News
FCDO Dep. Chief economist visit reaffirms UK commitment to Lanka
Fergus Cumming, Deputy Chief Economist of the Foreign, Commonwealth and Development Office (FCDO), concluded a three-day visit to Colombo from 18 to 20 March, British High Commission said in a statement.
Fergus engaged in constructive discussions with key stakeholders, including the State Minister of Finance, Central Bank Governor, IMF Representatives, Diplomatic counterparts, opposition parties, and leading private sector entities such as HSBC, Standard Chartered, Ceylon Chamber, and the Chamber of British Business.
Reflecting on his visit, Fergus made these remarks: “A key part of my job is to engage with countries where the economic context is important for ongoing partnerships… The ties between our two countries are rich, historic and run deep. The relationships between our governments, our people and our economies have stood the test of time and we look forward to strengthening these into the future.”
The visit reaffirmed the UK’s commitment to Sri Lanka, the importance of adherence to the IMF programme, and highlighted the opportunities and challenges of long-term economic reform.
Approval of the Cabinet of Ministers has been granted at their meeting held on 19.05.2025 in order to introduce amendments to the Inland Revenue Act No. 24 of 2017 including the proposed tax revisions to enhance the tax structure paving way for state financial integrity based on revenue.
Accordingly, the revised draft bill has been prepared by the legal draftsman and clearance of the Attorney General has been received.
Therefore, the Cabinet of Ministers has granted approval for
the resolution furnished by the President in his capacity as the Minister of Finance, Policy Planning and Economic Development to publish the aforementioned draft bill in the government gazette notification and subsequently, forward the same to the Parliament for its concurrence.
The National Mineral Policy was prepared for the first time in the year 1999, and the aforementioned policy has been amended in 2023 to cover matters such as preparing an updated data system related to mineral resources, adding value to the export of minerals, encouraging mineral-related industrialists, extracting mineral resources and managing the environment sustainably, and resolving the issues related to the ownership of the land arising in extracting mineral resources.
The revised National Mineral Policy has been reupdated in line with the manifesto “A Sustainable Resource Utilization – Generation of the Highest Benefit” under the policy statement of the current government” A Thriving Nation – A Beautiful Life.”
Accordingly, the Cabinet of Ministers has approved the resolution presented by the Minister of Industries and
Entrepreneurship to implement the so-formulated “National Mineral Policy—2026.”
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Amendment of the Inland Revenue Act No. 24 of 2017
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