The cabinet has decided to privatize the Peoples Bank due to the financial crisis faced by the Govt.
This cabinet paper which has been presented to the cabinet on the 15th by the President as the Finance Minister, has been approved at the meeting. The proposal has also declared the bank to be added to the share market and to give the private sector the opportunity to invest in the capital reserves.
Cabinet spokesperson Minister Keheliya Rambukwella too confirmed this news at the cabinet media meeting held yesterday. However, he has said that the proposal bill have been sent to the legal drafting department and further details will be informed in the future.
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Source : Srilankamirror
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