Namal writes to President, seeks second-chance loan scheme in 2027 Budget

Sri Lanka Podujana Peramuna MP Namal Rajapaksa has asked President and Finance Minister Anura Kumara Dissanayake to include a second-chance business loan scheme in the 2027 Budget. The proposal is intended to help micro, small and medium-sized enterprises restart after fully repaying their debts.

In a letter to the President, Rajapaksa said borrowers who had previously struggled with repayments could still have difficulty securing fresh credit after settling their loans, because of information held by the Credit Information Bureau (CRIB). He said repaid-loan details may remain in CRIB records for up to five years, while noting that the bureau does not blacklist individuals.

Rajapaksa proposed five measures for the budget. These include updating CRIB records within five working days after full repayment, marking settled loans clearly as closed, and asking banks to consider an applicant’s present income and ability to repay alongside past credit problems. He also called for a review of how long historical credit information is retained.

As an example, he cited Malaysia’s Central Credit Reference Information System, which he said updates loan status after full repayment and mainly reflects repayment history from the previous 12 months. Rajapaksa said giving fully repaid borrowers another opportunity to obtain credit could support both businesses and the wider economy.

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