Sri Lanka, Dec. 24 -- The Government has suspended the auctioning of property belonging to Small and Medium-scale entrepreneurs for defaulting on bank loans amounting to not more than Rs.300 million for a period of one year, Co-Cabinet Spokesman Dr. Bandula Gunawardena announced yesterday.
Speaking at a special press briefing at Government Information Department yesterday, Minister Dr. Gunawardena said that these loans will not be written off but the government will give a concession to SME sector entrepreneurs by revising the interest rate on these loans. "We will put in place a mechanism aimed at revising the interest rate on these loans following a discussion with the Central Bank, State, and Private Banks," Dr. Gunawardena said.
He sa...