Sitting of Wednesday, 4 March 2026
Source: Hansard PDF (parliament.lk) ↗ ·No. 23360 ·English daily/uncorrected Hansard
Order of business
Speeches load per item. Summaries shown here are AI-generated and labelled; verbatim text is on each speech page.
- 1 Opening Parliament Opening and Auditor-General's Report 1 speeches
- 2 Papers Papers: Annual Reports and Auditor-General's Report 1 speeches
- 3 Petitions Petitions 4 speeches
- 4 Oral question Oral Question: Paddy Purchasing and Guaranteed Prices (Q.1347/2025) 3 speeches
- 5 Oral question Oral Question: Artificial Intelligence Summit 2026 2 speeches
- 6 Oral question Oral Question: Government Printing Department Vacancies and Qualifications 11 speeches
- 7 Oral question Oral Question: Cyclone Ditcha Relief and Compensation (Q.1368/2025) 9 speeches
- 8 Oral question Oral Questions: Paddy Marketing Board and Fertilizer Subsidies 21 speeches
- 9 Oral question Oral Question: Irrigation Tanks and Cascade Systems in Vavuniya (Q.1406/2025) 7 speeches
- 10 Oral question Oral Question: Special Sports Schools Development (Q.1468/2025) 5 speeches
- 11 Oral question Oral Question: Projects in Trincomalee District (Q.1476/2025) 5 speeches
- 12 Oral question Standing Order 27(2) Question: Middle East Crisis and Strait of Hormuz 25 speeches
- 13 Procedural Procedural: Points of Order on Iran Supreme Leader Assassination 8 speeches
- 14 Oral question Standing Order 27(2) Question: Central Bank Inflation Target Deviation 3 speeches
- 15 Procedural Procedural: Personal Explanation and Special Select Committee Announcement 8 speeches
- 16 Debate Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading 20 speeches
- 17 Procedural Procedural: Lunch Suspension 1 speeches
- 18 Debate Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading (Continued) 79 speeches
- The Hon. Deputy Speaker procedural
- Hon. Kabir Hashim SJB
AI summary Hon. Kabir Hashim said the Bill under debate is important and timely, but raised concern that the Government’s promised amendments had not been clearly circulated or made readily available to Members. He placed the Bill in the historical context of Sri Lanka’s microfinance development, citing early credit co-operatives, post-1977 UNP support, President Ranasinghe Premadasa’s “Jana Saviya” programme, and the 1990 Integrated Rural Development Programme as key milestones in expanding access to finance for low-income groups and voluntary organisations.
- The Hon. Deputy Speaker procedural
- Hon. Kabir Hashim SJB
AI summary Hon. Kabir Hashim argued that the microfinance Bill is timely but inadequate, noting past attempts in 2016 and 2023 were halted after Supreme Court intervention and insufficient consultation. He said the Bill must protect the informal sector, which he described as the majority of the labour force, and proposed amendments to bring licensed banks and non-bank finance/leasing companies under explicit micro-lending conduct rules. He also called for lighter, tailored regulation for genuine community and voluntary organisations, alongside caps on charges, fair collection practices, and client-protection standards across all micro-lenders.
- The Hon. Deputy Speaker procedural
- The Hon. Lakshman Nipuna Arachchi JJB
AI summary Lakshman Nipuna Arachchi supported the microfinance Bill, arguing that it is intended to regulate and guide the sector rather than oppress people, citing suicides linked to microfinance debt among women as evidence of the need for action. He said the Bill followed consultations with the Central Bank, Ministry of Finance, relevant institutions and community-based organizations, and would establish coordination between the Microfinance and Credit Regulatory Authority and the Central Bank. He stated that community-based organizations would be assisted toward legal registration and appropriate regulation, while public financial-awareness programmes and initiatives such as “Praja Shakthi” would help vulnerable women and low-income groups avoid renewed debt traps.
