The Cabinet Spokesman and the Minister of Mass Media and Information Keheliya Rambukwella announced the following decisions taken at the Cabinet Meeting held on 21 July under the chairmanship of President Mahinda Rajapakse.

One billion dollar sovereign bonds to be issued

The Cabinet of Ministers yesterday granted approval to issue International Sovereign Bonds up to one billion US dollars in the international capital market in 2010.

The bonds at appropriate longer term maturity are to be issued under the supervision of Sri Lanka's Central Bank.

The government expects to use the proceeds of this bond issue to settle the high cost short term debt to improve the government debt management and maintain interest rates stability, the government announced.

The Central Bank issued a 5-year sovereign bond amounting to US$ 500 million with a yield of 7.40 percent in international markets in October 2009, on behalf of the government.
Satellite data receiving centre

Cabinet of Ministers granted approval to accept the offer of Japan Aerospace Exploration Agency (JAEA) to establish a ‘WINDS Satellite’ data receiving station in the Disaster Management Centre.


AUSAID funds to be utilized for North development

Approval was granted to sign the Grant Agreement of US$ 10.5 million with the International Development Association of the World Bank to utilize the funds provided by the Australian Agency for International Development for the implementation of part ‘B’ of the Emergency Northern Recovery Project. The objective of this grant project is to implement the work-fare programme which is under the above project. This programme is intended to provide labour employment to the detainees immediately after they have been resettled and each IDP family will be paid Rs 25,000 under this programme and funds are channelled through Banking system.

National Bio Technology Policy to be drafted

The Cabinet also approved to draft necessary legislation to implement the National Bio Technology Policy. Cabinet noted that this policy highlights creating awareness of Bio Technology among the public to enable informed decision making, positions Bio Technology in our society enhancing opportunities for local industries to bio technology, builds human resources and will establish centres of excellence in bio technology and bio technology parks. The policy will also consider establishing a National Bio Technology Council to plan, monitor and value of activities related to Bio Technology including facilitating and supporting bio industries while ensuring safe and ethical practices.