News

Govt. prioritizes relief for SMEs in SL

Published

8 months ago

November 11, 2024

editor

A special meeting was held today (Nov. 11) at the Presidential Secretariat to address relief measures for Small and Medium Enterprises (SMEs) facing financial challenges.

The meeting was led by the Senior Additional Secretary to the President for Finance and Economic Affairs, Mr. G. N. R. D. Aponsu, and included officials from the Ministry of Finance, the Central Bank of Sri Lanka, and Sri Lanka Banks’ Association (Guarantee) Limited.

The discussions focused on the financial difficulties encountered by SMEs due to loan obligations.

Currently, debt recovery processes under the Parate law have been temporarily suspended for SMEs, with this suspension set to expire on December 15. The meeting considered potential steps that could be taken before the expiration date to further support struggling SMEs.

Attendees examined ways for the banking sector to provide additional support to SMEs and boost productivity in the economy. During the discussions, it was also decided to compile a comprehensive report on the loans taken by SMEs from banks. This report will serve as a basis for designing future relief measures.

Additionally, the Central Bank of Sri Lanka and various commercial banks are evaluating the steps needed for the temporary suspension of debt recovery under the Parate law for SME loans.

The discussion was attended by several key officials, including Mrs. R. R. S. De Silva Jayathilake, Director of Bank Supervision at the Central Bank of Sri Lanka, and Mr. A. M. A. D. Amarakoon, Senior Assistant Director at the Central Bank of Sri Lanka. Also present were representatives from the Sri Lanka Banks’ Association (Guarantee) Limited: Mr. Indrajith Boyagoda, Secretary General; Mr. Dilshan Rodrigo, Chief Executive Officer of Union Bank; Mr. Manoj Akmeemana, Senior Deputy General Manager of Sampath Bank; Mr. Sampath Perera, Deputy General Manager of Bank of Ceylon; Mr. Nalin Samaranayake, Assistant General Manager of Commercial Bank; Mr. Nirosh Perera, Chief Recovery and Rehabilitation Officer of Hatton National Bank; and Mr. Bingumal Thewarathanthri, Chief Executive Officer of Standard Chartered Bank.

(President’s Media Division)

Entertainment

Court order issued against ‘Eh Yaye’ song

Published

56 seconds ago

July 2, 2025

editor

The Commercial High Court has issued an interim injunction order, preventing popular artistes Romaine Willis and Mass Ramli Miskin (DJ Mass) from performing, reproducing and distributing the song ‘Eh Yaye’.

Colombo Commercial High Court Judge Priyantha Fernando issued the order after the Plaint filed under the Intellectual Property Act by popular singer Corrine Almeida.

The case also alleges that the musical composition and the lyrics of the song ‘Eh Yaye’ were substantially similar to the song ‘Api Natamu’.

Naming Willis and DJ Mass as defendants, the plaintiff Corrine Almeida had also stated that she is the owner of the copyright and economic rights to the musical composition and lyrics of her song titled “Api Natamu”.

The plaintiff instituted action in terms of the Intellectual Property Act, No. 36 of 2003 alleging that the musical composition and the lyrics of ‘Eh Yaye’ were substantially similar to the ‘Api Natamu’ song.

(Source : Dailymirror.lk)

News

Rains expected in several areas today

Published

53 minutes ago

July 2, 2025

editor

Several spells of showers will occur in the Western, Sabaragamuwa and North-western provinces and in the Nuwara-Eliya, Kandy, Galle and Matara districts today (July 02), the Department of Meteorology said.

A few showers may occur in the Jaffna and Mannar districts.

Fairly strong winds of about 30-40kmph can be expected at times over the Western slopes of the central hills and in the Northern, North-central and North-western provinces and in the Trincomalee and Hambantota districts.

News

IMF Executive Board approves Sri Lanka’s 4th review

Published

2 hours ago

July 2, 2025

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The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw about US$350 million, said Evan Papageorgiou, IMF Mission Chief for Sri Lanka.

This brings the total IMF financial support disbursed so far to about US$1.74 billion.

“The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion). The program supports Sri Lanka’s efforts to durably restore macroeconomic stability by (i) restoring fiscal and debt sustainability while protecting the vulnerable, (ii) safeguarding price and financial sector stability, (iii) rebuilding external buffers, (iv) strengthening governance and reducing corruption vulnerabilities, and (v) enhancing growth-oriented structural reforms.”