Author: Gayan Chandrasekara
Cabinet Approves Amendment to Foreign Exchange Act to Criminalize Unauthorized Outward Fund Transfers
In a significant regulatory shift aimed at strengthening financial law enforcement, Sri Lanka’s Cabinet of Ministers has granted approval in principle to amend the Foreign Exchange Act, No. 12 of 2017. The proposed amendment will classify the unauthorized transfer of funds out of Sri Lanka as a criminal offense, addressing a crucial gap in the […]
Governor’s remarks do not signal future policy rate path or level: CBSL
The Central Bank of Sri Lanka (CBSL) clarified that recent media reports had misinterpreted remarks made by the Governor during a media interview. CBSL said its monetary policy is “forward looking and data driven” and that decisions to increase, decrease or maintain policy rates are made at each Monetary Policy Review based on the latest […]
Sri Lanka remains vulnerable to energy price shock but is more resilient than in the past – Moody’s Ratings
Bangladesh (B2 negative), Pakistan (Caa1 stable) and Sri Lanka (Caa1 stable) are among the most vulnerable economies in Asia to high oil prices stemming from the Middle East conflict, Moody’s Ratings said in their latest analysis. However, the countries have built capacity to absorb shocks in recent years, so are less exposed than in 2022, […]
Cabinet Approves US$ 100 Mn World Bank Facility for Northern and Eastern Development
The Cabinet of Ministers has approved a proposal submitted by the President, in his capacity as the Minister of Finance, Planning and Economic Development, to enter into financial agreements with the World Bank Group’s International Development Association to obtain a US$ 100 million loan facility. This allocation forms part of a broader US$ 1,000 million […]
Cabinet Approves Tender to Build Three Fuel Storage Tanks at Muthurajawela Terminal
The Cabinet of Ministers has approved a proposal by the Minister of Energy to award the contract for constructing three new fuel storage tanks at the Muthurajawela Terminal to a joint venture comprising M/s Indo-East Engineering & Construction (Lanka) (Private) Limited and Ceylex Engineering (Private) Limited. Selected as the lowest bidder through an international competitive […]
Cabinet Approves Rs. 1 Bn Funding Package for Lanka Metro Transit
The Cabinet of Ministers has approved a total funding allocation of Rs. 1,067.5 million for Lanka Metro Transit (Private) Limited, comprising Rs. 800 million in equity capital for infrastructure development and an additional Rs. 267.5 million for operational requirements in 2027. Submitted by the Minister of Transport, Highways, and Urban Development, the proposal supports the […]
Cabinet Approves $200 Mn ADB Loan for Trade, Investment, and Industrial Development
The Cabinet of Ministers has approved a proposal submitted by President Anura Kumara Dissanayake, in his capacity as the Minister of Finance, Planning and Economic Development, to obtain a US$ 200 million policy-based loan from the Asian Development Bank (ADB). The funding, sourced from ADB’s regular general capital resources, will support Sub-Programme 1 of Sri […]
Government Expedites House Arrest Legislation to Address Prison Overcrowding
At its meeting on August 3, 2026, the Cabinet approved a proposal submitted by the Minister of Justice and National Integration to instruct the Legal Draftsman to promptly finalize a draft bill introducing house arrest as an alternative to remand and imprisonment. The initiative follows a comprehensive review of earlier drafts—initially sanctioned under a June […]
Cabinet Approves Gazetting and Submission to Parliament of Key Judicial Reform Bills
Following initial Cabinet approval on July 27, 2026, approval has been granted to publish the Twenty-second Constitutional Amendment Bill and the Judiciary (Amendment) Bill in the Government Gazette and subsequently submit them to Parliament. Drafted by the Legal Draftsman and granted constitutional clearance by the Attorney General, the proposed legislation submitted by the Minister of […]
Cabinet Approves Amendments to Modernize Sri Lanka’s EPF Act
Sri Lanka’s Cabinet of Ministers has approved a proposal to instruct the Legal Draftsman to draft legislation amending the Employees Provident Fund (EPF) Act No. 15 of 1958. The proposed revision aims to modernize the original framework in response to contemporary social, economic, and technological changes, reducing operational bottlenecks and delivering a more efficient service […]
Sri Lanka Electricity Tariffs to Remain Unchanged for Q3 2026
The Public Utilities Commission of Sri Lanka (PUCSL) announced today that electricity tariffs will remain unchanged for the third quarter of 2026, maintaining the existing rates established in the second quarter. The decision follows a comprehensive review of cost estimates submitted by the National System Operating Company (NSO). According to the regulator, the projected increase […]
EDB expects to reach record-breaking $19 bn export revenue by end 2026, says Chairman Mangala Wijesinghe
The 47th anniversary of the Sri Lanka Export Development Board (EDB) fell on August 1st. In a commemorative ceremony held today, the Chairman and Chief Executive Officer of the EDB, Mangala Wijesinghe, addressed the media, outlining the progress and future targets of the national export sector. Established under Act No. 4 of 1979, the EDB […]