Senior Advisor to the Prime Minister on Economic Affairs Ajith Nivard Cabraal met with Central Bank top officials, Bank CEOs and the Auditors of Banks on Tuesday at the Prime Minister’s Office at Temple Trees.
The structure and implementation of the Moratorium of capital repayments by SME borrowers during the year 2020 while interest at the contracted rates is being serviced, as well as the restructuring of non-performing loans was discussed and resolved at the meeting.
At the meeting, Bank CEOs also agreed to withhold the auctioning of any properties belonging to borrowers, in instances where borrowers service the interest payments diligently, in accordance with the scheme.
The accounting and reporting issues arising from the scheme were also discussed and resolved.
Cabraal explained that this scheme will assist to kick-start and revive businesses that had faced difficulties in the past few years, thereby making a positive contribution to the economy once again.