- The Hon. Deputy Speaker procedural
- The Hon. Sajith Premadasa - Leader of the Opposition SJB
AI summary The Leader of the Opposition criticized the Government’s proposed microfinance-related measures, arguing that they would disadvantage community-based lending groups, women-led credit programmes, and poor and informal-sector borrowers while favouring banks, finance companies, and licence-holders. He said regulation should target loan sharks, online illegal lenders, and large institutions that commercialized microfinance and contributed to debt distress, rather than grassroots organizations such as community credit groups and funeral aid societies. He called for amendments to the Bill to protect women, women-headed households, rural self-employed people, estate and North-East communities, and other vulnerable borrowers.
- The Hon. Deputy Speaker procedural
- The Hon. (Dr.) Upali Pannilage - Minister of Rural Development, Social Security and Community Empowerment JJB
AI summary The Minister supported the Microfinance and Credit Regulatory Authority Bill as a replacement for the Microfinance Act, No. 6 of 2016, emphasizing customer protection, licensing, and supervision of money lending and microfinance businesses. He traced the sector’s role in serving low-income borrowers excluded from formal banking, including Sri Lanka’s cooperative, Janasaviya and Samurdhi-based models, while noting that commercialization and weakened social collateral had led to exploitative practices. He cited unregulated operators, high interest rates, unfair recoveries, distress among women borrowers, suicides, and depositor losses as reasons for stronger regulation, while clarifying that cooperatives, Samurdhi institutions, pawn brokers and other bodies already regulated under specific laws are excluded from the Bill’s scope.
- The Hon. Kabir Hashim SJB
AI summary Kabir Hashim briefly sought permission from the Deputy Speaker to ask a question. No substantive issue, proposal, or policy matter was raised in the excerpt provided.
Parliamentary Procedure Full speech → - The Hon. Deputy Speaker procedural
- The Hon. Kabir Hashim SJB
AI summary Kabir Hashim questioned provisions in the Bill that would subject community-based organizations, including funeral aid societies and voluntary groups, to uniform regulation as lending entities and expose them to CRIB reporting. He argued that such treatment could undermine not-for-profit, women-centered community loan programmes and called for amendments, asking whether the issue was accepted.
Public Finance Full speech → - The Hon. (Dr.) Upali Pannilage - Minister of Rural Development, Social Security and Community Empowerment JJB
AI summary Hon. (Dr.) Upali Pannilage clarified that the Bill excludes entities already regulated or registered under existing frameworks, including provincial councils, local authorities, the Central Bank, the Pawn Brokers Act, co-operative societies, the Samurdhi Act, and Agrarian Development structures. He stated that the legislation is aimed at unregistered or unlicensed lending and financial service providers that have caused public harm. He said the Government’s objective is to protect customers through regulation and a complaints mechanism, not to regulate informal groups such as friendly societies or funeral aid associations.
- The Hon. Deputy Speaker procedural
- The Hon. Shanakiyan Rajaputhiran Rasamanickam ITAK
AI summary Hon. Shanakiyan Rajaputhiran Rasamanickam argued that the Microfinance and Credit Regulatory Authority Bill, reportedly linked to an Asian Development Bank loan condition, is drafted too broadly and may bring small post-war NGOs, women’s savings groups, and social lending schemes under strict regulation while leaving banks, leasing companies, and finance companies able to charge high rates. He warned that CRIB restrictions and inadequate rules on debt recovery could push poor and rural borrowers toward unregulated moneylenders, and called for explicit exemptions, clearer recovery safeguards, and mandatory women’s representation in the Authority. He also raised related concerns about electricity billing access, fuel shortages in the North, East and estates, and the absence of clarity on promised plantation worker wage increases, urging protective amendments to the Bill.
- The Hon. Presiding Member procedural
- The Hon. Major General (Rtd.) Aruna Jayasekera - Deputy Minister of Defence JJB
AI summary Proposed that Hon. Kins Nelson take the Chair during the sitting.
Parliamentary Procedure Full speech → - The Hon. (Mrs.) Samanmali Gunasingha JJB
AI summary Hon. (Mrs.) Samanmali Gunasingha formally seconded a motion. The question was put and agreed to, after which the Deputy Speaker left the Chair and Hon. Kins Nelson assumed the Chair.
