Former Deputy Leader of the United National Party (UNP) and Member of Parliament Ravi Karunanayake announced that he has presented a private member’s bill to Parliament aimed at protecting small and medium-sized entrepreneurs (SMEs) struggling amid the ongoing economic crisis.
Karunanayake said the bill, titled the Small and Medium-Sized Entrepreneurs Protection Act, has been handed over to the Secretary General of Parliament. Its primary objective is to provide relief to SMEs, which he noted contribute more than 60% of Sri Lanka’s Gross Domestic Product (GDP) and generate significant employment.
The MP emphasized that SMEs have been severely impacted by multiple economic shocks, including the Covid-19 pandemic and the global economic downturn. He highlighted that many businesses are now facing additional hardship under the Parate Law, which places them at risk of losing their properties to banks.
The proposed legislation seeks to ease the interest burden on SMEs and create a more supportive environment for their survival and growth. Karunanayake stressed that strengthening SMEs is vital to stabilizing the national economy and safeguarding jobs.
He expressed hope that the bill will gain bipartisan support from both government and opposition members in Parliament.
