DECISIONS TAKEN AT THE MEETING OF THE CABINET OF MINISTERS HELD ON

23.05.2022

1. Obtaining a series of short – term loans for the purchase of petroleum products under the
assistance of Indian export – import bank.

Actions have already been taken by now for obtaining a short – term loan facility of United States
Dollars 500 million with the assistance of the export – import bank of the Indian government as well
as another loan facility of United States Dollars 200 million under the assistance of the State bank of
India in order to purchase petroleum products required by this country under the current economic
circumstances prevailing within the country. Furthermore, the cabinet of ministers granted approval
for the proposal submitted by the Minister of Electricity and Energy to obtain a series of short – term
loan facilities worth another United States Dollars 500 million with the assistance of the export –
import bank of the Indian government in order to purchase petroleum products required by the
country settling the foreign exchange shortage existing at the moment.

2. Introduction of a fuel price mechanism for deciding the sale price of petroleum products.

The requirement of a mechanism to decide the sale price of petroleum products owing to a scientific
methodology so that all the cost factors / components are exemplified with transparency for deciding
the local sale price of petroleum products has been identified. Through such a methodology, building
the trust within the consumers as well as building positive effect for financial constraints confronted
by the Lanka Petroleum Corporation can be created. Accordingly, the cabinet of ministers granted
approval for the proposal submitted by the Minister of Power and Energy to appoint a committee
comprised of representatives of the Minister of Power and Energy pioneering while representatives
of other relevant institutions in order to furnish appropriate recommendations to enable deciding the
production price of petroleum products on monthly basis paying attention on six (06) major cost
components as well as to revise the price of petroleum monthly as per the mechanism prepared based
on the above mentioned recommendations.

3. Extension of the MoU on Sending and Accepting Employees to the Republic of Korea under
the Employment Permit System

The two countries have signed a Memorandum of Understanding to send workers to the Republic of
Korea under the Employment Permit System. Under the agreement, Sri Lankans are receiving
employment opportunities in South Korea for 4 years and 10 months. The relevant Memorandum of
Understanding should be extended every two years. Accordingly the Cabinet of Ministers approved
the Proposal presented by the Minister of Labor and Foreign Employment to sign a new
Memorandum of Understanding (MoU) for a period of two years or for another period agreed by the
Korean Government, subject to the terms and conditions of the previous Memorandum of
Understanding..

4. Procurement for an International Financial Advisory Service and an International Legal
Advisory Service to Restructure the External Debt of the Government of Sri Lanka

Cabinet approval has been given for the Procurement of an International Financial Advisory Service
and an International Legal Advisory Service to Restructure the External Debt of the Government of
Sri Lanka. There have been received 28 proposals for International Financial Advisory Service and
23 proposals for International Legal Advisory Service. The cabinet of Ministers approved the
proposal presented by H.E. the President to make procurement as follows based on the
recommendations of the Steering Committees appointed by the Cabinet in connection with the said
Procurement.

 To award the procurement of International Financial Advisory Service to M/s Lazard
Institute of France
 To award the procurement of International Legal Advisory Service to M/s Cliffod Chance
LLP Institute

5. Appointment of Cabinet Spokespersons

The Cabinet of Ministers decided to appoint the following Cabinet Members as Co-Media
Spokespersons
 Hon. (Dr). Bandula Gunawardena
Minister of Transport and Highways.
Minister of Mass Media
 Hon. Mahinda Amaraweera
Minister of Agriculture
Minister of Wildlife and Forest Resources Conservation
 Hon. Kanchana Wijesekara
Minister of Power and Energy
 Hon. Manusha Nanayakkara
Minister of Labour and Foreign Employment