President directs State Banks to utilize reliefs given by Central Bank to strengthen economy and people

(COLOMBO, LANKAPUVATH) –President Gotabaya Rajapaksa has emphasized that it is the responsibility of state banks to utilize the reliefs provided by the Central Bank of Sri Lanka (CBSL) to strengthen the economy and the people.

The global economies were hit hard by coronavirus, the President said and added that all types of businesses including agriculture, small and medium enterprises should be directly assisted and uplifted to overcome the prevailing crisis.

President Rajapaksa made these observations at a meeting held at the Presidential Secretariat yesterday (17) to scrutinize the performance of the People’s Bank.

Following the actions taken as a result of the discussion held with the Central Bank, state banks have the opportunity to create the environment that is needed to revive the country’s economy. The President said that we must move forward with a new development program deviating from the traditional methods to successfully achieve economic prosperity.

He went on to note that money should circulate across the country and it is the responsibility of the 600 People’s Bank branches in the country to deduce the true customers and businesses to issue loans. All the managers are obliged to carry out follow up operations in the loans, President added.

President Rajapaksa noted that this is a proper opportunity to take the banking system to the rural areas. President strictly prohibited from offering loans for importation purposes.

President stressed that the respective parties must benefit from the 6 month relief period offered for leasing loans. A priority should be given to constructions as well. He further added that People’s Bank has the opportunity to fulfill the housing requirement of the middle-income earners with the collaboration of the Urban Development Authority.

Chairperson of the People’s Bank, Sujeewa Rajapaksa briefed the President on the projects launched by them in the past 8 months.

Secretary to the President, P.B. Jayasundera, Secretary to the Treasury and the Ministry of Finance, S. R. Attygalle, General Manager, Boniface Silva, Board of Directors and the upper management of the People’s Bank and People’s Leasing were present at the discussion.

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