Financial News from Sri Lanka: The Japanese government will grant 1.6 billion rupees in Sri Lanka to implement counter-terrorism and national security initiatives.
The grant will be provided as a quick response to the risk posed by national security following the Sri Lankan terror attack on Easter Sunday. Cabinet approval was subject to the appropriate documents relating to obtaining assistance. The Japanese government will provide a variety of facilities, for example at the airport, to counter terrorist activities in significant locations.
Cabinet consent was given to alter the Sri Lankan National Intellectual Property Office title to the Sri Lankan Department of Intellectual Rights. The amendment’s objective is to tackle certain problems when dealing with certain local and international organizations.
A Debt Regulatory Authority was also approved by the cabinet. The new agency will substitute the present law on microfinance and become an independent body.
The cabinet has granted is approval to provide compensation to the people who were displaced due to the construction of We-medilla reservoir in the Naa-ula, Gale-wela and Dambulla Divisional Secretariat areas.