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Sri Lanka
Joined October 2011
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Krystle Wijesuriya ✊🇱🇰 retweeted
Litro Gas to distribute 350,000 gas cylinders over next three days ift.tt/3cmARdl
Krystle Wijesuriya ✊🇱🇰 retweeted
China Merchants Port Holdings has withdrawn from a proposed US$392 million logistics hub project at the Port of Colombo, with the Sri Lanka Ports Authority (SLPA) agreeing to a US$21.9 million settlement following the cancellation.
The Chinese port operator confirmed the termination of the South Asia Commercial and Logistics Hub (SACLH) project in a filing to the Hong Kong Stock Exchange on October 15, 2026.
The project, originally planned as one of South Asia’s largest logistics complexes, was to be developed under a 50-year build-operate-transfer arrangement.
According to the stock exchange filing, the decision to abandon the project followed changes in external circumstances, adjustments to the project’s implementation environment and timetable, and commercial considerations among the parties.
China Merchants Port held a 70% stake in the project through its subsidiary, Fortune Centre Group Limited, while the SLPA and Sri Lanka’s Access Engineering PLC each held 15%.
The three shareholders had invested a combined US$37.14 million in the project, including US$26 million contributed by the Chinese company’s subsidiary.
Under the settlement agreement, the SLPA will pay US$21.905 million to the project company within 30 days. The payment, together with approximately US$7.85 million in remaining distributable cash, will be allocated among the shareholders according to their ownership stakes, after applicable deductions and expenses.
The proposed five-story logistics complex was granted Strategic Development Project status by Sri Lanka in December 2023, providing several tax concessions, including exemptions from corporate income tax and dividend taxes for 15 years.
However, the project encountered delays and implementation difficulties, preventing it from progressing as originally planned.
According to maritime industry publication Lloyd’s List, the project also faced land and regulatory hurdles.
The SLPA is expected to seek fresh investment proposals for the land following the cancellation.
The withdrawal marks the collapse of a major planned foreign investment in Sri Lanka’s port logistics sector, which was intended to strengthen Colombo’s position as a regional shipping and logistics hub. (Newswire)
Krystle Wijesuriya ✊🇱🇰 retweeted
Silver lining? For the first time, Lakvijaya coal power plant had no buffer stocks of coal owing to disastrous procurements. Six days with all three units off, will it now have a buffer again? #SriLanka #electricity #powercut
Krystle Wijesuriya ✊🇱🇰 retweeted
Sri Lanka needs to bring in regulations to oversee the fast expanding luxury real estate. It is for their own good too. Sri Lanka doesn’t have an institute to monitor real estate finance, advertising or where buyer deposits go. There are no escrow accounts mandated by law.
Sri Lanka needs to bring a new law and set up a Real Estate Regulatory Authority, similar to what Dubai did with Dubai Land Department.
Port City Colombo continues to attract significant interest, with several residential projects reporting strong pre-sales and visible construction progress.
For buyers considering advances on units marketed with a mix of local and overseas sales ( and with construction costs required to be funded from offshore foreign currency ) a few practical questions are worth clarifying in the Sale & Purchase Agreement and with the developer -
1. What happens to the project (and to buyer advances) if the overseas sales target is not achieved?
2. Is there a clear contractual right to a refund if the project stalls or is cancelled because the required offshore foreign currency cannot be raised?
3. Are advances held in escrow or another protected account, or do they go directly to the developer?
4. What specific security or protections does the SPA actually provide beyond Port City’s SEZ status?
These are standard due-diligence points for any substantial off-plan purchase. Greater transparency on funding sources and buyer-fund protection would strengthen confidence for both local and overseas buyers.
Krystle Wijesuriya ✊🇱🇰 retweeted
Over 63 members of the clergy are serving sentences in prison right now. They’ve all worn prison garb but haven’t sparked protest. Of the monks, all besides Gnanasara are in jail for sexual crimes, a top government source said.
examiner.media/government-gr…
Krystle Wijesuriya ✊🇱🇰 retweeted
"Four days we ran from renewables" is like saying you're a teetotaller because you didn't drink since last night. Managing generation and storage require us to start using reservoirs as batteries.
Dr Asoka Ranwala's PhD would have been useful right about now.
“Renewable energy accounts for 69% of our total power generation capacity. For four consecutive days, we have not used even a single litre of diesel to generate electricity,” President Anura Kumara Dissanayake said, describing the progress made in the country’s transition to renewable energy as a major achievement.
Krystle Wijesuriya ✊🇱🇰 retweeted
Another reminder that #lka electricity supply is so unreliable & national grid so unstable. Power-dependent water supply also affected in some suburbs of Colombo. We can only hope telecom operators now have standby power, after learning a bitter lesson during #CycloneDitwah last Nov.
We’ll soon know…
Islandwide Power failure : Official update ift.tt/CzjtS4O
Krystle Wijesuriya ✊🇱🇰 retweeted
Max arrived in Singapore with unfinished business… HE LEAVES WITH A WIN AT MARINA BAY 👊
#F1 || #SingaporeGP 🇸🇬
Krystle Wijesuriya ✊🇱🇰 retweeted
In a welcome move on the amendments to the Anti Corruption Act, govt has changed the following at Committee stage:
1. Removed the criminalisation provision - people can freely talk about asset declarations
2. Removed the provision that allowed CIABOC to redact further info.
Krystle Wijesuriya ✊🇱🇰 retweeted
#SriLanka's proposed new NGO legislation imposes an obligation on NGOs to “align with the policies of the government” and “not engage in any activity that adversely affects the sovereignty or territorial integrity of Sri Lanka or violates the provisions of the Constitution”.
