‘SL SME’s facing COVID-19 brunt’- COSMI | Daily News


 

‘SL SME’s facing COVID-19 brunt’- COSMI

Nawaz Rajabdeen
Nawaz Rajabdeen

The Confederation of Micro, Small and Medium Industries (COSMI) said that they welcomed President Gotabaya Rajapaksa’s initiative to differ the recovery of loans to businesses and SMEs by banks by six month.

“We also praise government’s decision to remove taxes from mask imports. Our SMEs face the brunt of Coronavirus spread. Helping SMEs is helping our people,” said COSMI Founder President Nawaz Rajabdeen. “More than 60% of enterprises and 40% of employment comes from our SMEs. Therefore SMEs are a key provider of Sri Lankan livelihoods. With the slowdown of economic activities due to coronavirus, SME activities are affected and as a result, their employees too”

“In this background, we praise President Rajapaksa for his initiative to suspend recovery of loans to businesses by banks for six months. We also welcome working capital loans at 4% interest.

We believe that helping SMEs is helping our people. We with our SMEs therefore are ready extending our fullest cooperation to our President to revive our SMEs and small industries.”

On March 18, the government informed of the removal of tax on import of masks, sanitizers and disinfectants. The Confederation of Micro, Small and Medium Industries (COSMI) was formed in 2019, and aims to revive and foster the MSME and industry sectors of Sri Lanka.


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