Parliamentary Procedure Full speech → - The Hon. (Mrs.) Samanmali Gunasingha JJB
AI summary Mrs. Samanmali Gunasingha supported the Microfinance and Credit Regulatory Authority Bill as a response to widespread unregulated high-interest lending affecting over 2.4 million women borrowers and linked to severe social harms, including suicides. She said the Bill would establish regulatory oversight, complaint mechanisms down to local levels, data collection, interest and fair-practice controls, and requirements such as informed consent in borrowers’ preferred languages. She also referred to alleged abusive practices by specific microfinance institutions and linked the Bill to broader government plans to provide Rs. 96 billion in collateral-free support for women and other entrepreneurs.
- The Hon. Presiding Member procedural
- The Hon. Rohitha Abeygunawardhana NDF
AI summary Hon. Rohitha Abeygunawardhana supported the need for the Microfinance and Credit Regulatory Authority Bill but emphasized that its effectiveness would depend on proper implementation. He urged the Government to state its position on attacks in the Middle East during Ramadan and to prepare for possible impacts on Sri Lankan workers in the region, including evacuation if necessary. He warned that escalation could affect fuel, gas and electricity supplies, and called for strengthened energy security through storage, pipelines and use of facilities such as Trincomalee, Hambantota Port and other infrastructure assets.
- The Hon. Presiding Member procedural
- The Hon. M.K.M. Aslam JJB
AI summary Hon. M.K.M. Aslam supported the Microfinance and Credit Regulatory Authority Bill, stating that it would replace gaps under the Microfinance Act, No. 6 of 2016 by creating a nine-member Authority to regulate lenders and better protect borrowers. He said the Bill would address unregulated lending and recovery practices. He also responded to opposition remarks on Muslim issues, alleging past failures on anti-Muslim violence, COVID-19 cremations, Easter 2019 and seized Qur’an copies, while urging that Parliament not be used for ethnic incitement. He argued that the Government’s priority should be stability, security, public wellbeing and development for all communities.
- The Hon. Rauff Hakeem, Attorney-at-Law SJB
AI summary Rauff Hakeem said the Microfinance and Credit Regulatory Authority Bill fails to address concerns of women-led, membership-based community savings and credit providers, which sought exemption or separate categorization from regulation aimed at predatory lenders. He argued that deferring these issues to future regulations is inadequate. He also criticized the Government’s response to the Middle East crisis, demanding an open condemnation and condolences over the reported assassination of Iran’s Supreme Leader and broader condemnation of US-Israeli actions, while expressing solidarity with Gulf countries affected by Iranian strikes and urging de-escalation, nuclear non-proliferation, and respect for sovereignty.
- The Hon. Muhammad Faizal JJB
AI summary Hon. Muhammad Faizal stated that Puttalam Base Hospital, serving several surrounding areas in the Puttalam District, had long required upgrading despite previous unfulfilled political promises. He said the National People’s Power Government has fulfilled the President’s election pledge by upgrading it to a District General Hospital under the Central Government, and thanked the President and Minister of Health on behalf of local communities.
Healthcare Full speech → - The Hon. Presiding Member procedural
- The Hon. Naina Thambi Marrikkar Mohamed Thahir
AI summary Supported the Microfinance and Credit Regulatory Authority Bill in principle but warned that strict bank-like regulation and CRIB reporting could harm small societies, low-income borrowers, small entrepreneurs, and fishing communities, calling for relief or exemptions. Raised concerns that cyclone-affected farmers in Kalpitiya areas such as Navakkadu, Narakkali, Maampuri, and Norochcholai had not received adequate assistance, including for damaged coconut trees. Condemned the reported assassination of Ayatollah Ali Khamenei, criticized the Government for not expressing condolences, and cited Iran’s past assistance to Sri Lanka, including oil credit and funded projects.
- The Hon. Presiding Member procedural
- The Hon. Thilina Samarakoon JJB
AI summary Hon. Thilina Samarakoon supported the Microfinance and Credit Regulatory Authority Bill, arguing that Sri Lanka has long lacked an effective regulatory framework for a sector affecting poor and rural borrowers, despite previous debates in 2016, 2019 and 2024. He cited reports of widespread harm from microfinance debt, including adverse effects on about 2.9 million people and suicides, and said the Bill would establish a regulatory authority, require licensing, protect clients, investigate compliance, penalize violations and limit deposit-taking. He said concerns regarding community-based organisations could be addressed through amendments, and described the Bill as a measure to prevent unauthorised deposit-taking, exploitative interest rates and unethical recovery practices while protecting financial stability and the public.
