PM pledges to simplify bank loan applications

Wednesday, 22 July 2020 00:20 -     - {{hitsCtrl.values.hits}}


  • Says move will attract more people for micro, small scale business
  • Suggests CBSL should issue new guidelines for simplification 
  • Pledges to encourage female entrepreneurship, self-employment

By Nuwan Senarathna 

In an effort to revive micro and small businesses and attract more people for small scale businesses, Prime Minister Mahinda Rajapaksa yesterday pledged to simplify the process of obtaining credit facilities from banks.

Prime Minister Mahinda Rajapaksa

Speaking at an election rally in Kandy, Rajapaksa said the existing system to apply for bank loans should be revisited to minimise the paperwork required, particularly for micro and small businesses.

“There are a number of applications one has to fill when applying for a credit facility via the bank, which is a bit stressful. This system needs to be changed to ensure that those who wish to start a business can easily apply for a bank facility,” he said.

Rajapaksa noted that the Central Bank of Sri Lanka should issue guidelines to be followed to introduce a simplified system to approve loans. 

He also pointed out that a new system needs to be introduced for female entrepreneurs, and said a special loan scheme should be introduced for them.

“With this initiative, we will be able to improve the living standard of people and create more jobs. We will also take measures to encourage self-employment and introduce new initiatives to safeguard them,” he added. 

Prime Minister Rajapaksa also charged the previous regime with carrying out a political witch hunt, and said that they were unable to continue development projects started before 2015.

“The previous administration was more interested in arresting my family members and my friends. They did not focus on developing the country and addressing economic challenges. However, we will continue our development projects to address the country’s economic issues,” he added.

He also said The President and the Prime Minister should have similar political ideology to ensure the smooth functioning of the Government. 

According to the SLPP Prime Ministerial candidate, the previous administration was the best example for his argument. “We saw what happened during the past five years with, a President and Prime Minister having different political perspectives. I believe the public will make a smart decision in the upcoming General Election and vote for the SLPP to form a strong Government, which will strengthen the President to fully implement his policies to develop a prosperous nation,” Rajapaksa said.