Sri Lanka to provide easy credit, debt relief for flood hit businesses

ECONOMYNEXT – Sri Lanka will provide debt relief for flood hit businesses and also start two credit schemes for them to get back into business, Education Minister Akila Viraj Kariyawasam said.

"Some kind of relief will be provided from state banks and also commercial banks," he told reporters.

Over 160 persons have died mainly from landslides and more than 400,000 have been left homeless by floods in at least eight districts.

Many businesses and vehicles have gone under water.

Director General of Government Information said Prime Minister Ranil Wickremesinghe had instructed the Central Bank Governor to prepare the necessary directives to the banking system.

Two credit schemes at low interest rate will also be started, he said.

A committee had been appointed to look into reconstruction needs, he said.

Government agents have also been asked to prepare estimates of losses and provide it to the committee by June 02.

Former Finance Minister Ravi Karunanayake also bought an insurance through the National Insurance Trust Fund, which was re-insured abroad to give basic disaster relief cover for house owners and businesses. (Colombo/May29/2017)





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