Friday Nov 14, 2025
Friday Nov 14, 2025
Friday, 14 November 2025 00:00 - - {{hitsCtrl.values.hits}}
Chief Guest-Keynote Speaker Treasury Secretary
Dr. Harshana Suriyapperuma
By Charumini de Silva
Treasury Secretary Dr. Harshana Suriyapperuma clarified concerns over small and medium enterprise (SME) sector funding and revenue projections, affirming that the National Credit Guarantee Institution has disbursed over Rs. 4 billion within five months since its establishment.
Responding to recent commentary on underutilised SME funds at the 2026 post-Budget Forum organised by the Daily FT, in partnership with the University of Colombo MBA Alumni Association on Tuesday, Dr. Suriyapperuma said the Credit Guarantee Scheme had been more widely utilised than earlier suggested.
“It was said that less than Rs. 1 billion had been utilised, but the correct figure is Rs. 4.2 billion. The National Credit Guarantee Insurance Scheme was launched only in May 2025 and within five months, Rs. 4.2 billion worth of credit assurances have been issued to SMEs. This is four times higher than the perception,” he said, adding that Government-led and private sector-driven initiatives are progressing well, with disbursements and reforms advancing faster than perceived.
Dr. Suriyapperuma stressed that while some allocations may appear under-disbursed, several loan and support mechanisms are currently in operation.
“Out of the Rs. 20 billion allocated for 2025, Rs. 15 billion was for performing SMEs and Rs. 5 billion for those facing financial difficulties. Over 90% of this allocation has already been disbursed,” he noted.
The Treasury Secretary also highlighted the strong participation of private sector banks in SME financing. “As mentioned by the Standard Chartered Bank CEO, over Rs. 200 billion have been disbursed by the banks, another major commercial bank’s SME portfolio exceeds Rs. 300 billion, and People’s Bank and Bank of Ceylon together have disbursed more than Rs. 100 billion this year,” he said.
He pointed out that this reflects a “collective, policy-driven, and data-backed effort” between the Government and the banking sector.
In terms of the revenue projections, Dr. Suriyapperuma acknowledged public scepticism, but expressed optimism based on current trends. “Given the number of Letters of Credit (LCs) opened for vehicle imports, we anticipate a significant increase in 2026 revenue,” he said.
He further outlined progress in the revenue administration and digital modernisation program, noting close collaboration with Malaysian authorities who successfully implemented similar reforms. “Our implementation is already underway, and while timelines differ, we are confident in our progress,” he said.
Dr. Suriyapperuma also underscored the ongoing cultural transformation within the public sector. “We now see greater commitment, leadership, and genuine reform efforts. Dedicated officials are working hard to make change possible. With this momentum, we are confident that our targets can be met — and perhaps even exceeded,” he affirmed.
