The Hon. (Dr.) Harsha de Silva

¶ 01 Hon. Speaker, I present the Report of the Committee on Public Finance on: (i) the Regulation under the Special Commodity Levy Act, No. 48 of 2007 (published in Gazette Extraordinary Nos. 2464/14 of 25.11.2025, 2465/16 of 04.12.2025 and 2469/12 of 31.12.2025); (ii) the proposals for import duties under Section 10 of the Customs Ordinance (published in Gazette Extraordinary No. 2464/15 of 25.11.2025); and (iii) the Microfinance and Credit Regulatory Authority Bill.

¶ 02 Ordered to lie upon the Table.

¶ 03 Hon. Speaker, I wish to make a brief comment. We approved the Microfinance and Credit Regulatory Authority Bill subject to a condition. In short, in the previous Parliament, the Committee on Public Finance rejected it and it was redrafted before being presented to this Parliament. The primary reason was that about 80 per cent of micro-borrower groups were outside the existing regulatory framework. The Central Bank and the proposed microfinance regulator have now aligned, and these amendments introduce a dual regulatory process covering all relevant institutions, including banks and leasing companies. Because of this fundamental change, the Bill differs significantly from the original.

¶ 04 Our condition is to ensure women’s representation on the Authority, since the majority of microfinance borrowers are women. This can be ensured through the National Commission for Women; that is the recommendation we placed before them as the Committee.

¶ 05 Sir, if I may, I would also like to take a minute. Given that the Managing Director of the International Monetary Fund, Ms. Kristalina Georgieva, is in Sri Lanka, we welcome her and appreciate the IMF’s support during our crisis. A key reason Sri Lanka exited the crisis faster than many others was that the Opposition did not scuttle the programme; we understood the problem, rose above petty politics, and supported it. As Chairman of the Committee on Public Finance, my request is to continue this strong relationship, and that the IMF should go beyond the financial issues agreed upon to also emphasize governance issues, which are equally important. Thank you.