News
Prime Minister commemorates Lalith Athulathmudali’s legacy at BIMCH
Prime Minister Dinesh Guanwardena delivered the Lalith Athulathmudali oration at BIMCH Colombo, honoring the memory of the late esteemed statesman. The event, commemorating Athulathmudali’s 87th birth anniversary, paid homage to his remarkable contributions to Sri Lanka’s socio-political landscape.
Reflecting on his initial parliamentary days in 1983, Prime Minister Guanwardena recalled Athulathmudali’s unparalleled intellectual prowess and conduct, describing him as a true patriot dedicated to serving the nation. He praised Athulathmudali’s legacy, particularly emphasizing the Mahapola Higher Education Trust Fund, a testament to his commitment to public service and education.
The Prime Minister emphasized Athulathmudali’s pivotal role as a leader in the government formed in 1977. He highlighted the transformative changes introduced during that era, shifting Sri Lanka towards a market economy. Athulathmudali’s tenure as Minister of Trade and Shipping was credited for streamlining institutions, crucial for the government’s pursuit of economic transformation.
Furthermore, the Prime Minister highlighted Colombo’s evolution into a bustling commercial city due to strategic interventions in harbor expansion and port technologies. He underscored Athulathmudali’s spatial development strategy, transforming the city’s suburbs into a metropolitan agglomeration, accommodating an array of small and medium businesses.
Addressing the socio-economic dynamics, the Prime Minister acknowledged the persistent socio-economic dependency on traditional exports, urging radical reforms in land use and agriculture. He echoed President Ranil Wickramasinghe’s emphasis on significant changes in land reform and agriculture to alleviate poverty and foster economic growth.
Moreover, the Prime Minister stressed the need to address historical land alienation that marginalized rural communities, emphasizing their cry for land to ensure food security and boost production.
In closing, the Prime Minister recalled the collaborative spirit of Athulathmudali’s parliamentary sessions, advocating for principled discussions and cooperation between government and opposition for the greater good. He concluded by commemorating Athulathmudali’s unwavering defense of Sri Lanka’s unitary state and democracy, acknowledging his sacrifice for future generations.
As per the provisions of section 51 of the Public Finance Managaement Act No. 44 of 2024, the public should be issued with a report on the final budgetary situation for each year and, the report is then published in the official website of the Ministry of Finance, Planning and Economic Development.
Thereby the report has to be submitted to the Parliament. The final budgetary situation report (Annual Report) – 2025 has been prepared by the Ministry of Finance, Planning and Economic Development and published. The report contains the Public Finance Policy, strategies and challenges, economic trends in 2025, macro – economic and socio – economic indicators covering all sectors of the economy as well as description on the global economic growth.
Furthermore, it accompanies a detailed description government revenue and expenditure, cash flow management, financing the budget deficit and the loan structure.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the Report on the Final Budgetary Condition (Annual Report) – 2025 to Parliament.
Business
Cabinet nod to accept increased Loan Grant provided by the Asian Development Bank under Policy Based Loan Facilities – 2026
Approval of the Cabinet of Ministers was granted at their meeting held on 16.03.2026 to obtain United States Dollars 380 million from the policy – based loan facilities of the Asian Development Bank in the year 2026.
United States Dollars 100 million out of it is allocated for Trade, Investment and Industries Development Programme – Sub Programme 1. However, amidst the economic uncertainty resulting from the current Middle East crisis and the climatic tragedies, the Asian Development Bank has agreed to assist
by increasing a supplementary financing package of United States Dollars 100 million so that it will beMincreased up to United States Dollars 200 million.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to take further measures to obtain the said loan grant.
News
Submission of Revenue Protection Order Prepared under the Provisions of the Revenue Protection Act No. 19 of 1962 to the Parliament for its approval.
Approval of the Cabinet of Ministers was given at the meeting held on 23.02.2026 to impose the custom import duty amounts under four (04) categories as 0%, 10%, 20%, and 30% which had been executed only under three (03) categories in order to increase the target export income of the country, to execute the
recommendations of the national customs duty policies committee, and to implement new national sub division customs codes for promoting the local agricultural and industrial sector.
Imposing provisions in relation to the above, the Revenue Protection Order – No. 01/2026 under the Revenue Protection Act No. 19 of 1962 has been published in the extraordinary gazette notification No. 2478/03 of 03.03.2026.
Accordingly, the Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to submit the said revenue protection order to Parliament for its concurrence.
Report on the Final Budgetary Condition (Annual Report) – 2025 submited to parliament
Cabinet nod to accept increased Loan Grant provided by the Asian Development Bank under Policy Based Loan Facilities – 2026
Submission of Revenue Protection Order Prepared under the Provisions of the Revenue Protection Act No. 19 of 1962 to the Parliament for its approval.
Resettlement of unauthorized settlers affected by the Land Acquisition process for the implementation of Phase III of the Baseline Road Extension Project
Cabinet approves project to modernize school hostel facilities during the 2026–2028 period at an estimated cost of Rs. 1,008 million
New National Action Plan for Human-Elephant Conflict Management to be drafted
‘Dates have the highest sugar content to fight Coronavirus’
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