Sri Lanka, Feb. 28 -- Cabinet approval has been granted to suspend the procedure to acquire properties whose loans are not paid off by the banks, up to December 15, 2024 and also to amend section 4 of the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990 to impose legal provisions required for the above, Cabinet Spokesman, Mass Media Minister Dr. Bandula Gunawardhana said.

He was speaking at the weekly cabinet media briefing held yesterday at the Government Information Department.

The Minister said that the local large scale, medium scale and small scale businessmen had to face various difficulties to maintain their businesses due to the ongoing economic crisis.

As a result of various decisions taken by the government ...