News
Justice Minister warns of local, foreign forces attempting to thwart country’s development
By Rathindra Kuruwita
There were local and foreign forces bent on thwarting Sri Lanka’s development efforts, Minister of Justice Mohamed Ali Sabry said yesterday addressing the media on the Colombo Port City Economic Commission Bill.
“There are the people who want us to remain where we are,” the Minister said.
Minister Sabry said that the Sri Lankan laws would apply to the Port City. If arbitration failed and two or more parties wanted to take legal action, they would have to go to commercial courts of Sri Lanka.
“As you know the Chinese company has acquired the Port City on lease. But if the company wants to sublease the land, it has to obtain the approval of the Sri Lankan government. So, if Sri Lankan laws apply to the Port City and if it is controlled by an entity appointed by the President, then what’s the problem?”
The Justice Minister said that the government had been transparent and followed established procedure with regards to the Bill.
“Normally, when a Bill is drafted, it is sent to the AG for observations. Then, it is presented to the Cabinet. Once the Cabinet approves it, the Bill is gazetted and interested parties can challenge it. We have followed this procedure. So, some people have gone to courts because we didn’t rush through the process. Let the Supreme Court give a verdict on this.”
Meanwhile, MP Jayantha Weerasinghe, PC, said that the Commission to administer the Port City would be under the full control of the Sri Lankan President and the government. The Commission would also be audited annually by the state, he said.
“It also clearly states that any regulation brought under this Bill will have to be presented to Parliament. If MPs don’t approve such regulations, they will be ineffective. The auditor will also audit the Commission and these audit reports too will be made available to Parliament. You won’t be able to hide anything,” he said.
MP Dilan Perera said that the Commission would be manned by eminent Sri Lankans. Foreigners would be considered if such persons were essential for developing the Port City as a service hub.
“There will be seven commissioners and it is unlikely that we will bring in foreigners. I know that a lot of people are speculating that there will be Chinese nationals as commissioners. Soon you will see that there is no truth in these speculations.”
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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