Government writes off Rs 500 m Co-op loans

Irangika RANGE

President Mahinda Rajapaksa has decided to write off the prevailing loans amounting to Rs. 500 million in the Co-operative sector, Trade, Marketing Development, Consumer Affairs and Co-operative Minister Bandula Gunawardena said.

Addressing the National Co-operatives Conference held at the BMICH yesterday, the Minister said the memorandum to write off the loans in Co-operatives across the country will be forwarded to Cabinet next week.

Meanwhile, the Government has also paid its attention towards amending the National Policy and rules and regulations on the co-operative sector shortly.

The Ministry is in the process of obtaining new proposals and views in this regard. He said that the set of proposals should be formulated and handed over to the Ministry by Provincial Co-operative Ministers and Co-operative Commissioners islandwide within one month.

The Government has taken measures to establish an effective new look Co-operative Movement within the next six months for the benefit of the masses.