- The Hon. Presiding Member procedural
- The Hon. (Ms.) Kaushalya Ariyarathne - Deputy Minister of Mass Media JJB
AI summary Deputy Minister Kaushalya Ariyarathne moved a procedural motion proposing that Hon. Upul Kithsiri take the Chair.
Parliamentary Procedure Full speech → - The Hon. Rohana Bandara
AI summary Hon. Rohana Bandara formally seconded the motion under consideration. The House then agreed to the question, after which the Chair changed from Hon. Kins Nelson to Hon. Upul Kithsiri.
Parliamentary Procedure Full speech → - The Hon. Rohana Bandara
AI summary Rohana Bandara supported the Microfinance and Credit Regulatory Authority Bill’s aim of protecting depositors and borrowers, particularly women, from abusive microfinance practices, while urging that non-profit village societies and volunteer-run community organisations receive regulatory relief. He proposed mandatory women’s representation on the Authority and called for stricter supervision of profit-driven lenders, pawn brokers, leasing-related pledges, and jewellery shops to prevent illegal pledging of assets and protect lawful businesses. He also raised a separate concern that farmers harvesting paddy remain under pressure due to the lack of an effective fair procurement mechanism.
- The Hon. Presiding Member procedural
- The Hon. Nishantha Jayaweera - Deputy Minister of Economic Development JJB
AI summary Deputy Minister Nishantha Jayaweera supported the Microfinance and Credit Regulatory Authority Bill, describing it as a response to abusive app-based and unregulated lending practices involving excessive interest, unsolicited loans, data misuse, and harassment of borrowers. He said the Bill aims to regulate microfinance institutions, protect borrowers, cap excessive interest rates, prevent debt traps, and bring unregulated lenders under a single authority, while excluding cooperatives, Samurdhi community banks and societies, and organisations under the Agrarian Development Act. He outlined borrower-protection requirements, including clear agreements, repayment-capacity assessments, transparent interest disclosure, statements on request, and fair treatment, and noted that licensed banks are already regulated by the Central Bank.
- The Hon. Presiding Member procedural
- The Hon. Wijesiri Basnayake JJB
AI summary Hon. Wijesiri Basnayake supported the Microfinance and Credit Regulatory Authority Bill, rejecting Opposition claims that it is being rushed or would improperly cover banks, finance companies, cooperatives, or small village societies. He said the Bill targets currently under-regulated community-based organisations, microfinance companies, and NGOs, and is needed to address unregistered operators, illegal deposit-taking, excessive interest rates, unethical recoveries, and harassment of borrowers, particularly women. He argued that regulated microfinance can expand financial inclusion for low-income people, help break cycles of poverty, restore trust in the sector, and support economic growth.
- The Hon. Presiding Member procedural
- The Hon. Chamara Sampath Dasanayake NDF
AI summary Chamara Sampath Dasanayake welcomed the Bill as overdue and urged immediate action against financial fraud schemes that have allegedly devastated depositors. He cited “Eon Lanka” in Kurunegala, said to have taken funds from 10,700 soldiers including disabled war veterans, and “Earnviv” in Polonnaruwa, which he said defrauded about 5,000 families through cryptocurrency trading. He called for prosecution, recovery of funds, and, if Police action is insufficient, empowering Defence authorities to stop and arrest those responsible.
- The Hon. Presiding Member procedural
- The Hon. Chamara Sampath Dasanayake NDF
AI summary Chamara Sampath Dasanayake raised concerns about homelessness and destitution among children and around 5,000 families in Polonnaruwa. He requested the Deputy Minister of Defence to investigate “Eon Lanka” and ensure that funds belonging to soldiers are returned, while also expressing support for the Bill under debate.
