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5 housing projects in Colombo to benefit low & middle-class residents 

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State Minister for Urban Development and Housing, Mr. Arundika Fernando, announced the commencement of five housing projects in the Colombo city aimed at benefiting the low and middle-class population.

He further highlighted that President Ranil Wickremesinghe has recently secured an agreement with the Chinese Government. Fernando also emphasized that housing projects initiated by the Housing Development Authority, currently on hold, will be reinitiated as part of the new budget for the year 2024.

These developments were disclosed by State Minister of Urban Development and Housing, Mr. Arundika Fernando, during a news conference held at the Presidential Media Centre today (26), under the theme ‘Collective Path to a Stable Country.’

Expressing his views further he said;

“Our nation is a stunning island that boasts diverse topography, various climate zones and an abundance of natural resources. Notably, our country is rich in valuable mineral resources and is among the regions with the lowest occurrence of natural disasters globally.

Land stands as our most precious resource and its value escalates with the growing population. Even in suburban areas, land values continue to rise. The Urban Development Authority manages a substantial amount of land, but the available information about these lands is currently insufficient. Consequently, the ministry is actively working to enhance data on land ownership.

Moreover, the Urban Development Authority has acquired lands for various government projects, encompassing activities like urban planning and city expansion. We also possess land suitable for both domestic and foreign investments, providing opportunities for interested parties to utilize government-owned land. Once the Urban Development Authority’s data is fully digitized, anyone can access information about the lands owned by the authority.

A strong emphasis has been placed on utilizing our land resources for economic gain, exemplified by valuable plots like those on McCallum Road. These principles apply not only to Colombo but to all cities, including Kandy, Bogambara Prison and Nuwara Eliya. 

Additionally, there are plans to create new investment opportunities cantered around the Bogambara prison land.

Thanks to the effective financial management under President Ranil Wickremesinghe’s leadership, there’s potential to revive halted projects initiated by the Housing Development Authority. We anticipate resuming these activities with the new budget for 2024.

Furthermore, instances of fraud and corruption have marred certain projects. The ministry is actively taking measures to rectify these errors.

In addition, there are plans to initiate five housing projects in Colombo, targeting individuals with low and moderate incomes. This substantial undertaking is estimated to cost 350 million dollars, with a significant commitment from the Chinese Government, secured through President Ranil Wickremesinghe. To date, 200 million US dollars have already been received for this ambitious project, which aims to construct 2,500 houses.

Simultaneously, the Lowland Development Authority is playing a significant role in flood control efforts within Colombo. Initiatives are also underway to safeguard mangroves and wetlands.

Unfortunately, some individuals who had their lands requisitioned for flood control purposes have faced challenges, including inadequate compensation. Our aim is to rectify this situation and acquire these lands in a more systematic manner within Colombo city.

As a ministry, we stand prepared to make the utmost contribution to President Ranil Wickremesinghe’s mission for the country’s development.”

(President’s Media Division)

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IMF Executive Board approves Sri Lanka’s fourth review

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The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw about US$350 million, said Evan Papageorgiou, IMF Mission Chief for Sri Lanka.

This brings the total IMF financial support disbursed so far to about US$1.74 billion.

“The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The program supports Sri Lanka’s efforts to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) enhancing growth-oriented structural reforms.”

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Cabinet approval for online traffic fine payment system – Bimal

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Minister of Transport and Highways Bimal Rathnayake has said that Cabinet approval has been granted to implement an islandwide online traffic fine payment system.

He made this statement during a media briefing near the Kottawa Expressway entrance, following a public awareness programme on mandatory seat belt use for vehicles travelling on expressways.

“The Cabinet approved the proposal today. At present, the online fine payment system is available only between Kurunegala and Anuradhapura. Now, we’re providing all police units with mobile devices, so that from this year, traffic fines can be paid from anywhere via mobile phones… Rather than paying fines, we urge everyone to drive carefully, wear seat belts, and avoid violations. Our core message is simple, travel safely,” the minister has said.

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Indian entrepreneur delegation meets President AKD (Pics)

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Indian entrepreneurs state that they are currently directing their attention towards new investment prospects in Sri Lanka, particularly in sectors like energy, infrastructure, the digital economy, tourism and agriculture, as well as on enhancing entrepreneurial capacity.  

A delegation of around 20 Indian entrepreneurs, comprising heads of several prominent Indian companies, is currently engaged in an active programme in Sri Lanka, coordinated by the Confederation of Indian Industry (CII), with the aim of further developing existing investment opportunities and exploring new prospects. These comments were expressed during the delegation’s meeting with President Anura Kumara Disanayake this afternoon (01) at the Presidential Secretariat.

The delegation is visiting Sri Lanka following an invitation extended by President Anura Kumara Disanayake during his recent official visit to India. The Indian delegation held discussions with several Sri Lankan Ministers and with officials from key government institutions, including the Board of Investment of Sri Lanka.

President Disanayake emphasized that the country has now established a more favourable environment for investors, owing to the current economic stability.

The President briefed the Indian business representatives on the constructive measures implemented by the government to create a supportive economic climate and conditions conducive to investment. He further noted that the government has strengthened the legal framework and institutional system necessary to attract and sustain large-scale investments. He assured that under the present administration efforts have been made to eliminate the losses and corruption previously associated with investments. 

The President also emphasised that special attention has been given to attracting regional investors and providing them with the necessary facilities. He pointed out that numerous new business opportunities have opened up between India and Sri Lanka across various sectors.

The Indian entrepreneurs stated that Sri Lanka’s strategic location is of great appeal to investors. They appreciated the President’s explanation regarding the current situation of the country, noting that it had inspired confidence and renewed hope in them.

Minister of Labour and Deputy Minister of Economic Development Professor Anil Jayantha Fernando, Senior Additional Secretary to the President, Roshan Gamage, and Indian High Commissioner to Sri Lanka Santosh Jha, along with officials from the Indian High Commission, were present at the occasion. Also in attendance were former Chairman of CII and Chairman and Managing Director of ITC Limited, Sanjiv Puri, and heads of several other major Indian companies.

(President’s Media Division)

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