Government convenes to address financial relief for struggling SMEs
By: Isuru Parakrama
November 12, Colombo (LNW): The Presidential Secretariat hosted a high-level meeting yesterday (11) to explore potential relief strategies for Small and Medium Enterprises (SMEs) grappling with financial challenges, the President’s Media Division said in a statement.
Led by Senior Additional Secretary to the President for Finance and Economic Affairs, Mr G.N.R.D. Aponsu, the session gathered officials from the Ministry of Finance, the Central Bank of Sri Lanka, and the Sri Lanka Banks’ Association (Guarantee) Limited to discuss urgent support measures.
The talks primarily addressed the mounting financial pressures on SMEs, particularly those struggling under heavy loan burdens.
To temporarily alleviate these pressures, debt recovery actions under the Parate law have been suspended for SMEs, though this grace period is set to conclude on 15 December.
Attendees reviewed options for sustaining and potentially expanding relief measures before the deadline, recognising the need for ongoing support in these challenging economic conditions.
Participants explored how the banking sector could offer additional assistance to SMEs, with a focus on stimulating productivity and economic resilience.
One key outcome of the meeting was the decision to prepare a detailed report on SME loans, which will assess current financial exposures and serve as a foundation for designing future support measures.
This initiative underscores a commitment to providing tailored financial interventions for SMEs, a sector crucial to the national economy.
Discussions also centred on the feasibility of further extending the suspension of debt recovery under the Parate law, with the Central Bank and several commercial banks involved in evaluating the necessary measures.
Several senior officials participated, including Mrs R.R.S. De Silva Jayathilake, Director of Bank Supervision at the Central Bank, and Mr A.M.A.D. Amarakoon, Senior Assistant Director at the Central Bank. Representatives from the Sri Lanka Banks’ Association were also in attendance, including Mr Indrajith Boyagoda, Secretary General, Mr Dilshan Rodrigo, CEO of Union Bank, Mr Manoj Akmeemana, Senior Deputy General Manager of Sampath Bank, and Mr Sampath Perera, Deputy General Manager of Bank of Ceylon. Other attendees included Mr Nalin Samaranayake, Assistant General Manager of Commercial Bank, Mr Nirosh Perera, Chief Recovery and Rehabilitation Officer at Hatton National Bank, and Mr Bingumal Thewarathanthri, CEO of Standard Chartered Bank.
