Monday Nov 25, 2024
Monday Nov 25, 2024
Monday, 25 November 2024 02:44 - - {{hitsCtrl.values.hits}}
A high-level meeting chaired by Senior Additional Secretary to the President on Finance and Economic Affairs G.N.R.D. Aponsu underscored the Government’s commitment to supporting Small and Medium Enterprises (SMEs) facing financial difficulties.
The meeting held at the Presidential Secretariat brought together officials from the Finance Ministry, Central Bank, and Sri Lanka Banks’ Association (Guarantee) Ltd., reflecting the urgency of addressing the economic challenges confronting SMEs.
At the forefront of discussions was the temporary suspension of the debt recovery process under the Parate law, which has provided critical relief for SMEs. However, this suspension is set to expire on 15 December, raising concerns over the future of struggling businesses.
The officials explored measures to extend support and ensure sustainability for these enterprises.
A notable outcome of the meeting was the decision to compile a comprehensive report on SME loans. This initiative, led by the Central Bank and the commercial banks, aims to provide a detailed understanding of the financial commitments undertaken by the SMEs. The report will serve as a foundation for designing targeted relief measures to address loan obligations and enhance SME resilience.
The officials examined ways for the banking sector to provide additional avenues of support for SMEs, emphasising the need to align financial relief with strategies to boost economic productivity.
The Central Bank and the Sri Lanka Bank’s Association are reviewing the feasibility of further extending the debt recovery suspension. A key focus will be balancing relief measures with the need for long-term financial sustainability.
The discussion was attended by several key officials, including Central Bank of Sri Lanka Bank Supervision Director R.R.S. De Silva Jayathilake, and Senior Assistant Director A.M.A.D. Amarakoon. Also present were representatives from the Sri Lanka Banks’ Association (Guarantee) Secretary General Indrajith Boyagoda, Union Bank Chief Executive Officer Dilshan Rodrigo, Sampath Bank Senior Deputy General Manager Manoj Akmeemana, Bank of Ceylon Deputy General Manager Sampath Perera, Commercial Bank Assistant General Manager Nalin Samaranayake, Hatton National Bank Chief Recovery and Rehabilitation Officer Nirosh Perera, and Standard Chartered Bank Chief Executive Officer Bingumal Thewarathanthri.
