News
China’s new ambassador sounds jubilant on strengthening cooperative partnership
New Chinese Ambassador to Sri Lanka, Qi Zhenhong, upon his arrival yesterday evening said that he intended to promote the strategic cooperative partnership between the two nations and build on the Belt and Road Initiative and other projects to ensure peace, stability, development and prosperity in the region.
Zhenhong arrived in Sri Lanka yesterday evening.
“The minute I landed on the land of Sri Lanka, “the Pearl of the Indian Ocean”, its beauty, hospitality and kindness have made me feel very touched and heart-warmed. Entrusted by the government and the people of China, I assume my office as the new Chinese Ambassador to Sri Lanka with deep honour in my heart and great responsibility on my shoulder,” he said issuing a statement.
Zhenhong said that the friendly relations between China and Sri Lanka could be traced back thousands of years, and that the “two countries are strategic cooperative partners based on sincere mutual assistance and ever-lasting friendship.
“Since the establishment of diplomatic relations, especially after President Xi Jinping’s visit to Sri Lanka in 2014, we have seen much achievement in bilateral exchanges and cooperation in various areas, and maintained close communication and coordination on international and regional affairs. More recently, the time-tested friendship and trust between our two countries have grown even stronger through the joint fight against COVID-19, which set a great example of foreign relations with sincere friendship and mutual support between different countries,” he said.
The new Ambassador added that he looked forward to working with all colleagues and friends both from China and Sri Lanka.
“Let’s join hands to implement the consensus reached by leaders of our two countries, promote our strategic cooperative partnership, build the Belt and Road Initiative and other cooperation with extensive consultation and joint contribution, so as to bring tangible benefits to our two people and better ensure peace, stability, development and prosperity in this region,” he said.
As per the provisions of section 51 of the Public Finance Managaement Act No. 44 of 2024, the public should be issued with a report on the final budgetary situation for each year and, the report is then published in the official website of the Ministry of Finance, Planning and Economic Development.
Thereby the report has to be submitted to the Parliament. The final budgetary situation report (Annual Report) – 2025 has been prepared by the Ministry of Finance, Planning and Economic Development and published. The report contains the Public Finance Policy, strategies and challenges, economic trends in 2025, macro – economic and socio – economic indicators covering all sectors of the economy as well as description on the global economic growth.
Furthermore, it accompanies a detailed description government revenue and expenditure, cash flow management, financing the budget deficit and the loan structure.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the Report on the Final Budgetary Condition (Annual Report) – 2025 to Parliament.
Business
Cabinet nod to accept increased Loan Grant provided by the Asian Development Bank under Policy Based Loan Facilities – 2026
Approval of the Cabinet of Ministers was granted at their meeting held on 16.03.2026 to obtain United States Dollars 380 million from the policy – based loan facilities of the Asian Development Bank in the year 2026.
United States Dollars 100 million out of it is allocated for Trade, Investment and Industries Development Programme – Sub Programme 1. However, amidst the economic uncertainty resulting from the current Middle East crisis and the climatic tragedies, the Asian Development Bank has agreed to assist
by increasing a supplementary financing package of United States Dollars 100 million so that it will beMincreased up to United States Dollars 200 million.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to take further measures to obtain the said loan grant.
News
Submission of Revenue Protection Order Prepared under the Provisions of the Revenue Protection Act No. 19 of 1962 to the Parliament for its approval.
Approval of the Cabinet of Ministers was given at the meeting held on 23.02.2026 to impose the custom import duty amounts under four (04) categories as 0%, 10%, 20%, and 30% which had been executed only under three (03) categories in order to increase the target export income of the country, to execute the
recommendations of the national customs duty policies committee, and to implement new national sub division customs codes for promoting the local agricultural and industrial sector.
Imposing provisions in relation to the above, the Revenue Protection Order – No. 01/2026 under the Revenue Protection Act No. 19 of 1962 has been published in the extraordinary gazette notification No. 2478/03 of 03.03.2026.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the said revenue protection order to Parliament for its concurrence.
Report on the Final Budgetary Condition (Annual Report) – 2025 submited to parliament
Cabinet nod to accept increased Loan Grant provided by the Asian Development Bank under Policy Based Loan Facilities – 2026
Submission of Revenue Protection Order Prepared under the Provisions of the Revenue Protection Act No. 19 of 1962 to the Parliament for its approval.
Resettlement of unauthorized settlers affected by the Land Acquisition process for the implementation of Phase III of the Baseline Road Extension Project
Cabinet approves project to modernize school hostel facilities during the 2026–2028 period at an estimated cost of Rs. 1,008 million
New National Action Plan for Human-Elephant Conflict Management to be drafted
‘Dates have the highest sugar content to fight Coronavirus’
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