State Ministry of Money Capital Market and Enterprise Reforms

VISION

“Sri Lanka, the most preferred financial destination in the World”

MISSION

“We strengthen the enabling environment for investment, savings and financial
inclusiveness by;

  * Creating favorable investment platform
  * Empowering local entrepreneurs
  * Promoting and facilitating international business and large scale investors
  * Marking reforms and implementation of policies and regulations
  * Strengthening financial institutions and state-owned enterprises and
  * Enhancing financial literacy among general public”

Expected Outcomes

1. Improved revival of troubled financial institutions.

2. Improved stability of the banks and financial institutions.

3. Improved performance by the Sri Lankan Capital Market.

4. Increased knowledge about the Sri Lankan capital market among the general public.

5. Increased FDIs into the financial sector in Sri Lanka.

6. Improved investment culture among the youth in Sri Lanka.

7. Improved performance by of State-Owned Enterprises that come under the purview of DPE.

8. Reduction in underutilized state assets that are specialized under the Underutilized Assets Act.

9. Increased performance by the SMIB and HDFC.

10. Increased satisfaction of the customers of SMIB and HDFC.

Main Functions

Functions entrusted by virtue of the extraordinary gazette notification No. 2187/27 dated 09.08 2020 and as amended later are given below.

Assisting in the formulation of policies in relation to the subject of Money & Capital Market and State Enterprise Reforms for the creation of a “People Centric Economy” under the direction and guidance of the Minister of Financing conformity with the prescribed laws, acts and ordinances and monitoring and evaluating subjects and functions of the institutions under the purview of this State Ministry.

Priorities

Following special priorities have been assigned by virtue of the extraordinary gazette notification No. 2187/27 dated 09.08 2020 and as amended later.

1. Implementing reforms to strengthens banks, financial institutions in such a manner that would encourage savings and investments.

2. Implementing institutional reforms to revive failed financial institutions and businesses.

3. Broaden and co-ordinate national development, financial and capital market programmes for development of agricultural, construction, Information Technology, small and medium       enterprises, tourism and exports sectors.

4. Making the government bonds and stock market attractive.

5. Strengthening the regulatory and reform activities of treasury bills and bonds, and primary markets.

6. Providing facilities required for International Business Giants to set up their Head offices in Colombo and the Port City.

7. Launching an international publicity campaign to promote the “Vistas of Prosperity and Splendour” New Economic Plan with the assistance of private sector as well in order to attract foreign investors to the country.

8. Expanding facilities for large-scale local investors to commence production of high technology products.

9. Implementing special programmes for domestic entrepreneurs to duly and competitively gain access to the business fields, protect and empower entrepreneurs.

10. Introducing reforms to strengthen the contribution made by state enterprises to the national economy both economically and socially, and enhance their financial capacity.

Institutional and Legal Framework

1. Department of Public Enterprises

2. Housing Development Finance Corporation Bank

3. State Mortgage and Investment Bank

4. Institutions coming under the Revival (Removal) of Underperforming Enterprises or Underutilized Assets Act vested to the Secretary to the Treasury.

5. Sri Lanka State Mortgage and Investment Bank Act, No. 13 of 1975

6. Payment Devices Frauds Act, No. 30 of 2006

7. Housing Development Finance Corporation Act, No. 07 of 1997

8. Housing Development Finance Corporation of Sri Lanka (Amendment) Act, No. 15 of 2003

9. Revival (Removal) of Underperforming Enterprises or Underutilized Assets Act, No. 12 of 2019.