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.

AddThis Website Tools
Tyronne Jayamanne

Recent Posts

LNP – Sri Lanka’s FDI records 90% increase in first quarter 2025

LNP – Sri Lanka’s FDI records 90% increase in first quarter 2025

The Board of Investment (BOI) of Sri Lanka has successfully increased Foreign Direct Investment (FDI)…

2 days ago
LNP – Sri Lanka deports 85 Chinese nationals over criminal activities

LNP – Sri Lanka deports 85 Chinese nationals over criminal activities

A total of 85 Chinese nationals convicted for various crimes, including cyber-related offences, were deported…

2 days ago
LNP – Think twice before buying EVs: Vehicle importers

LNP – Think twice before buying EVs: Vehicle importers

The Vehicle Importers Association of Lanka (VIAL) has urged the public to carefully consider their…

2 days ago

LNP – MR, Maithri, Ranil, Basil, others involved in USD 110 million cattle import scam: MP

Former Presidents Mahinda Rajapaksa, Maithripala Sirisena, Ranil Wickremesinghe, former Ministers Basil Rajapaksa, P. Harrison, Wijith…

3 days ago

LNP – Keheliya’s two more daughters, son-in-law arrested

Two more daughters of former Minister Keheliya Rambukwella, Chamithri Jayanika Rambukwella and Amali Nayanika Rambukwella—as…

3 days ago

LNP – World’s most liveable city for 2025 revealed

After a three-year run at the top of the annual list from the Economist Intelligence…

3 days ago