News

World Bank approves $150 mn. to strengthen Finance sector

Published

6 months ago

November 10, 2023

editor

The World Bank’s Board of Executive Directors on Thursday (Nov. 09) approved $150 million in financing for Sri Lanka to strengthen the resilience of the financial sector.

“Sri Lanka’s economic crisis highlights the need for strong safety nets to support the financial sector. Stable and reliable banking sector is essential for the economy, businesses and individuals, small businesses and poor households,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.

“Strengthening the Deposit Insurance Scheme will help protect the savings of smaller depositors, including women and people living in rural areas. It will also sustain the confidence in Sri Lanka’s financial system, a critical part of building the country back better,” he added.

The Financial Sector Safety Net Project is designed to boost the financial and institutional capacity of the Sri Lanka Deposit Insurance Scheme (SLDIS), which is managed by the Central Bank of Sri Lanka.

“Strengthening the financial sector safety net is crucial for maintaining financial stability during a macro-debt crisis,” said Alexander Pankov, Lead Financial Sector Specialist and the Task Team Leader for the project. “A robust deposit insurance system, along with enhanced supervision and resolution frameworks, will safeguard public confidence in the financial system and protect people’s savings.”

BIZ

CPC slashes fuel prices

Published

4 hours ago

April 30, 2024

editor

The Ceylon Petroleum Corporation has reduced fuel prices with effect from midnight today (April 30).

Accordingly,

– Petrol (92) has been reduced by Rs.3/- to Rs. 368/– Petrol (95) has been reduced by Rs. 20/- to Rs. 420/-
– Lanka Auto Diesel has been reduced by Rs. 30/- to Rs. 333/-
– Lanka Super Diesel 4 Star Euro 4 has been reduced by Rs. 9/- to Rs. 377/-

– Lanka Kerosene has been reduced by Rs. 30/- to Rs. 215/-

News

Interim order issued preventing President & CC from nominating judges to SC

Published

5 hours ago

April 30, 2024

editor

The Supreme Court has issued an interim stay order on the President and the Constitutional Council, preventing them from nominating judges to the Supreme Court, except as Chief Justice.

The Supreme Court has issued this interim order while allowing the hearing of a petition submitted by a lawyer against the decision taken by the Constituent Council to reject the nomination submitted by the President for the appointment of the incumbent President of the Court of Appeal, Justice Nissanka Bandula Karunaratne as a Supreme Court Judge.

The hearing of the petition was fixed for the 4th of October, 2024.

(adaderana.lk)

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

News

Discharge of airman’s weapon damages Airport VIP Lounge roof

Published

6 hours ago

April 30, 2024

editor

The roof of the VIP Lounge at the Bandaranaike International Airport (BIA) sustained damage after a T-56 firearm issued to an airman on duty at the Lounge was suddenly discharged.

No one was injured in the incident that occurred at about 10.25am.

The airman whose weapon was discharged has been arrested and the Sri Lanka Air Force and Airport Police are conducting a joint investigation.

sundaytimes.lk

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