News

Borrowing limit increased by Rs 400 billion

Published

2 years ago

2021/11/9

by Saman Indrajith

The borrowing limit in the Appropriation Bill for this year had been increased by 400 billion rupees through an amendment approved by the Committee on Public Finance, Parliament sources said yesterday.

Sources said that an amendment to the Appropriation Act No. 07 of 2020 had been made to increase the borrowing limit from Rs. 2997 billion to Rs. 3397 billion by the Committee on Public Finance chaired by MP Anura Priyadarshana Yapa.

At a virtual meeting of the Committee on Public Finance, Secretary to the Ministry of Finance and the Treasury S. R. Attygalle pointed out that an amendment to the Appropriation Act was needed to increase the borrowing limit due to the economic downturn in the country caused by the Covid-19 situation. He further said it was due to the inability to achieve the expected revenue for the year 2021, the increase in supplementary expenditure and the devaluation of the rupee in the payment of foreign currency loan services, sources said.

Attygalle said the increase in welfare expenditure during the Covid-19 pandemic had led to an increase in supplementary expenditure and Rs. 200 billion had been approved by Parliament recently as supplementary expenditure. Besides this amendment, as per the Cabinet decision taken on 27.09.2021, the Gazette notification submitted by the Minister of Finance to revoke the licensing system for white sugar which came into effect from 29 October 2020 under the Import Export (Control) Act No. 01 of 1969 was approved by the Committee on Public Finance.

Dr. Harsha de Silva stated that he had repeatedly emphasised the need for a forensic report in that regard to clarify the crisis situation in the country regarding sugar. The Chairman said that the Committee on Public Finance would be able to engage in a lengthy discussion on the matter soon after it is tabled by the Committee on Public Accounts.

State Ministers Susil Premajayantha, Dr. Nalaka Godahewa, Members of Parliament Dr. Harsha de Silva and Prof. Ranjith Bandara as well as a number of senior government officials were present at the recent Public Finance Committee meeting held online, Parliament sources said.

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Business

President outlines a bold vision for Sri Lanka tourism at THASL’s 58th AGM

Published

2 hours ago

2023/11/28

Priyan

Addressing the 58th Annual General Meeting of The Hotels Association of Sri Lanka (THASL) held on Monday (27) at Shangri-La Hotel, Colombo, President Ranil Wickremesinghe outlined a comprehensive strategy to propel the country’s tourism sector to new heights. Focused on surpassing the target of 5 million tourists and redefining traditional approaches, the President’s vision extends to achieving 7.5 million visitors in the coming years. The President emphasized the need for innovative thinking and collaboration within the industry to ensure sustainable growth.

“When I took over the government, I realized that sustainability alone is not sufficient. How are we going to earn foreign exchange? How are we going to have a positive balance of trade? In that, there were many suggestions. But what is the low-hanging fruit? And one of the low-hanging fruits was tourism. Let’s promote tourism fully,” President Wickremesinghe declared.

The President acknowledged the need to move beyond the existing framework and embrace competition to elevate Sri Lanka’s standing in the global tourism market. Drawing parallels with countries like Vietnam, he questioned why they had more tourists despite being in the industry for a shorter period. President Wickremesinghe stressed the importance of increasing the number of tourists to 2.5 million in the upcoming year and subsequently expanding on this figure.

(PMD)

Business

Free visas for nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan from Monday (27)

Published

6 hours ago

2023/11/28

Priyan

The Controller General of Immigration and Emigration has stated that nationals of China, India, Indonesia, Russsia, Thailand, Malaysia and Japan will be granted free visas from Monday 27-11-2023 to 31-03-2024 as a pilot program to rebuild the tourism industry.

Nationals of the above nominated countries possessing, Diplomatic, Official, Public Affairs, Services and Ordinary Passports are eligible to enjoy a visa free regime under this scheme.

The above mentioned nationals should apply for Electronic Travel Authorization (ETA) before arriving in Sri Lanka subject to granting / issuing free of charge up to 31-03-2024.

Under this scheme tourists can enjoy a 30 days free visa period and a double entry facility is permitted within 30 days from the date of first arrival in Sri Lanka.

Free ETA under this scheme can be applied up to 31-03-2024.

The free ETA cannot be extended further and is limited only to thirty (30) days. In case the free ETA period of 30 days expires after 31-03-2024, an extension of visa could be applied subject to paying the appropriate fee.

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Cabinet gives green light for Colombo Port City Order No. 3 of 2023 to be presented in Parliament

Published

7 hours ago

2023/11/28

Priyan

The President in his capacity as the Minister of Investment Promotion has published the Colombo Port City Orders No. 3 of 2023 (Enterprises with Strategic Value – Guidelines for releasing or encouraging to award for customs – free enterprises) under the provisions of the Colombo Port City Economic Commission Act No. 11 of 2021 by the extraordinary gazette notification No. 2355/30 dated 25.10.2023.

The Cabinet of Ministers granted approval to the proposal furnished by the Hon. President in his capacity as the Minister of Investment Promotions to submit the said orders to the Parliament for its concurrence.

(PMD)