Govt. considers extended relief for SMEs amid financial woes
- 5opn1
- November 25, 2024
- Political
- Govt. considers extended relief for SMEs amid financial woes
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A high-level meeting chaired by Senior Additional Secretary to the President on Finance and Economic Affairs G.N.R.D. Aponsu underscored the Government’s commitment to supporting Small and Medium Enterprises (SMEs) facing financial difficulties.
The meeting held at the Presidential Secretariat brought together officials from the Finance Ministry, Central Bank, and Sri Lanka Banks’ Association (Guarantee) Ltd., reflecting the urgency of addressing the economic challenges confronting SMEs.
At the forefront of discussions was the temporary suspension of the debt recovery process under the Parate law, which has provided critical relief for SMEs. However, this suspension is set to expire on 15 December, raising concerns over the future of struggling businesses.
The officials explored measures to extend support and ensure sustainability for these enterprises.A notable outcome of the meeting was the decision to compile a comprehensive report on SME loans.
This initiative, led by the Central Bank and the commercial banks, aims to provide a detailed understanding of the financial commitments undertaken by the SMEs.
The report will serve as a foundation for designing targeted relief measures to address loan obligations and enhance SME resilience.
