COLOMBO, 21 November 2004 — Sri Lanka’s new budget proposals will benefit its one million overseas workers including the 350,000 Lankan expatriates in the Kingdom.
The annual budget, which was presented by Finance Minister Sarath Amunugoma on Thursday, includes a new housing loan scheme for the country’s overseas workers. To qualify for a loan, the Sri Lankan expatriates will be required to maintain a minimum deposit of $250 in their non-resident foreign currency (NRFC) account with any of the state banks.
Loans of between 250,000 rupees and one million rupees will be granted at an interest rate of five percent against the normal 15 percent.
Loans will be given to buy or construct houses and repayment will be scheduled according for the income of the applicant.
Last month the government set up a special committee to introduce a pension scheme for overseas workers. Under that program, workers would get a pension from the government on their return home on final exit.
Meanwhile, President Chandrika Kumaratunga said yesterday that the island would lift a 28-year moratorium on the death penalty after a High Court judge was gunned down at his home.
Kumaratunga said in a statement that the death penalty would be effective immediately “for rape, murder and narcotics dealings.” Capital punishment has not been enforced in Sri Lanka since 1976.
Sri Lankan courts have continued to issue the death penalty since then, but the sentences have been automatically converted to life in prison.
