entire financial supervisory framework.

By Sanath Nanayakkare

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Ceylon Chamber of Commerce announces leadership transition

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Shiran Fernando / Perera / Alikie

The Ceylon Chamber of Commerce announces a planned and orderly leadership transition, underscoring its commitment to strong governance, leadership continuity, and long-term institutional stability.

Accordingly, Shiran Fernando has been appointed Secretary General and Chief Executive Officer, effective 8th May 2026, succeeding . Buwanekabahu Perera, who will conclude a three-year tenure at the helm of the Chamber.

Commenting on the transition, Krishan Balendra, the Chairperson of The Ceylon Chamber of Commerce stated:

“This leadership transition reflects the Chamber’s long-standing belief that strong institutions are built through continuity, sound governance, and deliberate succession planning. Over the past three years, the Chamber has been further strengthened institutionally, allowing us to move forward with confidence. The Board is fully assured that this transition will ensure stability while positioning the Chamber to meet the evolving needs of our members and the broader economy.”

Supporting this transition, institutional stability is further reinforced by the continued leadership of Ms. Alikie Perera, who serves as Deputy Secretary General, Chief Operating Officer / Financial Controller and CEO of GS1 Lanka. With over three decades of service spanning multiple leadership cycles and governance eras, including service under 16 successive Chairpersons, she has been instrumental in sustaining the Chamber’s operational integrity and financial discipline. Notably, she has played a key role over two decades in steering the Chamber’s flagship platforms, including the Sri Lanka Economic and Investment Summit (SLEIS) and the Best Corporate Citizens Awards [BCC Awards], both of which have become nationally and internationally recognised benchmarks. Her continued role provides assurance that institutional memory and organisational continuity remain firmly intact.

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Dialog Finance Launches Next-Generation Virtual Debit Card, Elevating Digital Payments in Sri Lanka

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Dialog Finance PLC, Sri Lanka’s leading fintech innovator, announced the launch of its Virtual Debit Card, the first in Sri Lanka to enable customers to generate multiple virtual cards for different purposes within a single app. This cutting-edge, digital-first payment solution is designed to deliver smarter control, enhanced security, and effortless everyday transactions, making online payments safer, more flexible, and fully manageable through the Genie app.

Designed for today’s mobile-first lifestyle, the Virtual Debit Card is managed seamlessly within the Genie app, allowing customers to generate multiple virtual cards tailored for specific use cases such as subscriptions, individual merchants, or shared spending scenarios. Each card offers customizable spending limits, real-time transaction tracking, and the option to delete or deactivate it once its defined use is complete. By isolating transactions across different purposes, this approach significantly enhances online payment security while providing complete visibility and control.

Issued on the UnionPay International network, the Virtual Debit Card ensures wide global acceptance for online and in-store payments. It also paves the way for future enhancements, including Tap to Pay functionality on NFC-enabled smartphones, enabling fast, contactless in-store transactions scheduled to be activated soon as part of Dialog Finance’s ongoing product evolution.

Commenting on the launch, Nazeem Mohamed, CEO & Director of Dialog Finance PLC, said, “This launch strengthens our position as Sri Lanka’s leading fintech provider. By offering multiple virtual cards, and intuitive in-app controls, we are delivering a secure, flexible digital payment experience that perfectly aligns with modern customer needs.”

The Dialog Finance Virtual Debit Card is now available exclusively through the Genie mobile app, allowing customers to instantly generate, manage, and control their cards from a single interface. This milestone further solidifies Dialog Finance’s leadership in delivering customer-centric, innovation-led digital payment solutions in Sri Lanka.

Dialog Finance PLC, a subsidiary of Dialog Axiata PLC, is a licensed finance company regulated by the Central Bank of Sri Lanka. The Company offers a range of digital-first financial solutions to individuals, businesses, and corporations, and is backed by a strong Fitch Rating of AA (lka), reflecting its financial stability, robust governance, and high creditworthiness.

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