Categories: HeadlinesBusiness

LNP – Sri Lanka discuss execution of ‘parate’ law as suspension ends mid-December

Sri Lanka’s banks, regulators, and small and medium enterprises have met at the Presidential Secretariat to discuss the execution of ‘parate’ law and the difficulties in loan repayment faced by the SMEs.

The law on parate execution, which allows banks to auction collateral on defaulted loans, has been suspended until December 15, 2025.

According to the President’s Media Division, the meeting, led by the Senior Additional Secretary to the President on Finance and Economic Affairs, G.N.R.D. Aponsu, addressed the financial challenges SMEs face due to loan obligations and explored potential measures to support struggling SMEs before the suspension ends.Â

It has also been decided to compile a comprehensive report on SME loans from banks to serve as a foundation for future relief efforts.

The statement further noted that the Central Bank of Sri Lanka and various commercial banks are assessing steps needed for the temporary suspension of debt recovery under the Parate law for SME loans.

Tyronne Jayamanne

Recent Posts

LNP – 29 Deputy Ministers sworn in

The Deputy Ministers of the new National People’s Power (NPP) government have been sworn in…

58 mins ago

LNP – SriLankan Airlines wins best entertainment award in Central/Southern Asia

SriLankan Airlines has won the prestigious 2025 APEX Best Entertainment Award in Central/Southern Asia at…

6 hours ago

LNP – No room for racial politics and religious extremism hereafter – President

President Anura Kumara Dissanayake declared that will be no room for racial politics of religious…

6 hours ago

LNP – Sri Lanka Tourism to launch unified national brand from January

Sri Lanka Tourism is set to unveil a unified national brand in January instead of…

13 hours ago

LNP – SL targets US $ 36bn in annual exports by 2029

The government has set its sights on an ambitious annual export revenue target of US…

14 hours ago

LNP – Higher priority for education, schools to follow systematic approach: Harini Amarasuriya

According to the new government policies, higher priority has been given to education, and school…

14 hours ago