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SMEs call govt. to come up with policy responses to prevent them from going bust

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‘Our businesses are more at risk than profit-making banks and financial institutions’, they say

by Sanath Nanayakkare

The National Trade Protection Council (NTPC) which represents over 30,000 Small and Medium Scale Enterprises (SMEs) in the country, a provider of direct employment to over 4.5 million Sri Lankans, says that the normalisation of the economy is paramount for their members to improve their loan repayment capacity.Having met with Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Ceylon on Dec. 29 to discuss the issue, they further requested President and Finance Minister Ranil Wickremesinghe to intervene to extend their loan moratorium which ended on December 31 2022, to prevent their businesses

NTPC president G.Mahendra Perera told the media that they made an eight-point formula to the Governor of the Central Bank to address the issue in way that would protect the operations of these SMEs. According to him, many SMEs will be forced to close unless the authorities take immediate action.

He said that the Council pointed out to the Governor that loans taken out by SMEs have reached Rs.1, 000 billion, which the sector is struggling to pay back due to the prevailing challenges in the national economy. They owe these monies to banks and non-banking financial institutions.

“As the Governor had mentioned on many previous occasions that the Sri Lankan economy is set to contract further and recovery would take a long time, we told him that that at least 20,000 SMEs would be forced to discontinue operations in early 2023 if no action is taken by the relevant authorities to delay the repayment of interest and capital on the loans taken out by us.”

“In order to help the majority of our members to remain viable in their business operations, we proposed that the Government take immediate steps to implement eight measures. Namely; they are: providing an extension of taking Parate action until end of 31.12.23, stalling legal action already taken against borrowers until end of 2023, extending the capital repayment on borrowings until end of 2023, loan interest rates that apply on concessional rates to continue until end of 2023 and review its position by end of November 2023 (suggesting 15% p.a or lower), part or full waive off Interest upon settlement of all facilities and extending all concessions given under Circular No 2 of 2022 dated 7th July 2022 until end of 2023.

Another proposal they made was that in case of re-scheduling of facilities, interest in areas should not be added to capital, and soft loans should be grated at nominal interest rate.They also moved that financial institutions should not demand additional security to cover interest in areas, on borrowings.

“We kindly request immediate attention by the monetary authorities and the Government to above proposals, which in our opinion would give much-needed lifeline to SMEs which account for over 52% of Sri Lanka’s GDP and more than 45% of our labour force. The Council said details of the bank borrowings by SME entrepreneurs were furnished to the Governor that deserved careful perusal given the vulnerability of the said SMEs.

When asked whether they got a favourable reply from the governor on their proposals, they said,” “We are not happy with the response we got from the Governor in this regard. We felt that he was taking the side of the banking community and not looking at this issue from an SME perspective. That’s why we are appealing to the Finance Minister also for his mediation.”

‘We believe that banks have the capacity and resilience to survive even after extending this moratorium for a further period of one year because banks have declared profits so far. It is the SMEs that are vulnerable, not banks and NBFIs. If we are given reasonable time space and requested facilities, we can repay our loans and make our usual active contribution to the economy. That’s the way to move forward. When there aren’t any SMEs operating, both the country and the banks will suffer.”



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SLEIS 2026 to examine Sri Lanka’s energy transition and its implications

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Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.

Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.

The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

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A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

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The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

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Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

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Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.

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