In a discussion with the Governor of the Central Bank of Sri Lanka (CBSL), the Sri Lanka Banks’ Association (SLBA) stated that it will provide full support for the country’s economic recovery following the damage caused by Cyclone Ditwah.
The banks represented by the Association also stated that a detailed impact assessment has already been initiated through banks to identify the effects on individuals, small businesses, and large corporations, and that affected customers are being encouraged to communicate with their respective bank branch managers.
Based on the findings of this assessment, the banks have agreed to provide appropriate financial assistance through a disaster loan relief package to help individuals and businesses affected by Cyclone Ditwah recover promptly. As a regulated sector, all relief measures will be discussed with the Central Bank.
It was also confirmed that the banks are ready to actively participate in economic relief programs that the government may initiate in collaboration with multilateral development institutions.
Additionally, the SLBA stated that, where feasible, each bank will review the possibility of postponing repayment schedules for affected borrowers to allow for longer repayment periods.
The SLBA emphasized that the banking sector has always stepped forward to support economic recovery and nation-building during crisis periods, including the recent COVID-19 pandemic and the 2022 economic crisis, and pledged to do the same during the current crisis.
The Sri Lanka Banks’ Association represents all licensed commercial banks and licensed specialized banks in the country, comprising 29 member banks.
Photo caption: SLBA Chairman and Board members at the meeting with the Governor of the Central Bank.
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