Sri Lanka’s cabinet has approved a comprehensive ‘National Anti-Corruption Agenda’ incorporating findings from an International Monetary Fund (IMF) technical assistance report, as announced in a government statement. Key components of the agenda include revising the Anti-bribery law to align with the United Nations Convention Against Corruption and the Financial Action Task Force (FATF) guidelines. The
Sri Lanka and its sovereign bondholders have come to an agreement to exchange $14.43 billion in defaulted bonds and overdue interest for new instruments tied to future GDP growth, governance, and standard fixed interest bonds. Bondholders have consented to an 11% haircut on $1.889 billion of overdue interest, as opposed to an earlier proposal, according
The Commercial Bank of Ceylon’s debenture issue, the largest ever by a private bank in Sri Lanka, closed after being oversubscribed on its opening day (July 2), raising Rs. 20 billion. This milestone underscores investor confidence in the institution. Announcing the oversubscription, the bank revealed it received applications for more than three times the Rs.