News
CB Governor finally admits the obvious
By Sanath Nanayakkare
Governor of the Central Bank Prof. W. D. Lakshman yesterday acknowledged the fact that fixed income earners, particularly senior citizens dependent on retirement pensions had been dversely affected by the prevailing low deposit interest rates.
Prof. Lakshman said so in a virtual address while announcing the Central Bank’s key strategy document ‘Roadmap for 2021 and beyond’.
“The prevailing low interest rate regime has highlighted the need for improvements in the capital markets of the country to introduce an alternative, novel, safe, and attractive financial products, particularly for savers who face low deposit rates,” the Governor said.
“The sustainable solution to this problem lies in long-term income growth and institutional developments involving mutual funds, insurance and annuity schemes, pension, and superannuation schemes. The Central Bank will continue to work with the financial sector to develop such financial products which will support such vulnerable segments in the society,” he said.
“The Government has also proposed to introduce a contributory pension scheme to assist those in public enterprises, as well as the private sector. As the Budget 2021 proposed, other social safety net schemes will be developed to support the economically vulnerable groups in a low inflation, low-interest rate environment’, he said.
“The performance of the fiscal sector during 2020 was significantly affected by the decline in government revenue amidst the economic fallout. The resultant budget deficit was financed entirely through low-cost domestic sources, which alleviated fiscal pressures to a great extent,” the governor said.
In terms of the provisions of the Establishments Code on payment of festival advance to government officers, there’s a possibility of obtaining rupees 10,000/- as an advance for celebrating festivals of Theipongal, Ramazan, Sinhala and Hindu New Year, Wesak, Deepavali, and Christmas as well as for pilgrimages (Sri Paada pilgrimage and Hajj pilgrimage).
Provisions have been given to recover the said advance in 08 installments or if required earlier without interest. It has been proposed by the Budget 2026 to increase the said festival advance up to rupees 15,000/-.
Accordingly, the Cabinet of Ministers granted approval to the proposal submitted by the Minister of Public Administration, Provincial Councils and Local governments to revise the relevant provisions so that the festival advance can be increased up to rupees 15,000/- .
As per the approval given by the cabinet meeting held on 02-06-2025, action is being taken at present to offer the underutilized lands/properties of the Sri Lanka State Plantation Corporation, the Janatha Etate Development Board, and the Elkaduwa Plantation Company which are under the Ministry of Plantation and Community Infrastructure which have been identified under stage one to suitable investors.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Plantations and Community Infrastructure to provide following lands/properties on a lease basis to the suitable investors for optimal utilization following the prescribed procurement procedure.
• underutilized lands/properties identified under stage two owned by the Sri Lanka State Plantation Corporation, the Janatha Estate Development Board, and the Elkaduwa Plantation
Company,
• The Mawarala watte land and the Tea factory 40.48 hectares in extent, located in Matara District belonging to the Tea Shakthi Fund.
• The underutilized land of 1,541 hectares in extent of Kondachchi Estate is enjoyed by the Sri Lanka Cashew Corporation.
The drafting of the National Fisheries and Aquaculture Policy has commenced with the objective of equitable distribution of the benefits of the fisheries industry and the sustainable management of fisheries and aquaculture. This policy has been updated from time to time according to current requirements. However, steps have not been taken to obtain the approval of the Cabinet of Ministers for that purpose.
According to the policy declaration of the present government, ‘Vistas of Prosperity and Splendor’ the National Fisheries and Aquaculture Policy has been redrafted, updating the aforementioned policy in line with the economic and development objectives of the government.
The recommendations of the Department of National Planning have been received for the drafted policy.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Fisheries, Aquaculture, and Marine
Resources to implement the National Fisheries and Aquaculture Policy, integrating it with other relevant policies.
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Festival advance for government officers to be increased
Providing underutilized lands/properties to suitable investors for optimal utilization.
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