1. Establishment of the National Food Policy and Security Committee
Objective:
Ensure national food and nutritional security by providing accessible,
affordable, and quality food for all citizens.
Key Features:
- Emphasis on domestic food production.
- Maintenance of a 3-month essential food reserve.
- Creation of a scientific data-driven food security system.
- Involvement of private sector in production, storage, and distribution.
- Coordination through the Presidential Secretariat with a multi-ministerial steering committee.
Implications:
- Addresses food security challenges.
- Promotes self-reliance in food production.
- Enhances collaboration between public and private sectors.
2. Funding for Energy System Strengthening through the Asian Development Bank
Objective:
Improve the reliability of Sri Lanka’s electricity transmission and
distribution network.
Key Features:
- $200 million funding from the ADB.
- $150 million allocated to Ceylon Electricity Board (CEB) and $50 million to Lanka Electricity Company Private Limited.
- Aimed at modernizing infrastructure.
Implications:
- Supports sustainable energy goals.
- Reduces energy outages and enhances system resilience.
3. Rehabilitation of the Karainagar Boat Yard
Objective:
Revitalize maritime facilities to support local fisheries and maritime
activities.
Key Features:
- Financial grant from the Indian Government.
- Upgrades include machinery, office equipment, and repair infrastructure.
Implications:
- Strengthens fisheries and maritime economy.
- Enhances Sri Lanka-India bilateral relations.
4. Fishermen Subsidy Program for Economic Recovery
Objective:
Provide economic relief to fishermen impacted by the economic crisis.
Key Features:
- Subsidized diesel and kerosene for fishermen.
- Direct financial assistance for small-scale fishing vessels.
Implications:
- Immediate relief for affected communities.
- Encourages continuity in the fisheries sector.
5. Proposal for Ramsar Convention on Wetlands
Objective:
Promote international recognition and conservation of Sri Lanka’s wetlands.
Key Features:
- Proposed submission of "Rights of Nature in Wetlands" at the Ramsar COP 15.
- Aimed at advocating wetland preservation and sustainable usage.
Implications:
- Positions Sri Lanka as a leader in environmental conservation.
- Enhances global partnerships on wetland management.
6. Modernization of the Driver Licensing System
Objective:
Transition to digital driver’s licenses to streamline data sharing and improve
security.
Key Features:
- Replacement of traditional licenses with modern digital systems.
- Continued issuance of current licenses until full rollout.
Implications:
- Enhances efficiency in transportation administration.
- Reduces potential for fraud and data errors.
7. Receipt of Diesel Engines from India for Sri Lanka Railways
Objective:
Boost railway efficiency with upgraded diesel engines.
Key Features:
- Donation of 22 ALCO diesel engines and spare parts.
- Maintenance supported by RITES Ltd for 5 years.
Implications:
- Strengthens public transportation infrastructure.
- Deepens economic cooperation with India.
8. Support for Small and Medium Enterprises (SMEs)
Objective:
Extend the moratorium on the seizure of SME properties due to unpaid loans.
Key Features:
- Temporary suspension of "Parate" law until March 2025.
- Development of frameworks to enable debt recovery without asset liquidation.
Implications:
- Provides breathing space for SMEs to stabilize.
- Promotes trust between businesses and financial institutions.
9. Revised Taxation Agreement with India
Objective:
Amend the 2013 Double Tax Avoidance Agreement to align with modern
international standards.
Key Features:
- Compliance with OECD’s BEPS standards.
- Inclusion of new protocols for fair tax administration.
Implications:
- Prevents double taxation and tax evasion.
- Boosts trade and investment relations with India.
10. Donation of Fertilizer for Agricultural Use
Objective:
Enhance agricultural productivity through international support.
Key Features:
- Donation of 55,000 metric tons of Muriate of Potash from the World Food Programme.
- Allocation: 50% for paddy and other crops, 50% for coconut cultivation.
Implications:
- Immediate support for farmers.
- Improves agricultural yields and economic stability.
Overall Assessment
The recent cabinet decisions reflect a balanced focus on economic recovery, energy sustainability, food security, and infrastructure development. By leveraging international partnerships and fostering local engagement, these measures aim to address critical challenges while setting the foundation for long-term growth and resilience.
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