Depositors of the Ceylinco-owned F&G Property Developers are calling to transfer the control of F&G Property Developers to appoint a party capable of running the company free of corruption and fraud and to re-examine ZRA Holdings.
Ceylinco-owned F&G Property Developers following the collapse of Ceylinco Limited and Fingara Town and Country Club, was run by a committee on a directive of the Supreme Court subsequent to a fundamental rights case filed in the Supreme Court by. (Case No. SCFR 317/2009)
At a Press conference yesterday hosted by National Movement for the Protection of Consumer Rights (NMPCR) It was disclosed that F&G Property Developers was then up for sale in the Supreme Court.
“Investors expressed interest on several occasions but their proposals have not been successful,” said Chairman, NMPCR, Ranjith Vithanage.
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Following the successful full payment of the maturing International Sovereign Bond, the Central Bank of Sri Lanka is expecting to rebuild reserves to a comfortable position by the end of August.
Arrangements have been made with the IMF, the Indian government, and the Bangladeshi government for support. The monetary policy shall remain a low-interest regime with the Central Bank looking to deliver a more stable exchange rate in the second half of the current government’s tenure.
CBSL Governor Prof. W D Lakshman expected second-quarter GDP growth to be in double digits given the low base effect caused by the COVID-19 pandemic. The rate of GDP growth for 2021 is expected to be 5%. Lakshman was speaking on 27 July to the Live at Hyde Park program on the Derana network.
The arrangement with the IMF will be from the Special Drawing Rights program that the IMF has created to help countries deal with the COVID-19 pandemic. Sri Lanka is expected to receive between US$ 750-800 million through the creation of these rights. The arrangement with the Indian government comes through a SAARC agreement that will bring in US$ 400 million. The agreement with Bangladesh is expected to bring in US$ 200 million.