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Local businesses urge Central Bank to further extend moratorium

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The local businesses urged the Central Bank this week to look at the possibility of further extending the moratorium, so that more breathing space is provided to settle the loans.

According to the National Trade Protection Council, the borrowings from SMEs have reached Rs.1,000 billion, which the sector is struggling to pay back, due to the prevailing challenges in the national economy.

The council’s President Mahendra Perera shared that the members are continually complaining about their inability to service their borrowings at the prevailing high-interest rates.

The moratorium offered expires on December 31, 2022.

The council asserted that the moratorium has failed to give the desired results, mainly due to the grim macroeconomic circumstances.

“We requested the governor to extend the moratorium. What we asked for was to create a win-win situation for us and for the banks. If not, the banking sector in this country would also fall,” said Perera.

The council is of the view that at least 20,000 SMEs would be forced to shut down by January, if no action is taken by the government to delay the repayment of interest and capital on the loans taken by the sector.

Perera shared that Central Bank Governor Dr. Nandalal Weerasinghe had indicated to local business associations on Thursday that efforts would be taken to look into the possibility of obtaining the assistance of agencies such as the Asian Development Bank, once the relief from the International Monetary Fund is obtained.

The National Trade Protection Council has requested a reduction of interest rates and to keep the borrowing rate at 15 percent throughout 2023, while partly and fully wavering the interest during settlements.

The council also requested the Central Bank to not allow the financial institutions to demand additional security to cover the interest.

(dailymirror.lk)

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Sinopec to commence work on refinery project by June

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Minister of Power and Energy – Kanchana Wijesekera has stated that officials of the Sinopec Overseas Investment Holding Pvt Ltd (SOIHL), led by their vice President, had visited the ministry yesterday (March 27).

Tweeting, the minister added that the delegation updated on the progress of the negotiations with stakeholders for the construction of the proposed new refinery in Hambantota.

Noting that the officials indicated that the management of Sinopec has decided to double the capacity of the refinery from the original proposal and the Investment, he added that they intend to sign the agreements for the project and commence work by June 2024.

Discussions regarding the water supply, power supply, land allocation & BOI facilities will take place today with the relevant authorities, the Minister further noted.

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DLB records highest ever profit

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In 2023, the Development Lotteries Board (DLB) achieved it’s highest-ever profit in its 40-year history. This marked a significant milestone as the DLB recorded a profit margin of 32% for the fiscal year 2022-2023, double the previous year’s figure.

Consequently, contributions to both the President’s Fund and the government saw notable increases, with a 13% rise for the former, surpassing the target, and a 6% increase for the latter. Mr. Ajith Gunaratne Narangala, Chairman and CEO of the Development Lotteries Board, attributed this success to strategic measures aimed at mitigating the country’s economic challenges, with special guidance from President Ranil Wickremesinghe, who also serves as the Minister of Finance.

The chairman mentioned that measures have been implemented to boost the prize money for both regular and newly introduced special lottery tickets of the Development Lotteries Board. Additionally, the board has initiated the introduction of lottery tickets via digital technology, aiming to provide consumers in the country with a novel experience. Notably, a percentage of the proceeds are earmarked for education and healthcare initiatives within the country.

(President’s Media Division)

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Special commodity levy on imported onions & rice, slashed

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The special commodity levy on imported onions and rice has been reduced with effect from yesterday (March 27).

Thereby, the Special Commodity Levy of Rs. 65 per 1kg of rice has been dropped to Rs. 1 until April 03, 2024.

In addition, the tax levied from imported Rose Onions have been slashed to Rs. 10 per kilogram until April 30, 2024.

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