Sri Lanka suspends ‘Parate executions’

The Cabinet of Ministers has decided to suspend ‘Parate executions’ until December 15, 2024, following a request made by the Ministers of Justice and Industries.

“Upon the requests made by Dr. Wijeyadasa Rajapakshe, PC Minister of Justice and Dr. Ramesh Pathirana, Minister of Industries, the President as the Finance Minister presented a cabinet memorandum to suspend the Parate execution until 15 December 2024 and it was approved by the Cabinet. Relevant amendments will be presented to the Parliament soon,” the Ministry of Justice said in a statement.

Last week it was reported that bowing to pressure from many quarters, the government is considering suspending the imposition of the Parate execution law against micro, small, and medium enterprises (MSMEs).

The Parate execution can be executed only by the licensed commercial banks of Sri Lanka which are governed by the Banking Act no 30 of 1988. The purpose of the procedure is to help the banking sector to recover the loans in the event of default. (NewsWire)

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Source:: News Wire