Annual Report 2008 - Ministry of Finance and Planning
Annual Report 2008 - Ministry of Finance and Planning
Annual Report 2008 - Ministry of Finance and Planning
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7. Development <strong>Finance</strong><br />
284<br />
appointed as the implementing agency to maintain the<br />
Movable Property Registry in Sri Lanka by the Asian<br />
Development Bank. Draft Act has been submitted to<br />
the Attorney General Department after reviewed by the<br />
Legal Draftsman Department with the coordination <strong>and</strong><br />
facilitation <strong>of</strong> the <strong>Ministry</strong> <strong>of</strong> <strong>Finance</strong> <strong>and</strong> <strong>Planning</strong>. It is<br />
expected to obtain the Cabinet approval to submit this<br />
Act to the Parliament within the first quarter <strong>of</strong> 2009.<br />
• Draft <strong>of</strong> the Securities <strong>and</strong> Exchange Commission<br />
Act was prepared by the Securities <strong>and</strong> Exchange<br />
Commission <strong>of</strong> Sri Lanka with the consultation <strong>of</strong> the<br />
Stake Holders <strong>and</strong> submitted to the Attorney General<br />
Department after reviewed by the Legal Draftsman<br />
Department with the coordination <strong>and</strong> facilitation <strong>of</strong><br />
the <strong>Ministry</strong> <strong>of</strong> <strong>Finance</strong> <strong>and</strong> <strong>Planning</strong>. It is expected to<br />
obtain the Cabinet approval to submit this Act to the<br />
Parliament within the first quarter <strong>of</strong> 2009.<br />
However, in terms <strong>of</strong> the decision taken by the <strong>Ministry</strong> <strong>of</strong><br />
<strong>Finance</strong> <strong>and</strong> <strong>Planning</strong> with the Asian Development Bank a<br />
US $ 4.5 million deduction was made out <strong>of</strong> US $ 5.218 million<br />
Technical Assistance Loan (No 2139) as they decided not to<br />
recruit the consultants as the implementing agencies have<br />
the capacity to implement the identified activities. While<br />
the completion date <strong>of</strong> the project has been extended up to<br />
31st December 2009, it is expected to release the second<br />
tranche (US $ 20 million) <strong>and</strong> the third tranches (US $ 20<br />
million) <strong>of</strong> this project during the 2nd <strong>and</strong> 3rd quarters <strong>of</strong><br />
2009 respectively.<br />
• Draft <strong>of</strong> the Securitization Act was prepared by the<br />
Securities <strong>and</strong> Exchange Commission <strong>of</strong> Sri Lanka with<br />
the consultation <strong>of</strong> the Stake Holders <strong>and</strong> submitted to<br />
the Attorney General Department after reviewed by the<br />
Legal Draftsman Department with the coordination <strong>and</strong><br />
facilitation <strong>of</strong> the <strong>Ministry</strong> <strong>of</strong> <strong>Finance</strong> <strong>and</strong> <strong>Planning</strong>. It<br />
is expected to obtain the cabinet approval to submit<br />
this Act to the Parliament with thin the first quarter <strong>of</strong><br />
2009.<br />
• The first draft <strong>of</strong> the Strategic Plan <strong>of</strong> the People’s Bank<br />
was prepared by the People’s Bank <strong>and</strong> submitted to the<br />
Asian Development Bank. It is expected to submit the<br />
final report <strong>of</strong> this plan 1st quarter <strong>of</strong> 2009.<br />
<strong>Ministry</strong> <strong>of</strong> <strong>Finance</strong> <strong>and</strong> <strong>Planning</strong> Sri Lanka<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2008</strong>
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