Cabinet suspends ‘Parate Executions’ until December

February 27, Colombo (LNW): The Cabinet of Ministers has decided to suspend ‘Parate executions’ until December 15, 2024, following a request from the Ministers of Justice and Industries.

“In response to appeals from Dr. Wijeyadasa Rajapakshe, PC, Minister of Justice, and Dr. Ramesh Pathirana, Minister of Industries, the President, acting as the Finance Minister, submitted a cabinet memorandum proposing the suspension of Parate executions until December 15, 2024, which was subsequently approved by the Cabinet. The Ministry of Justice announced that relevant amendments will be presented to Parliament in due course,” stated the Ministry of Justice in a press release.

This decision comes in the wake of reports last week indicating the government’s consideration of suspending the imposition of Parate execution laws against micro, small, and medium enterprises (MSMEs), in response to various pressures.

Parate execution, governed by the Banking Act No. 30 of 1988, is exclusively carried out by licensed commercial banks in Sri Lanka. It serves the purpose of assisting the banking sector in loan recovery in cases of default.

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Source:: LNW English