News
EU raises delayed LG polls, wants govt. to do away with import restrictions
The European Union has raised the issue with Foreign Secretary Aruni Wijewardane.
According to a joint EU and Sri Lanka press communiqué issued by the latter, following the 25th session of the Joint Commission, held in Colombo, the Sri Lankan delegation has briefed the EU of the cases before the Supreme Court in this regard.
Paola Pampaloni, Deputy Managing Director for Asia and the Pacific at the European External Action Service of the EU, led their delegation.
They reviewed bilateral relations, ranging from reconciliation, human rights, trade, development cooperation, climate change and environment, sectoral cooperation, international security cooperation and cooperation in multilateral fora.
The EU has welcomed the 21st Amendment, which would further enhance democratic governance.
On the new Anti-Terrorism Bill, Sri Lanka informed that the Ministry of Justice was seeking the observations of the public and other stakeholders with a view to amending the gazetted Bill before submitting it to Parliament. Sri Lanka’s ongoing consultation process, with all relevant stakeholders, is aimed at adopting a legislation in line with international standards, which could soon replace the Prevention of Terrorism Act (PTA). The EU appreciated the commitment of Sri Lanka to further release PTA detainees and urged Sri Lanka to refrain from using the PTA.
The EU has urged Sri Lanka to lift the import restrictions, preventing many European products from entering its market. The EU welcomed Sri Lanka’s intention to present a plan for the lifting of the import restrictions, by June 2023.
Sri Lanka expressed its intention to phase out restrictions, factoring in the current economic situation. The EU and Sri Lanka agreed that the EU-Sri Lanka Investor Dialogue may take place at an early date, in Sri Lanka. The EU presented the new EU GSP Regulation, which is expected to enter into force on 1 January 2024, for the next 10-year cycle. The EU informed that the report of the last EU GSP+ monitoring cycle 2020-2022 is expected to be released in the coming months.
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
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