- The Hon. Presiding Member procedural
- The Hon. Kins Nelson SJB
AI summary Hon. Kins Nelson supported regulating microfinance but urged the Government to consult indebted borrowers, especially women, before passing the Bill, distinguishing genuine community-based lending groups from exploitative lenders and ensuring relief for those affected. He questioned whether village societies and voluntary groups would fall under Central Bank oversight, called for the National Women’s Commission to be revived before its representation in the proposed Authority, and asked women MPs to be involved. He also raised implementation concerns over disability, kidney patient and elderly allowances, and demanded a guaranteed paddy price for farmers in areas where harvesting had begun. He reminded the Government of past commitments made to indebted women during a 2021 protest and urged those pledges to be honoured before enactment.
- The Hon. Presiding Member procedural
- The Hon. (Dr.) Nandana Millagala JJB
AI summary Dr. Nandana Millagala said the Opposition had not made substantial criticisms of the Bill and had instead misrepresented the President’s remarks on fuel storage and related terminology. He outlined the Government’s planned investments in new and refurbished fuel tanks, pipelines and filling facilities at Kolonnawa, Muthurajawela and Trincomalee, describing it as a long-delayed storage infrastructure programme targeted for completion by 2027. He also stated that the Government’s position on the Iran–Israel conflict is to oppose war and support peace. On the Bill, he said it is intended to protect distressed microfinance users, bring microfinance institutions under a sound regulatory framework, and improve financial literacy.
- The Hon. Presiding Member procedural
- The Hon. (Mrs.) Sagarika Athauda, Attorney-at-Law JJB
AI summary Hon. Sagarika Athauda supported the microfinance legislation, arguing that while microfinance can promote rural enterprise, self-employment and women’s economic empowerment, weak regulation has led to severe debt distress, including reported suicides and hardship especially among women and in the North and East after the war. She said many loans had been used for consumption rather than income generation, creating cycles of borrowing to repay earlier loans. She called for Central Bank-guided regulation covering licensing, supervision, market conduct, credit counselling, financial literacy, complaint mechanisms and coordinated lending practices, alongside rural economic development programmes to ensure microfinance supports low-income communities safely and ethically.
- The Hon. Presiding Member procedural
- The Hon. Major General (Rtd.) Aruna Jayasekera JJB
AI summary Major General (Rtd.) Aruna Jayasekera moved that Hon. (Prof.) Sena Nanayakkara take the Chair.
Parliamentary Procedure Full speech → - The Hon. Gayan Janaka JJB
AI summary The Hon. Gayan Janaka formally seconded the motion under consideration. The House agreed to the question, after which the Chair changed from Hon. Upul Kithsiri to Hon. (Prof.) Sena Nanayakkara.
Parliamentary Procedure Full speech → - The Hon. Namal Rajapaksa, Attorney-at-Law SLPP
AI summary Regulation of microfinance lending was supported, while calling for genuine relief for victims and clear mechanisms that do not conflate microfinance with pyramid schemes or digital currencies. Concerns were raised over reports of an attack on an Iranian vessel within Sri Lanka’s Exclusive Economic Zone, with demands for the Government and Defence authorities to explain the incident, its connection if any to recent agreements, and the adequacy of intelligence and maritime security. The speech urged the Government to brief Parliament and prepare a short-, medium- and long-term plan for possible economic and security impacts of the Middle East conflict, including effects on remittances, tourism, exports, air routes, and alternative markets.
- The Hon. Presiding Member procedural
- The Hon. Sunil Rathnasiri JJB
AI summary Hon. Sunil Rathnasiri supported the Microfinance and Credit Regulatory Authority Bill, arguing that previous governments failed to enact such regulation despite long-standing microfinance-related hardship. He rejected Opposition criticisms of the Government, particularly over coal procurement, giving details of penalties imposed on substandard coal shipments and asking the Opposition to disclose its own past decisions on similar imports. He also challenged allegations about a private bank deposit, defended the Government’s record on public funds and plantation wage increases, and accused the Opposition of using unrelated protests and international conflicts to attack the Government.
