Radi

The need of the digitization of public and private institutions in promoting investments in Sri Lanka and establishing a single point for obtaining all necessary approvals for investment promptly has been emphasized.

The Central Bank has kicked off an asset quality review of the country’s banking sector to identify possible stresses in different pockets of banks’ balance sheets as they provide enormously on possible bad loans and other financial asset losses in 2022 with the final stretch of moratoria expiring early this year.

Bangladesh is expected to get back the money, which was borrowed by Sri Lanka, from September this year as the country's economic situation is improving, Bangladesh Foreign Minister AK Abdul Momen has said.

Sri Lanka’s commercial banks are now faced with debt default issues of borrowers hit by unprecedented income tax and corporate tax hike with Non-Performing Loans (NPLs) increasing beyond its control, several general managers of banks complained.

Sri Lanka’s revenue in January is far below the expected increase of 69 percent due tax increases and not sufficient to meet all current expenditures except those payments pertaining to salaries, pensions, welfare, pharmaceuticals and debt servicing, official sources said.