News
Boost Sri Lanka’s economy with IFC’s $400 million Cross – Currency Swap Facility
In an effort to support Sri Lanka by stabilising the nation’s economy amid an ongoing economic crisis, the International Finance Corporation (IFC), a member of the World Bank Group, has stepped forward to provide a cross-currency swap facility to Sampath Bank PLC, along with two other private banks.
Accordingly, the IFC notes that USD 400 million will be a cross currency swap over a period of one year to Sampath Bank and two other private banks. After recognising that Sampath Bank is among the three of the country’s leading national banks which facilitates over 30 percent of Sri Lanka’s remittances and exports. The move is expected to enhance the dollar denominated import of essential goods, while also strengthening the two decade long relationship between Sampath Bank and IFC.
In addition to supporting Sampath Bank’s financing of exports of goods and services for their clients while also allowing the country to make USD-denominated debt repayments. Sampath Bank notes that through this facility, it will now be able to improve access to medium and long-term finance for its clients, helping local businesses sustain their valued operations.
Speaking on this development, Nanda Fernando, Managing Director of Sampath Bank PLC said: “The facility provided by IFC comes at a juncture where the Sri Lankan economy is facing a challenging time. The transaction will enable Sampath Bank to better manage our foreign currency holding by borrowing at lower rates and manage our foreign currency exposure, while facilitating foreign currency lending to our customers across the whole economy. The transaction will also renew the longstanding relationship with IFC, which was spread across many business areas such as trade, foreign exchange, and financial services. Sampath Bank is also grateful for the trust placed by IFC by continuing to engage as a major business partner in Sri Lanka and is confident that this will lead to a long and fruitful relationship.”
This cross-currency swap facility is a testament to IFC’s commitment to promoting economic stability and resilience in Sri Lanka, and is therefore pleased to be able to work with Sampath Bank and two other private banks to provide essential support during these challenging times.
In terms of the provisions of the Establishments Code on payment of festival advance to government officers, there’s a possibility of obtaining rupees 10,000/- as an advance for celebrating festivals of Theipongal, Ramazan, Sinhala and Hindu New Year, Wesak, Deepavali, and Christmas as well as for pilgrimages (Sri Paada pilgrimage and Hajj pilgrimage).
Provisions have been given to recover the said advance in 08 installments or if required earlier without interest. It has been proposed by the Budget 2026 to increase the said festival advance up to rupees 15,000/-.
Accordingly, the Cabinet of Ministers granted approval to the proposal submitted by the Minister of Public Administration, Provincial Councils and Local governments to revise the relevant provisions so that the festival advance can be increased up to rupees 15,000/- .
As per the approval given by the cabinet meeting held on 02-06-2025, action is being taken at present to offer the underutilized lands/properties of the Sri Lanka State Plantation Corporation, the Janatha Etate Development Board, and the Elkaduwa Plantation Company which are under the Ministry of Plantation and Community Infrastructure which have been identified under stage one to suitable investors.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Plantations and Community Infrastructure to provide following lands/properties on a lease basis to the suitable investors for optimal utilization following the prescribed procurement procedure.
• underutilized lands/properties identified under stage two owned by the Sri Lanka State Plantation Corporation, the Janatha Estate Development Board, and the Elkaduwa Plantation
Company,
• The Mawarala watte land and the Tea factory 40.48 hectares in extent, located in Matara District belonging to the Tea Shakthi Fund.
• The underutilized land of 1,541 hectares in extent of Kondachchi Estate is enjoyed by the Sri Lanka Cashew Corporation.
The drafting of the National Fisheries and Aquaculture Policy has commenced with the objective of equitable distribution of the benefits of the fisheries industry and the sustainable management of fisheries and aquaculture. This policy has been updated from time to time according to current requirements. However, steps have not been taken to obtain the approval of the Cabinet of Ministers for that purpose.
According to the policy declaration of the present government, ‘Vistas of Prosperity and Splendor’ the National Fisheries and Aquaculture Policy has been redrafted, updating the aforementioned policy in line with the economic and development objectives of the government.
The recommendations of the Department of National Planning have been received for the drafted policy.
Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Fisheries, Aquaculture, and Marine
Resources to implement the National Fisheries and Aquaculture Policy, integrating it with other relevant policies.
Festival advance for government officers to be increased
Providing underutilized lands/properties to suitable investors for optimal utilization.
Implementation of the National Fisheries and Aquaculture Policy
Expressions of Interest called to develop selected locations within the Pelawatte Sugar Factory premises
Minimum purchasing price of Samba and Kiri Samba paddy incresed
Showers in the Northern, North-central, Uva, Western, Eastern, Sabaragamuwa, North-western and Central provinces and Galle and Matara districts
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