Sri Lanka President okays funds for Covid-19 battle, troubled firms: Minister
ECONOMYNEXT – Sri Lanka’s President Gotabaya Rajapaska had released 64 billion rupees to government supplier including importers of drugs and fertilizer, as well as funds to for an ongoing campaign to control the spread of Coronavirus in the country.
Banks will get 46 billion rupees in arrears for an interest top up given to under a senior citizens’ interest top up schemes which had not been settled for two years.
Sri Lanka’s banks are expected to give credit relief for firms badly hit by Coronavirus, President Gotabaya Rajapaksa said earlier this week.
Relief will be given tourism, apparel, foreign employment, information technology and small-scale enterprises, Minister Gunewardene said.
Sri Lanka’s parliament is dissolved, but the President gets the power to release funds after that.
President Rajapaksa had allocated 500 million rupees for anti Coronavirus activities.
Pharmaceutical firms will be paid 10 billion rupees in arrears, Information Minister and Cabinet spokesman Bandula Gunewardene said.
Another 3 billion rupees will be released to two state and private firms who had sold fertilizer under a government subsidy scheme.
“These companies will now be able to settle their bank loans and import drugs and fertilizer,” Minister Gunewardene said.
Another five billion rupees will be paid to small and medium contractors who had carried out work for the government in 2019. (Colombo/Mar19/2020)