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ANNUAL REPORT MINISTRY OF 2010FINANCE AND PLANNING SRI LANKA This Report is Published in Terms of Section 13 of the Fiscal Management (Responsibility) Act No. 3 of 2003 MINISTRY OF FINANCE AND PLANNING (AS AT 31ST MARCH 2011) His Excellency the President Mahinda Rajapaksa Minister of Finance and Planning Hon. Gitanjana Gunawardana Deputy Minister of Finance and Planning PRINCIPAL OFFICIALS P.B. Jayasundera Secretary, Ministry of Finance and Planning Secretary to the Treasury P.A. Abeysekara D. Vidanagamachchi Deputy Secretaries to the Treasury S. Fernando Director General, Administration Ms. T. de S.A. Wijayanayake Legal Advisor Ms. D.G.P.W. Gunatilaka Tax Advisor Ms. H.M.N.S. Gunawardana Project Director Fiscal Management Efficiency Project HEADS OF TREASURY DEPARTMENTS (AS AT 31ST MARCH 2011) Department of National Planning B.M.S. Batagoda - Director General Department of National Budget Ms. G.D.C. Ekanayake - Director General A.K. Seneviratne - Additional Director General Department of Public Enterprises S.R. Attygalle - Director General Ms. L.D. Senanayake - Additional Director General Department of External Resources M.P.D.U.K. Mapa Pathirana - Director General A. Kumarasiri - Additional Director General Department of Management Services Ms. N. Godakanda - Director General A.M.A. Dayaratne - Additional Director General Department of Fiscal Policy K.M.M. Siriwardana - Director General Department of Trade, Tariff and Investment Policy N. Gunawardana - Director General Department of Development Finance D.S. Jayaweera - Director General Department of Public Finance P.M.P. Fernando - Director General Ms. W. Samaraweera - Additional Director General Ms. K. Gunawardena - Additional Director General Ms. A. Harasgama - Additional Director General Department of Legal Affairs Ms. H.M.N.S. Gunawardana - Director General Department of Treasury Operations M.S.D. Ranasiri - Director General P.T.G. Gunathilake - Additional Director General C.N. Wijeyasekara - Additional Director General Department of State Accounts N.G. Dayaratna - Director General M. Mahinda Saliya - Additional Director General Foreign Aid and Budget Monitoring Ms. M. Gamage - Director General W.I. Tissera - Additional Director General Department of Management Audit W. Ekanayake - Director General K.M. Jayatilake - Additional Director General HEADS OF DEPARTMENTS UNDER THE PURVIEW OF THE MINISTRY OF FINANCE AND PLANNING (AS AT 31ST MARCH 2011) Department of Inland Revenue K.M.S. Kandegedara - Commissioner General Department of Customs Ms. S. Karunaratne - Director General Department of Excise D.G.M.V. Hapuarachchi - Commissioner General Imports and Exports Control Department W.A.R.H. Wanshathilake - Controller Valuation Department P.W. Senaratne - Chief Valuer Department of Census and Statistics Ms. D.B.P.S. Vidyaratne - Director General HEADS OF STATUTORY BOARDS / STATE BANKS / OTHER INSTITUTIONS UNDER THE PURVIEW OF THE MINISTRY OF FINANCE AND PLANNING Central Bank of Sri Lanka A. N. Cabraal - Governor P.D.J. Fernando - Deputy Governor K.G.D.D. Dheerasinghe - Deputy Governor Securities & Exchange Commission of Sri Lanka Ms. I. Sugathadasa - Chairperson M. Cader - Director General Insurance Board of Sri Lanka Ms. I. Sugathadasa - Chairperson Bank of Ceylon G. Wickramasinghe - Chairman B.A.C. Fernando - General Manager People’s Bank W. Karunajeewa - Chairman N. Wasantha Kumar - General Manager National Savings Bank P. Kariyawasam - Chairman H. M. H. Bandara - General Manager State Mortgage & Investment Bank J. Wellawatta - Chairman W.M. Dayasinghe - General Manager Lanka Puthra Development Bank U. Liyanage - Chairman S. Edirisuriya - General Manager Sri Lanka Savings Bank A. Dhahanayake - Chairman S. Weeratunga - General Manager Housing Development Finance Corporation Bank Ms. S. Wickramasinghe - Chairperson S. Amerasekera - General Manager Pradeshiya Sanwardane Bank Ms. J. Kuruppu - Chairperson R. Siriwardane - General Manager National Lotteries Board C. Athaluwage - Chairman M.S. Karunaratne - General Manager Development Lotteries Board J.R.W. Dissanayake - Chairman J.D.C. Jayasinghe - General Manager Lady Lochore Loan Fund Ms. G. Wimalaweera - Chairperson U.G. Hewage - Manager Trustee National Insurance Trust Fund S. Abeygunasekera - Chairman National Development Trust Fund A. Dahanayake - Chairman S. Weeratunge - General Manager Employees’ Trust Fund Board K.M.A. Godawatta - Chairman M.C.H. Gunarathne - Additional General Manager Sri Lanka Insurance Corporation G. S. Senerath - Chairman N.B. Hapuhinne - General Manager Sri Lanka Accounting & Auditing Standards Monitoring Board P. Samarasiri - Chairman A.S. Ratnayake - Director General Public Utilities Commission of Sri Lanka J. de Costa - Chairman D. Kumarasinghe - Director General Sri Lanka Social Security Board N. C. Amarasinghe - Chairman K.N.J. Cooray - General Manager Sri Lanka Export Credit Insurance Corporation D.P. Mendis - Chairman D. Ranasinghe - General Manager Local Loans & Development Fund N.G. Dayarathne - Chief Executive Officer Agriculture & Agrarian Insurance Board Ms. S. Ariyadasa - Chairperson P. Weerasinghe - General Manager CONTENTS CHAPTER 1 Development PERSPECTIVES 21 Economic Policy in Brief 22 Macroeconomic Overview 25 Reconciliation and Development 35 Thrust on Public Expenditure 43 Economic Infrastructure – Randora 46 Power and Energy – Towards an Energy Hub 46 Roads 51 Ports – Towards a Naval Hub 59 Aviation – Towards an Aviation Hub 60 Transport 61 Water Supply and Sewerage – Towards Quality Living 64 Irrigation - Water is Our Heritage and Life 69 Health – Towards a Quality Life 78 Education and Technology – Towards a Knowledge Society 87 Communication 91 Tourism 92 Environment - A Land in Harmony with Nature 94 Real Economy – Towards High Productivity 94 Agriculture 94 Livestock 99 Plantation 101 Fisheries 103 Industry 104 Regional Development – Gama Neguma 105 Rural Development 105 Reducing Regional Disparities 109 Welfare and Social Security 112 Grass-root Development 112 Welfare and Social Safety Measures 119 Housing 121 Private Sector Development 122 Capital Market Activities 122 Private Sector Development 125 Domestic Demand 127 Domestic Demand Supply of Goods and Services 127 Investment and Savings 133 Inflation 135 External Sector 136 Balance of Payments 136 Labour Force 140 Employment Creation 140 Labour Productivity 141 Wages 142 Labour Standards 143 CHAPTER 2 FISCAL Development 145 Overview 146 Government Revenue 149 Government Expenditure 156 Recurrent Expenditure 156 Public Investment 160 Performance of the Provincial Councils 169 Debt Management 170 CHAPTER 3 REFORMS INITIATIVES 173 Overview 174 Tax Reforms 174 Banking Sector Reforms 185 Capital Markets Reforms 186 Insurance Reforms 187 Procurement Related Reforms 188 Other Reforms 191 CHAPTER 4 state OWNED ENTERPRISES (SOE) 201 Overview 202 SOE Contribution to the National Economy 202 Partnership Role in Development 203 Finance Sector 205 Infrastructure Development Enterprises 216 Service Sector 223 Performance and Issues of Other SOEs 231 CHAPTER 5 FOREIGN FINANCING 243 Overview 244 Financing for Roads and Highways 253 Financing for Power and Energy 259 Financing for Water Supply and Sanitation 262 FInancing for Ports and Aviation 266 Financing for Railways 268 Financing for Agriculture and Irrigation 270 Nothern Province Development 274 Mobilizing Resources for a Caring Society 283 Financing for Education and Health 284 CHAPTER 6 Development FINANCE 289 Overview 290 SME Sector 290 Small and Medium Enterprise Development Facility Project 290 Small and Medium Enterprise Regional Development Project 291 Microfinance Sector 293 A Regulatory and Supervisory