Question: 1.What are the three most pressing challenges that your institution is facing at this time?
“Our regulator has advised all financial institutions to defer collecting loans & other dues from the clients until 30th April 2020. This includes credit card payments & loan repayments etc. Banks have been advised to grant a moratorium for a period of 6 months to selected industry segments. This includes tourism, exports & agriculture. Banks also have been advised to grant 6 months working capital facilities at very concessionary rates which are to be subsidized by the government. Individuals have been advised to stay at home indefinitely & only the staff attending to essential services are permitted to move out to their workplace to attend to important work. Clear guidelines have been issued to the people who are moving around to maintain social distancing, to wear protective gear & not to gather in one location. All social gatherings have been banned.”
Question: 2. What solutions, if any, have you developed/instituted to mitigate the above pressing challenges?
“We been an export-oriented country is largely affected due to curtailment in production, difficulties in logistics & delays in shipment, etc. I believe the above is going to greatly impact Sri Lanka’s projected GDP growth & future plans. Still, the government has not made an impact assessment to the country as a result of the above situation. Further, the Financial Sector is facing serious challengers with the current situation as we were just coming out after a major calamity that we had to face after the Ester Sunday Attacks last year.”