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Sri Lanka and Azerbaijan have discussed prospects for cooperation in the energy sector during a meeting between Foreign Minister Vijitha Herath and State Oil Company of the Republic of Azerbaijan (SOCAR) President Rovshan Najaf in Baku.
The meeting was held on October 15 on the sidelines of the seventh Summit of the Conference on Interaction and Confidence-Building Measures in Asia (CICA).
According to a press release, Najaf briefed Herath on major global energy projects initiated by Azerbaijan, SOCAR’s operations and its long-term strategic objectives.
The two sides also discussed SOCAR’s projects in Azerbaijan and other countries and exchanged views on possible cooperation between the Azerbaijani company and Sri Lankan companies in the energy sector.
They also discussed other matters of mutual interest, the statement said.
Herath is in Baku to attend the seventh CICA Summit, being held under Azerbaijan’s chairmanship.
The Summit is reviewing progress in the CICA transformation process launched in 2022 and the outcome of Azerbaijan’s chairmanship in strengthening the organisation and promoting practical cooperation among its member states.
The Summit is attended by heads of state and government and representatives of CICA member and observer states, observer organisations and partner entities.
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Prime Minister Dr Harini Amarasuriya in her Deepavali message said that all Sri Lankans should resolve to strengthen our cultural bonds and move forward as one nation, transcending all ethnic and religious differences.
“Deepavali, which symbolises the light over darkness and good over evil, is a festival imbued with spiritual purity. Just as the lighting of oil lamps illuminates our homes, this sacred occasion offers us a valuable opportunity to dispel the darkness of hatred, jealousy and ignorance within our hearts, and to kindle the lamps of wisdom and compassion.
I believe that, in a multi-ethnic and multi-religious country such as Sri Lanka, Deepavali provides a significant opportunity to further strengthen mutual understanding, harmony and solidarity among our communities.
As we celebrate this festival, we must resolve to strengthen our cultural bonds and move forward as one nation,transcending all ethnic and religious differences.
I wish all Hindu devotees in Sri Lanka and across the world a Deepavali filled with happiness, peace, good health and prosperity!”
MONETABRIEF – SriLankan Airlines which made a 12.5 billion rupee operational loss, ended up with a 35 billion rupee loss in the June quarter due to the collapse of the rupee, data in a Finance Ministry report showed.
Sri Lanka Airlines revenue had increased to 82.8 billion rupees from 62.6 billion rupees a year earlier amid the Middle East war. Aircraft were diverted through longer routes and some flights were cancelled.
Expenditure had soared 40 percent to 95.2 billion rupees from April to June.
Fuel costs rose 93 percent to 41.2 billion rupees.
The operating loss before exchange losses were 12.5 billion rupees.
“The company’s financial performance was further adversely affected by foreign exchange movements,” the Finance Ministry said.
The loss before tax was 35.6 billion rupee rupee, up from 12 billion rupees last year.
Depreciation inflates the value of legacy debt creating forex losses.
Central bank depreciation also inflates the cost of lease payments which are made in foreign exchange.
Depreciation and the inflation that follows, also makes air travel less affordable to domestic passengers and they may lose business.
Indian private airlines have gone under in periods of steep depreciation in the past.
Airlines based in countries like Dubai or Qatar (which used Indian rupees in the past but shifted to currency boards as macro-economists carried out the first devaluation in the 1960s) do not face the problem.
Sri Lanka’s central bank busted the rupee to 330 to the US dollar, pushing up inflation to 8.3 percent so far.
Unlike in the past the currency collapse in 2026 was engineered by dishonoring notes created by monetizing dollar purchase (actions of the International Operations Department and not Domestic Operations as in the past).
The rupee was debased amid a budget surplus, an excuse the central bank has given since February 1952 for monetary instability created mainly through domestic operations.
Sri Lankan Airlines has received a 30 million US dollar cash injection in May 2026, soon after a 175 million dollar bond was taken over by the tax-payer, a Treasury report showed.
ECONOMYNEXT — Nearly half of young Sri Lankans would leave the country if given the opportunity, even as a large majority report a strong sense of national belonging, according to findings from a nationwide survey.
The “My Sri Lanka | Next” study, conducted by Global Unites South Asia in partnership with the Centenary Movement, surveyed 2,418 respondents across all 25 districts alongside 22 provincial consultations to capture the concerns of Gen Z and younger Millennials.
The survey found that 80 percent of respondents identify primarily as Sri Lankan, and 73.7 percent feel a strong national belonging. However, 49.1 percent stated they would leave Sri Lanka if given the opportunity. Among Gen Z respondents alone, the desire to migrate reached 52.7 percent. Even among those who felt strong national belonging, 42.4 percent expressed a willingness to leave.
The findings point directly to worsening living conditions, job scarcity, and economic uncertainty as the main drivers pushing youth abroad.
Speaking at the launch, Prashan De Visser, Founder and President of Global Unites, warned that Sri Lanka must urgently address youth grievances before historical patterns re-emerge:
“As we look at Sri Lanka, our initial studies showed that almost every 15 to 18 years, we’ve experienced cycles of violence. And we are sitting at an 18-year mark.”
Economic pressure was reported as widespread, with 69.8 percent of respondents stating they are financially stressed or struggling, and 16.6 percent struggling to afford basic essentials. Financial stress peaked at 84.3 percent in the Northern Province and 78.3 percent in the Eastern Province, compared to 63.5 percent in the Western Province.
The report also showed that exposure to discrimination significantly increases the intent to leave. Among respondents who experienced discrimination, 55.8 percent were willing to emigrate, compared with 37.0 percent of those who did not report discrimination.
Addressing the assembled civic leaders, De Visser stressed that the country must build an environment where the younger generation can thrive:
“Sri Lanka deserves better. Our children deserve better. We have the power to be part of that change, and that is what today is all about,” he said.
The survey authors emphasized that intent to leave does not measure actual departures, but reflects an urgent need to make a viable future possible within the country.
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