News

PM says the process of property auctions by banks due to defaults should be reviewed

Published

2 years ago

2021/03/21

Prime Minister and Minister of Finance, Mahinda Rajapaksa emphasized the need to appoint an authorized person to look into the process of property auctions carried out by the banks due to defaults.

The premier pointed out that it is important to look into the need for the auction and the financial history of the borrower before going ahead.

There is a need to amend the existing ordinances so that property cannot be auctioned without the approval of a relevant authority.

The Prime Minister was addressing a meeting at the Ministry of Finance last week to discuss the problems faced by industrialists.

He said the method of auctioning property by banks should be revised and pointed out the need for a third party to mediate in such a situation instead of both the banks and the borrowers.

He emphasized the need for an authorized ombudsman to intervene in such cases and instructed the authorities to prepare the necessary legal framework.

He also said that when giving loans with property as collateral, the borrower should look into whether the house where they live is being pledged.

The Prime Minister said that if the house had to be auctioned for any reason, the country would be left with another homeless family even if the bank concluded its transaction. The premier also advised to look into the possibility of a revision of the current methodology.

The Banking Act is to be amended to strengthen the powers of the financial ombudsman.

Minister Wimal Weerawansa, State Ministers Ajith Nivard Cabraal, Shehan Semasinghe, Secretary to the Treasury S. R. Attygalle, and representatives of the Central Bank, People’s Bank, Bank of Ceylon, Regional Development Bank were present at the discussion. (LBO)

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Stay on course and don’t go back to the past – Dr Indrajit Coomaraswamy

Published

7 hours ago

2023/03/24

Priyan

Former Governor of the Central Bank delivering the keynote address at a high profile Webinar hosted by the Central Bank of Sri Lanka today (24) said that Sri Lanka must implement the structural reforms proposed by the International Monetary Fund (IMF) without relaxing like in the past or else we will be in a deeper economic mess.

The webinar was titled ‘What is next for Sri Lanka in the wake of the IMF programme’

News

Sustainable economic development goals cannot be achieved unless attention is paid to mitigating climate change – Sagala Ratnayake

Published

7 hours ago

2023/03/24

Priyan

President’s Senior Adviser on National Security and Chief of Presidential Staff Sagala Ratnayake said sustainable economic development goals cannot be accomplished without taking steps to mitigate climate change.

He said this while participating in the 10,000 sapling planting program organized by the LEO Youth Vision 2048 Club and the LEO Club at the Royal College, Colombo on Thursday (23rd).

This program was organized in view of President Ranil Wickremesinghe’s birthday, which is today (24), and the required plants were distributed to the main schools of the Colombo District.

News

SF claims thousands of police and military personnel leaving

Published

19 hours ago

2023/03/24

Thilina Walpola

By Saman Indrajith

Thousands of police and military personnel had left the services recently as they did not want to carry out illegal orders, Field Marshal Sarath Fonseka told Parliament yesterday. According to the war-winning army commander 200 policemen have resigned during the past two months and 25,000 soldiers have left the army during the last two years.

“We urged the law enforcement and military officials not to follow illegal orders. We will reinstate them with back pay,” he said.

Fonseka also urged the President and the government MPs not to take people for fools.

“Sri Lanka owes 55 billion dollars to the world. Ranil’s plan is to borrow another seven billion during the next four years. So, in four years we will owe 62 billion to the world.

Ranil and his ministers ask us what the alternative to borrowing is. These are the people who destroyed the economy and society. They must leave. Then, we will find an alternative and develop the country,” he said, adding that the IMF loans had made crises in other nations worse.

“Ranil says that by 2025, we will have a budget surplus as in Japan, Germany and South Korea. These countries are economic power houses, and this comparison is ludicrous.”