MSME-Govt. talks on Parate law postponed amid MP training program

Monday, 25 November 2024 02:44 - - {{hitsCtrl.values.hits}}

The Ceylon Federation of Micro, Small and Medium Enterprises (MSMEs) yesterday said that its much awaited meeting with the Government to address concerns about the enforcement of the Parate law has been postponed to Thursday.

The delay is due to a three-day training program for new Members of Parliament currently underway, the Daily FT learns.

The Parate law, which allows banks to seize collateral without a Court order in the event of loan defaults, is temporarily suspended for SMEs, but this suspension is set to expire on 15 December.

The Federation expressed optimism that the Government will consider their appeal favourably, citing the ongoing dialogue with senior officials and economic advisers.

The Federation members had already participated in two rounds of discussions with key figures from the Government’s Economic Council, including Prof. Anil Jayantha Fernando, Dr. Harshana Suriyapperuma, and Chathuranga Aveysinghe.

The outcome of these discussions will follow a meeting with the visiting IMF mission in town, to determine the future course of actions for the 1.5 million MSMEs in the country.

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