In a recent meeting at the President’s Secretariat, key stakeholders, including officials from the Sri Lanka Banks Association, the Ministry of Finance, and the Central Bank of Sri Lanka, convened to address the debt challenges faced by small and medium-scale industries (SMIs) and explore ways to support their recovery.
Led by Senior Additional Secretary to the President for Finance and Economic Affairs G.N.R.D. Aponsu, the discussion centered on how to provide financial relief to industrialists burdened by loans, especially under the parate law, which allows the recovery of debts through asset seizure. The meeting resulted in a decision to temporarily suspend the loan recovery process for these industries, offering some breathing room for businesses struggling to remain afloat.
Additionally, a report will be prepared to assess the loans taken by small and medium industries, with the aim of formulating further measures to ease their financial burdens. The initiative is part of the government’s broader strategy to bolster the economy by strengthening its industrial sector, with a particular focus on enhancing the productivity and sustainability of small and medium-sized enterprises (SMEs).
