PRASAC Microfinance Institution Plc. would like to inform all valued customers and the public that on 29 September 2020, we observed that there was publication in the media which excerpted from the interim condensed PRASAC Financial Statements as at 30 June 2020. That publication does not seem to understand the terms and conditions of the Loan Agreement and does not study the impact of Covid-19 pandemic and the global economic crisis. This may confuse the customers and public because it does not reflect the real situation and technical aspects of the terms and conditions of the Loan Agreement between the Lenders and PRASAC.
We would like to inform that PRASAC as well as other Banks and other Financial Institutions and all citizens have been affected by Covid-19 pandemic. Due to this circumstance, PRASAC requested the Lenders to temporarily waive some covenants stipulated in the Loan Agreement This waiver is a key driver to support PRASAC to help customers to relieve their burden and recover their businesses from Covid-19. PRASAC continues to offer sustainable lending and participates in the economic recovery and development. So far, PRASAC has received almost 100 percent approval from the Lenders with no single lender rejecting this request or requesting PRASAC to make loan prepayment.