44. Are there limits on traditional media advertising spending in relation to election campaigns?

Source: 

Regulation of Election Expenditure Act No. 3 of 2023, Section 3 (1) and 4 (1)

3. (1) Within a period of five days after the conclusion of the period of nomination specified in the Proclamation or Order requiring the conduct of an election under any law specified in section 2, the Election Commission shall, in consultation with the recognized political parties, and the independent groups contesting such election, fix by Order published in the Gazette, a sum of money in Sri Lankan rupees to be used for the purpose of calculating an authorized amount, in accordance with the provisions of this section, for such election:
Provided however, in the case of a presidential election, every candidate who has not been nominated by a political party shall be consulted.

4. (1) A recognized political party, an independent group and a candidate at an election conducted under any law specified in section 2, shall not incur expenditure in excess of the authorized amounts referred to in subsections (3) and (4) of section 3 as the case may be, in respect of such election.

 https://www.parliament.lk/uploads/acts/gbills/english/6287.pdf 

There is an overall limit on total campaign expenditure, but the law does not specify limits for particular types of spending.