President Anura Kumara Dissanayake announced that the suspension of the parate execution law, which allows banks to auction collateral for defaulted loans, will be extended until March 2025. 

This decision follows concerns raised by banks, regulators, and SMEs about challenges in loan repayment. 

Accordingly, the President also highlighted that defaulters with loans under Rs. 25 million can restructure their debt by presenting a plan to banks by March 2025.