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More interest free loans given to Sri Lankan troops

Sri Lanka’s navy provided interest free loans to forty sailors this week as part of a range of benefits provided for its troops, as defense spending continues to dominate Sri Lanka’s budget.

Loans worth Rs. 500,000 each were granted to the sailors, reports an official military website. The loans are part of a range of benefits granted to the military.

A total of 1,151 sailors have been granted interest free loans so far said the navy, totaling a sum of at least Rs. 576.2 million. At least an additional 4,000 more sailors are also set to receive loans.

The latest range of benefits for the tens of thousands of Sri Lankan soldiers in the heavily militarised North-East comes as Sri Lanka’s 2018 budget sees defence spending maintain the highest allocation, with a 2.3% increase from last year.

Previous perks for Sri Lankan troops included interest-free loans and a scheme that grants soldiers in the armed forces a grant of Rs. 100,000 at the birth of the third child.