Sajith warns of Parate Law impact, urges protection for MSMEs

Colombo, June 30 (Daily Mirror) - Opposition Leader Sajith Premadasa has called on the government to urgently introduce sustainable solutions to support micro, small, and medium-scale entrepreneurs, warning that many in the sector are in distress and confusion.

He raised alarm over the reimplementation of the Parate Law, effective from midnight today (June 30), which allows the expedited auctioning of assets belonging to industrialists and entrepreneurs struggling with loan repayments.

Premadasa said the move poses a serious threat to the livelihoods of thousands of business owners, particularly those in the MSME sector, who now face the risk of losing their properties.

Stressing the importance of the sector, Premadasa noted that MSMEs account for more than 50% of Sri Lanka’s Gross Domestic Product (GDP) and employ over four million people. 

He warned that the enforcement of the Parate Law could cripple this contribution and hinder national economic growth.