News
World Bank approves $150 Mn to strengthen Lanka’s financial sector
The World Bank’s Board of Executive Directors on Thursday 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.”
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. The financing will help boost reserves of SLDIS which could be used towards the payout to insured depositors of banks and licensed finance companies. In parallel, the project will support institutional strengthening of the SLDIS in line with international good practices for effective deposit insurance schemes.
“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.”
The SLDIS was established in 2010 and has conducted several payouts for failed licensed finance companies in recent years. Currently, the SLDIS guarantees the deposits of households and enterprises up to LKR 1,100,000, which covers more than 90 percent of deposit accounts in Sri Lanka. The legal framework for deposit insurance in Sri Lanka was upgraded earlier this year through the approval by Parliament of Banking Special Provisions Act. SLDIS should now be strengthened institutionally and financially for it to be able to effectively fulfill its legal mandate of protecting the financial sector stability.
The Ceylon Petroleum Corporation (CEYPETCO) has announced a reduction in the prices of Petrol 92 and Petrol 95, effective from midnight today (30).
The price of Petrol 92 has been reduced by Rs. 15 per litre, from Rs. 414 to Rs. 399 while the price of Petrol 95 Octane has been reduced by Rs. 20 per litre, from Rs. 495 to Rs. 475
There will be no change in the prices of diesel, Super Diesel and kerosene under the latest revision.
The book “Rathuwewi Mihimadala”, written based on the life story of Vasudeva Nanayakkara, Leader of the Democratic Left Front, was launched on Friday [August 28] at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo, with the participation of Prime Minister Dr. Harini Amarasuriya.
Speaking to the media afterwards about Vasudeva Nanayakkara, Prime Minister Dr. Harini Amarasuriya stated:
“Vasudeva Nanayakkara is a prominent figure in Sri Lankan politics, particularly within the left-wing political movement. There were several influential figures within the left movement, and that left-wing influence also contributed to bringing the country to where it is today. Politically, there were areas where we agreed and areas where we did not. However, I have great respect for the contribution made by Vasudeva Nanayakkara to left-wing politics. When I entered Parliament in 2020, Vasudeva Nanayakkara was also in Parliament. We sat in the same row, and we spoke about many important as well as interesting moments in his political career. I believe some of these experiences have also been included in this book.”
The event was attended by members of the Maha Sangha, Minister of Justice Harshana Nanayakkara, former President Maithripala Sirisena, former Speakers Karu Jayasuriya and Chamal Rajapaksa, as well as party members, family members and friends.
[Prime Minister’s Media Division]
Latest News
Sun directly overhead Mannar, Periyamadu, Puliyankulam, Welioya and Pulmoddai about 12.11 noon today (30)
The sun is going to be directly over the latitudes of Sri Lanka from 28th of August to 07th of September due to its apparent southward relative motion.
The nearest places of Sri Lanka over which the sun is overhead today (30) are Mannar, Periyamadu, Puliyankulam, Welioya and
Pulmoddai about 12.11 noon.
Petrol to cost less from midnight today (30)
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