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Loan Defaulters Seek Three-Year Extension on Parate Rights Suspension

Loan defaulters, who recently secured a hold on parate rights, appeal for a three-year extension, citing the need for more time to recover losses.

Sri Lanka United National Businesses Alliance (SLUNBA) acknowledges the temporary concession but calls for a permanent solution, attributing economic challenges to political decisions and banking sector oversight.

SLUNBA Chairperson Tania Abeysundara criticizes the Central Bank’s role in creating unfavorable banking laws, leading to business struggles.

She urges the government to facilitate maximum benefit for small and medium enterprises during the concession period and requests a three-year extension of the parate rights suspension.

In contrast, the Sri Lanka Banks’ Association (SLBA) expresses dissatisfaction with the government’s unilateral decision to suspend parate execution rights, emphasizing banks’ role in debt recovery and economic revival.


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