Mechanism for Microfinance 294 Foreign Assistance to Microfinance 295 Agriculture Sector Financing 297 Fertilizer Subsidy Programmes 297 Purchasing Programmes 301 Other Programmes Facilitated 303 Financial Assistance Schemes 303 CHAPTER 7 FINANCIAL Statements 307 Financial Statements 2010 308 Statement of Financial Performance for the Year Ended 31st December 2010 309 Statement of Cash Flow for the Year Ended 31st December 2010 310 Statement of Financial Position as at 31st December 2010 311 Analysis of Total Expenses of the Statement of Financial Performance for the Year ended 31st 312 December 2010 Statement of Accounting Policies 313 Notes to Financial Statements 315 Head-wise Summary of Expenditure Account with Budgetary Provision 2010 366 SRI LANKA AT A GLANCE - 2005 & 2010 SRI LANKA AT A GLAnce - 2005 & 2010 2005 2010 2005 2010 GDP GOVERNMENT FINANCE GDP at Market Prices (Rs.Bn.) 2,453 5,602 Revenue (Rs.Bn.) 380 817 GDP at Market Prices (USD Bn.) 24.4 49.5 Tax Revenue (Rs.Bn.) 337 725 Services (USD Mn.) 14,155 28,640 Total Expenditure (Rs.Bn.) 585 1,280 Industry (USD Mn.) 7,368 14,594 Current Expenditure (Rs.Bn.) 444 937 Agriculture (USD Mn.) 2,885 6,344 Public Investment (Rs.Bn.) 225 357 Per Capita GDP at Market Prices (Rs.) 124,709 271,259 Revenue Deficit/GDP % -2.6 -2.1 Per Capita GDP at Market Prices (USD) 1,241 2,399 Budget Deficit/GDP % -8.7 -8.0 Inflation - GDP Implicit Price Deflator (%) 10.4 7.3 Revenue (USD Mn.) 3,779 7,233 Inflation - CCPI (%) (Annual Average) 11.0 5.9 Tax Revenue (USD Mn.) 3,352 6,414 Unemployment No. ('000) 623 401 Total Expenditure (USD Mn.) 5,819 11,329 Unemployment (%) 7.2 4.9 Current Expenditure (USD Mn.) 4,412 8,293 Labour Force Participation Rate (%) 49.3 48.1 Public Investment (USD Mn.) 1,479 3,153 Budget Deficit (USD Mn.) -1,716 -3,939 STRUCTURE OF THE ECONOMY Share of GDP (%) TOTAL GOVERNMENT DEBT (USD Mn) 22,115 40,600
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    (Ninth Parliament - First Session) No. 8.] MINUTES OF PARLIAMENT Friday, September 11, 2020 at 10.30 a.m. PRESENT : Hon. Mahinda Yapa Abeywardana, Speaker Hon. Ranjith Siyambalapitiya, Deputy Speaker and the Chair of Committees Hon. Angajan Ramanathan, Deputy Chairperson of Committees Hon. Mahinda Rajapaksa, Prime Minister and Minister of Finance, Minister of Buddhasasana, Religious & Cultural Affairs and Minister of Urban Development & Housing Hon. Mahinda Amaraweera, Minister of Environment Hon. Udaya Gammanpila, Minister of Energy Hon. Dinesh Gunawardena, Minister of Foreign and Leader of the House of Parliament Hon. (Dr.) Bandula Gunawardana, Minister of Trade Hon. S. M. Chandrasena, Minister of Lands Hon. Janaka Bandara Thennakoon, Minister of Public Services, Provincial Councils & Local Government Hon. Nimal Siripala de Silva, Minister of Labour Hon. Douglas Devananda, Minister of Fisheries Hon. (Dr.) Ramesh Pathirana, Minister of Plantation Hon. Johnston Fernando, Minister of Highways and Chief Government Whip Hon. Prasanna Ranatunga, Minister of Tourism Hon. C. B. Rathnayake, Minister of Wildlife & Forest Conservation Hon. Chamal Rajapaksa, Minister of Irrigation and State Minister of Internal Security, Home Affairs and Disaster Management Hon. (Mrs.) Pavithradevi Wanniarachchi, Minister of Health Hon. M .U. M. Ali Sabry, Minister of Justice Hon. (Dr.) (Mrs.) Seetha Arambepola, State Minister of Skills Development, Vocational Education, Research and Innovation Hon. Lasantha Alagiyawanna, State Minister of Co-operative Services, Marketing Development and Consumer Protection ( 2 ) M. No. 8 Hon. Ajith Nivard Cabraal, State Minister of Money & Capital Market and State Enterprise Reforms Hon. (Dr.) Nalaka Godahewa, State Minister of Urban Development, Coast Conservation, Waste Disposal and Community Cleanliness Hon. D. V. Chanaka, State Minister of Aviation and Export Zones Development Hon.
