Sat, 04 Dec 2021 Today's Paper

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

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


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.



  Comments - 0

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

A Sri Lankan giving dignified burials to unclaimed bodies for five decades

After their death, most people are memorialized at a service, surrounded by g

Focus on Laggala Gem mining big shots bigger than the law

The truth is now being uncovered regarding an illegal mining racket in state

How and why the TNA was formed twenty years ago

The Tamil National Alliance (TNA) is now twenty years of age. The premier pol

India lays emphasis on culture diplomacy with Sri Lanka

Indian Prime Minister Narendra Modi wanted to inaugurate the Kushinagar Inter