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Business community hails ‘Parate Execution’ suspension

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The government’s decision to suspend ‘Parate Execution’ is a lifeline given to the entrepreneurs in the Micro, Small and Medium-sized Enterprise (MSME) sector who have become one of the major victims of the recent economic crisis, MSME Chamber of Sri Lanka National Organiser S. N. Raghavan said.

He said the discussion held with all the stakeholders of Parate Execution including Justice Minister Dr. Wijeyadasa Rajapakshe and Industries Minister Dr. Ramesh Pathirana about 65 days ago resulted in the recent temporary suspension of this law until December 15, 2024 and it is a victory of the MSME entrepreneurs. He stated this addressing a press conference held at the Justice Ministry auditorium in Colombo yesterday.

According to Raghavan the grace period given by the government is a good opportunity for a thousand of MSMEs to bounce back from the crisis but, this law should be revisited and the loans obtained should be restructured as the next step to rebuild the businesses.

Chamber Vice President Sashika de Silva speaking on this occasion said the absence of a permanent national economic policy framework for the country has directly affected the MSME sector as the entrepreneurs fail to identify the right investment opportunities and maintain the stability of their businesses due to this reason.

She also said it is the time for the entrepreneurs to rethink whether to depend their businesses totally on the local banking system or to find other sources to make funds required.

However, she commended the government’s effort to temporarily suspend the implementation of this law thus giving the genuine entrepreneurs who are willing to repay the loans but have been affected severely due to the economic crisis a grace period to settle their loans.

When questioned, the Vice President said that the relevant government agencies are yet to conduct a formal survey on the number of MSME businesses operating in the country. Therefore, it is unable to assess the impact of the economic crisis on this sector and thereby on the country’s economy.

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