Central Bank told to reduce lending interest by at least 2% - Minister
Finance and Media Minister Mangala Samaraweera, Development Strategies and International Trade Minister Malik Samarawickrema, Youth Affairs, State Minister Sujeewa Senasinghe and Sri Lanka Export Development Board officials at the meeting in Matara. Pictu
The Central Bank has been informed to take action to reduce the current lending rates by at least 2% as soon as possible as the current lending rates are far too high, Finance and Media Minister Mangala Samaraweera said yesterday.
He was addressing Southern Province entrepreneurs who attended an awareness programme on the national programme to establish 2000 new exporters by 2020, yesterday. The national programme to encourage new exporters is being implemented by the Sri Lanka Export Development Board.
“Hundreds of years ago Sri Lanka was known as a trading center and an entrepreneur’s paradise. Artifacts and coins found at archaeological diggings prove that our ancestors have traded with the most powerful trading nations of that era. It is our vision to regain our lost status an entrepreneur’s paradise through ‘Enterprise Sri Lanka’.
"We will be introducing eighteen new low interest loan schemes under the Enterprise Sri Lanka theme in June. Females and Physically disabled persons will be offered loans at even a lesser interest rate. We will be opening up an ‘Enterprise Sri Lanka’ customer service counter at every bank.The staff are being trained to provide services with a more positive approach and support innovative projects and ideas”
“We have decided to act against and also dissuade people from falling prey to high interest loans offered by Micro Finance companies by offering female entrepreneurs with low interest loan schemes. It is mostly females in the Northern, North Central and Eastern Provinces who have fallen prey to these micro finance schemes and there are instances that a few have taken their own lives or have had to even agree to provide sexual favours.We have also decided to ensure that interest on loans below Rs 150,000 obtained from under such schemes be waived,” the minister said.
“Sri Lanka’s highest export earnings was in 2017 and the EDB’s target is to increase it by another 34% by 2025. Considering the progress being made, I believe that they will surpass this figure before that. Today, our economy is strong and moving forward. Although our forecast national income for the next year is Rs 2.5 trillion we have to repay debts totalling Rs 1.9 trillion,” the minister said.