- The Hon. Presiding Member procedural
- The Hon. S.M. Marikkar SJB
AI summary Condemning both the US attack on Iran and Iranian strikes on Gulf states, the Member warned that conflict in the Middle East affects Sri Lankans living there and called for responsible action. He challenged the Government to disclose evidence behind past allegations involving Chinese funds, Uganda, and “files,” while also demanding fulfilment of election promises to reduce electricity bills, remove VAT from essentials, education and health, and lower fuel costs. He further cited National Audit Office findings presented to a Sectoral Oversight Committee, stating that losses from nine coal shipments totalled Rs. 8,497 million, and questioned the Government’s handling and understanding of related procurement issues.
- The Hon. S.M. Marikkar SJB
AI summary Hon. S.M. Marikkar alleged serious irregularities in a coal procurement tender, citing PUCSL reports to claim that substandard and delayed shipments had caused financial losses, reduced Norochcholai generation below 300 MW, increased ash content, and created risks to turbine safety. He questioned why delay penalties and bid bond recoveries had not been pursued despite Attorney-General advice, and argued that the Government’s move toward emergency procurement amounted to an implicit admission of failure. He also cautioned against public statements on Middle East-related economic risks that could affect tourism and investment, while denying that the Opposition sought to create fuel panic or blackouts for political advantage.
- The Hon. Sunil Rathnasiri JJB
AI summary Hon. Sunil Rathnasiri raised a point of order challenging claims of fraud in coal procurement. He asked the Member who made the allegation to specify to whose account any money was paid, and argued that such claims should be supported by examined files and cheque numbers, including those relating to China.
Parliamentary Procedure Full speech → - The Hon. Presiding Member procedural
- The Hon. S.M. Marikkar SJB
AI summary Hon. S.M. Marikkar briefly responded that his name had been mentioned and that a question had been directed to him. No substantive policy issue, proposal, or legislative matter was raised in the excerpt.
Parliamentary Procedure Full speech → - The Hon. Presiding Member procedural
- The Hon. S.M. Marikkar SJB
AI summary S.M. Marikkar rejected attempts to divert responsibility to events under the Rajapaksa administration and said the current Government holds the relevant executive, local authority and parliamentary power to act. He alleged corruption in a shipping-related agreement, citing delayed arrivals of nine or more ships, the Attorney-General’s advice that the agreement could be terminated, and the Government’s decision instead to avoid termination or penalties and grant an extension.
Corruption & Governance Reform Full speech → - The Hon. Presiding Member procedural
- The Hon. Kanthasamy Prabu JJB
AI summary Hon. Kanthasamy Prabu supported the Microfinance and Credit Regulatory Authority Bill as a measure to regulate, monitor, and make microfinance institutions accountable, citing high-interest lending, unclear loan agreements, weekly collections, and debt cycles affecting poor borrowers, especially women-headed households in the North and East after 2009. He highlighted cases in Batticaloa, including outstanding microfinance debt and suicides linked to harassment and digital phone-based lending, and argued that the Government must provide relief and protection to affected communities. He also briefly called for state support to develop Sri Lanka’s Tamil cinema sector, referring to the Indo-Lanka film “Anthony” and opportunities for Sri Lankan Tamil artists.
- The Hon. Presiding Member procedural
- The Hon. G.G. Ponnambalam ACTC
AI summary Hon. G.G. Ponnambalam welcomed regulation of microfinance in principle, citing severe post-war indebtedness, especially among women in the North and East, but argued that the Bill fails to address key harms. He said it would undermine longstanding community-based credit systems by treating them as microfinance institutions, and called for such grassroots providers to be exempt and regulated separately. He also criticized the proposed expansion of CRIB coverage as worsening financial exclusion for low-income borrowers, and requested an amendment to the Civil Procedure Code so debt recovery cases are filed where borrowers reside rather than at lenders’ registered offices.
- The Hon. Presiding Member procedural
- The Hon. G.G. Ponnambalam ACTC
AI summary Hon. G.G. Ponnambalam’s intervention contains only an address to the Presiding Member and no substantive remarks, arguments, proposals, or questions for summary.
Parliamentary Procedure Full speech → - The Hon. G.G. Ponnambalam ACTC
AI summary Hon. G.G. Ponnambalam raised an urgent concern with the Minister of Fisheries, Aquatic and Ocean Resources regarding two fishermen, Selvarajah Rajkumar and Thangarajah Amalraj, missing at sea for six days. He stated that reported sightings and identifying evidence from Indian fishermen at Kachchativu had been provided to the Navy, Police, and the Minister, and urged the Minister to take responsibility and act on the matter.
