Promise Tracker

Establish Financial Asset Management Agency (FAMA) to revitalize the failed non-bank finance companies

Budget Speech para. 276: "Honourable Speaker, last year I proposed the setting up of an agency, the Financial Asset Management Agency (FAMA), to assist failing finance companies, having identified the vulnerabilities that the finance companies could create in the overall financial sector, as many of the finance companies have high non-performing loan ratios. In order to establish the FAMA to restructure the distressed finance companies, I propose to allocate the initial capital of Rs. 10 million as equity and also to issue a Treasury bond to the value of Rs. 10 billion with a tenor of 7 years."
  • Allocation (Rs. Mn) :  10,100
  • Sector :  Banking & Finance
  • Ministry / Government Institution :  FAMA - Ministry of Finance

OPENNESS

Obstructed

Information insufficient to determine progress regardless of access

PROGRESS

Undisclosed

Separate Unit established within the Ministry of Finance to carry out the setting up of necessary legal framework and preparatory work. Mid-Year Fiscal report states additional allocations are made for the establishment of FAMA. Insufficient information limits capacity to determine progress.

Documents

Sources of Information

  • Budget Tracker - Website Website
  • Budget Tracker - Website Over the counter