The Cabinet of Ministers has approved the extension of the suspension of the Parate Law, which halts banks from acquiring creditors’ properties.
Cabinet Spokesman Minister Nalinda Jayatissa announced that the suspension of the Parate Law has been extended until 31 March 2025.
In May this year, the Committee on Public Finance (COPF), under the Ranil Wickremesinghe Government, conditionally approved the suspension of Sri Lanka’s Parate Execution Law until December 15, 2024.
At the time, the COPF approved subject to conditions, the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill to be amended to facilitate legal provisions for the suspension of the Parate Law. (Newswire)
