“Resorting recent crisis of petrol shortage Ceylon Petroleum Corporation has distributed 8, 200 MT of petrol to the filling stations across the country from yesterday”, Secretary to the Ministry of Petroleum Resources Development Upali Marasinghe told News.lk.
Due to the atmospheric disturbance in the southwest Bay of Bengal to the East of Sri Lanka, the showery condition and the cloudy skies are expected in the Northern half of the island today (10th Nov.), Met. Department said.
As strengthening bilateral ties with Sri Lanka the U.S. government has decided to offer several assistances for development. Under this program, the U.S. announced that it will offer a second U.S. Coast Guard cutter (Vessel) to the Sri Lankan Navy, pending completion of Congressional notification.
“Despite all economic challenges, Sri Lanka witnessing some early harvests of our prudent economic management policies. As a new Government, we have been able to make a decisive turnaround in the public finance management within a relatively short-period. We introduced reforms to domestic revenue mobilization and engaged productively with international development partners to regain lost confidence in Sri Lanka. Such measures helped reverse the decades-long downward spiral of Government revenue which increased up to 14.2% of GDP in 2016 from 11.5% of GDP in 2014, marking a growth of 41% in absolute terms. In 2017, Government revenue, I am certain, will come closer to 15% of GDP, ensuring a revenue growth of 13% in 2017 over 2016. Further, we are in the process of effecting revenue reforms in all areas including Inland Revenue, Customs, Excise and others in a manner to raise the Government revenue closer to 20% of GDP over the medium-term. As revenue increases, and expenditure remains well targeted and rationalized, overall budget deficit is expected to reduce up to 3.5% of GDP by 2020”, so said Minister Mangala Samaraweera presenting his first budget speech titled ‘Enterprise Sri Lanka’ to the parliament this evening (9th Nov.).