Government to review concessionary loan schemes aiming for more effective investments

(COLOMBO, LANKAPUVATH) –The Ministry of Finance, Economic and Policy Development has issued a statement taking into consideration the various news items published in the newspapers regarding loan schemes currently being offered at concessionary interest rates.

The Government has clearly recognized that the incentives given to encourage Small and Medium Enterprises (SMEs) to continue to contribute to the national economy through concessionary interest rate loans are a major factor in the country’s economic growth.

The new government’s position is that existing credit schemes should be implemented after properly identifying the priority areas of the national economy.

Therefore, the Ministry of Finance, Economic and Policy Development has decided to review and reorganize these loan schemes in line with the new government’s policies with the aim to identify the key sectors of the economy and increase their contribution to the national economy.

Accordingly, after a systematic study, the Government will take measures to strengthen the credit schemes to cover a wide range with more effective investment objectives, the statement said.

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