Namal Rajapaksa Urges President to Include Second-Chance Loan Scheme in 2027 Budget

Sri Lanka Podujana Peramuna (SLPP) parliamentarian Namal Rajapaksa has formally written to President and Finance Minister Anura Kumara Dissanayake, urging the government to incorporate a second-chance loan scheme into the 2027 national budget.

A Plea for Financial Relief

In his letter to the President, Namal Rajapaksa — son of former President Mahinda Rajapaksa and a prominent figure within the SLPP — made the case that such a scheme would provide struggling individuals and small businesses with an opportunity to recover from financial hardship and access fresh credit facilities.

The proposal reflects growing concern among opposition lawmakers that many Sri Lankans, still reeling from the country's devastating economic crisis, remain locked out of the formal banking system due to poor credit histories accumulated during those turbulent years.

Why a Second-Chance Scheme Matters

A second-chance loan mechanism would, in principle, allow borrowers who previously defaulted or fell into arrears — largely as a consequence of the economic collapse — to qualify once again for loans under structured and supervised conditions. Proponents argue this could:

• Revive small and medium enterprises that were crippled during the crisis period
• Restore the financial standing of ordinary citizens burdened by historic debt
• Stimulate grassroots economic activity and consumer spending

Opposition Engagement in Budget Process

Rajapaksa's move signals a willingness by at least some SLPP members to engage constructively with the ruling National People's Power government on key economic policy matters, even as the two political camps remain ideological rivals.

President Dissanayake, who also holds the Finance Minister portfolio, is expected to begin formal groundwork for the 2027 budget cycle in the coming months. It remains to be seen whether the administration will take opposition proposals such as this under consideration as it shapes its fiscal priorities.

Political observers note that cross-party budget submissions of this nature are not uncommon in Sri Lanka, though their ultimate influence on government policy varies considerably.