Category: Banking and Finance

Sri Lanka’s top Treasury official says the country will not accept debt relief next year, unless it is given without strings.Sri Lanka’s top Treasury official says the country will not accept debt relief next year, unless it is given without strings. Treasury Secretary Dr. P B Jayasundera who asked top lenders to extend debt relief […]

Sri Lanka has completely missed out on Foreign Direct Investment flows to emerging markets last year.Sri Lanka has completely missed out on Foreign Direct Investment flows to emerging markets last year. FDI to emerging markets dominated by Chain and India grew 40 percent but flows to Sri Lanka have been hovering around the US$ 200 […]

Financial statements of Sri Lankan firms are sometimes incorrectly presented because local auditors don’t keep up with new developments, the island’s accounting and auditing watchdog said. Financial statements of Sri Lankan firms are sometimes incorrectly presented because local auditors don’t keep up with new developments, the island’s accounting and auditing watchdog said. The watchdog is […]

Corruption and inefficiency continue to plague tsunami aid efforts in Sri Lanka nine months after the disaster, the country’s auditor-general said Sunday.Corruption and inefficiency continue to plague tsunami aid efforts in Sri Lanka nine months after the disaster, the country’s auditor-general said Sunday. Auditor-General Sarath Mayadunne said accounting and administrative systems were not established immediately […]

The government on Friday said it was setting aside Rs. 500 million to write off mortgages on homes affected by last December’s tsunami as a further relief measure to the victims. The government on Friday said it was setting aside Rs. 500 million to write off mortgages on homes affected by last December’s tsunami as […]

KILINOCHCHI – Sri Lanka’s Tamil Tigers have no security cameras or guards protecting their bank. Yet they say it is the safest place to deposit cash and gold both in times of war and of peace. KILINOCHCHI – Sri Lanka’s Tamil Tigers have no security cameras or guards protecting their bank. Yet they say it […]

ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in the island, an ICICI Bank official said Wednesday.ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in […]

ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in the island, an ICICI Bank official said Wednesday.ICICI Bank, India’s second-largest bank by assets, has received a provisional banking license from the Central Bank of Sri Lanka to commence operations in […]

Sri Lanka’s chronic budget deficit, weak structural reforms and political instability, will show up prominently, as the island seeks a sovereign rating from three top international rating agencies later this year, analysts said.Sri Lanka’s chronic budget deficit, weak structural reforms and political instability, will show up prominently, as the island seeks a sovereign rating from […]

United States Trade and Development Agency (USTDA) signs over grants worth US$ 2.5 million for Sri Lanka. United States Trade and Development Agency (USTDA) signs over grants worth US$ 2.5 million for Sri Lanka. On Monday the USTDA signed over grant funding for six development projects in Sri Lanka. Over US$ 2 million is for […]

The Association of Charted Certified Accountants (ACCA) said their national conference will take place later this month.The Association of Charted Certified Accountants (ACCA) said their national conference will take place later this month. ACCA hosted a sustainability awards earlier in the year to reward CSR reporting among top corporate which they say encouraged them to […]

The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman.The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman. A Ministry statement said the appointment was in keeping with the 2005 budget proposal to appoint an independent […]