News
Prez stresses need fo new Constitution
Declaring that the President had received more powers through the Constitution than former kings of Sri Lanka, President Ranil Wickremesinghe yesterday said that the Constitution should be changed immediately.
Delivering his maiden policy statement, President Wickremesinghe said that at present, he had the right to appoint the members of the Election Commission, Public Service Commission, Police Commission, Judicial Service Commission, etc. That was not favourable to democracy, the President said: “We should change that condition. Presently, it has inherited more power to the President than a previous king of Sri Lanka. It should be changed immediately.
“The President of a country does not have to be a King or a God who is exalted above the people. He or she is one of the citizens. Therefore, separate flags, separate logos, separate honour, awards should not be consecrated. I have already taken some necessary measures and will continue to do so.
“As an initiative of the political reform process, we wish to pass the 22nd Amendment to the Constitution, including all the effective elements of the 19th Amendment. I expect the full support of this Honorable House in its adoption.
“The Bill of the 22nd Amendment to the Constitution has now been presented to the Parliament. It is my view that discussing it and reaching a common consensus are most appropriate. We could not achieve everything we want through the 22nd Amendment to the Constitution. It is a fundamental to a series of reforms. It would be a constructive step if we adopt the reforms in one voice.
“As I mentioned earlier, measures are being taken to establish the Parliamentary Sectoral Oversight Committees immediately. All the political parties will have the opportunity to work together, through those Committees. “I have already submitted to this House the report forwarded by the National Movement for Social Justice in this regard.
“Also, I am working to establish a National Assembly consisting of political party leaders. For the next steps, we will be able to arrange a programme with a common minimum programme with the consent of all, through the National Assembly.
“The major commitment presented during the Presidential Election campaign in our country is the abolition of the executive presidential system. However, no one who came to power delivered on that commitment. On the other hand, even if someone abolishes the executive presidential system, the next party that comes to power has the ability to change it. That is the reason we require to reach a common national consensus through a body such as the People’s Assembly.
“The People’s Assembly is a fully independent body with the Government only providing the necessary resources. The Government has no influence on its functions or decisions. We decide in consultation with various parties, regarding the composition of the People’s Assembly.
“Views and proposals in this regard have already been made by the National Movement for Social Justice.
“The People’s Assembly may seek from the nations in our neighbourhood and the wider Asian region together with the relevant international agencies their expertise in the respective areas.
“The responsibility of preparing a National Plan for social, economic and political reforms is assigned to the People’s Assembly, by taking the opinions and advice of all stakeholders and acting with full transparency. The Assembly may wish to prepare this plan.
Highlights of President’s Wickremesinghe policy statement:
* Reiterated appeal for all political parties representing in Parliament to unite in the formation of an All-Party Government to overcome daunting economic challenges. He has already initiated discussions with political parties in forming an All-Party Government.
* Unfavourable international economic factors brought about by the Ukraine war and the collapse of the world’s major economies due to the Covid pandemic exacerbated and complicated our crisis.
* Measures taken to minimise power cuts, procure fertliser, LP gas and prevent food shortages as well as assist industries.
* Appreciation of assistance provided by India
* Restrictions on fuel supply to continue until end of this year.
* Efforts to modernise economy
* Referring to negotiations with the IMF, the parliament was told of moves to finalise the debt restructuring plan in collaboration with Lazard and Clifford Chance, who are international financial and legal experts.
* Efforts to encourage remittances to Sri Lanka through the banking system.
* Attract more tourists to Sri Lanka.
* Criticism of those who opposed valuable foreign investments while turning a blind eye to massive commercial loans at high interest rates. Reference was made to the cancellation of joint Trincomalee oil tank development project with India, protests against ‘Suwaseriya‘ ambulance service donated by India, cancellation of Japanese funded Light Rail Transit (LRT) and Container Terminal in the Colombo port.
* Preparation of National Economic Policy for the next 25 years.
* Need to address long standing land issues in the Northern and Eastern Provinces as part of the overall measures to win hearts and minds of the Tamil speaking community including those living abroad.
* Formulation of a national policy to combat bribery and corruption.
News
Report on the Final Budgetary Condition (Annual Report) – 2025 submited to parliament
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.
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