NGOs cannot “induce or cause any public disorder which affects the safety and interests of the general public”.
They must not engage in “any advocacy to support political ideologies using funds and resources of the non-governmental organisation during a period of pre-election or, unless it is an object of such non-governmental organisation”.
NGOs must also use their funds “only for the purposes it was registered” and notify the Competent Authority “prior to initiation of any crowdfunding activity”.
sundaytimes.lk/261004/news/c…
Krystle Wijesuriya ✊🇱🇰 retweeted
Gotabaya Rajapaksa’s Petition Dismissed
Details: english.newsfirst.lk/2026/10…
#News1st #NewsFirst #NewsFirstEnglish #SriLanka #SLBreakingNews #GotabayaRajapaksa #Petition #Dismissed
Krystle Wijesuriya ✊🇱🇰 retweeted
Despite the latest fuel price hike, Sri Lanka is still selling fuel well below its current cost, according to CPC Chairman D.J. Rajakaruna.
⛽ Petrol 92: Rs. 32 below cost
🚛 Auto Diesel: Rs. 136 below cost
⛽ Super Diesel: Rs. 53 below cost
The difference is being absorbed by the Government and CPC to provide relief to consumers, he said.
Krystle Wijesuriya ✊🇱🇰 retweeted
I think the elderly need equal amount or more attention. They are ignored, invisible, many are left destitute and with little state support when they need it most. There’s growing elder abuse in society that’s being neglected. @kelums
Krystle Wijesuriya ✊🇱🇰 retweeted
You can have CA surplus + high growth if exports grow. That's why China/East Asian countries succeeded. They had massive export growth. Sri Lanka won't have such export growth in coming decade. That means current account surplus has to come from import suppression --> low growth
Krystle Wijesuriya ✊🇱🇰 retweeted
If we run a current account surplus, we will very likely have low growth. I am fine with that, and I’ve been saying that low growth with low debt and a current account surplus is better than high growth with debt. But I don’t think that 4% growth is politically appealing.
Krystle Wijesuriya ✊🇱🇰 retweeted
Not all gov loans can be earmarked, and there has to be discretionary USD lending to manage an economy like Sri Lanka. Would I rush to issue ISBs in 2027 ? No. I’m just saying that the need for FX bonds won’t go away unless we can run a current account surplus
Krystle Wijesuriya ✊🇱🇰 retweeted
Here's our latest on #SriLanka's #coal procurement fiasco, this time involving the emergency tender that was awarded earlier this year to get coal in a hurry (because the 2025-26 term tender was fabulously botched).
Reminder: as a result of the term tender being bungled (only 19 out of the contracted 25 ships arrived; and all 19 were below the required standard), Lakvijaya coal power plant DOES NOT HAVE A BUFFER STOCK.
This means that if even one ship does not arrive or is unable to unload or is below standard and needs to be turned back, there will be no coal in the yard after the immediately preceding consignment runs out.
As for the story I was referring to above: "Electricity consumers lost around 32,350 megawatt hours of low-cost energy from the Lakvijaya power plant because the final consignment of an emergency coal procurement arrived eight days late, leaving the plant without coal to burn.
"This is on top of other losses arising from the 2025-2026 term tender...
"Earlier this year, Lanka Coal Company (Pvt) Ltd (LCC) ordered 300,000MT of coal—five shipments of 60,000MT each—from India’s Taranjot Resources (Pvt) Ltd as an emergency tender to make up for shortages resulting from the bungled Trident procurement.
"The fifth emergency consignment failed to meet required parameters and was returned. LCC instructed Taranjot to supply a replacement, which was slotted to arrive on August 27, 2026.
"However, the ship arrived on September 4... As a result of coal not being available, around 32,350MWh of generation was lost."
sundaytimes.lk/260920/news/c…
Krystle Wijesuriya ✊🇱🇰 retweeted
BREAKING: Sri Lanka's High Court has convicted 14 of the 24 men accused of being directly involved in the 2019 Easter Sunday bombings, which killed 279 people.
🔴 More on Aljazeera.com
Krystle Wijesuriya ✊🇱🇰 retweeted
This is great reporting from @observerlk and a horrifying story.
"Investigators probing alleged fraud in the Aswesuma welfare payments at the Norwood Divisional Secretariat believe the case could be the largest such fraud detected in Sri Lanka to date, with suspected losses approaching Rs.30 million.
"The investigation has also uncovered allegations that State employees obtained Aswesuma payments intended for low-income families by using the details of elderly persons who had died, according to investigators familiar with the inquiry.
"One investigator described the Norwood case to the Sunday Observer as the “most serious and largest” Aswesuma fraud uncovered so far."
sundayobserver.lk/2026/09/20…
Krystle Wijesuriya ✊🇱🇰 retweeted
Everyone deserves to understand the economy shaping their lives.
That's why we're launching The Macro Digest — a daily roundup of Sri Lankan economic news across English, Tamil and Sinhala media.
Subscribe now - arutharesearch.org/subscript…
