Relief package to finance, leasing firms soon

With a view to renewing confidence among the public about depositing their money in the financial system of the country the Ministry of Finance along with the Central Bank are drafting a ‘Policy Support Package’ similar to the financial relief packages provided to economies abroad.

Central Bank Assistant Governor, Rose Cooray explained that this Package will address liquidity issues faced by some Registered Finance Companies (RFCs) and Specialised Leasing Companies (SPLs).

“In wake of the crises that happened in our own financial system due to unauthorised finance businesses last year and the current global economic slump, there is a need to assist the financial system in order to dissipate public concerns.”

The Cabinet Paper to implement the relief package is still being drafted by Government and Central Bank officials. It will be similar to the relief packages provided to certain economies abroad. The policy support package would ensure that the issues confronting some registered finance companies and specialised leasing companies are addressed effectively so that the stresses faced by these financial institutions are relieved.

“There are relief packages issued all over the world to help economies in financial turmoil. This package in Sri Lanka is in view of public concerns on the security of their deposited funds and with the intention of solving the liquidity issues of our finance and leasing companies,” added Cooray.