Category: Banking and Finance

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 […]

Sri Lanka picked up a US$ 100 mn cheque from the World Bank on Friday to provide emergency relief to people struck by the Sunday’s deadly tsunami. Sri Lanka picked up a US$ 100 mn cheque from the World Bank on Friday to provide emergency relief to people struck by the Sunday’s deadly tsunami. The […]

Faced with a staggering US$ 1 bn reconstruction bill, Sri Lankan government is floating a diaspora fund, to reach out expatriates willing to help out in rebuilding the tsunami stricken Southern and Eastern coastal belts. Faced with a staggering US$ 1 bn reconstruction bill, Sri Lankan government is floating a diaspora fund, to reach out […]

Tsunami hit Sri Lanka’s top donors led by the World Bank plans to roll out emergency recovery credit facilities together with a quick donors meeting to assess the damage caused by killer waves last Sunday. Tsunami hit Sri Lanka’s top donors led by the World Bank plans to roll out emergency recovery credit facilities together […]

The Asian Development Bank said it will re-allocate existing funds of up to US$ 25 mn so that urgent aid can be rolled out quickly to disaster hit areas.The Asian Development Bank said it will re-allocate existing funds of up to US$ 25 mn so that urgent aid can be rolled out quickly to disaster […]

Tsunami-hit Sri Lanka has claimed over 20,000 lives, with the insurance industry receiving claims for over Rs.5 bn so far. Tsunami-hit Sri Lanka has claimed over 20,000 lives, with the insurance industry receiving claims for over Rs. 5 bn so far. While the economic losses are expected to be enormous, the insurance losses arising from […]

The Boxing Day tsunami strike on the Sri Lankan coastline is expected to wipe off the bottomlines of local insurance companies, with the industry waiting for clarifications from international re-insurers before settling claims.The Boxing Day tsunami strike on the Sri Lankan coastline is expected to wipe off the bottomlines of local insurance companies, with the […]