- The Hon. Ramalingam Chandrasekar - Minister of Fisheries, Aquatic and Ocean Resources JJB
AI summary The Minister said authorities had been informed of the reported missing fishermen and that the Sri Lanka Navy had begun search operations. He noted that key details, including the boat’s registration and exact location or circumstances of disappearance, had not yet been properly provided, despite reports that Indian fishermen had encountered them. He said the Government expected clearer information by that night.
- The Hon. Presiding Member procedural
- The Hon. G.G. Ponnambalam ACTC
AI summary G.G. Ponnambalam urged the Minister to act on information provided by Indian fishermen, including a video identifying affected persons and their location. He stated that the details and video had been given to the Police and Navy, but no action had been taken for six days, and requested immediate intervention.
- The Hon. Presiding Member procedural
- The Hon. Upul Kithsiri JJB
AI summary Hon. Upul Kithsiri supported the Bill to establish the Microfinance and Credit Regulatory Authority, arguing that regulation is needed to address exploitative lending, excessive interest rates, and the social harm caused by unregulated microfinance and moneylending schemes in rural areas. He said such loans had deepened poverty, contributed to family conflicts and suicides, and required urgent state intervention to protect borrowers and bring order to the sector. He also responded to Opposition criticisms on delays, coal allegations, paddy guaranteed prices, and concerns about village organizations, stating that implementation issues could be discussed while the Bill should be passed without delay.
- The Hon. Presiding Member procedural
- The Hon. Jagath Manuwarna JJB
AI summary Jagath Manuwarna supported the Microfinance and Credit Regulatory Authority Bill, arguing that regulation is necessary because thousands of unregistered lenders operate in villages while only a few are Central Bank-registered. He said poor borrowers, especially women, plantation communities, farmers, and war-affected people in the North and East, have faced severe distress, harassment, and suicides linked to abusive microfinance practices. He assured that voluntary village societies such as death-benefit societies and farmer organizations would not be targeted, and said the Bill aims to formalize the sector and protect both borrowers and legitimate lenders.
- The Hon. (Dr.) Pathmanathan Sathiyalingam ITAK
AI summary Welcoming the Microfinance and Credit Regulatory Authority Bill, Hon. (Dr.) Pathmanathan Sathiyalingam said regulation is necessary because exploitative microfinance practices after the war particularly harmed women-headed households in the North and East, causing debt traps, harassment, and suicides. He argued that the Bill is too broad and may include non-profit, community-based lending groups formed by villagers for mutual support, and proposed a separate category with appropriate provisions for such organizations. He also called for adequate women’s representation in the proposed Authority and submitted amendments, while referring to unresolved wartime displacement and disappearances in the North and East.
- The Hon. (Ms.) Lakmali Hemachandra, Attorney-at-Law JJB
AI summary Hon. Lakmali Hemachandra argued that the central issue in the repeal of the 2016 Microfinance Act and the new regulatory framework is the definition of “microfinance,” particularly its inclusion of community financial organizations. She noted that predatory lenders operating outside effective regulation have harmed women, while community finance groups function differently and should not be treated wholesale as microfinance operators. She referred to the 2024 Bill, the Supreme Court Determination, and Sectoral Oversight Committee recommendations, stating that all microfinance entities must be regulated without creating gaps, but that future regulations or mechanisms should protect women-led community finance organizations from inappropriate or excessive regulation.
- The Hon. (Dr.) Anil Jayantha - Minister of Labour and Deputy Minister of Finance and Planning JJB
AI summary The Microfinance and Credit Regulatory Authority Bill completed Committee stage, with amendments focused on customer protection, transparency, lending assessments, repayment grace periods, and restrictions on abusive recovery practices. Further amendments prohibited excessive or improper interest charges, undue influence, humiliation of borrowers, and offsetting social security benefits against loan repayments. The Minister also sought leave to correct typographical, grammatical and numbering errors and make consequential amendments, after which the Bill was read a third time and passed as amended.
Public Finance Full speech →
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