Minister of State for Finance Ranjith Siyambalapitiya announced today that measures will be taken to suspend the powers of the Parate Execution Law for a period of time to reduce the problems faced by small and medium enterprises due to the ongoing economic crisis.
He said today in parliament that the cabinet paper on this will be presented to the cabinet next week.
The minister said that parate laws have been introduced for the safety of the banking sector and said that the cabinet paper will be presented to suspend the powers of the law while also protecting the safety of the banking sector.
However, last Monday, Central Bank Governor Dr. Nandalal Weerasinghe, who commented on the Parate Law, said that the Parate Law should be further strengthened and the expropriation of property should be expedited.