Annual Report 2008 - Ministry of Finance and Planning

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7. Development Finance 280 (RFSDP) funded by Asian Development Bank (ADB) established a sustainable rural finance systems through policy adjustments and improved the operations of the Rural Finance Sector Institutions (RFSII) by providing training in Rural Finance, efficient service delivery, sector supervision, and outreach expansion. Strengthening of these key sectors of the institutions have increased the access of rural households to Rural Finance services The project commenced in year 2004 and completed the project activities as scheduled on 31 Dec 2007. The reforms introduced fundamental changes in RFII, namely Cooperative Rural Banks (CRBB), Regional Development Banks (RDBB), the National Development trust Fund (NDTF), and Samurdhi Banking Societies (SBS). The direct financial supports of RFSDP were about 30,000 small and micro enterprises and 150 community sub projects. In addition RFSDP redefined the Rural Economy Resuscitation Fund (RERF) for extending skills, technical and marketing support to enable the rural poor to utilize rural finance services efficiently. A part of the loan proceeds has been utilized for installation of MIS system in 48 Co-operative Rural Banks (including 210 branches) and 106 Samurdhi Banking Societies. In the year 2008, RFSDP finalized the activities related to the MIS installation. Most of the activities of these Banks have been manually operated in the past and therefore, they were time-consuming. The possibility of obtaining the Trial Balance, Balance sheet & the profit and loss Account on a given date could be considered as a major achievement in the computerization process. The functionality requirements relating to support of savings, fixed deposits, loans, pawning and general ledgers of branches are able to obtain by the computerization of these Banks. The system creates and maintains a customer database which includes the name with initials, surname, title, address, occupation or profession, telephone numbers, national ID number and/or passport number, date of birth, member/non member flag, introducer (name, address, profession, account number or membership number), priority status/tag, etc. The system generates a unique customer number for each member. The following functionality features are obtained by the computerization of these Banks. • Support for savings, fixed deposits, loans, pawning and general ledger for branches. • Support for member registration and related functions. • Facilitation of front office teller operations and also Customer Relation Management [CRM] functions to facilitate customer services functions such as global customer information facility. • Consolidation of general ledger functions • Facilitation of general ledger transactions from other sources and/or manually operated branches. • Facilitating of the entries of accounting transactions from day to day office operations such as petty cash, travelling etc. • Support for management information requirements for all levels of managers and specific external reporting such as the Department of Cooperative Development, Central Bank etc. Making sustainable Rural Finance Institutions enabling them to enhance their outreach. (Athala Samurdhi Bank Society) • Support for report writing facilities so that authorized users could develop ad-hoc reports at head office I.T. unit. Ministry of Finance and Planning Sri Lanka Annual Report 2008
7. Development Finance 281 • Support for database technology and front end interfaces. • Facilitation of detail audit trail of all transactions performed with a facility to track the user who performed the transaction, by time and date. • Facilitation of password security functions with multi level users and should facilitate users to be defined/ controlled by menu function and/or task. • Support for Sinhalese and/or Tamil language for frontend screens and reports in addition to English. Data storage in Sinhalese or Tamil language. Though the bank expected to provide Rs. 150 million as loans to these entrepreneurs in 2008, it was unable to fulfill the task due to the impact of the global financial crises. However, it is targeted to achieve this within the year 2009. GTZ - ProMiS Project Promotion of Microfinance Sector Project (ProMiS) funded by GTZ The Promotion of Microfinance Sector project in Sri Lanka (ProMis) is being implemented by the German Technical Cooperation (GTZ) under the purview of the Department of Development Finance of the Ministry of Finance and Planning. Duration of the project is four years (August 2006 to August 2009) and the total cost of the project is Euro 4.0 million. The main objective of the project is to develop the microfinance sector in Sri Lanka under the three major components. • Micro finance sector policy • Micro finance service providers • Capacity building of microfinance institutions Under these three components, the project has completed the following activities within year 2008. Enhanced operations efficiency of the Rural RFII Polonnaruwa Cooperative Rural Bank Development of Micro Enterprises in Sri Lanka The project set up by the Cosorzio Etimos Bank of Italy in 2005 as a recovery tool for the micro enterprises affected by tsunami, extended its services to the other areas in Sri Lanka during the last 2 years. Further, the bank signed a new agreement in 2008 with the Government of Sri Lanka to invest Euro 200 million from Italy in order to provide loans to the private entrepreneurs to develop their enterprises through partner organizations and to create more employment opportunities than the previous years. Macro Level Objectives: The capacities of national government institutions towards the integration of the microfinance institutions into the formal financial system are strengthened. • Inland wide demand and supply studies have been completed. Ample use of the demand study has been made. The media has very positively reacted on the study. Microcapital.org has published it as news on their website. • Study on post-tsunami microfinance has been finalized and is being distributed among major stakeholders in Sri Lanka. Ministry of Finance and Planning Sri Lanka Annual Report 2008
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2008 Annual Report Ministry of Fina
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2 This Report is Published in terms
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4 Heads of Treasury Departments (as
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6 Heads of Statutory Boards / State
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8 Contents Chapter 1 - Macro Econom
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10 Contents Contd. Table 3.9 - Key
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14 Contents Contd. Chart 3.1 - Accu
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16 Sri Lanka at a Glance - 2008 KEY
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18 Sri Lanka at a Glance - 2008 Con
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1. Macro Economic Perspectives 20 E
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2. Fiscal Developments - 2008 46 An
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3. Performance of Public Enterprise
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4. Reform Initiatives 174 An Overvi
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4. Reform Initiatives 176 also prov
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4. Reform Initiatives 178 Finance/R
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4. Reform Initiatives 180 Environme
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4. Reform Initiatives 182 Pradeshiy
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4. Reform Initiatives 184 SALIENT F
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4. Reform Initiatives 186 The Credi
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4. Reform Initiatives 188 Name of t
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4. Reform Initiatives 190 Project P
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4. Reform Initiatives 192 TERMS OF
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4. Reform Initiatives 194 Table 4.8
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4. Reform Initiatives 196 grounds,
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