The President’s tour of India secures credit for defence and development

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President Gotabaya Rajapaksa has secured credit on concessionary terms for defence and development purposes during his just-concluded tour of India. Co-Cabinet Spokesman Bandula Gunawardena says the pledges were given by Indian Prime Minister Narendra Modi during talks with the Sri Lankan President. Minister Gunawardena told journalists in Colombo today that 50 million US dollars would be received for defence activities. A further 400 million US dollar credit facility has been secured for development.

The Minister also said the tax relief package offered by the government for economic rejuvenation will be in force from today. According to him, decisions relating to direct taxes will be implemented from the 01st of next month. He said that a review would be undertaken in the coming week with regard to the reduction of goods and services prices in accordance with the tax revisions. The Minister added the Inland Revenue Act of the previous regime would be amended.

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