Sri Lanka, Dec. 10 -- The Cabinet of Ministers has approved the extension of the moratorium on the execution of the 'Parate' Law, which halts banks from acquiring creditors' properties, until 31 March 2025.

Announcing this week's Cabinet decisions this morning (10), Cabinet Spokesman, Minister Nalinda Jayatissa stated that the economic crisis faced by Sri Lanka in the past 04 years has severely affected the Small and Medium Enterprises (SMEs), and it has been reported that small and medium entrepreneurs have had to face difficulties in settling the loans obtained from banks.

Under that situation, an environment has been created in which the properties of a significant number of business people have been taken over by banks and auctioned...