  • MICE-Proposal-Sri-Lanka-Part-2.Pdf

    MICE-Proposal-Sri-Lanka-Part-2.Pdf

    Sri Lanka East Coast Region Trincomalee , a port city on the northeast coast of Sri Lanka. Set on a peninsula, Fort Frederick was built by the Portuguese in the 17th century. Trincomalee is one of the main centers of Tamil speaking culture on the island. The beaches are used for scuba diving, snorkeling and whale watching. The city also has the largest Dutch Fort in Sri Lanka. Best for: blue-whale watching. Arugam Bay, Arugam Bay is a unique and spectacular golden sandy beach on the East coast, located close to Pottuvil in the Ampara district. It is one of the best surfing spots in the world and hosts a number of international surfing competitions. Best for: Surfing & Ethnic Charm The beach of Pasikudah, which boasts one of the longest stretches of shallow coastline in the world. Sri Lanka ‘s Cultural Triangle Sri Lanka’s Cultural triangle is situated in the centre of the island and covers an area which includes 5 World Heritage cultural sites(UNESCO) of the Sacred City of Anuradhapura, the Ancient City of Polonnaruwa, the Ancient City of Sigiriya, the Ancient City of Dambulla and the Sacred City of Kandy. Due to the constructions and associated historical events, some of which are millennia old, these sites are of high universal value; they are visited by many pilgrims, both laymen and the clergy (prominently Buddhist), as well as by local and foreign tourists. Kandy the second largest city in Sri- Lanka and a UNESCO world heritage site, due its rich, vibrant culture and history. This historic city was the Royal Capital during the 16th century and maintains its sanctified glory predominantly due to the sacred temples.
  • (CITY)- HDA.Qxd

    (CITY)- HDA.Qxd

    The Island Home News Page Three Tuesday 5th Janunary, 2010 3 Polgampola was Govt. to assist exporters if GSP Plus is lost Hot air over imported Kekulu rice sacked for wrong Rs. 200 mn export/import by Ifham Nizam Trade, Co-operatives and Consumer doing – JVP Affairs Minister Bandula Gunawardena yesterday refuted newspaper reports - not the Upali Group that imported by Don Asoka Kekulu rice was not suitable for human Wijewardena bank to be established consumption and there was shortage in rice till the end of March. “There are no shortages, however we The JVP, in a statement by Devan Daniel and import expenditures never imported Kekulu rice - other than one occasion from issued yesterday, said that are expected to recover A Rs. 200 million this year. Myanmar how can former MP Anurudha they say it was Polgampola, who pledged Export/Import bank to GSP Plus.... contaminated,” his support for President Polgampola help exporters and Meanwhile, Cabraal Gunawardena told importers is to be estab- reiterated the Central a press conference Mahinda Rajapaksa at the forthcoming yesterday at his Presidential election, had been sacked lished this year with Bank’s view that Sri Ministry in from the party owing to some allega- financial backing and Lanka is prepared to meet Colombo. tions. control of the bank com- any risks of a possible However, he ing from the banking sec- withdrawal of GSP Plus said since his min- It said on August 29 in 2008 istry believes in Polgampola had been arrested by the tor with the assistance of trading facilities for ducing the Central Bank’s international trade,” he competition and Japanese Police at the Narita airport for the government.
  • HSBC Sri Lanka

    HSBC Sri Lanka

    The Hongkong and Shanghai Banking Corporation Limited Incorporated in the Hong Kong SAR with limited liability Sri Lanka Branch Main Office - 24, Sir Baron Jayatilaka Mawatha, Colombo 1. Summarised Income Statement Statement of Comprehensive Income Statement of Financial Position 2020 As at Audited 2019 As at For the period ended 30 September 2020 2019 For the period ended 30 September 2020 2019 30 September 31 December Rs. ‘Mn Rs. ‘Mn Assets Rs. ‘Mn Rs. ‘Mn Rs. 'Mn Rs. 'Mn Cash and cash equivalents 8,871 33,986 Interest income 20,469 23,474 Profit/(loss) for the year 1,334 4,294 Balances with central bank 12,724 9,740 Placements with banks 12,944 27,215 Interest expenses (7,225) (9,388) Items that will be reclassified to income statement Derivative financial instruments 257 812 Net interest income 13,244 14,086 Exchange differences on translation of foreign operations 725 (59) Financial assets measured at fair value through profit or loss 20,723 4,751 Net gains/(losses) on cash flow hedges – – Financial assets designated at fair value through profit or loss – – Fee and commission income 2,260 3,083 Financial assets at amortised cost - loans and advances 228,591 260,155 Net gains/(losses) on investments in debt instruments measured at Fee and commission expenses (742) (909) Financial assets at amortised cost - debt instruments 3,074 3,088 fair value through other comprehensive income (268) 1,156 Financial assets measured at fair value through other 112,113 107,855 Net fee and commission income 1,518 2,174 Share of profits of associates