Namal asks President for CRIB reforms, second-chance loans for MSMEs
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Opposition MP Namal Rajapaksa has written to President Anura Kumara Dissanayake proposing reforms to the Credit Information Bureau (CRIB) and a second-chance business loan scheme for micro, small and medium-sized enterprises (MSMEs) in the 2027 Budget.
Rajapaksa said entrepreneurs who fully repaid past debts still face obstacles getting fresh credit because CRIB records retain historical information for up to five years, though it does not blacklist individuals. He cited Malaysia's Central Credit Reference Information System, which updates loan statuses after full repayment and reflects only the preceding 12 months.
His five proposals include updating CRIB records within five working days of full repayment, marking settled loans as "Fully Settled/Closed," requiring banks to assess current income and repayment capacity alongside past difficulties, reviewing the credit information retention period in 2027, and introducing the loan scheme. He said such measures would help business owners and support economic growth.
