2022-06-09
News Categories : Committee News
It is unreasonable to claim that the country lost nearly Rs. 500 billion due to the change in tax policies of the new government, as this was due to the loss caused by the import restrictions imposed, including the suspension of the import of vehicles, and the economic contraction caused by the Covid situation, Former Secretary to the Ministry of Finance Mr. S.R. Attygalle said.
He was speaking at a meeting of the Committee on Public Finance held in Parliament yesterday (08) under the chairmanship of Hon. Anura Priyadarshana Yapa.
Mr. Attygalle further stated that these decisions regarding tax policies were taken in keeping with the first Cabinet Paper presented by the former Prime Minister Hon. Mahinda Rajapaksa on December 04, 2019.
Former Secretary to the President Dr. P.B. Jayasundara, former Secretary to the Ministry of Finance S. R. Attygalle, former Governor of the Central Bank Ajith Nivard Cabraal, former members of the Monetary Board, current Governor of the Central Bank Dr. Nandalal Weerasinghe and other senior officials of the Central Bank were summoned before the Committee Meeting.
The Members of the Finance Committee were of the view that in presenting a Cabinet Paper, there should be a background note and a report on the subject matter concerned and that the officials in charge of the subject should take responsible for it. Though, there were some unavoidable circumstances, which arose at the time, decisions should have been taken after a proper study by the Central Bank and the Ministry of Finance, the committee members said.
The Members of the Committee on Public Finance further inquired whether any action had been taken by any of the Economists and Professionals in writing to submit a report containing clear conclusions of the Monetary Board with regard to the monetary policy decisions taken by the then political authority.
Former Secretary to the President Dr. P.B. Jayasundara said that such decisions would be tabled in Parliament are then referred to Committees.
Members of the Committee on Public Finance again inquired as to whether the economists and professionals had duly pointed out and informed their superiors as responsible officials of the Government at that time, regarding the incorrect policy decisions taken by the political authorities.
The current Governor of the Central Bank (Dr.) Nandalal Weerasinghe said that responsible government officials should refrain from engaging in politics and that the difference between a politician and an official should be properly recognized. He further said that it is the responsibility and duty of the officials to inform the politicians when they are not correct and the politicians alone are not responsible for the consequences of such decisions.
The MPs who participated in the committee said that although they had told the responsible officials and the then political authorities on various occasions about the possible side effects of such policies, no one had paid attention to them.
The Chairman of the Committee Hon. Anura Priyadarshana Yapa also emphasized that the relationship between the officials of the Central Bank and the Parliament should be enhanced and a proper communication process should be established when making important decisions pertaining to the country.
Accordingly, the Chairman of the Committee stated that this discussion will be held again on the 17th as further discussions are required in this regard.
Leader of the Opposition Hon. Sajith Premadasa, Hon. (Dr.) Nalaka Godahewa, Hon. M.A Sumanthiran, Hon. Mujibur Rahman, Hon. (Dr.) Suren Raghavan, Hon. Gamini Waleboda, Hon. Kanchana Wijesekera, Hon. Anupa Paskuwal, Hon. Vijitha Herath, Hon. Pramitha Bandara Tennakoon, Hon. Indika Anuruddha , Hon. Isuru Dodanga, Hon. (Prof.) Ranjith Bandara, Hon. Nalin Fernando and other officials were present at the committee meeting held.
2026-02-16
The Microfinance and Credit Regulatory Authority Bill was considered and approved by the Committee on Public Finance.This took place at a meeting of the Committee held in Parliament on 10.02.2026 under the Chairmanship of Hon. Member of Parliament Dr. Harsha de Silva, with the participation of Hon. Deputy Ministers Chathuranga Abeysinghe, (Dr.) Kaushalya Ariyaratne, and Nishantha Jayaweera, as well as Hon. Members of Parliament Attorney-at-Law Rauff Hakeem and Nimal Palihena.The Bill has been drafted with the objectives of establishing the Sri Lanka Microfinance and Credit Regulatory Authority, regulating the money lending business and microfinance business, protecting customers engaged in such businesses, repealing the Microfinance Act, No. 6 of 2016 and providing for matters connected therewith or incidental thereto.The Chair of the Committee stated that the original draft of this Bill, which had been presented in 2024, was challenged before the Supreme Court, and that the constitutional inconsistencies identified by the Court appear to have been addressed in this new draft. The Committee expressed its appreciation for the Bill, which had been prepared after obtaining the views of all stakeholders.Officials stated that the Authority to be established under this Bill will issue licenses to and regulate persons engaged in money lending and microfinance businesses, and that the Authority will be governed by a Board of Directors. It was further noted that no person may conduct a money lending business without a license issued by the Authority.The Committee inquired whether online lending activities would also fall under the purview of the Authority. Officials clarified that online lending may also be carried out only by licensed entities. They further emphasized that customer protection is a primary objective of the Bill.Discussions were also held regarding whether the Bill adequately covers the social empowerment role of community-based financial institutions, including through the introduction of relaxed regulatory fees or simplified compliance requirements. Practical operational issues and consumer protection were also identified as areas requiring further attention.Officials noted that certain lenders, such as e-commerce operators, would not fall within the scope of this Act.Taking into account the prevailing public mistrust and uncertainty surrounding legislative reforms, the Committee recommended that the Ministry of Finance, Planning and Economic Development implement effective communication programs to raise awareness among the public and all stakeholders. As an initial step, the Committee suggested publishing a document containing Frequently Asked Questions (FAQs).As the Authority will be vested with statutory powers to determine maximum interest rates in both the lending and deposit sectors, the Committee advised officials to exercise such powers in a manner that preserves the nature of the various financial instruments used by microfinance institutions for savings and lending activities.The delegation of powers to Divisional Secretariat offices was also discussed at length. Officials stated that small-scale lenders would not be required to travel to Colombo to engage with the Authority, and that limited powers relating to connected functions (such as processing applications and other routine matters) would be delegated to the Divisional Secretariat level. The Committee emphasized the need for a robust information technology system to ensure the effective and efficient implementation of this process.Furthermore, at the same meeting, the Committee also considered and approved the Resolution published in Extraordinary Gazette No. 2464/15 under the Customs Ordinance (Chapter 235), as well as three Orders issued under the Special Commodity Levy Act.
