Press briefing of Cabinet Decision taken on 2019-04-09

Amendments to the Lady Lochore Loan Fund Act

- The Lady Lochore Fund which provides loan facilities for the Government Employees on a concessionary interest rate was initiated in the year 1927 and provides Rs.400 million annually as loans under concessionary interest rates at present. Accordingly, the proposal made by Hon. Mangala Samaraweera, the Minister of Finance, to amend the relevant sections of the Lady Lochore Loan Fund Act No 38 of 1951 so as to further raise the said fund by enabling to carry out the audit functions under the supervision of the Auditor General, was approved by the Cabinet.