Saturday Jan 10, 2026
Saturday Jan 10, 2026
Saturday, 10 January 2026 00:06 - - {{hitsCtrl.values.hits}}
 |
| Opposition Leader Sajith Premadasa |
OPPOSITION Leader Sajith Premadasa has accused the banking sector of resorting to debt traps instead of offering practical solutions to ease the economic hardships faced by micro, small and medium-scale enterprises (MSMEs).
Speaking in Parliament, he warned that MSMEs, which contribute about 52% of the country’s gross domestic product (GDP) and provide employment to nearly 4.5 million people, are in severe distress following the economic crisis.
He said over 260,000 businesses had collapsed during the 2022 crisis while the banking sector continued to post what he described as “supernormal profits.”
“They [banks] have earned ‘supernormal profits,” he charged.
Premadasa claimed that the banking sector’s Profit After Tax (PAT) increased sharply from Rs. 304 billion to Rs. 467 billion between 2021 and 2022, even as entrepreneurs struggled to survive amid high interest rates and reduced access to credit.
He also said the Ceylon Federation of MSMEs has informed him of its intention to initiate legal action over the issue.
While acknowledging that earning profits is legitimate, Premadasa stressed that banks had made unprecedented gains during the COVID-19 pandemic and a period of widespread economic pain.
He added that letters addressed to Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe on the matter by the Ceylon Federation of MSMEs would be tabled in Parliament for reference.
Calling on banks to act responsibly, Premadasa urged them to channel a portion of their exceptional profits towards rebuilding and reviving the MSME sector, which he described as the backbone of the national economy.
