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World Bank approves $150 mn. to strengthen Finance sector

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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.”

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‘Army Upul’ shot dead in Ragama

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A man was shot dead at around 10.30 pm last night (July 03) in Batuwatte, Ragama, police said.

He was gunned down by 02 unidentified suspects in a three-wheeler, who had fled soon afterwards, police said.

Police believe a pistol was used in the attack.

The deceased, has been identified as ‘Army Upul’ – a 45-year-old former soldier and reportedly an accomplice of underworld figure ‘Ganemulle Sanjeewa’.

Ragama Police have launched further investigations.

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03 deported fraud suspects, arrested at BIA

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03 suspects who had fled to India after committing large-scale financial fraud in Sri Lanka, have been deported back to the island yesterday (July 03).

They were arrested by officers of the Criminal Investigation Department (CID) upon their arrival at the Bandaranaike International Airport (BIA) in Katunayake.

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Ex-DMT official seeks bail ahead of CIABOC arrest

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A former Deputy Assistant Commissioner of the Department of Motor Traffic (DMT) – Ms. Suriya Priyangani Sirimanne has filed an anticipatory bail application before the Colombo Magistrate’s Court, claiming there is a plan to arrest her by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

Colombo Chief Magistrate – Thanuja Lakmali has set the application for consideration on July 08 and ordered Ms. Sirimanne to appear in court on that day.

Meanwhile, a businessman suspected of aiding and abetting the fraudulent acquisition of a revenue license for a Toyota car allegedly imported without customs clearance or original registration, has been remanded until July 08.

The suspect was arrested by CIABOC officers and produced before court yesterday (July 03).

A CIABOC official told the court that another suspect is to be arrested over the same incident.

They said the suspects were working as a network to commit this illegal act.

So far, 03 individuals, including a former Commissioner General of the Department of Motor Traffic, remain in remand custody over this case.

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