Local financial and business leaders, economists, media, professionals and civil society leaders stressed the need for a Banking and Finance Commission at a roundtable discussion on corporate collapses in Sri Lanka. The discussion held last week was organized by Transparency International Sri Lanka (TISL).
At the discussion it was stressed that a Banking and Finance Commission be appointed without delay, and that this commission should examine short-term measures needed for macro economic and financial stability and to ensure public confidence in the financial market and availability of credit at optimum cost. Among the suggestions for the immediate considerations of the Banking and Finance Commission was developing an equitable means of implementing any government sponsored stimulus packages and a review of the recovery process implemented to give efficient and effective protection to borrowers.
As the outcome of the discussion a letter was sent to President Mahinda Rajapakse stressing that it is essential for the banking and finance sector to stand capable, stable and solvent. The letter suggests that resources should be endowed to support the action strategies to be implemented by the government in partnership with the formal and informal private sector including small, medium and micro enterprises.
The letter states that TISL, along with leading members of the private sector, professionals, academia, media and civil society, has initiated a collective process to support the initiatives of the government by examining the potential risks and gaps in the banking and finance sector.
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