Govt. evaluates CRIB system, mulls new credit rating system

• Semasinghe says discussions on with Finance Ministry to simplify existing systems
• Says name of CRIB should not be used to disqualify people from obtaining loans

The Finance Ministry is in the process of evaluating the CRIB system and also putting in place a new credit rating system, State Minister of Samurdhi, Household Economy, Micro Finance, Self-Employment, Business Development and Underutilised State Resources Development Shehan Semasinghe told Parliament on Tuesday.

Responding to a question raised by SLPP MP Mohamad Muzammil about problems people face when obtaining a loan if their name is in the CRIB, Semasinghe said the matter has been discussed at length.

“Prime Minister Mahinda Rajapaksa who is also the Finance Minister has discussed this at length. While the Government has announced several relief measures for big and small business, many have had difficulty in obtaining loans in cases where their names have gone to the CRIB due the economic problems they have faced due to downturn since last year’s Easter Sunday terrorist attacks followed by the COVID-19 outbreak,” he said. He added that guarantors too get disqualified from getting loans due to the current system and it is necessary to simplify this system and ensure that having the name in the CRIB alone should be considered as a disqualification to getting a loan. Semasinghe added that the Government is certain that its economic targets for this year can be achieved with the relief measures given to the Small and Medium Enterprises (SMEs) and the simplified tax system which will allow the government to get more revenue. (CK)