The Cabinet of Ministers has approved an additional foreign exchange adjustment allowance of up to Rs. 2.5 million annually for students selected under the government’s overseas scholarship programme.
The decision was taken following the depreciation of the Sri Lankan Rupee against major global currencies, which has increased the cost of overseas education-related expenses for scholarship recipients.
The additional allowance is intended to help students pursuing undergraduate programmes at internationally ranked foreign universities manage higher costs caused by exchange rate fluctuations.
The overseas scholarship programme was introduced under the 2025 Budget to support Sri Lanka’s highest-performing students from the 2024 GCE Advanced Level Examination by providing opportunities to pursue first degree programmes at foreign universities.
Under the scheme, each student is eligible to receive financial assistance of up to Rs. 20 million per year, with total support limited to Rs. 80 million over the four-year duration of the degree programme.
A total of 32 students were selected based on their Advanced Level examination results. Of them, nine students have already departed Sri Lanka to commence their studies, while arrangements are being made for the remaining scholarship recipients to travel overseas.
Officials said the depreciation of the Rupee had increased foreign currency payment requirements, resulting in the originally allocated funds becoming insufficient to cover certain expenses faced by students.
The proposal to introduce the foreign exchange adjustment allowance was submitted by Prime Minister Dr. Harini Amarasuriya in her capacity as Minister of Education, Higher Education and Vocational Education, and was subsequently approved by the Cabinet.
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