News

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

Published

3 weeks ago

November 19, 2024

editor

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)

News

Faiszer Musthapha’s name gazetted as MP

Published

10 hours ago

December 11, 2024

editor

Former Minister Faiszer Musthapha’s name has been gazetted by the Election Commission as a National List MP of the National Democratic Front.

The NDF contested under the symbol of a Gas Cylinder at the recently concluded General Election.

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News

CID ordered to develop program to reimburse ‘Onmax DT’ depositors

Published

10 hours ago

December 11, 2024

editor

The Criminal Investigation Department (CID) has reported to the Colombo Magistrate’s Court that a total of 2,017 complaints have been filed by depositors who claim to have been cheated out of their money after investing in ‘Onmax DT,’ a private firm alleged to have been operating a pyramid scheme.

According to the CID, the total estimated financial losses incurred by the complainants amounts to around Rs. 2.96 billion.

During a hearing before Colombo Chief Magistrate Thilina Gamage today (11), CID officials disclosed that a total of 865 new complaints have been received since the last hearing, and that additional complaints continue to be received.

Nine suspects, including the directors of Onmax DT, appeared before the court for the hearing. The CID further informed the court that three other suspects remain overseas, and open warrants have been issued for their arrest.

Investigations against the suspects are being conducted under the Prevention of Money Laundering Act and the CID revealed that inquiries into two suspects have been completed and the excerpts of the investigations have been referred to the Attorney General.

Additionally, the CID officials informed the court that properties belonging to the suspected directors have been identified in foreign countries, including Australia, and investigations are being carried out in collaboration with the INTERPOL.

Colombo Chief Magistrate Thilina Gamage instructed the CID to immediately develop a program to reimburse the depositors who suffered financial losses.

The court ordered the CID to present an update on the progress of the investigation at the next hearing, scheduled for February 5, 2025.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

News

New Naval Attaché at Chinese embassy in SL calls on Navy commander (Pics)

Published

10 hours ago

December 11, 2024

editor

The new Naval Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Captain Zheng Zhaoping called on Commander of the Navy – Vice Admiral Priyantha Perera at the Navy Headquarters on Dec.10.

During the ensuing meeting, they exchanged views on several matters of bilateral importance, and the cordial discussion drew to a close with an exchange of mementoes, as a gesture of goodwill and cooperation.

Director General Health Services, Rear Admiral Janaka Marambe, Director General Operations, Rear Admiral Buddhika Liyanagamage, Director Naval Operations, Commodore Aruna Weerasinghe and Defence Attaché at the Embassy of the People’s Republic of China in Sri Lanka, Senior Colonel Zhou Bo were present on this occasion.