Debt restructuring grace period for SMEs concludes today

This period, which was initially announced alongside the extension of the suspension of the Parate law, was designed to provide businesses with a chance to address their financial challenges.

In a statement, the Ministry of Finance has emphasized that any enterprises that have not yet initiated discussions on their debt restructuring plans with licensed banks can do so today. The Ministry further assured that a suitable methodology for the debt restructuring process will be developed in collaboration with licensed banks and the Credit Information Bureau (CRIB), ensuring that businesses can seek appropriate solutions to manage their financial burdens.

The conclusion of the grace period marks a critical point in Sri Lanka’s ongoing efforts to help SMEs navigate the impacts of the economic downturn, with many businesses hoping to secure manageable repayment terms moving forward.