The government intends to hold discussions with relevant parties to resolve the issues surrounding the reimplementation of the Parate law, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando has stated.<\/p>\n
He noted that discussions are planned to take place within the coming days.<\/p>\n
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).<\/p>\n
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.<\/p>\n
However, small and medium-scale industrialists and business owners have raised concerns that reinstating the law could lead to the collapse of many local businesses and industries.<\/p>\n
As a result, the business community has requested the government to extend the suspension of the Parate law for another year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The government intends to hold discussions with relevant parties to resolve the issues surrounding the reimplementation of the Parate law, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando has stated. He noted that discussions are planned to take place within the coming days. The Parate law, which grants banks the authority to seize mortgaged […]<\/p>\n","protected":false},"author":2,"featured_media":4222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-4220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leadstories","category-local"],"yoast_head":"\n