Suspension of parate action is to support entrepreneurship: President

Thursday, 29 February 2024 04:10 - - {{hitsCtrl.values.hits}}

President Ranil Wickremesinghe on Tuesday said temporary suspension of parate action is a testimony of the Government’s commitment to support entrepreneurs.

“The Government is committed to providing maximum support to entrepreneurs. Hence, measures have been taken to defer the implementation of the Parate Law until the year’s end,” Wickremesinghe said at the Women’s Chamber of Industry and Commerce organised ‘Prathibhabhisheka Women Entrepreneur Awards 2023.’

It was President’s first public pronouncement following the Cabinet of Ministers at its meeting on Monday agreed to suspend the contentious parate action until 15 December 2024.

Micro, Small and Medium Enterprises (MSMEs) for months have been demanding a breathing space via immediate suspension of parate action and offer relief via debt restructuring, reduction in interest, write offs, longer repayment period.

The Cabinet decision was despite warning by the Central Bank Governor Dr. Nandalal Weerasinghe that such a move will not help MSMEs and would be at the cost of banking system stability.

However the Cabinet move follows widespread demand for urgent “breathing space” for MSMEs and several political leaders backing the same.

The temporary suspension has been widely commended by the MSMEs though the banking sector has expressed serious reservation.

President promises comprehensive program to empower women entrepreneurship

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