News
India’s role on world stage a tribute to Nehru: President
Sri Lanka’s President Ranil Wickremesinghe praised India’s first Prime Minister Jawaharlal Nehru as the country celebrated 75 years of Independence. Speaking at the handover ceremony of a Dornier aircraft from India yesterday, Wickremesinghe said “India’s global dominance is a tribute to Pandit (Jawaharlal) Nehru” and he was the one who showed the way forward.
“India today is becoming a world power and it is still on the rise and by mid-Century, when we are no longer there, we could see a powerful India playing a dominant role on the global stage. That in itself is a tribute to Pandit Nehru”, he said.
Referring to India’s Independence Day anniversary, Wickremesinghe said he was inspired by Nehru’s famous “tryst with destiny” speech as India gained freedom in 1947.
In this context, he also recalled an anecdote about the time Nehru helped Sri Lanka become part of the United Nations.
“I remember and I was told how his (Nehru’s) representative V.K Krishna Menon extended all the support to my father to go around in New York arranging for Sri Lanka’s entry into the United Nations. My father knew him (Nehru) well. I only saw him at a distance as a student, watching his car pass by on the way to India House”, he said.
India and Sri Lanka – which is also marking 75 years of Independence — are “two sides of the same coin” and both countries must work together to strengthen their relationship, the Lankan President said.
Thanking India for handing over of the maritime surveillance aircraft, Wickremesinghe said India is looking after its own interests. But “India must also look at its role as a global power”, he added.
Emphasising the importance of ties between the two nations, Wickremesinghe advised rising politicians of Sri Lanka to get to know their Indian colleagues.
“My advice to rising politicians in Sri Lanka, those who aspire for higher office, is — get to know your Indian colleagues. Get to know them well and get to deal with them because if you don’t do that, it will be difficult for you to look at issues and understand what the other says.” – NDTV
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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