Business

‘Tap expertise, not just capital’: A practical path for Sri Lanka’s economy

Published

6 months ago

2026/04/7

Sahan Weerasooriya

Gehan de Silva Wijeyeratne

By Ifham Nizam

At a time when Sri Lanka continues to grapple with limited fiscal space and structural economic constraints, Gehan de Silva Wijeyeratne, a renowned naturalist who works in finance, is urging a shift in thinking—one that moves away from capital-heavy models and toward the strategic use of global expertise. Keeping his observations deliberately broad, de Silva Wijeyeratne frames Sri Lanka’s challenge in simple but candid terms: the country cannot afford to develop in the same way as wealthier nations, but it can still accelerate progress—if it learns how to access and use knowledge effectively.

“One of the big-picture things we need to do is improve how we find and use expertise,” he said. “If you look at countries like the United Arab Emirates and Singapore, they developed very quickly by buying in expertise and accelerating their progress. They didn’t develop everything on their own.” However, he is quick to point out the key difference. “They had the money to do it. They could afford to go out and buy expertise,” he said plainly. “But Sri Lanka doesn’t have that spending power.” This reality, de Silva Wijeyeratne notes, should not be seen purely as a limitation—but as a reason to think differently.

Sri Lanka’s economic condition makes it difficult to spend on paid foreign consultants, technical specialists, and large-scale advisory services. But according to de Silva Wijeyeratne, the global workscape has changed in ways that make expertise far more accessible than before.

He told The Island Financial Review: “We are in a world now where you can access some areas of expertise without necessarily paying for it in the traditional sense,” he said. “There are people who genuinely enjoy sharing knowledge and contributing, if you create the right work environment. We have to ensure that people who are willing to share their expertise can arrive in the country with their intentions clearly stated up-front and with an appropriate visa obtained quickly and easily so that they know that their visit is legitimate and one which is welcomed.’’

He referenced his article ‘A visa for bringing in expertise and expanding tourism’ published in The Island on Friday 23 May 2025. In this he proposes a special visa to address four strands, volunteering, internships, academic exchange and short term study. The idea is that the visa should be as easy as to obtain an online tourist visa, but the visitor can now apply for a longer term visa for a declared purpose such as volunteering. He was careful to emphasize that the proposed visa is not for paid work and does not give the visitor special rights and any relevant permits and permission need be obtained by the local partner. He suggests that Sri Lanka should begin to see itself less as a capital-constrained economy and more as a platform—one that can attract knowledge flows. “You don’t always need heavy investment upfront. You design a system that people want to engage with, and then value starts to build.” Countries like the United Arab Emirates and Singapore continue to use financial strength to import expertise. De Silva Wijeyeratne notes that Sri Lanka can use an un-paid model to attract expertise using a special visa as proposed to attract people who will be attracted to volunteer or work in Sri Lanka for free due to other reasons. In areas like biodiversity exploration and other nature-based academic work, foreign academics would love to partner with local academics if there was a simple and straightforward way for them to obtain a visa to do so and to arrive for periods for anything from 3 months to a year. As they will be on salaries paid by their academic employer overseas, it will not drain money out of Sri Lanka. On the contrary they will be long staying visitors who are bringing in money like any other tourist but additionally will also bring in knowledge. There are also many retired conservationists who are on a stable retirement income in G20 countries who would be happy to volunteer in projects in Sri Lanka. He notes that countries like India already have a visa for volunteering. “We can make Sri Lanka the go to country for people with expertise in nature who want to work in Sri Lanka on an unpaid basis because they are here to volunteer or work in partnership with local academics” he said. De Silva Wijeyeratne notes that this model will only work in sectors such as the academia or nature conservation where the day job is also a person’s passion. ‘”This will not work in every sector. We will not find a senior city person in finance, working in a voluntary role in a Sri Lankan financial institution. But in many nature-based areas of work, whether is to explore and discover new species of fungi or mosses or to train local naturalists who work in tourism, a special visa that facilitates this and can be obtained within a few minutes will enable Sri Lanka to tap into foreign expertise for free. The interaction with foreign collaborators will also open doors for Sri Lankan counterparts to be invited abroad to jointly present their work at conferences.

For Sri Lanka, the lesson is not to replicate any one model, but to adapt principles that fit its own constraints. “We need to recognise where we are and design accordingly,” he said. “We cannot copy-paste another country’s path. The proposed special visa idea which will also enable foreign interns to come to Sri Lanka for internships will also help grow the economy. For example, we have many large IT companies that develop software for companies in G20 economies. Foreign interns work in Sri Lanka will at a future date be middle or senior managers who may outsource work to Sri Lanka because they have the connections and trust the quality of work coming out of Sri Lanka. He also notes that when local companies engage with foreign interns through their universities, they may find themselves in a more structured programme which will make it easier for companies to also create places for local interns.

De Silva Wijeyeratne’s central argument is straightforward: Sri Lanka must focus on building systems that make it easy—and worthwhile—for experts to engage. “At the moment, we don’t have a clear way of connecting with global expertise,” he said. “Even when people are willing to help, there isn’t a structured mechanism to bring them in and make use of what they offer.”

