Sept 28, Colombo: State Minister of Finance Shehan Semasinghe says that in the next few months of this year, credit guarantees will be provided for the upliftment of the micro, small and medium scale enterprises that have been most affected by the economic crisis.
The minister noted that even though there was some awakening in the economy, small and medium enterprises are still in crisis. The minister claims that negotiations have started with international organizations to provide related loan guarantees.
The minister pointed out that preserving small and medium scale entrepreneurship, which contributes to 52% of the gross domestic product and 45% of employment, is one of the main factors in moving the country's economy forward.
Mr. Semasinghe made these remarks when he addressed the forum on promoting inclusive and sustainable business practices through the development of an actionable strategy for sustainable development in Sri Lanka.
The minister further mentioned that a positive growth in economy is expected by 2024, and it will positively affect the small and medium scale entrepreneurship.
Minister Semasinghe also said that most of the domestic debt optimization process has been completed. The minister further mentioned that the first review of the International Monetary Fund is successfully faced and there is an optimistic expectation about the second tranche of the extended fund facility.