Connect with us

BIZ

People’s Bank in danger! ; Depositors continue to withdraw money

Published

on

The heads of all government corporations and departments have informed the Ministry of Finance that they will immediately transfer the existing accounts at the People’s Bank to other banks, the state-owned ‘Dinamina’ newspaper reported. 

In addition, many businessmen have also informed President Ranil Wickremesinghe as the Minister of Finance that they will have to withdraw their accounts from the People’s Bank.

They have informed the President that they would take this decision with regret since their businesses may be affected if protests and strikes continue to hamper the performance of the bank. 

The heads of corporations and departments have informed President Wickremesinghe that they had to face many inconveniences since the employees of the People’s Bank also joined the strike on Wednesday (15).

The heads of public corporations and departments have explained to the Ministry of Finance that the employees could not withdraw money for their needs, and therefore the clients were inconvenienced by having to find alternatives.

Therefore, they have requested the Finance Ministry to take necessary steps to remove their accounts from the People’s Bank and transfer them to other banks.

Meanwhile, President Wickremesinghe has informed the relevant authorities at the Finance Ministry yesterday (16) to pay special attention to the request made by the heads of government corporations and departments.

Only 113 People’s Bank branches were closed – PMD

However, the President’s Media Division quoted People’s Bank Acting CEO/GM Clive Fonseka and said that 272 Branches out of the 340 were fully functional with attendance reported at over 75% as at 10.30 AM on the 15th.

Depositors withdraw money

Meanwhile, economic experts pointed out that due to this situation, the customers of People’s Bank will probably be tempted to withdraw their money from the bank.

BIZ

Rs. 20 Bn loan lifeline for SMEs

Published

on

By

The government has taken measures to implement a Rs.20 billion credit scheme to revive the micro, small and medium enterprise sector in Sri Lanka.  

Accordingly, the Cabinet of Ministers has granted its consent to the proposal forwarded by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilization and National Policies Minister to implement a credit scheme to revive the micro, small and medium enterprise sector.

Speaking at the weekly Cabinet media briefing held yesterday at the Government Information Department, Cabinet Spokesman, Transport, Highways and Mass Media Minister Dr. Bandula Gunawardhana said the proposed Rs.20 billion will be spent on the entire project which has two components.

“Out of this, Rs.15 billion will be used to strengthen existing and new enterprises and the remaining amount of Rs.five billion will be used to support enterprises under the non-performing loan category.

A significant number of small and medium scale entrepreneurs involved in manufacturing, import, export, tourism, apparel and various other commercial operations have found it very difficult to continue running their enterprises as a result of the economic downturn and the impact of external factors beyond their control.

The Asian Development Bank has agreed to provide working capital support for the Small and Medium Enterprise sector as a relief. The proposed programme is intended to provide credit facilities to existing micro, small and medium scale enterprises for further expansion and recovery of their businesses through licensed commercial banks and licensed specialised banks at concessional interest rates.

(dailynews.lk)

Continue Reading

BIZ

Won’t be able to offer SriLankan to investors even for free – Minister

Published

on

By

Ports, Shipping, and Aviation Minister Nimal Siripala de Silva yesterday (26) spoke firmly on the national carrier – SriLankan Airlines, stating that the airline’s disruptive employees and tarnished reputation would deter potential buyers in the privatisation process.

Speaking at a media briefing yesterday, he said  “We cannot run an airline with disruptive employees. This is a critical moment for SriLankan Airlines. We cannot afford to entertain employees who fail to handle situations under pressure.”

“The deadline for the Expressions of Interest (EOIs) is set for 5 March and in the present scenario, according to the information I received some of the bidders want to withdraw. With the negative reputation plaguing the airline, we will not be in a position to offer it free-of-charge even,” the minister claimed.

However, SriLankan Airlines Chairman Ashok Pathirage’s views had contrasted starkly with that of Minister de Silva.

The discussion saw a disagreement regarding ground handling. Minister De Silva advocated for immediate privatization of the service, citing shortcomings. Chairman Pathirage, while acknowledging areas for improvement, argued that the lack of aircraft, not ground handling, was the primary issue. He blamed lengthy government procurement procedures for hindering fleet acquisition.

De Silva justified his push for privatization by citing the airline’s struggles and reports of potential bidders withdrawing their interest. While not inherently opposed to privatization, Pathirage emphasized the ongoing process and the lack of control the airline has in the decision.

Meanwhile, trade union representatives commended Pathirage for his leadership whilst blaming political interventions and its past management. 

“We all undoubtedly praise the Chairman for his leadership and unwavering commitment to operate this airline amidst all odds. Neither the employees nor the current management of the SriLankan Airlines are responsible for the cancellations and bad reputation, but the political intervention,” they stated.

They also slammed the former COPE Chairmen and MPs Dr. Harsha de Silva and Dr. Charitha Herath for disrupting the lease procedure of the airline when the aircraft were at a lower price. “They are responsible for all the operational delays the airline is facing at present,” they claimed.

(Excerpts : DailyFT)

Continue Reading

BIZ

Australia’s United Petroleum enters SL market

Published

on

By

Australia’s United Petroleum has entered into an agreement with the Sri Lankan government to supply petroleum products to the Sri Lankan market.

According to United Petroleum Lanka, Australia’s United Petroleum entered into the relevant agreement with Sri Lanka’s Ministry of Power and Energy on Feb 22.

Following the signing of the agreement, United Petroleum is assigned 150 existing fuel stations and also has the right to build 50 new fuel stations in Sri Lanka.

Continue Reading

Trending

Copyright © 2023 Sri Lanka Mirror. All Rights Reserved