Category: Banking and Finance

Sri Lanka Insurance Corp. got its AA- (sri) rating re-affirmed by Fitch Ratings International, with a rating outlook of stable. Sri Lanka Insurance Corp. got its AA- (sri) rating re-affirmed by Fitch Ratings International, with a rating outlook of stable. Sri Lanka’s largest insurance company also offers policies in the Maldives and the coastal belts […]

The coming week will show how much of the Jakarta pledges will materialise into hard cash, says visiting UN Chief Kofi Annan wrapping up a two day old tour of Sri Lanka’s tsunami ravaged southern and eastern coastal belts.The coming week will show how much of the Jakarta pledges will materialise into hard cash, says […]

Insurance industry says impact on profitability will be small despite more than Rs.10 billion in tsunami related claims saying that they are adequately covered by reinsurance.Insurance industry says impact on profitability will be small despite more than Rs. 10 billion in tsunami related claims saying that they are adequately covered by reinsurance. However some in […]

Government creditors in the Paris Club are this week to consider a debt moratorium for Sri Lanka and Indonesia, two of the countries worst affected by last month’s tidal wave, although experts have questioned the usefulness to Jakarta of such a move. Government creditors in the Paris Club are this week to consider a debt […]

Visiting World Bank President James D Wolfensohn down played possibilities of writing off US$ 600 mn worth of interest payments due from Sri Lanka, but said the island nation should focus on getting grant assistance to rebuild the tsunami hit areas.“We are considering debt relief, about US$ 600 mn is due from Sri Lanka this […]

Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part of the Rs.10 bn tidal wave claims. Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part […]

Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part of the Rs.10 bn tidal wave claims. Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part […]

The Paris Club group of creditors will examine a debt moratorium for Indonesia and Sri Lanka, the two countries hardest hit by a tsunami in southern Asia, when it meets on Jan. 12, French Finance Minister Herve Gaymard said. The Paris Club group of creditors will examine a debt moratorium for Indonesia and Sri Lanka, […]

Sri Lanka has asked for around US$ 320 mn worth of assistance from the International Monetary Fund to partially ease the US$ 1.5 bn tsunami reconstruction bill, a top official said. Sri Lanka has asked for around US$ 320 mn worth of assistance from the International Monetary Fund to partially ease the US$ 1.5 bn […]

World Bank’s President James D Wolfesnsohn is due in Sri Lanka in the coming days as part of its tour to countries hit by tidal waves and participate in the ASEAN tsunami donor conference on Thursday.World Bank’s President James D Wolfesnsohn is due in Sri Lanka in the coming days as part of its tour […]

The United States is sending around 1,500 marines, 20 helicopters and US$ 2.6 mn in emergency aid to help tsunami hit Sri Lanka get back on its feet. The United States is sending around 1,500 marines, 20 helicopters and US$ 2.6 mn in emergency aid to help tsunami hit Sri Lanka get back on its […]

Putting Sri Lanka together again after Sunday’s tsunami will cost US$ 1 bn says the island’s President Chandrika Kumaratunga.Putting Sri Lanka together again after Sunday’s tsunami will cost US$ 1 bn says the island’s President Chandrika Kumaratunga. “The reconstruction process will cost around hundred billion rupees,” says Kumaratunga told journalists after a visit to the […]