Minister of Justice Wijeyadasa Rajapakshe has disclosed plans to introduce an amendment concerning the temporary suspension of Parate execution, indicating its imminent presentation to Parliament.
He pointed out that this proposed legislative change signifies a proactive approach towards addressing legal matters crucial for the country’s governance and justice system.
Minister Rajapakshe also highlighted the anticipation of implementing a distinct loan scheme tailored specifically for Small and Midsize Enterprises (SMEs).
He revealed that this initiative aims to bolster the economic prospects of smaller businesses, contributing to overall economic resilience and growth.
“The staggering amount of loans extended by two state banks, totalling approximately Rs. 602 billion, presents a daunting challenge. Much of this sum is destined to be written off as bad debt due to non-payment. Had these funds been allocated towards agriculture and industry, significant strides in growth could have been achieved. This predicament underscores the necessity for stringent financial controls within the country to ensure optimal utilization of resources and sustainable economic development.
“To prevent crises for businesses and financial institutions, proactive measures are essential. Therefore, steps must be taken to alleviate the challenges associated with Parate execution. Plans are underway to propose amendments to Parliament regarding Parate execution to address these concerns,” the Justice Minister said.
He added that a separate loan scheme tailored for Small and Midsize Enterprises (SMEs) is on the agenda, with President Ranil Wickremesinghe lending his support to this initiative.
The minister further emphasizes the government’s steadfast dedication to advancing legal reforms and providing support to SMEs, thus affirming its commitment to national progress and prosperity.
Minister Wijeyadasa Rajapakshe made these announcements during a press briefing held at the Presidential Media Centre on Tuesday (Feb 27).
The full statement of Justice Minister Wijeyadasa …read more
Source:: News Wire