News
India says everything should fall in place for Sri Lanka after IMF Executive Board Decision on March 20
By Sanath Nanayakkare in India
Sri Lanka’s economic recovery process will gather momentum after the International Monetary Fund (IMF) grants an extended fund facility of USD 2.9 billion dollars, says Puneet Agrawal, Joint Secretary, Indian Ocean Region. Agrawal said so, addressing several Sri Lankan journalists during a media briefing held at the Indian External Affairs Ministry, in New Delhi, yesterday.
” India took the initiative of supporting Sri Lanka’s debt restructuring process by giving its financial assurances to Sri Lanka’s bilateral creditors which pushed others to do the same. Once the IMF support is officially ensured for Sri Lanka, the country should be able to manage its balance of payment crisis and its way forward in its recovery and growth path, envisioned by the Sri Lankan authorities,” he said.
He, however, pointed out that Sri Lanka’s sustainable future should be based on increased exports, foreign direct investments, foreign remittances and a boost in tourism.
” There are many Indian investors keen on investing in Sri Lanka in renewable energy projects, oil exploration, Trincomalee oil tank farm project, dairy sector among other projects. However, for this Sri Lanka should take proactive measures to enhance its doing business environment and then Indian investors will see Sri Lanka as a viable investment destination.” he said.
Responding to a question on the repayment of Indian loans by Sri Lanka in the future, the Joint Secretary said that India was confident that Sri Lanka would make its commitments in a timely manner though certain extensions on current loans have been sought and already approved.
” Currency swaps are swaps, credit lines are credit lines and grants and aid have their own characteristcs and we are confident that the Sri Lankan government would treat each of these in its due manner.
Approval of the Cabinet of Ministers has been granted at their meeting held on 19.05.2025 in order to introduce amendments to the Inland Revenue Act No. 24 of 2017 including the proposed tax revisions to enhance the tax structure paving way for state financial integrity based on revenue.
Accordingly, the revised draft bill has been prepared by the legal draftsman and clearance of the Attorney General has been received.
Therefore, the Cabinet of Ministers has granted approval for
the resolution furnished by the President in his capacity as the Minister of Finance, Policy Planning and Economic Development to publish the aforementioned draft bill in the government gazette notification and subsequently, forward the same to the Parliament for its concurrence.
The National Mineral Policy was prepared for the first time in the year 1999, and the aforementioned policy has been amended in 2023 to cover matters such as preparing an updated data system related to mineral resources, adding value to the export of minerals, encouraging mineral-related industrialists, extracting mineral resources and managing the environment sustainably, and resolving the issues related to the ownership of the land arising in extracting mineral resources.
The revised National Mineral Policy has been reupdated in line with the manifesto “A Sustainable Resource Utilization – Generation of the Highest Benefit” under the policy statement of the current government” A Thriving Nation – A Beautiful Life.”
Accordingly, the Cabinet of Ministers has approved the resolution presented by the Minister of Industries and
Entrepreneurship to implement the so-formulated “National Mineral Policy—2026.”
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