• The Committee on Public Finance, chaired by Dr. Harsha De Silva, approved amendments to suspend Parate Law until December 15.
• Inquiries were made about loan distribution under Parate Law, especially for micro, small, and medium-scale enterprises, with officials instructed to provide accurate data.

The Committee on Public Finance (CoPF), chaired by Member of Parliament Dr. Harsha De Silva, recently approved amendments to the Recovery of Loans by Banks (Special Provisions) (Amendment) Bill, temporarily suspending Parate Law until December 15. This decision aims to provide relief to creditors, halting banks' practice of acquiring properties until the specified date. However, concerns were raised about the lack of clarity regarding actions post-December 15, prompting the committee to recommend a roadmap for affected parties and fair negotiation opportunities. Additionally, inquiries were made about loan distribution under Parate Law, particularly for micro, small, and medium-scale enterprises, with officials instructed to provide accurate data. The committee also sought information on sectors most affected and the implementation of Parate Law during economic downturns, with future data presentations expected.

Members of Parliament and officials from various government institutions participated in the committee, which also approved orders and regulations related to foreign exchange, securities, and import/export control laws. State Minister Dr. Suren Raghavan and MPs Premnath C. Dolawatta and Madhura Withanage were among those present, alongside representatives from the Ministry of Finance, Central Bank of Sri Lanka, and Sri Lanka Customs.

CoPF conditionally approves bill to suspend parate law | The Morning