2026-02-13
Select Committee of Parliament to look into and Report to Parliament on the release of 323 Containers from the Port of Colombo without undergoing mandatory physical inspection and submit its proposals and recommendations in that regard, met for the third consecutive day on 11.02.2026 in Parliament. The meeting was chaired by the Hon. Minister of Justice and National Integration, Attorney-at-Law Harshana Nanayakkara.A group of officials from Sri Lanka Customs, including Director General of Customs Mr. Seewali Arukgoda, were summoned before the Committee, and evidence relating to the incident was recorded.Prior to the commencement of evidence, the Chair informed the Committee that the Hon. Minister of Ports and Civil Aviation, Mr. Anura Karunatilaka, had tendered his resignation from the membership of the Committee, and that another member would be appointed in due course to fill the vacancy.The meeting was attended by Committee members: Hon. Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Hon. Deputy Minister of Public Security and Parliamentary Affairs, Attorney-at-Law Sunil Watagala, Hon. Deputy Minister of Energy Arkam Ilyas and Hon. Members of Parliament Attorney-at-Law Dayasiri Jayasekara, Ajith P. Perera, D. V. Chanaka, Mujibur Rahuman, Dr. Najith Indika and Attorney-at-Law Lakmali Hemachandra.
2026-02-13
Officials from the Ministry of Digital Economy stated that there are plans to provide every person in the country with High-Speed Broadband connectivity by the year 2029.These remarks were made during a meeting of the Sectoral Oversight Committee on Science, Technology and Digital Transformation, held in Parliament on 06.02.2026 under the chairmanship of Member of Parliament (Dr). Janaka Senarathne, to discuss the action plan related to the allocation of 2026 budget provisions for the Ministry of Digital Economy and the Ministry of Science and Technology.At this meeting, (Dr.) Hans Wijayasuriya, Senior Advisor to the President, made a detailed presentation before the Committee regarding the programme planned to provide High-Speed Broadband connectivity to every person in the country. He pointed out that steps are being taken this year to install 100 new telecommunication towers. He further stated that between 600 to 1000 telecommunication towers would be required to fully meet the national requirement, and that this would be carried out in stages.He also emphasized that although approximately 98% internet coverage currently exists in the country, it does not meet the requirements for High-Speed Broadband coverage. Therefore, he stated that the existing capacity must be increased by around 25% in order to provide High-Speed Broadband facilities to every child.Furthermore, he noted that a commercial model will be prepared in relation to telecommunication towers, and opportunities will be given to the private sector to submit bids for this purpose.The Committee also focused attention on the need to improve digital literacy in areas outside Colombo, and it was proposed that programmes be organized through District Secretariat offices for this purpose.In addition, discussions were held regarding the action plan for allocating 2026 budget provisions for the Ministry of Science and Technology, and several annual reports and performance reports of institutions were approved.The meeting was attended by Hon. Deputy Minister Chathuranga Abeysinghe, and Members of Parliament Chandima Hettiarachchi, Lasith Bhashana Gamage, Chathura Galappaththi, Aboobucker Athambawa and Ruwan Wijeweera.
2026-02-13
The Committee on High Posts of parliament has approved the nominations of four Heads of Mission. The approval was granted when the Committee met in Parliament recently (Feb. 06) under the chairmanship of Prime Minister Dr. Harini Amarasuriya.Accordingly, the Committee approved the nominations of Mr. Horana Mahawatte Gedara Saman Kumar Chandrasiri as the Ambassador of Sri Lanka to the State of Israel, Mr. Warnakulasuriya Peter Rohan Dhammika Fernando as the High Commissioner of Sri Lanka to the Republic of Kenya, Anura Withanage as the Ambassador of Sri Lanka to the Lebanese Republic, and Mohamed Farook Mohamed Fawzer as the Representative of Sri Lanka to the State of Palestine.
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