Sri Lanka’s Ministry of Finance has announced a further extension of the suspension for the execution of the Parate law for Small and Medium Enterprises (SMEs).
Issuing a statement, the Finance Ministry said the execution of Parate law, initially suspended until 31 March, has been extended till 31 December 2025.
According to the Finance Ministry, the extension is applicable for SMEs with borrowings below Rs. 25 million.
The extension until 30 September 2025 is applicable for SMEs with borrowings of Rs. 25-50 million.
The Finance Ministry further said the extension until 30 June 2025 is applicable for those exceeding Rs. 50 million.
These benefits are available exclusively for SMEs that initiated discussions with their relevant banks before the 31 March 2025, cut-off date, the ministry added.
Opposition Leader Sajith raised concerns over the Parate law in Parliament yesterday, stating that despite it being temporarily suspended to provide relief to SMEs, the law was now being implemented again.
He further questioned whether the government intends to further extend the suspension of the execution of the Parate law. (Newswire)
