Work begins on agency to assist distressed finance companies

Sri Lanka has begun work on the proposed Financial Assets Management Agency to assist the troubled finance companies.
The setting up of such an agency was proposed in the Budget 2016.
The proposed agency is expected to assist the failing finance companies in recapitalization and restructuring.
The proposal in this regard, including the preparation of the legal framework, was made by Finance Minister Ravi Karunanayake and was approved by the Cabinet of Ministers.