September 4, 2024
2 mins read

Sri Lankan cancels crop loans taken by farmers

The PMD noted that this decision was made to provide financial relief and support to farmers….reports Asian Lite News

The Sri Lankan government has announced an immediate cancellation of all crop loans taken by farmers, following requests from several farmer associations, according to the President’s Media Division (PMD) on Tuesday.

The PMD noted that this decision was made to provide financial relief and support to farmers.

In a separate press statement earlier on Tuesday, the PMD said the country’s gross domestic product (GDP) increased in 2023, reflecting an improvement in the overall economic situation, Xinhua news agency reported.

According to official data, the agriculture sector contributes approximately 7 percent to the national GDP, and over 30 percent of Sri Lankans are employed in the agricultural sector.

Sri Lankan President Ranil Wickremesinghe said on Monday that the government is planning to establish a National Wealth Fund using government assets, similar to investment companies created by countries like Norway, Qatar, and Singapore, where profits from government revenues are used for public welfare.

Noting that he took control of the country during an economic collapse and made “difficult decisions” to rebuild it, Wickremesinghe also emphasised that without the patience shown by the people of Sri Lanka, the island nation could have faced a fate similar to Bangladesh today.

“If people had taken to the streets to govern the country, Sri Lanka could have faced the same fate as Bangladesh today. Rebuilding the economy required making difficult and unpopular decisions, including necessary steps in consultation with the International Monetary Fund (IMF),” the Lankan President said during an event in Colombo on Monday where he launched a new retirement insurance system for the elderly.

“At one point, buying a vehicle, a house, or modern appliances seemed like an unattainable dream for many. However, we have overcome those challenging times, and with the economy now stabilized, the people’s purchasing power has increased, which in turn is expected to fuel the growth of small businesses and attract investors,” he added.

The Lankan President said that his government has also initiated a programme to grant rights to the people, starting with the decision to issue freehold deeds to secure land rights.

As part of this effort, two million freehold deeds are being distributed. Another scheme has also been launched to provide Colombo urban flats to people free of charge, and plans are in place to create estate villages in the upcountry, offering each family a plot of seven perches.

“This process of transferring rights to the people is progressing rapidly,” he said.

Last week, Wickremesinghe held discussions on the ongoing economic collaboration with India during National Security Advisor (NSA) Ajit Doval’s visit to Colombo.

ALSO READ: US envoy Garcetti meets Congress chief Kharge 

Previous Story

Daesh claims responsibility for suicide bombing in Kabul

Next Story

India signs deal to form Colombo Security Conclave Secretariat

Latest from -Top News

Trump Targets BRICS Allies with New Tariff

This move coincides with the ongoing BRICS summit being held in Rio de Janeiro, Brazil…reports Asian Lite News US President Donald Trump has announced that an additional 10 per cent tariff will

BRICS Endorses India’s Stand on Terror

The treaty proposed by India within the UN framework aims to provide a comprehensive legal basis for combating terrorism….reports Asian Lite News The leaders’ joint statement, issued after the 17th BRICS summit

BRICS Slams US Tariff Hikes

The leaders criticised developed nations for using environmental issues to justify trade restrictions on developing countries….reports Asian Lite News Rio de Janeiro, July 7 (IANS) Embroiled in a trade war launched by

US Tariffs Pushed to August Amid Talks

In April, Trump announced a base tariff of 10 per cent on most of America’s trading partners and thereafter additional duties ranging up to 50 per cent….reports Asian Lite News US President

Indonesia Joins BRICS Bloc

This year’s BRICS Summit saw an expanded format, reflecting the grouping’s growing relevance in international affairs….reports Asian Lite News Prime Minister Narendra Modi formally welcomed Indonesian President Prabowo Subianto into the BRICS
Go toTop

Don't Miss

Polls Open in Sri Lanka’s Key Parliamentary Election

This would be the first major test of the popularity

Sri Lanka National Day celebrated at Expo 2020

The event shed light on Sri Lanka’s readiness for growth