Value of debt moratorium owing to COVID-19 tops Rs. 2 trillion

The combined value of debt moratorium afforded by banks and financial institutions has topped Rs. 2 trillion mark, a top Central Bank official revealed this week.

CBSL Assistant Governor Yvette Fernando said a total of 1.4 million requests were received and approved under the debt moratorium, resulting in capital of about Rs. 2.2 trillion being provided. “This shows that 90% of requests for the moratorium have been favourably considered by banks,” Fernando told a webinar organised by CIMA Sri Lanka in partnership with the Association of Professional Bankers, the Institute of Chartered Accountants of Sri Lanka, and the Finance Association of Sri Lanka.

She also said for stressed industries such as tourism and transportation, requests for moratorium extension may be favourably considered.  

The six-month moratorium, unless extended, expires in September.  

Another panellist at the webinar, Sri Lanka Banks Association President and NDB Director/Group CEO Dimantha Seneviratne, revealed that as of last Friday, the Saubagya scheme had approved Rs. 95 billion worth of facilities in three phases, and disbursed bulk of it at 4% interest rate to support customers during this difficult time.

She also said for stressed industries such as tourism and transportation, requests for moratorium extension may be favourably considered.  

The six-month moratorium, unless extended, expires in September.  

Another panellist at the webinar, Sri Lanka Banks Association President and NDB Director/Group CEO Dimantha Seneviratne, revealed that as of last Friday, the Saubagya scheme had approved Rs. 95 billion worth of facilities in three phases, and disbursed Rs. 64 billion at 4% interest rate to support customers during this difficult time.