Govt. extends Rs. 11 b bond to purchase coal by one year

Cabinet yesterday agreed to allow the Rs. 11 billion Treasury bond issued by People’s Bank to Lanka Coal Ltd. to be extended till August 2021. The validity period of the Treasury bond issued to the People’s Bank to import coal via Lanka Coal Ltd. is due to expire on 31 August 2020. 

Therefore the Cabinet of Ministers approved the proposal submitted by the Power Ministry to extend the validity period of the bond for another year.  The move comes on the heels of the Cabinet approving a $ 300 million extension to the Norochcholai coal power plant earlier this year.