The Sri Lanka economic revival received a significant boost as the Sri Lanka Banks’ Association (SLBA) pledged full support to help individuals and businesses recover from Cyclone Ditwah. The Association confirmed that impact assessments are underway and relief measures are being planned. Banks are coordinating with the Central Bank and government initiatives to ensure rapid recovery.
SLBA collaborates with CBSL to boost economic relief after Cyclone Ditwah
The Sri Lanka Banks’ Association (SLBA) met with Central Bank Governor Dr. Nandalal Weerasinghe to reaffirm its commitment to Sri Lanka economic revival in the aftermath of Cyclone Ditwah. The Association, representing 29 licensed commercial and specialized banks, highlighted that a detailed impact assessment has already begun across banks to determine the effect of the cyclone on individuals, small businesses, and large corporates. Customers impacted by the disaster are encouraged to engage with their bank branch managers to access support measures.
Based on these assessments, the SLBA has pledged to provide financial assistance through a Disaster Debt Relief Package, aiming to help affected individuals and businesses resume normal operations without delay. As a regulated industry, all relief efforts will be carried out in close consultation with the Central Bank of Sri Lanka (CBSL) to ensure compliance with national banking regulations and financial stability. The Association emphasized its readiness to participate actively in economic relief programs coordinated by the government in collaboration with multilateral development agencies.
In addition to general relief measures, the SLBA confirmed that individual member banks will review pending gold loan auctions. Where feasible, auctions may be delayed to allow borrowers more time to repay and redeem, helping mitigate financial stress for those affected by the cyclone. This approach reflects the banking sector’s proactive role in providing targeted assistance while maintaining sustainable lending practices.
Historically, the SLBA has played a central role in supporting Sri Lanka economic revival during times of national crises. The Association was instrumental in providing coordinated financial solutions during the COVID-19 pandemic and the economic crisis of 2022. Through structured interventions and collaboration with regulators and the government, the banking sector has consistently contributed to stabilizing the economy and supporting communities. The current relief measures continue that tradition, demonstrating the sector’s commitment to national recovery following Cyclone Ditwah.
The SLBA serves as the apex body for all licensed banks in Sri Lanka, facilitating collaboration, policy dialogue, and strategic support across the financial sector. Its proactive measures during this crisis, including conducting impact assessments, providing debt relief options, and coordinating with CBSL and government-led initiatives, are intended to accelerate the country’s return to economic stability. The combined efforts of the banking sector, government, and multilateral partners aim to restore confidence, rebuild livelihoods, and sustain long-term growth, reinforcing the importance of structured financial support in Sri Lanka economic revival.