Sri Lanka plans 6.01 bln USD capital spending in 2027 to boost investment

COLOMBO, Oct. 28 (Xinhua) -- Sri Lanka plans to allocate around 2 trillion Sri Lankan rupees (about 6.01 billion U.S. dollars) for capital expenditure in 2027, prioritizing infrastructure and investment-related projects, Deputy Minister of Finance and Planning Anil Jayantha Fernando said on Tuesday.

This photo taken on Dec. 23, 2024 shows a train by the sea in Colombo, Sri Lanka. (Photo by Gayan Sameera/Xinhua)

Fernando said the allocation would focus on roads, railways, rural connectivity, logistics and transport facilities, alongside selected social expenditure.

He said the government's next priority was to move towards economic transformation by strengthening domestic and foreign investment and further developing the capital market.

Fernando said the Finance Ministry had reviewed 12 capital market development proposals submitted by the Securities and Exchange Commission and agreed on most of them, with several expected to be included in the 2027 Budget, due to be presented on Nov. 12.

He also said the government planned to introduce new legislation to restructure state-owned enterprises and establish a common legal framework for commercially operating entities.

The proposed law would allow selected state enterprises to be incorporated as companies with greater autonomy to respond to market conditions, he said.