Moratoria to COVID affected businesses and individuals exceeded Rs.4,000 billion

COLOMBO (News 1st); The Central Bank of Sri Lanka said the Moratoria to COVID affected businesses and individuals exceeded Rs.4,000 billion. The Central Bank of Sri Lanka (CBSL) has implemented several schemes to assist COVID-19 affected borrowers through Financial Institutions (FIs) supervised by the CBSL. The schemes included extended repayment periods, concessionary rates of interest, working capital loans, debt moratoriums and restructuring/rescheduling of credit facilities for affected borrowers. These concessions greatly assisted the small and medium enterprises of many affected sectors: tourism, apparel, plantation, information technology, logistic service providers, three-wheeler owners, operators of school vans, lorries, small goods transport vehicles and buses, and private sector employees. In line with the concessionary schemes implemented by CBSL, FIs have approved over 2.9 million requests for concessions amounting to a total of Rs. 4,083.8 billion prioritizing the micro, small and medium enterprises. These concessions, which were extended until 31.12.2021 by licensed banks and until 31.03.2022 by nonbank financial institutions, have helped to support the above groups who faced financial difficulties due to loss of jobs, reduction of incomes, contraction of business operations, closure of businesses, etc.