ECONOMYNEXT – President Gotabhaya Rajapakse has said that poverty and social inequality can be lessened by launching new avenues of remuneration for low-income earners.
He explained his plans at a discussion focusing on forthcoming activities of the State Ministry of Samurdhi, Home Economy, Microfinance, Self-Employment, Businesses and Under-Utilized State Resources Development held at the Presidential Secretariat yesterday (24).
According to a press release issued by the Presidential Media Division President Rajapaksa stated that it is vital to transform the Samurdhi benefit from being a mere handout and turn it into a way of supporting micro-entrepreneurship. He stressed that a follow- up evaluation must be introduced.
President Rajapaksa said that a systematic approach is necessary to reap the benefits of the Rs. 50,000 million that is allocated for the programme. He defined that the development of financial literacy is an important task of microfinance institutes.
“Introduction of new relief programs by banks for people who are struggling due to setbacks caused by the COVID 19 pandemic is vital at this point. They will uplift the lives of people and eventually lead to a better economy,” he said.
The President also stated that commencing cultivations for Coconut, Mango and Jack is vital to uplift the household economy. It was discussed in detail to begin a scheme to transfer lands from the Department of Wildlife and Forest Conservation to the district secretariats in order to grant a legal title for those who are in need of these lands.
Adding to the President’s sentiments, Prime Minister Mahinda Rajapaksa said that issue of microfinance loans should be regulated through a Credit Regulatory Authority Act or through an alternative Act. (Colombo/ Aug 25 / 2020)
Reported by Tharumalee Silva