Prime Minister ordered to increase loan amount for dairy farmers to Rs. 1 million

February 08, Colombo: Prime Minister Mahinda Rajapaksa, in his capacity as Minister of Finance, on Monday ordered to increase the loan to dairy farmers from Rs. 500,000 proposed in the budget to Rs. 1 million.

Prime Minister Rajapaksa gave these instructions to the relevant authorities during a progress review meeting held at the Ministry of Finance, focusing on projects implemented in accordance with budget proposals and assistance to the public.

Thus, from next week, dairy farmers will be able to obtain loans of up to Rs. 1 million at 4% interest to develop their infrastructure.

At the meeting, the Secretary of the Ministry of Finance, SR Attygalle, explained the loan concessions implemented in accordance with the budget proposals.

Thus, housing loans granted to civil servants already borrowed and receivable will be granted at an interest rate of 7%. Mr. Attygalle pointed out that the monthly salary increase of a civil servant due to this concession is between Rs. 2,500-3,000.

Loans up to Rs. 800,000 at an interest rate of 4% are currently provided to government and non-government employees for the installation of rooftop solar panels.

Minister of State Shehan Semasinghe stressed that credit facilities should be given to owners of small and medium-scale rice mills to purchase paddy this season.

As a result, Prime Minister Rajapaksa called for speeding up the granting of loans for the purchase of paddy. The prime minister said this would limit the large-scale purchase of paddy for by-products such as beer production.

The granting of loan facilities at an interest rate of 6.25% has been initiated for the implementation of the housing projects for the middle class with the Urban Development Authority.

The Prime Minister also drew attention to the rapid disbursement of concessional loans for Samurdhi members, including access to electricity.

Finance Ministry Secretary Attygalle stressed that instead of focusing on foreign loans, the government is now focusing more on foreign investments and stressed the importance of maintaining them.

The Director General of Customs, GV Ravipriya, pointed out that the import section of Sri Lanka Customs is operated by online technology, which has helped to minimize the problems. He also said it helped reduce the number of dock workers visiting customs by around 60 percent per day.

Meanwhile, officials informed the prime minister that online tax payment to the tax department is being implemented as of today, and five banks have agreed to cooperate.

Minister of State Ajith Nivard Cabraal said the 3% fee for prepaying loans and leases to banks should be removed completely.

Ministers of State Ajith Nivard Cabraal, Shehan Semasinghe, Secretary to Prime Minister Gamini Senarath, Secretary of the Ministry of Finance SR Attygalle and other officials from the Ministry of Finance were also present on the occasion.