Finance Ministry proposes suspension of Parate Execution Law

State Minister of Finance, Ranjith Siyambalapitiya, revealed plans to suspend the powers of the Parate execution law temporarily. 

The decision aims to safeguard the interests of small and medium-scale entrepreneurs amid economic challenges. Addressing Parliament, Siyambalapitiya unveiled that a Cabinet paper outlining this initiative would be presented for approval in the upcoming week.

Originally enacted to ensure banking sector stability, Siyambalapitiya emphasized the necessity to balance the protection of the banking sector with the interests of small and medium-scale entrepreneurs. The forthcoming Cabinet Paper seeks to temporarily suspend the law's powers while ensuring the continued safety of the banking sector.

Siyambalapitiya's announcement occurred during his participation in the adjournment debate initiated by the opposition, focusing on the country's current state.