Sri Lanka becomes top South Asian reformer

World Bank group, rated Sri Lanka as the top South Asian reformer in an annual business regulation study with a new company law and credit information.

Sri Lanka has strengthened the rights of creditors with a new company law the ‘Doing Business 2009’, a study by World Bank’s private sector financier, International Finance Corporation, stated. “When a company goes into liquidation, the claims of its secured creditors are no longer frozen,” an IFC said.

For a third consecutive year Singapore led the global rankings on the overall regulatory ease of doing business while runner-up, were New Zealand and the United States, third. (RK)