Jun 25, 2022

Fivefold interest free loans for migrant workers’ remittances!

Arrangements have been made to implement a special loan scheme for Sri Lankans’ remittances to commercial banks in Sri Lanka.

Based on a proposal made by the Minister of Transport, Highways and Mass Media Dr. Bandula Gunawardena to the Cabinet, a mechanism is to be implemented to grant migrant workers sending foreign exchange to any commercial bank, interest free loans of five times the amount of their monthly remittances.

Accordingly, if a migrant worker remits around $ 100 per month, it would add to $ 1200 per year and they would be entitled to an interest free loan of $ 6,000.

Sri Lanka’s commercial banks have agreed to implement this program, during a discussion that was held recently at the Transport and Highways Ministry.

Minister of Foreign Services and Labor Manusha Nanayakkara, Chairman of the Foreign Employment Bureau Maj. Gen. Mahinda Hathurusinghe and representatives of all commercial banks in the country were present at this meeting.