Thu, 28 Mar 2024 Today's Paper

President, PM direct all banks to suspend recovery of SME loans

By

21 December 2019 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa who is also the Minister of Finance, Economy and Policy Development have issued directives to Chairmen and CEOs of all banks to suspend  recovery of loans obtained by the SME sector.


The government has taken a decision to take up new initiative to revive SMEs of which outstanding debt not exceeding Rs. 300 million in each entity since the recently announced tax reform initiatives provide substantial savings to all banks including the Central Bank of Sri Lanka. The government expects the banks to use part of such savings to revive the SME sector on a priority basis.


The directives from the President and Prime Minister also incorporates  redresses to small and medium scale paddy millers as well since the government expect them to re-energise their milling operation to improve the competitiveness in the market and expects their capacities to be active in 2019/20 
Maha season.

This concessionary action will be followed by a comprehensive package coupled with already announced tax concessions  designed by the Ministry of Finance, Economy and Policy Development and the Central Bank of Sri Lanka which will support  both the lender and the borrowers, especially the SME sector.

 

 


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H