He stresses that the issue is not a lack of goodwill or global interest, but a lack of organisation. “There is no shortage of people who are willing to contribute,” he said. “The problem is that we haven’t created the channels to absorb that contribution. De Silva Wijeyeratne also highlights the importance of creating a broader ecosystem where expertise translates into economic activity. “It’s not just about getting advice,” he said. “It’s about creating a market environment where that knowledge can lead to real outcomes—business opportunities, innovation, and growth.”

In his view, Sri Lanka must become more open to collaboration and more willing to act on external input. “If you create a system that works, people will come,” he said. “And when they come, they will add value.” While the idea of accessing free or low-cost expertise may sound idealistic, de Silva Wijeyeratne insists it is grounded in reality. “This is not theory,” he said. “We’ve already seen it happen in different sectors. People are willing to contribute, especially when they feel their input will make a difference.” At the same time, he acknowledges that Sri Lanka must improve its own internal capacity to benefit from such engagement.

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Business

IMF talks conclude without staff-level agreement as Sri Lanka prepares November Budget

Published

18 hours ago

2026/09/24

Sahan Weerasooriya

Fund says discussions will continue on policies and parameters needed to complete the Seventh Review

By Sanath Nanayakkare

Sri Lanka’s latest talks with the International Monetary Fund (IMF) have concluded without a staff-level agreement on the policies and parameters required to complete the Seventh Review of its Extended Fund Facility (EFF), leaving further discussions ahead as the government prepares its next Budget.

An IMF team led by Mission Chief Evan Papageorgiou visited Sri Lanka from September 10 to 23 for discussions on the Seventh Review and the 2026 Article IV Consultation.

The Fund said the discussions with Sri Lankan authorities had been productive, but would continue in the near term towards reaching agreement on the parameters and policies needed to complete the Seventh Review.

The outcome therefore represents a delay in reaching the formal staff-level milestone rather than a breakdown in negotiations.

The latest mission comes as Sri Lanka moves from economic stabilisation towards longer-term structural transformation, while continuing to face external shocks and domestic fiscal pressures.

The IMF said economic activity expanded by 4.2 percent in the second quarter of 2026, marking the 11th consecutive quarter of growth. At the same time, the Fund cautioned that downside risks remained, particularly amid an uncertain external environment.

Gross official reserves had risen to US$6.9 billion by the end of August, while the banking sector remained well capitalised and profitable, providing some buffers against external pressures.

A major focus of the IMF’s latest assessment was Sri Lanka’s revenue position.

The Fund said developing and implementing a strong medium-term revenue strategy would be critical to sustaining revenue mobilisation and strengthening fiscal resilience.

It stressed the need to broaden the tax base, rationalise tax exemptions and incentives, and strengthen revenue administration and compliance.

The IMF also emphasised the importance of maintaining cost-recovery energy pricing and improving the efficiency and fairness of the tax system in order to reduce fiscal vulnerabilities.

These issues assume particular significance as the government prepares its next Budget, with the authorities seeking to balance revenue mobilisation and fiscal consolidation against the need to sustain economic recovery.

The Fund’s latest position does not indicate that negotiations have broken down. Rather, the IMF has said that discussions will continue towards reaching agreement on the remaining policies and parameters required to conclude the Seventh Review.

The latest talks follow the combined Fifth and Sixth Reviews, for which IMF staff and Sri Lankan authorities reached a staff-level agreement in April, subject to completion of the remaining requirements before consideration by the IMF Executive Board.

For Sri Lanka, the immediate challenge is therefore to preserve the gains made in macroeconomic stabilisation while addressing the remaining issues under the IMF programme and preparing a Budget capable of supporting longer-term fiscal and economic resilience.

With further discussions expected in the near term, the Seventh Review remains a work in progress as Sri Lanka enters another critical stage of its economic reform programme.

Notably, the IMF has yet to publicly specify the outstanding issues that remain to be resolved.

Business

UK digital expertise and Sri Lankan business leaders unite to explore growth through technology

Published

18 hours ago

2026/09/24

Sahan Weerasooriya

British High Commissioner Andrew Patrick

British High Commissioner Andrew Patrick hosted UK digital product consultancy Apadmi at Westminster House, his official residence in Colombo, for an invite-only forum bringing together senior business leaders from across Sri Lanka’s retail, banking, telecommunications, hospitality and public sectors.

The event, “Turning Digital Assets into Growth Engines”, marked Apadmi’s first official event in Sri Lanka since establishing its Colombo office in 2025, and was delivered in partnership with the British High Commission as part of ongoing efforts to strengthen UK and Sri Lanka commercial and technology ties.

Guests were welcomed by High Commissioner Andrew Patrick, followed by a keynote from Niresh Muthuratnanandan, Head of Omni Commerce, Digital & Loyalty at Keells Supermarkets, who spoke about the launch of the Keells Nexus app and the modernisation of a loyalty programme serving 2.9 million members.

