July 21, Colombo (LNW): President Ranil Wickremesinghe has declared the necessity of replacing the temporarily suspended Parate law with a new bill addressing bankrupt enterprises.
In his announcement, President Wickremesinghe proposed a bill that includes provisions for restructuring loans taken by Micro, Small, and Medium Enterprises (MSMEs).
Additionally, a new institution called “Enterprise Sri Lanka” will be established to support and assist MSME entrepreneurs.
The President emphasised the government’s dedication to encouraging and empowering these business owners in Sri Lanka.
President Wickremesinghe made these remarks at the “Critical Initiative to Revitalise Sri Lanka’s Micro, Small, and Medium-Scale Economy” event, organised by the Ceylon Federation of MSME, at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo.
A copy of the newly drafted bill can be provided to the Ceylon Federation of Micro, Small, and Medium Enterprises. The President invited MSMEs to submit their views and suggestions on the bill.
Furthermore, he mentioned the possibility of arranging a discussion with the International Monetary Fund delegation visiting Sri Lanka at the end of this month to address the issues faced by MSMEs.
During the event, the President of the Sri Lanka Micro, Small, and Medium Enterprises Federation, Mrs Sashika De Silva, presented a special commemorative gift to President Wickremesinghe.
President Wickremesinghe elaborated on the economic challenges the country faced, the steps taken to stabilise the economy, and the measures to support small and medium enterprises.
He outlined the removal of subsidies and the increase in VAT as part of the strategy to manage the country’s economy with its own resources.
He highlighted the introduction of the ‘Aswesuma’ programme, which provides benefits to 2.4 million low-income earners, and the ‘Urumaya’ programme, aimed at granting land rights to 2 million people.
The President also announced the establishment of a National Bank for Development and emphasised the importance of boosting exports.
He encouraged MSMEs to review the new bill and discuss their needs and concerns with the government and the IMF representatives.
The event was attended by former Finance Minister Ravi Karunanayake, President’s Senior Advisor Neranjan Dev Adhitya, Secretary of the Ministry of Industries Shantha Weerasinghe, Industrial Development Board Chairman Dr Saranga Alahapperuma, President Counsel Ronald C. Perera, as well as chairmen and representatives of public and private banks, and officials from the Ceylon Micro, Small, and Medium Enterprises Federation.
