News
New Chief of Staff appointed to Navy
Rear Admiral Pradeep Rathnayake has been appointed the Chief of Staff of Sri Lanka Navy. The appointment, made by President Ranil Wickremesinghe, retrospectively comes into effect from January 16.
Navy Commander, Vice Admiral Priyantha Perera formally handed over the letter of appointment to Rear Admiral Rathnayake at the Navy Headquarters today (Feb.21) and expressed his best wishes.
Rear Admiral Rathnayake, educated at St. Thomas’ College in Matale, had joined the Navy in 1987 as an Officer Cadet of the 17th intake, in the Executive branch.
On successful completion of his basic training at the Naval and Maritime Academy, Trincomalee, he was commissioned as a Sub Lieutenant in 1989. The senior officer completed his Sub Lieutenant Technical Course at the Naval and Maritime Academy in 1992 and specialized in Marine Navigation from the Indian Navy in 1997. Advancing steadily in his professional journey, he reached the rank of Rear Admiral on July 01, 2021.
He followed his Staff Course at the prestigious US Naval War College in 2005 and obtained his Master’s Degree in Maritime Policy from the University of Wollongong, Australia in 2017. In addition, he followed the National Defence Course (NDC) in Military Science and Security Studies at the National Defence University of China and was conferred an MSc. Further, he followed the Regional Maritime Security Course at the Naval War College Goa, India in 2016.
In recognition of his noble service rendered to the motherland, Rear Admiral Rathnayake has been awarded Rana Wickrama Padakkama as well as Rana Sura Padakkama twice for his gallantry. Moreover, he has also been awarded the Uththama Sewa Padakkama (USP), for his unblemished character and devotion to duty. Rear Admiral Rathnayake has been issued 04 Letters of Commendation by Commanders of the Navy for outstanding performance of duty and exceptional contributions to the naval service.
Rear Admiral Rathnayake has had the privilege of commanding various Fast Attack Craft, Ships and Establishments in the Sri Lanka Navy. Among some of the other appointments he held; Commodore Sea Training and Principal Merchant Marine Training School, Director Naval Policy and Plan, Commander Southeastern Naval Area, Commander North Central Naval Area and Director General Operations stood prominent.
Prior to being appointed as Chief of Staff of the Sri Lanka Navy, he was discharging duties as Deputy Chief of Staff at the Navy Headquarters. Further, the senior officer is a talented sportsman in Squash and a level 1 coach and an international referee in Squash as well.
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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