News
IMF, Lanka agree on continuing “hard-won” gains, int’l lender says
ECONOMYNEXT —The International Monetary Fund (IMF) has said it is encouraged by the new government’s commitment to continue Sri Lanka’s reform efforts and that agreement was reached on continuing to build on the “hard-won” gains.
The IMF said in a statement on Friday October 04 that initial talks between an IMF team led by Director for the Asia Pacific Department Krishna Srinivasan with newly elected President Anura Kumara Dissanayake were productive.
The team met with President Dissanayake, Prime Minister Harini Amarasuriya, Foreign Minister Vijitha Herath, Central Ban Governor Nandalal Weerasinghe and Secretary to the Treasury Mahinda Siriwardena and other stakeholders.
“We held productive discussions with President Dissanayake and Sri Lanka’s economic team on the economic and financial challenges facing the Sri Lankan economy. We agreed on the importance of continuing to safeguard and build on the hard-won gains that have helped put Sri Lanka on a path to economic recovery since entering one of its worst economic crises in 2022,” the IMF statement quoted Srinivasan as saying.
“We are encouraged by the authorities’ commitment to continue the reform efforts. The IMF remains a steadfast partner in supporting Sri Lanka and its people and stands ready to assist the country achieve its economic reform goals. The IMF team will continue its close engagement with Sri Lanka’s economic team to set a date for the third review of the IMF-supported programme,” he said.
In his meeting with the IMF delegation, President Dissanayake had said he aims to achieve the objectives of the programme in partnership with the IMF, seeking alternative approaches that will alleviate the burden on the citizens, according to a statement from the president’s media division (PMD).
“The required cordial and good environment was built between the two sides and the three days of talks concluded successfully,” the PMD statement said.
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.
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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
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