News
WB forecasts shrinking of Lanka’s economy this year by 4.2 percent
Sri Lanka’s economic output will contract again this year, by 4.2 percent, the World Bank said in its Global Economic Prospects report, issued on Tuesday.
It said that the reduced forecast for growth, in 2023, owes to ongoing foreign currency shortages, the effects of higher inflation, and policy measures designed to restore macroeconomic stability.
The World Bank said in 2022, Sri Lanka’s economic output fell by 9.2 percent as the government ran out of the foreign exchange needed to cover food and fuel imports, and to service external debt.
“While the authorities are now implementing a stabilization programme, the country faces continuing shortages of food, energy, and medical supplies,” the Bank said.
It said that tourist arrivals, an important source of foreign exchange, continue to be depressed, with international arrivals last October about one-third of their 2019 level.
The crisis, and its repercussions, have increased poverty and reversed much of the country’s income gains over the past decade, the World Bank said.
The World Bank said that food prices have risen rapidly in Sri Lanka, increasing the incidence of food insecurity. In Sri Lanka more than one-third of the population are food insecure, up from less than one-tenth in 2019.
“Although global food price inflation appears to have subsided, risks of increased deprivation and inadequate nutrition remain elevated. High fertiliser and petroleum prices are likely to affect upcoming planting seasons, increasing the persistence of high food prices and threatening households’ ability to cope by depleting savings,” the Bank said.
News
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Approval of the Cabinet of Ministers was granted at their meeting held on 19.05.2025 to purchase four (04) automated passenger clearance gates for Bandaranayake International Airport.
In addition, it is expected to extend the automated passenger clearance gates facility so far given only to the Sri Lankans
parallel to the e – passport issuance system to be introduced in the year 2027 also to the foreigners who travel to and from this country.
Furthermore, considering also the number of air passengers rapidly increasing with the fast – forwarding business and tourism field, the appropriateness to increase the total automated passenger clearance gates up to twelve (12) in number has been recognized.
Accordingly, the Cabinet of Ministers, approved the resolution furnished by the Minister of Public Security and Parliamentary Affairs to initiate the procurement and installation of 12
automated passenger clearance gates altogether with the already approved four (04) and another eight (08) automated passenger clearance gates adhering to the formal procurement procedure
Based on the observations submitted by the Task Force on Prevention of Money Laundering and Financing for Terrorism, approval of the Cabinet of Ministers was granted at their meeting held on 18.12.2024 to amend the Trust Ordinance No. 9 of 1917 including amendments proposed by the Financial
Intelligence Unit of the Central Bank of Sri Lanka.
Accordingly, clearance of the Attorney General has been granted for the Trust (Amendment) Draft Bill formulated by the Legal Draftsman.
Therefore, the Cabinet of Ministers approved the resolution furnished by the Minister of Justice and National Integration
to publish the said draft bill in the government gazette notification and thereby, submit the same to the Parliament for its concurrence.
Action was taken to provide a fuel relief for the fuel consumers during the months of April, May and June of 2026 to redress by minimizing the impact caused to the day today life of the citizens of this country as well as the entire economy due to the price hike of petroleum fuel in the global market resulting from the war situation in the Middle East.
Government mediation is essential for minimizing the impact on the day to today life of citizens in this country due to that war situation not being ended further. Therefore, it has been planned to redress on the sale price for Auto Diesel and Industrial Diesel for a period of 03 months by the Government to provide relief to the public as well as to maintain the prices at a bearable level to the consumers without escalating the fuel prices in this country compared to the escalation of fuel prices
in the international market.
Therefore, the Cabinet of Ministers granted approval for the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to
allocate provisions subject to the monthly limitations respectively as rupees 15 billion for the month of October, rupees 13.5 billion for the month of November and rupees 12.15 billion for the month of December to provide the said relief
Cabinet nod to increase the number of new automated passenger clearance gates at the Bandaranayake International Airport to 12
Draft Bill for amending the Trust Ordinance
Implementing further relief programme to Public sffected by the Middle East conflict situation
Establishment of a Spectrum Management and Monitoring System and a Quality of Service and Quality of Experience System for the Telecommunications Regulatory Commission of Sri Lanka
Appointment of a Committee for the Restitution of Sri Lankan Cultural Heritage Held Abroad
Ten-Year National Action Plan on the Social Protection Sector (2026–2035)
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