The gazette notification for the debt moratorium announced for the SME sector by President Gotabaya Rajapaksa was issued on Monday night Minister of Information and Communication Technology, Lakshman Yapa Abeywardane said.
He said that under this program the banking sector was directed to suspend the recovery of SME loans up to Rs.300 million, for a period of 12 months, (December 31, 2020) in a bid to give the struggling sector a lifeline. “The government is not requesting to write off the loans in any way, the minister stressed.
He said that enterprises should make a request in writing from the banks for this before January 31, 2020 to obtain this benefit.
In addition this concession would also be extended to enterprise in the CRIB due to default of payments and interests. “Here we request the banks to see if they could take off 50% of the interest due from enterprises.”
Yapa said that in a bid to safe guard the banking sector the government has also put in place a refinance package from the Central Bank. The Minister also said that the government gazette notification on the appointed a three member committee comprising of Retired Supreme Court Judge, K. T. Chithrasiri, Retired Solicitor General, Suhada Gamlath and Senior Banker, D. M. Gunasekera to probe the trouble ETI Finance Company deal and also provide a comprehensive repayment plan for ETI Depositors was also issued on Monday.
ETI Finance, EAP Broadcasting Company, EAP Films and Theatres Ltd, Hotel Sapphire Ltd, Swarnamahal Jewellers Ltd was sold to Blue Summit Capital Management Private Ltd and Ben Holdings Private Ltd which is not a local company.
“It’s illegal for local land or companies be sold to foreigners and this fundamental rule has been violated. The committee will also check as to how the local lawyers drafted this agreement knowing very well that this is against the law.”
The Minister said the ETI depositor’s interest too must be looked after.
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