Three Chinese loans requested to be considered as state loans!

Published

8 months ago

February 6, 2023

editor

The Finance Ministry has submitted a proposal to the Cabinet seeking approval to consider loans obtained from China for three projects as state loans.

The three projects are Mattala Airport, Norochcholai Power Plant and Hambantota Port.

The purpose of this proposal is to transfer the loan amount obtained from the China Export-Import Bank (Exim Bank of China) to the balance sheet of the Government of Sri Lanka.

As at the end of 2022, an amount of USD 93 million from the loan obtained for the Mattala Airport was still to be paid.

The Finance Ministry said that USD 591 million has to be paid from the loans obtained for the Norochcholai Power Plant project while USD 742 million has to be paid for the Hambantota Port project.

Due to the release of Hambantota Port on a long-term lease basis, the Sri Lanka Ports Authority has removed the relevant loan and asset reports from the financial statements.

Furthermore, the Auditor General has also informed the ministry that eight project loan agreements signed with the Exim Bank have not been included in the government’s financial statements.

Rosewood timber stock rots in Customs for 9 years

Published

1 hour ago

September 27, 2023

editor

Sri Lanka Customs has had to store 3,669 logs of confiscated Rosewood weighing 420 metric tons at a cost of more than Rs.80 million as storage fees, a report issued by the National Audit Office said.

Although these logs were planned to be sold, they have been stored for 9 years due to the delay in obtaining the permit from the Wildlife Conservation Department.

The logs have already been damaged by insects.

These logs were sent from Zanzibar in Tanzania for re-export to Hong Kong via Sri Lanka by declaring them as African solid wood.

The audit report said that due to the delay in issuing the license, these logs have been stored in a Customs yard from 2014 until April 30, 2023.

Meanwhile, the Sri Lanka Atomic Energy Board has to pay more than Rs.30 million to the Customs in the form of port development tax and value added tax for a high-powered radioactive element imported on April 23, 2021.

The report said that the overdue tax amount has not been paid to the Customs by January 1, 2023.

This information was revealed by an audit report included in the 2022 annual report of Sri Lanka Customs.

News

Muthuhettigama released on bail

Published

1 hour ago

September 27, 2023

editor

Former Member of Parliament Nishantha Muthuhettigama was released on bail by the Galle Magistrate’s Court today (27).

He was released on two sureties of Rs.5 million each and a cash bail of Rs 50,000. The next court hearing is scheduled to be held on February 02.

The former MP was arrested and remanded on charges of illegally assembling a luxury car.

News

Raids increased to nab train passengers sans tickets!

Published

1 hour ago

September 27, 2023

editor

Sri Lanka Railways has taken steps to increase raids to nab passengers travelling without tickets.

Frequent inspections to nab errant passengers were suspended due to the Covid-19 pandemic.

Due to this, people are more inclined to travel by train without tickets and the initial raids will be based on Maradana and Colombo Fort Railway Stations.

Meanwhile, the Railways Station Master’s Association said that nearly Rs.225,000 was collected from 72 passengers who travelled without tickets from the Maradana Railway Station from August upto now.