Use Central Bank Stimulus Package to bolster economy - President

President Gotabaya Rajapaksa directed state banks to utilize relief announced by the Central Bank to strengthen the economy and the people affected by COVID-19 pandemic.

“The global economies have been hit hard by coronavirus. As such all types of businesses including agriculture, small and medium enterprises should be directly assisted and uplifted to overcome the prevailing crisis,” the President added.

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

Following the discussion held with the Central Bank, opportunity is now open for state banks to create the environment that needed to revive the country’s economy.The President said that we must move forward with a new development programme deviating from the traditional methods to 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 business to issue loans. All managers are obliged to carry out follow up reviews of loans productivity.

President Rajapaksa noted that this is the right opportunity to take the banking system to rural areas. He cautioned not to offer loans to import goods.

The President stressed that respective parties must benefit from the six month relief period granted for the payment of leasing installments. Priority should be given to construction companies as well.

He further added that People’s Bank has the opportunity to meet the housing requirements of middle-income earners in collaboration with the Urban Development Authority. People’s Bank Chairman Sujeewa Rajapaksa briefed the President on the projects launched by them in past eight months.

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

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