MSME Chamber hails President for extending freeze of Parate executions

Wednesday, 11 December 2024 00:30 - - {{hitsCtrl.values.hits}}

MSME Chamber of Sri Lanka yesterday welcomed the President Anura Kumara Dissanayake-led Government’s decision to extend the freeze of Parate law implementation until 31 March 2025 on defaulted loans.

“All Micro, Small and Medium Enterprises (MSMEs) in the country will respectfully pay the gratitude for you and your Government for the above essential and timely decision, which no doubt will ease the pressure on the surviving MSMEs who are the backbone of the economy,” said MSME Chamber of Sri Lanka President S. Thumilan and Secretary General Gotabaya Abeygunawardena in a joint letter to President Dissanayake with copies to Deputy Finance Minister Dr. Harshana Suriyapperuma and Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe.

The Chamber emphasised that the MSMEs have been badly and severely affected in many unfortunate incidents in the last few years even before the horrified Easter Sunday terror attack in 2019, the tragedy continued with the COVID-19 global pandemic in 2020/2021 and economic crisis in 2022 to date.

“We further appreciate your accurate observation that it is more appropriate to create the necessary environment for achieving a positive solution for both parties by introducing an action plan for the repayment of such loans instead of allowing the auction of properties,” the Chamber said in its letter to President Dissanayake.

“We also would like to notify the proposed multi-dimensional mechanism to resolve this issue with the active participation of all stakeholders including the Sri Lanka Central Bank, public and private banks and other Government institutions. Our aim is to prosper our mother land and we look forward to working collaboratively with all stakeholders toward a brighter economic future for all Sri Lankans,’” the letter added.