INSUBCONTINENT EXCLUSIVE:
The government will hold discussions with stakeholders to resolve the issues surrounding the reimplementation of the Parate law, Deputy
Minister of Economic Development Dr
Anil Jayantha Fernando has stated.The Deputy Minister noted that discussions will take place in the coming days.The Parate law, which grants
banks the authority to seize mortgaged property in the event of loan defaults, was re-enforced as of midnight yesterday (30).On a previous
occasion, the incumbent government suspended the enforcement of the law for a period of three months, while former President Ranil
Wickremesinghe suspended it for six months prior to that.However, small and medium-scale entrepreneurs and business owners have raised
concerns that reinstating the law could lead to the collapse of many local businesses and industries.As a result, the business community has
regarding the matter, Deputy Minister Anil Jayantha stated that the government is working towards providing a sustainable solution to the
issue.He added that discussions with banks and other relevant parties are expected to take place soon to reach an effective solution.
