Press briefing of Cabinet Decision taken on 2021-03-23

The proposed Assets Utilization Reform Commission Act

- In line with the Budget Speech of 2021, expeditious measures have to be taken for ensuring the maximum and effective use of under utilized assets including lands in the national interest and advancement of the national economy. Especially, it has been a priority requirement to introduce an appropriate procedure for the use of under utilized state lands given on long term lease basis, condominium property of which the construction activities have been delayed due to many reasons and under utilized lands including State Enterprises with assets in maximum productive manner. Accordingly, the proposal made by H.E. the President to establish an institute as the Assets Utilization Reform Commission and provide for the required legal provisions to the said Commission to take necessary action for effective utilization of the under utilized assets so identified and to instruct the Legal Draftsman to formulate the Assets Utilization Reform Commission Bill incorporating the provisions required for the purpose, was approved by the Cabinet.