President Gotabaya Rajapaksa is calling on State banks to grant loans on a single digit interest rate, instead of the current double digit rates.
Stating that it is the bounden duty of the banks to contribute towards rebuilding the country’s economy post COVID-19, the President has said that the Banks must introduce mechanisms that reflect the policies of the government.
The President had made these observations at a meeting he had with Chairman of the Bank of Ceylon Kanchana Ratwatte, Board of Directors and other officials as well as Secretary to the President P. B. Jayasundera and Secretary to the Treasury S. R. Attygalle on June 15, according to a media release from the President’s Media Division.
He has pointed out that it is time to think outside the box if the country is to deal with the current global economic situation, and look for unconventional methods to revive the economy. ‘The State Banks should take the lead in providing the financial assistance expected by small to medium entrepreneurs and to investors.”
“The growth rate of the economy which was 7% to 8% before 2015 had fallen even below 2% by 2019,” he has said, adding that things have worsened owing to COVID-19. Therefore, it is important that State Banks consider all factors and assist the government implement its policies, says the release.
The President has also said that he is “determined to meet the expectation of every community in this country by exercising the powers given to him by the people. It is not at all for political gains but for the benefit of the country.” The release adds that the President also said he will not think twice about taking the best possible decision, ‘notwithstanding the obstacles that come on the way.”
