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Central Bank extends grace period for Covid-19 re-finance loans by 3-months

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The Central Bank has extended the grace period of Covid-19 relief loans given at 4 percent to 9 months from the date of granting to the current 6 months.

The loans with central bank re-financing had a 24-month repayment period with a grace period of 6 months.

“However, it is observed that most of the borrowers have experienced difficulties in revamping their businesses as expected, due to the second wave of COVID-19 pandemic,” the Central Bank said.

“Therefore, having considered the importance of facilitating and encouraging borrowers to repay the loans without any failure, the CBSL decided to extend the grace period applicable for the loans registered under Saubagya COVID-19 Renaissance Facility by additional three (03) months, upon the written request made by the borrowers.”

Borrowers who need the extended grace period have to send a written request.

The full statement is as follows:

Central Bank extends the Grace Period of 4% Working Capital Loan Scheme from 6 Months to 9 Months

Having identified the national importance of revamping the businesses affected by COVID-19 pandemic, the Central Bank of Sri Lanka (CBSL), in consultation with the Government of Sri Lanka, implemented Saubagya COVID-19 Renaissance Loan Scheme Facility in 3 phases to provide working capital loans at the interest rate of 4% per annum, with a repayment period of 24-months, including a grace period of 6-months.

However, it is observed that most of the borrowers have experienced difficulties in revamping their businesses as expected, due to the second wave of COVID-19 pandemic.

Therefore, having considered the importance of facilitating and encouraging borrowers to repay the loans without any failure, the CBSL decided to extend the grace period applicable for the loans registered under Saubagya COVID-19 Renaissance Facility by additional three (03) months, upon the written request made by the borrowers.

Accordingly, beneficiaries of these working capital schemes who wish to receive a grace period of 9 months are required to send a written request to the relevant bank.

 

 



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Economic crisis: 100,000 families already starving

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Govt. to provide monthly assistance package – official

By Ifham Nizam 

Plans are underway to assist an average needy family of  four with a monthly package of Rs. 15,000, a senior adviser to President Ranil Wickremesinghe said yesterday, adding that the move was expected to help ameliorate the plight of nearly 65,000 families.

Food Security Committee Chairman Dr. Suren Batagoda told The Island yesterday that at present some 100,000 families across the country were starving.

He said financial assistance would be provided to those families for three months. Within three months, the government would design a package in the form of food stamps, etc.

Dr. Batagoda said the World Food Programme, UNICEF, the World Bank, and state agencies would also team up to strengthen food security, focusing especially on needy pregnant mothers and pre-school children.

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GR govt. ignored Chinese lenders’ request for debt restructuring

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By Rathindra Kuruwita

The Gotabaya Rajapaksa government had ignored suggestions by Chinese lending institutions that Sri Lanka to restructure the debt in 2021, Prof. Samitha Hettige said yesterday.

“The Rajapaksa government started talking of debt restructuring earlier this year. The Opposition had been asking for this before,” he said.  By 2021, before the Gotabaya Rajapaksa administration decided on debt restructuring, the Chinese institutions that had given Sri Lanka loans suggested that a restructuring process should start since Sri Lanka would have trouble repaying the loans, the Strategic Studies scholar said.

However, the request had gone unheeded, and if the government had started discussions then, Sri Lanka would not have been in crisis, Prof. Hettige said.

The Sri Lankan foreign policy, in the last few years, had also been misguided, Prof. Hettige said. A number of Indian and Chinese companies faced unnecessary issues by the behaviour of the government, he said.

Prof. Hettige said that the government must focus on establishing free trade ports and reducing negative lists for investments.

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SJB dissociates itself from SF’s call for protest

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By Chaminda Silva

MP Sarath Fonseka’s call for people to join anti-government protests was not a decision taken by the Samagi Jana Balawegaya (SJB), party MP J.C Alawathuwala said.

The SJB believed that they had to help President Ranil Wickremesinghe stabilise the country, economically and politically, he said.

MP Alawathuwala said the President must be given some time to solve the problems faced by the people and that the SJB was holding discussions with the government to guide it on a people-friendly path.

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