President Responds to Commander's Request for Funds to Pay Welfare Loans

HE THE President Mahinda Rajapaksa, following representations made by Commander of the Army Lieutenant General Jagath Jayasuriya to Secretary Defence Dr. Gotabaya Rajapaksa over insufficiency of funds to pay the Distress Loan (ten-month loan), applied by all ranks in the Army, has instructed the Treasury to release a sum of Rs. 700 million on a priority basis.
 
The popularly called ‘ten-month loan’ granted to all Army Officers and Other Ranks against a very minimal rate is deducted from their salaries within a period of five years. However, payment of such welfare loans remained suspended for the last 2-3 years owing to lack of funds in the Army. The directive will thus enable the Army to release those loans to Army applicants effective from this week. (Ends)