Relief for SMEs through banks | Sunday Observer

Relief for SMEs through banks

The Finance Ministry has taken measures to provide debt relief to small and medium enterprises (SMEs) from this week. The relief measured will be given through the banks, Treasury Secretary S. R. Attygalle said last week.

He said about 60% of the businesses in the country are SMEs. However, many SMEs are going through major financial issues and some have already collapsed. Their assets are about to be foreclosed. He said at a meeting with the staff in a New Year ceremony at the Ministry on January 1.

He added that the government led by President Gotabaya Rajapaksa is keen to support SMEs by providing several types of relief and it will be given from this week.

The President and Finance Minister had ordered banks to give a moratorium on debt to loans of up to Rs. 300 million to all those who make request, though the Central Bank directive has to be issued.