2025-11-22
The document pertaining to the proposed draft Bill of the Microfinance and Credit Regulatory Authority, which is scheduled to be presented to Parliament upon Cabinet approval in the future, was extensively discussed at the Sectoral Oversight Committee on Economic Development and International Relations, Members of the Sub Committee under the Ministerial Consultative Committee on Rural Development, Social Security and Community Empowerment established to identify future steps to resolve the microfinance debt issue, and the Women Parliamentarians' Caucus.
This discussion took place on the Nov. 20th, when the Committees met in Parliament under the chairmanship of Hon. Members of Parliament Lakmali Hemachandra, Attorney at Law and Samanmalee Gunasinghe. A group of officials from the Central Bank of Sri Lanka and the Legal Department of the Treasury were also in attendance.
Presenting their views, the officials stated that the initial draft related to this proposed Bill was published in January 2024. They further noted that petitions had been filed before the Supreme Court of Sri Lanka regarding the said draft, and that the new draft has been prepared including the amendments ordered to be incorporated by the Supreme Court, the Committee Stage amendments submitted by the Ministry of Finance to the Supreme Court, as well as other policy-related amendments, and the Gazette has now been prepared accordingly. It was stated further that the Bill is expected to be presented to the Tenth Parliament.
Accordingly, the officials stated that the objective of the Bill is to establish the Microfinance and Credit Regulatory Authority of Sri Lanka, to regulate the business of money lending and microfinance business, to provide protection to customers of such services, and to repeal the Microfinance Act No. 6 of 2016.
The composition of the Board of Directors of this Regulatory Authority was also discussed during the meeting. Hon. Member of Parliament Lakmali Hemachandra, Attorney at Law pointed out that the absence of a member representing the customers of the microfinance business within the Board composition was concerning. It was also highlighted by the Hon. Members that women have been disproportionately affected due to the lack of regulation in the microfinance sector, and therefore the importance of having a Board member representing women was emphasized. Accordingly, the view of the Hon. Members was that a representative from the National Commission on Women, or the Ministry of Women and Child Affairs, or the Secretary to the line Ministry should be appointed as a member of the Board of Directors.
Meanwhile, various other matters contained in the draft Bill were also discussed at length. It was stressed that the purpose of the Bill should be to prevent the social crisis and harm that have arisen at ground level due to the operation of microfinance lending activities without any form of regulation. Accordingly, the Committee instructed the officials to incorporate the necessary amendments into the Bill that is to be introduced in the future. The officials stated that such amendments may be introduced at the Committee Stage of the Bill.
Members of the Sectoral Oversight Committee on Economic Development and International Relations, members of the Women Parliamentarians’ Caucus of the Parliament of Sri Lanka, Members of the Sub Committee under the Ministerial Consultative Committee on Rural Development, Social Security and Community Empowerment established to identify future steps to resolve the microfinance debt issue, and several officials participated in this meeting.
2026-09-18
Hon. Member of Parliament Sugath Wasantha de Silva, MP (Parliament of Sri Lanka) was awarded the 2026 New Parliamentarian Award in recognition of his contribution to promoting inclusive parliamentary democracy. The award was officially presented to him yesterday (Sep. 17) at the 69th Commonwealth Parliamentary Conference held in Cape Town, South Africa.Elected in November 2024 as Sri Lanka's first-ever blind Member of Parliament, he has advanced the principles of disability-inclusive governance through his work as Chair of the Parliamentary Caucus for Persons with Disabilities. Through cross-institutional collaboration, he has also delivered practical reforms, best exemplified through Sri Lanka's first national participatory budget consultation with persons with disabilities.
2026-09-18
The Select Committee of Parliament to conduct a comprehensive study on the lack of preparedness to face Cyclone Ditwah and report to Parliament and submit its proposals and recommendations in that regard, has decided to summon representatives of Pradeshiya Sabhas and Municipal Councils before the Committee to examine how local authorities coordinated their response during the disaster situation.Committee members particularly highlighted the need for further investigation into how local authorities, including Pradeshiya Sabhas and Municipal Councils, were involved in official communication and coordination processes during the disaster.At a recent meeting of the Committee held in Parliament under the chairmanship of Hon. Minister Dr. Nalinda Jayatissa, information was sought from members of the National Council for Disaster Management and the District Secretaries of Kandy and Matale regarding the disaster management process in the Kandy and Matale districts.Accordingly, the Committee focused its attention on the early warning systems, communication among government institutions, and emergency response procedures in response to the heavy rainfall, landslides, and flooding experienced in these areas from 23 to 27 November 2025.The Committee also discussed the need to establish formal written procedures to be followed during emergency disaster situations, conduct disaster preparedness drills regularly, and further improve the efficiency of early warning systems.Committee members, including Hon. Deputy Ministers Major General (Retired) Aruna Jayasekara and Anton Jayakody, and Members of Parliament Attorney-at-Law Anuradha Jayaratne, Rohini Kumari Wijerathne, Kanthasamy Prabu, Ruwan Mapalagama, and Dr. Pathmanathan Sathiyalingam, also participated in the meeting.
2026-09-17
The Ministerial Consultative Committee on Energy Affairs approved the Order relating to the calling for investment proposals for the exploration and development of petroleum resources in Sri Lanka and the formalization of the relevant process.The approval was granted at a meeting of the Ministerial Consultative Committee held recently (Sep. 11) at Parliament under the chairmanship of Anura Karunathilaka, Hon. Minister of Ports and Civil Aviation and Energy.The Order, made by the Minister of Energy under Section 48 of the Petroleum Resources Act, No. 21 of 2021, read together with Section 17 of the said Act, and approved by the Cabinet of Ministers, was published in the Extraordinary Gazette No. 2497/37 dated 16 July 2026.Under this Order, any person seeking to explore or develop petroleum resources in one or more identified blocks is required to submit an investment proposal together with payment of the administrative fee specified in the relevant invitation for bids.Deputy Minister of Energy Arkam Illyas, Members of Parliament, officials of the Ministry of Energy, and other officials participated in the meeting.
2026-09-17
Dr. Harini Amarasuriya, Hon. Prime Minister and Minister of Education, Higher Education and Vocational Education, emphasized that universities must take the necessary measures to ensure that victim students have confidence in the investigations being conducted into incidents of ragging at universities.This matter was discussed at a meeting of the Subcommittee on Higher Education, convened under the Ministerial Consultative Committee on Education, Higher Education and Vocational Education, which was held at Parliament under the chairmanship of the Prime Minister.The meeting included an extensive discussion on measures to be taken regarding vacancies in the higher education sector, particularly at universities, as well as incidents of ragging.The Prime Minister pointed out that universities have a moral responsibility to prevent and control ragging and emphasized that students subjected to ragging must have confidence in the investigative procedures currently in place at universities.Accordingly, the Prime Minister stressed that investigations into ragging incidents must be efficient and effective and should be conducted in a manner that enables relief to be provided to victim students without delay.The Prime Minister also inquired from university vice-chancellors about the failure to date to make appointments that have already been approved by the Ministry to fill vacancies at universities. She instructed officials to take the necessary measures to fill the approved vacancies expeditiously.The meeting was attended by Hon. Dr. Upali Pannilage, Minister of Rural Development, Social Security and Social Empowerment; Hon. Dr. Madhura Seneviratne, Deputy Minister of Education and Higher Education; Hon. Member of Parliament Manjula Sugath Ratnayake; university vice-chancellors; the Chairman of the University Grants Commission; and a number of other representatives.
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