News
PM says the process of property auctions by banks due to defaults should be reviewed
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)
News
President Anura Kumara Disanayake holds discussions with Secretary of the Communist Party of China for Sichuan Province
President Anura Kumara Disanayake, who was on a four-day state visit to China, met with Wang Xiaohui, Secretary of the Communist Party of China for Sichuan Province, this morning (17).
Chengdu, one of the happiest cities in China, is the capital of Sichuan Province and a leading city where the blend of cultural heritage and development harmoniously flourishes, offering its residents a high quality of life.
During the discussions, both sides explored the potential to elevate economic, trade, cultural, tourism, and intergovernmental relations between Sichuan and Sri Lanka to new heights. Sichuan’s significant achievements in various sectors, including energy, were acknowledged, and the President invited the Secretary of the Sichuan province to share their expertise and success stories with Sri Lanka.
President Disanayake emphasized that Sri Lanka is currently on a path to economic stabilization under a transparent and investor-friendly administration. He noted that the country is at a critical political turning point, with the current government empowered by a two-thirds majority granted by a united population from the north, east, west, and south. The government is fully committed to meeting the expectations placed upon it by its citizens.
Additionally, the President underscored Sri Lanka’s attractiveness as a destination for Chinese tourists and extended a warm invitation to the people of Sichuan to visit the island and experience its exceptional hospitality.
Joining the discussions were Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath and Minister of Transport, Highways, Ports and Civil Aviation Bimal Rathnayake.
[PMD]
The Public Utilities Commission of Sri Lanka (PUCSL)’s Director of Communications Jayanath Herath announced that the PUCL has decided to reduce electricity tariffs by an average amount of 20% overall for a six month period with effect from midnight today (17)
Accordingly, tariffs have been reduced by 29% for consumers who consume less than 30 units of electricity in the domestic sector.
The consumers who consume between 31 – 60 units of electricity in the domestic sector will receive a 28% reduction of the tariff.
The consumers who consume between 61 – 90 units of electricity in the domestic sector will receive a 19% reduction of the tariff
The consumers who consume between 91 – 180 units of electricity in the domestic sector will receive a 18% reduction of the tariff
The tariff reduction for Government Institution is 11%, Religious Institutions is 21% , factories is 30% and for hotels is 31%
News
Chief observer of the Election Observation Mission of the European Union (EU) Meets Prime Minister
José Ignacio Sánchez Amor, Chief Observer of the Election Observation Mission of the European Union (EU) and Member of the European Parliament, met with Prime Minister Dr. Harini Amarasuriya at the Prime Minister’s Office on Thursday [16th January].
Carmen Moreno, Ambassador of the European Union to Sri Lanka, and the Deputy Head of the European Union Delegation to Sri Lanka, accompanied Mr. Sánchez Amor. Officials from the Ministry of Foreign Affairs and the Prime Minister’s Office also participated in the meeting.
[Prime Minister’s Media Division]
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