To support the rapid recovery of industries and businesses affected by the Ditwaa Cyclone, the Ministry of Industry and Entrepreneurship Development held a special meeting today (17th) with senior officials from all banks, credit division representatives, officials from the Central Bank of Sri Lanka, and the Development Division of the Ministry of Finance.
During the discussion, consensus was reached on several important decisions to provide immediate financial relief to affected businesses.
In line with the Central Bank circular, all banks agreed to promptly grant a loan repayment moratorium of three to six months for all businesses impacted by the disaster. This relief will be provided without imposing any additional fees or interest.
This decision has already been communicated to all bank branches. Eligible business owners are required to submit a request to their respective banks to access this facility.
In addition, agreement was reached on establishing a common mechanism for resolving issues, and all banks have expressed readiness to provide concessionary low-interest loans recommended by the Central Bank. The relevant guidelines for these facilities have already been issued by the Central Bank.
To ensure the effective implementation of these relief measures, agreement was also reached to share data on affected businesses between the banking system and the Ministry of Industry, and to establish a common data system and coordination mechanism for this purpose.
Furthermore, the Ministry of Industry and the banking sector agreed to review the progress of this process on a weekly basis.
