The cabinet of ministers approved a proposal presented by President Gotabaya Rajapaksa to increase the refinancing facility of the Central Bank as part of assisting the economic recovery of small and medium-sized enterprises.

In line with the President’s proposal, the Central Bank of Sri Lanka’s refinancing facility will be increased from Rs50 billion to Rs. 150 billion to address the financial restructuring needs of small and medium-sized entrepreneurs.

Furthermore, it has been proposed to exclude fines from all income tax unpaid due to the COVID-19 outbreak under the benefit of economic recovery. Accordingly, there will be no late payment charges for the payments made up to June 30 , 2020. Late payments will be fined with effect from July 2020.

Considering the economic recovery priorities In the post-COVID-19 situation, as no large-scale hydroelectric power plants have been added to the national electricity grid over the last 5 years and power outages are likely to occur in the years 2020-2021, it was decided to order the Chairman of the Ceylon Electricity Board (CEB) to enter into agreements establishing a 300 MW power plant in Puttala

As part of India’s $100 million loan program, the President has suggested launching renewable energy projects with priority for public spaces.

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