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Announcement on the publication of a news website on excerpt from the interim condensed financial statements as at 30 June 2020


PRASAC Microfinance Institution Plc. is honored to inform all valued customers and public that on 29 September 2020, we observed that there is a media excerpted from interim condensed PRASAC Financial Statements as at 30 June 2020, that publication seems not understand the terms and conditions of the loan agreement and does not study the impact of Covid-19 pandemic and the global economic crisis which may confuse the customers and public; and it does not reflect the real situation and technical aspects of the terms and conditions of the loan agreement between lenders and PRASAC.

PRASAC would like to inform that PRASAC as well as other banks and financial institutions and all citizens have been affected by Covid-19 pandemic.

For 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 release their burden and recover their businesses from Covid-19 and continues to offer the sustainable lending and participates in the economic recovery and development.

So far, PRASAC has received almost 100% approval from lenders, there is no single lender rejecting this request or requesting PRASAC to make loan prepayment.

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