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The Sri Lankan economy is dragged out – the country is over-borrowing, underperforming and leading into a debt crunch, claims United National Party Colombo District Parliamentarian Ravi Karunanayake. Karunanayake accuses the Rajapaksa administration of damaging the country’s social fabric, which he says is Sri Lanka’s biggest asset. Following are excerpts of an interview: Q: What...
The Auditor Generals’ Department will table in Parliament today (Friday) the 2009 and 2010 audit reports of the Employees Provident Fund (EPF), Auditor General H. A. S. Samaraweera told TimesOnline. He said the department has completed the scrutinizing accounts of 210 corporations, statuary
The United National Party (UNP) yesterday submitted a request to the Committee on Public Accounts (COPA) to urgently summon all officials of the Central Bank and Labour Ministry to answer questions on the management and performance of Employees Provident Fund (EPF). This request was officially
The controversial Employees Provident Fund (EPF) Amendment Bill will be presented to Parliament on 18 January. Minister of Labour and Labour Relations Gamini Lokuge points out that there are no hidden agendas behind the bill and it was unanimously agreed during the tripartite meeting to go ahead
THE proposed amendments to the Employees Provident Fund (EPF) have created a much-needed discussion forum on pension funds and their benefits, while also bringing several crucial points into the limelight. Experts have pointed out that if the Government is genuinely keen on maximising returns
‘A ruler with a depleted treasury eats into the very vitality of the citizens and the country. A ruler, who impoverishes his own people or angers them by unjust exactions will also lose their loyalty Impoverishment, greed and dissatisfaction are engendered among the subjects, when the ruler among other things (i) fails to give what ought ...
Last week there were more stories making the rounds on contemplated decisions made outside the cabinet meeting than decisions made inside. Of course, the usual briefing on cabinet decisions were spelled out, Thursday afternoon. For a regime that still wants to boast it has popular support, comparing itself to an opposition fractured and quarrelling red and green, it is ...
The commercial Bank of Ceylon recently presented its latest facility for paying Employees’ Provident Fund (EPF) dues via ‘Paymaster,’ the bank’s the innovative electronic total payment solution, to a representative audience from the corporate sector
If the Governor of Central Bank has an urge to enter politics, he should come to Parliament without playing politics inside the CB, charges United National Party Parliamentarian and well-known Economist Dr. Harsha de Silva. Dr. de Silva notes that Governor Nivard Cabraal should respect the sanctity of the Central Bank and therefore if Cabraal ...
The UNP yesterday demanded that the annual accounts of the Employment Provident Fund for 2010 be immediately released. “The Government has no moral right to bring an amendment to the EPF Act not having submitted its accounts since 2009 and dodged the numerous questions
The proposed amendments to the EPF Act would confuse demarcations between it and the Employees’ Trust Fund, claims UNP MP Dr. Harsha de Silva. Clause 4 of the new Amendment allows the EPF to extend housing benefits and medical treatment to every member of the fund
Charges another attempt to resurrect controversial private pension plan, accuses CB of bad governance in EPF Wants Amendment postponed and all stakeholders consulted Says country’s largest fund should not be used for 30-storey high rise By Uditha Jayasinghe The Central Bank and the Government
A business leader present at yesterday’s unveiling of 2012 and beyond roadmap by the Central Bank remarked that it was a “height of optimism.” A tourism industry representative quipped Governor Cabraal’s statement that 197 hotel projects are in the pipeline wasn't true whilst a capital market player said that Central Bank Chief mischievously gave a ...
Dinesh tipped to be appointed Chairman; Dheerasinghe as Deputy; business leader Preethi new face on the Board Commercial Bank is slated to have a special Board meeting today, the second in three days, to elect a new Chairman. The move follows the resignation of longstanding Chairman and Board member Mahendra Amarasuriya, as exclusively reported by ...
Senior business leader and longstanding Board member Mahendra Amarasuriya yesterday resigned as Chairman of Commercial Bank Plc a move which is likely to evoke mixed reactions in banking and corporate circles. Amarasuriya, a highly respected corporate figure, announced his resignation during a Board meeting of Commercial Bank yesterday, throwing open the mantle of leadership at ...
The Pathfinder Foundation issued the following response to the IFC opinion piece on its Economic Alert No. 20 titled ‘Improving Sri Lanka’s Business Climate,’ published in the Daily FT: The Pathfinder Foun-dation (PF) is grateful to the International Finance Corporation (IFC) – World Bank (WB) office in Colombo for the substantive comments that it published ...
Fitch Ratings has affirmed Sri Lanka’s Housing Development Finance Corporation Bank’s National Long-Term rating at ‘BBB+(lka)’. The “Outlook” Fitch says is Stable. At the same time, the agency has affirmed the bank’s outstanding senior unsecured redeemable debentures at ‘BBB+(lka)’. The ratings reflect HDFC’s demonstrated ability to contain interest rate risk b...
), he said there are various issues with regard to the investment of the EPF money in the share market and the d...
With reference to Pathfinder Foundation article titled ‘Improving Sri Lanka’s Business Climate’ published on 21 December, the International Finance Corporation (IFC)Country Manager – Sri Lanka and Maldives Adam Sack has sent the following response: I write with reference to the article above in yesterday’s Daily FT by the Pathfinder Foundation – in which there a...
The Pathfinder Foundation with the assistance of Volunteers for Economic Growth Alliance (VEGA) and USAID, recently commissioned a study to identify the policy and regulatory reforms that are required to make Sri Lanka a leading country in investor friendliness. Improving the business climate is not an end in itself. A better business environment is a ...
Srilankamirror - Deputy Finance Minister Geetanjana Gunawardena says that monies in the Employees Provident Fund (EPF) have been deposited in several private banks. He has told parliament that EPF monies have not been used to buy shares of any private banks. He has noted that monies
From early in-house management training to training in world class management schools that professionals, business leaders, academics and civil society leaders have undergone, they have learnt of the key management principle of engaging in quiet reflection, reality checks, risk mitigation assessments and the need to plan lessons learnt response action. These practices are considered essential ...
By Ian The President in his speech at the opening of the Southern Expressway said that this could be the beginning of building a modern society. He also mentioned that had there been such an expressway linking the north with the south the extremists would not have succeeded in capitalising on the mistrust among communities. ...
Debate on the the 2nd complete UPFA budget since the conclusion of the war in 2009 May, is now on both within the parliament and without. Heavy weights both critical and positive about this budget, have access to media. The debate is about urban middle class life and the Western Province economy. Not much is ...
By Devin Jayasundera HDFC, Sri Lanka’s only bank which specialises in Housing finance industry launched its newest product HDFC Housing Fund that provides affordable and accessible financial services for housing purposes at a media briefing yesterday. HDFC Bank officials believe that these kinds of innovative schemes will strengthen the housing sector in Sri Lanka. The ...
The UNP yesterday criticised the Board of Investment (BOI) for misleading investors by changing its web site's previous assurance that foreign investments will not be nationalised. An apparent development following the passing of Takeover Bill in parliament on Wednesday, in the BOI web site's section listing Supportive Government Policies, the new version only states "Safety ...
By: R. M. B. Senanayake The EPF has defended their investments in the stock market. But it has missed the point of the criticism leveled by the public. No one is opposing the EPF investing in the stock market. But the EPF should not gamble with the workers money for they are trustees
The Central Bank yesterday issued a fresh statement defending the stock market investments made by the Employees Provident Fund (EPF), which has come under criticism from the Opposition and others. The statement said in an era where interest rates are likely to decline in the medium to long term