ECONOMYNEXT – Sri Lanka’s finance ministry said 9.6 billion rupees of bills certifying payment arrears had been issued to contractors, who can use them as collateral to get money from banks.
The finance ministry said 303 suppliers had been issued with the certification letters for services performed in 2019 and 2020 May 31.
All letters have been issued by August 31. Of that 116 related to the education ministry and 109 were to suppliers and contractors of the highways ministry.
Letter had also been related to sports, fisheries, agriculture, labor and Sri Lanka Police.
The letters had been issued to the licensed commercial bank named by the contractor who has to be open a separate account.
The bills will be settled in installment by the Treasury by crediting the account. (Colombo/Sept24/2020)