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ADB approves $200 million policy-based loan to Sri Lanka

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The Asian Development Bank (ADB) today approved a $200 million policy-based loan to further help the Government of Sri Lanka strengthen its financial sector. 

This second subprogram of ADB’s Financial Sector Stability and Reforms Program builds on the stabilization and crisis management measures put in place under the first subprogram approved in 2023.
“Sri Lanka has made good progress in stabilizing macroeconomic conditions and improving the fiscal situation. ADB is helping the country establish long-term growth by introducing and institutionalizing structural reforms in its financial sector,” said ADB Country Director for Sri Lanka Takafumi Kadono. “This subprogram reinforces ADB’s support in strengthening the governance of the banking sector and expanding financial inclusion in Sri Lanka to achieve sustainable recovery from economic crisis, resilience, and poverty alleviation.”

Policy reforms under subprogram 2 will improve the Central Bank of Sri Lanka’s (CBSL) regulatory supervision of banks to ensure financial stability. This includes an improved early warning system that will identify weakening processes of banks and introduce corrective actions. The CBSL will implement a new stress testing model to monitor solvency issues and liquidity stresses.

Subprogram 2 will continue to strengthen the banking sector’s asset quality. The CBSL will provide guidance on credit concentration risk limits and give incentives to banks to accept guarantees and limit collateral requirements to micro, small, and medium-sized enterprises (MSMEs). In addition, the Ministry of Finance, Economic Development, Policy Formulation, Planning and Tourism (MOF) will provide MSMEs, especially women-led businesses, incentive packages such as special loans to expand their business.

Financial inclusion of women and vulnerable groups will be further expanded through the digitization of personal information to enhance electronic transactions. The MOF will formulate a policy framework for women-led MSMEs to improve their access to finance, with the CBSL helping financial institutions identify eligible women entrepreneurs.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

(adb.org)

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O/L exam results to be released by july 15

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The Department of Examinations announced that the results of the 2024 GCE Ordinary Level (O/L) examination will be released before July 15.

The department stated that the evaluation of answer sheets is currently in its final stage.

A total of 478,182 candidates sat for the O/L examination held in March, of which 398,182 are school candidates.

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Passengers jump from plane’s wing after fire alert on Spain flight, triggers panic

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Wildfires have broken out on an island and in towns near Athens in Greece, with blazes also being sparked in Turkey and Syria.

The Hellenic Fire Service and local authorities said that two villages – Tsakeoi and Limnionas – had been evacuated on the island of Evia after the blaze started late on Friday.

One fire service official said more than 160 firefighters, 46 trucks and five aircraft were deployed in southern Evia to put out the fire.

Southern Evia, to the east of Athens, was one of several regions in Greece placed on high alert for wildfires over gale-force winds forecast for today.

Images from Koropi, a town to the southwest of Athens, also show houses burnt down and helicopters dropping water on burning forests.

It marks the latest wildfires to break out in Greece – where blazes are common during the summer – as it tackles strong winds and dry conditions amid an early summer heatwave in southern Europe.

Officials have linked the conditions to at least nine deaths across the continent.

A wildfire broke out in Achlia on the island of Crete on Wednesday, forcing thousands of residents and tourists to evacuate – with some taken to a nearby basketball arena and hotels in safer parts of the island.

The fire service official told Reuters on Friday that the fire in Crete was largely contained.

Meanwhile, blazes have also broken out on Turkey’s west coast – the latest in a series of blazes which started in late June – as well as its southerly neighbour Syria.

At least five fires have been reported in Izmir after extreme heat, strong winds and low humidity. Two people have been killed by the blazes, while tens of thousands have been evacuated.

Fires also flared on both sides of the Turkish-Syrian border on Friday, with a new blaze reported near the town of Dortyol in Turkey’s border province of Hatay.

According to Syria’s Civil Defence, wildfires have spread across large parts of mountainous areas in the Latakia province.

The government department added that conditions have hampered efforts to bring the fire under control, and noted unexploded ordnance could be in some of the areas affected.

Source: SKY NEWS

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CBSL extends Perpetual Treasuries suspension for six months

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The Central Bank of Sri Lanka (CBSL) has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer for a further period of six months.

The extension is with effect from 4.30 p.m. on 05th July 2025, in order to continue the investigations being conducted by the Central Bank of Sri Lanka.

The suspension has been extended by CBSL acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance.

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