The Sectoral Oversight Committee on Mitigation of the Impact of the Economic Crisis has recommended to the Sri Lanka Credit Information Bureau (CRIB) to provide an assessment report in addition to information about institutions and individuals when approving loans.
The recommendation was made during a recent meeting chaired by committee member Gamini Valeboda. The Sri Lanka Credit Information Bureau explained its current role, stating that it releases information only about the financial affairs of individuals and institutions.
The committee emphasized the need for immediate measures to prevent banks from approving loans to entities unable to settle debts or facing bankruptcy. The recommendation includes preparing provisions for a rating report (Rating Report) along with loan approval information.
The committee stressed the urgency of amending the Act and called for legislative support.
