The Central Bank of Sri Lanka has identified that strengthening the Bank Resolution Framework

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The Central Bank of Sri Lanka has identified that strengthening the Bank Resolution Framework, under the Crisis Management Framework of Financial Institutions Regulated by the Central Bank of Sri Lanka, as an urgent and priority task. The International Monetary Fund and the World Bank have also pointed out the importance of strengthening the resolution framework to strengthen financial sector safety nets. It is difficult to enact a new complete banking law in a short period. The Central Bank of Sri Lanka has prepared an initial Bill accordingly and the Cabinet of Ministers approved the proposal presented by Hon. President in his capacity as the Minister of Finance, economic stabilization and National Policies to advice Legal Draftsman to prepare a Bill based on the initial Bill above.

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