Monday Nov 18, 2024
Monday Nov 18, 2024
Monday, 22 July 2024 01:42 - - {{hitsCtrl.values.hits}}
Representatives of over 500 MSMEs who gathered at the BMICH for a forum with President Ranil Wickremesinghe had mixed emotions over the outcome.
Whilst several described the meeting as useful to highlight issues and welcomed the assurances given by Wickremesinghe, others claimed it was disappointing as the President directed the MSMEs to speak with the IMF, as well as study the new legislation for them as well as the institution ‘Enterprise Sri Lanka’.
Majority of the MSMEs are demanding a write off of outstanding interests and a rescheduling of capital because bankruptcies and crises were caused by factors beyond their control including the Easter Sunday attacks, COVID-19 pandemic, and the political-economic crisis.
President Wickremesinghe left soon after his speech, hence missed listening to a woman entrepreneur Wathsala Kumudini from Gampaha who was in tears relating her dilemma.
She recalled that in 2016 she started a small apparel enterprise with seven workers and, in tandem with success, expanded it to employing 90 workers. Based on her success, a commercial bank extended her a Rs. 20 million loan. However, post-Easter Sunday attack in 2019, COVID-19 pandemic, and political crisis along with higher interest rates, her business ran into difficulties and ended up with an outstanding of Rs. 75 million.
She claimed that, whenever possible, she serviced the loan but today she is unable to bear the burden anymore. “I offered to sell Rs. 100 million worth of enterprise assets and my house but there were no buyers. I want my loan to be rescheduled, penalty interest waived off, and help me to revive the business again,” said Kumudini, who said she was hoping the President was there to listen to her ordeal.
