Prime Minister Mahinda Rajapaksa advised Central Bank Officers to implement any suitable measures to minimize the problems people are facing in repaying loans, as they are already burdened with various difficulties due to the COVID-19 pandemic.
The Prime Minister gave this instruction in his capacity as the Finance Minister during a discussion held with officials of the Central Bank in connection with the present economic situation at Temple Trees yesterday (16).
Representatives of the Central Bank explained to the Prime Minister regarding the importance of maintaining a strong economy in the face of the Covid pandemic.
On this occasion Prime Minister Rajapaksa focused special attention on problems being faced by people who have obtained loans in a pandemic situation. The Prime Minister advised relevant officials to follow appropriate steps in order to minimize these problems being faced by people when paying back loans.
A lengthy discussion was held on how borrowers are facing a situation where they are unable to pay back the loan, because when paying installments, the interest has to be paid initially. When loans are obtained borrowers put up the house they are living in as collateral and there are any number of occasions when they have to forgo ownership of their residence and as a result the Prime Minister focused his attention on considering this in a humanitarian manner and changing the system.