The government says a special concessionary package will be introduced to individuals severely affected by the rising cost of living by introducing a budget revision.
Cabinet Spokesman Minister Bandula Gunawardana said the world is battling an economic crisis with the rising oil prices.
The Minister said world oil prices determine all aspects including shipping and transport costs and prices of other goods.
He noted that currency depreciation and the rise in oil prices will also in turn lead to a shortage of essential items.
Minister Gunawardana highlighted that USD 500 million is required monthly to import fuel while USD 6 billion is required annually for fuel, terming this a serious situation.
The Minister said another USD 6 billion is required to repay loan instalments adding that the country generates USD 12 billion through exports.
The Minister also noted that prices of individual goods and items cannot be controlled.
The Minister on a separate noted said the Cabinet of Ministers granted approval to provide a 40-year tax concession for investors for the Colombo Port City.
Minister Bandula Gunawardana said since the COVID-19 pandemic foreign investors have been granted many attractive benefits by several countries such as Oman, Ethiopia, Kenya, and Bangladesh.
He said such countries have granted investors many benefits and privileges adding that therefore there have been drawbacks in attracting investors to the Port City.
Accordingly, Minister Gunawardana said a decision was reached yesterday to grant 40-year tax concessions for investors.