Wednesday, 10 April 2024 15:36

State-owned banks undergo reforms to mitigate economic risk Featured

Sri Lanka state banks are to undergo comprehensive reforms in the areas of administration, risk management and supervision due to challenges faced during past economic crises.

Acknowledging the need to avert similar constraints in the future, a committee comprising specialists from the International Monetary Fund (IMF), World Bank and the Central Bank of Sri Lanka has identified a series of reforms for implementation.

These reforms aim to strengthen the resilience and efficiency of State-owned banks, thereby mitigating risks and enhancing their capacity to navigate economic challenges effectively.

The recommendations put forth by the committee are viewed as essential structural requirements within the comprehensive financial facilities program facilitated by the IMF, as well as fundamental activities under the development policy monitoring spearheaded by the World Bank

In line with this objective, the Cabinet of Ministers approved the resolution presented by the President, in his capacity as the Finance, Minister.

 

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