A panel discussion followed, hosted by Mark Collin, Chief Growth Officer at Apadmi, and featuring Malik Induruwana, Chief Information Officer at HSBC Sri Lanka & Maldives; Jiffry Zulfer, Founder and CEO of PickMe; Uthpala Pinnaduwahewa of Hatton National Bank; and Marcus Hadfield, Chief Strategy Officer at Apadmi.

The discussion centred on the commercial opportunity created by Sri Lanka’s rapid mobile adoption. According to [source], mobile data usage in the country reached 1.03 million terabytes in Q2 2026, a 31% increase year on year, against 29.4 million mobile subscriptions. With 71% of devices now smartphones or tablets, speakers discussed how Sri Lankan businesses could convert growing digital engagement into customer loyalty, new revenue and operational efficiency.

British High Commissioner Andrew Patrick said:

“It was a pleasure to welcome Apadmi and such a strong group of business leaders to Westminster House for this event. The UK and Sri Lanka have a longstanding partnership, and digital innovation is an increasingly important part of that relationship. Apadmi’s decision to establish a base in Colombo reflects the confidence that UK companies have in Sri Lanka’s digital economy, and I look forward to seeing this partnership continue to grow to the benefit of both our countries.”

Mark Collin, Chief Growth Officer at Apadmi, said:

“Being hosted by the British High Commission was a real privilege, and a fitting way to mark the next stage of our commitment to Sri Lanka. To bring leaders from Keells, HSBC, PickMe and Hatton National Bank into the same room says a great deal about the ambition here. We opened our Colombo office because we believe Sri Lanka is at a genuine turning point; the talent is exceptional, and we are proud to be building here for the long term.”

Business

Planters’ Association Chairman proposes 5-point plan for industry revival at 172nd AGM

Published

18 hours ago

2026/09/24

Sahan Weerasooriya

Seated from left to right: newly elected Deputy Chairman of the Planters’ Association of Ceylon (PAC), Binesh Pananwala; Secretary General, Lalith Obeyesekere; newly elected Chairman, Shanaka Samaradiwakara; Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe; and Chairman of the Sri Lanka Tea Board, Raj Obeyesekere.

Malwatte Valley Plantations PLC Director / CEO, Shanaka Samaradiwakara was appointed as Chairman of the Planters’ Association of Ceylon (PAC), while Kahawatte Plantations PLC Director / CEO Binesh Pananwala, was appointed as Deputy Chairman at the Association’s 172nd Annual General Meeting (AGM) on 19 September at the Cinnamon Grand.

The event was graced by Central Bank of Sri Lanka Governor, Dr. Nandalal Weerasinghe and Sri Lanka Tea Board Chairman, Raj Obeyesekere as Chief Guest and Guest of Honour respectively.

In his inaugural address, Samaradiwakara outlined a five-point vision for the plantation sector, focusing on value addition, research and development, land-use and productivity, irrigation and long-term security of tenure. He emphasised that the future of commercial agriculture in Sri Lanka would hinge on how effectively all industry stakeholders could work together, while maintaining clear understanding of the ground realities faced by producers.

Value-added tea accounted for more than 50% of total tea export volumes in 2025. Samaradiwakara noted Regional Plantation Companies (RPCs) have accounted for the majority of that volume through continuous investments, including most recently in matcha, green tea and artisanal teas.

In that context, he sought the support of the Sri Lanka Tea Board and the export sector to protect this emerging high value segment, given that significant quantities of green tea and other high-value teas remain unsold at auction while similar products continue to enter the country. “We respectfully request the authorities to review this matter and introduce appropriate measures to support domestic production and value addition,” he stated.

On research and development, he observed that commercially viable alternatives to several essential crop protection products remain limited. Accordingly, he called on the Tea, Rubber and Coconut Research Institutes to lead the development of practical, scientifically proven alternatives, while stressing that disease threatening the rubber industry requires immediate attention. “We cannot afford to repeat the experience of the coffee industry, where coffee blight devastated the sector,” he added.

Turning to issues around land-use policies and productivity, he noted that RPCs have diversified for over two decades in response to changing rainfall patterns, introducing crops such as oil palm, pepper and avocado. He warned that these investments are increasingly threatened by unsupportive policy, agricultural theft and crop damage by wild animals, costing companies millions of rupees each month in security. “It is imperative that these investments are protected through strong enforcement, appropriate regulatory reforms, and effective measures to address both agricultural theft and crop damage,” he noted. On irrigation, he appealed to the Government to relax archaic restrictions on groundwater use and simplify approvals for drilling tube wells in order to enhance climate resilience.

Addressing security of tenure, he highlighted that replanting often takes more than a decade to generate meaningful revenue, and that uncertainty over lease extensions is making it harder for RPCs to attract foreign direct investment and long-term financing. “If we are to attract fresh capital, accelerate replanting, modernise our plantations and improve productivity, security and certainty of tenure are mandatory,” he added.