Friday, 25th June 2021

Cabinet approves debt relief to tea factory owners

Colombo, Dec 20 (BAN/ AD): Co-cabinet spokesperson Ramesh Pathirana has said that cabinet in has agreed to provide debt relief to tea factory owners.

Co-cabinet spokesperson Ramesh Pathirana said “Tea factory owners currently suffering from high debt burdens will be given relief.”

He also said the decision was not included in the official list of decisions for the week, as some decisions which require further amendments and a final decision are publicized a week later.

Minister added saying “The cabinet in principle agreed to have discussions with the central bank to write off 20-30 percent of loans taken by factory owners and impose a 6-12 month moratorium on repayments.”

500 million rupees from the Sri Lanka Tea Board’s development fund will be provided at a subsidized interest rate through banks to tea factory owners to let them repay dues to tea estates.

Top of page