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“No investments coming in under new capital-based package”

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The Ministerial Consultative Committee on investment Promotion advised the Board of Investment of Sri Lanka (BOI) to clearly communicate to the Central Bank of Sri Lanka (CBSL) and the Treasury that there are no investments coming in under the new enhance capital-based package and therefore a new package should be introduced.

This issue was addressed at the first meeting of the Ministerial Consultative Committee on Investment Promotion held recently (15), chaired by State Minister of Investment Promotion – Dilum Amunugama.

Addressing the aforesaid issue, Member of Parliament – Dhammika Perera emphasized the importance of clearly communicating the aforesaid to the CBSL and the Treasury as they need to have a clear understanding on the matter when carrying out negotiations with the IMF.

Accordingly, the Committee instructed the BOI to present data on how many projects have been received under the enhance capital-based package and how much employment and investment have been brought in under the new package at its next meeting.

Responding to the said concern, BOI officials present stated that there is no concession that they can offer as the BOI in par with the other countries, because all the tax holidays were removed and therefore a decline can be observed in the investors coming in.

Furthermore, the possibility of amending the law to enable foreigners to purchase land was also discussed.

State Ministers Diana Gamage, Prasanna Ranaweera, A. Aravindh Kuma as well as MPs Milan Jayathilake, Janaka Wakkumbura and Gunathilaka Rajapaksha were present at the Committee meeting held.

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Bus associations oppose proposal of 2% fare reduction

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The government’s proposal to reduce bus fares by a 2% effective from July 01 has led to the strong disapproval of bus associations, reports say.

It was also proposed not to revise the minimum fare.

The announcement was made during a meeting between officials of the Transport Ministry and representatives of private bus associations to discuss the annual bus fare revision, scheduled for July 01.

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UN Rights chief meets families of missing persons

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A group of activists and families of missing persons handed over letters and memorandums to the visiting United Nations High Commissioner for Human Rights Volker Turk in Trincomalee today (June 25).

UN Human Rights Spokesperson – Jeremy Laurence, who is accompanying the High Commissioner, said while in Trincomalee that Mr. Volker Turk expressed sorrow and solidarity with the families of the disappeared.

Meanwhile, a peaceful demonstration was also held in Trincomalee during this visit, where a group of activists and victims of disappearances was seen holding placards and banners.

The UN High Commissioner for Human Rights will visit Kandy before concluding his official visit to Sri Lanka tomorrow (June 26) after a special press briefing in Colombo.

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200 new super luxury buses to be procured for expressways

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There is an urgent need to introduce new buses to the Sri Lanka Transport Board (SLTB) bus fleet, as nearly 52% of the regular bus fleet of the Sri Lanka Transport Board and nearly 94% of the luxury bus fleet have exceeded the economic life span. 

As to the insufficient buses to meet the passenger demand on the expressway, the Sri Lanka Transport Board (SLTB) is currently operating 61 luxury buses belonging to the private sector on a profit-sharing basis. 

Therefore, the Sri Lanka Transport Board (SLTB) has decided to purchase 200 new super-luxury buses by using their own funds. 

Accordingly, the Cabinet of Ministers has approved the proposal presented by the Minister of Transport, Highways, Port and Civil Aviation to purchase 29 super luxury buses through the financially capable depots and to purchase the remaining buses by making a down payment using SLTB funds and the balance to be paid in monthly instalments over a period of 5 years.

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