Cabinet Approves Stronger Microfinance Law

COLOMBO (News 1st) – The Cabinet of Ministers has approved the introduction of a new Micro Finance and Credit Regulation Authority Act, aimed at establishing a more robust and inclusive regulatory framework for microfinance institutions across Sri Lanka.

The new draft bill, prepared by the Legal Draftsman and cleared by the Attorney General, has now received Cabinet approval for publication in the government gazette and subsequent presentation to Parliament. 

The proposal was submitted by President Anura Kumara Dissanayake, in his capacity as Minister of Finance.