Sri Lanka, June 27 -- Parliamentarian Namal Rajapaksa has called on the government to take immediate action to safeguard small and medium enterprises (SMEs) as the implementation of the Parate Law for loan recoveries is set to take effect from July 1.

Under this regulation, banks will be empowered to recover loans from SMEs with outstanding amounts exceeding Rs. 50 million a move Rajapaksa warned could place hundreds of businesses in jeopardy.

In a message published on X (formerly Twitter), the MP urged the government to intervene and introduce relief measures for struggling SMEs, many of which continue to face financial difficulties. He stressed that without timely intervention, the enforcement of this law could lead to widespread busi...