Opposition leader facilitates collaborative effort to address financial woes of SMEs

Saturday, 12 August 2023 01:33 - - {{hitsCtrl.values.hits}}

The Opposition leader Sajith Premadasa has stepped in to tackle the long-standing financial and credit challenges faced by small and medium enterprises (SMEs).

A top-ranking meeting among representatives of the Asian Development Bank (ADB), SME owners and micro-entrepreneurs was held on 28 July at the opposition leader’s office, aimed to create a platform for SMEs to present their ongoing financial struggles, marking a significant shift in addressing these economic concerns.

Traditionally, discussions of this nature primarily involved political representatives, but this gathering witnessed a noteworthy change by inviting small and medium business owners and entrepreneurs to voice their concerns directly.

Unlike previous interventions, which often involved high-ranking Government officials, this program will leverage the insights and suggestions put forth by the stakeholders themselves. The emphasis on collaborative problem-solving highlights a shift towards empowering the business community and promoting people-driven solutions.

The intervention opposition leader garnered attention as he championed the cause of micro, small, and medium scale enterprises (MSMEs). The discussions centered on the persistent challenges faced by these businesses, particularly in terms of accessing credit and dealing with financial bottlenecks.

During the meeting, representatives from the ADB including the Private Sector Development Unit Head Santosh Pokharel and Financial Analyst Uresha T. Walpitagama offered innovative solutions. They expressed readiness to introduce a novel program designed to address the financial woes of micro, small, and medium enterprises (MSMEs).

The proposed program, developed in collaboration with the ADB, aims to provide practical and impactful remedies for the financial and credit-related concerns faced by SMEs. By engaging directly with business owners and entrepreneurs, the initiative seeks to ensure that the solutions are tailor-made to address the unique challenges of the sector.