As the provisions of the Micro Finance Act No. 6 of 2016 to establish a broad regulation framework to the micro finance industry of Sri Lanka is not sufficient, the approval of the Cabinet of ministers has granted approval earlier, to introduce a new Micro Finance and Credit Regulation Authority Act.
Accordingly, subsequent to publishing the draft bill in the government gazette notification, seven (07) petitions had been filed in the Supreme Court by various parties opposing the said draft bill.
Considering both the decision of the Supreme Court and the guidance provided by the ‘Sector Supervision Committee on Redressing the Economic Crisis’ of the Parliament, the Ministry of Finance, Plan Implementation and Economic Development and the Central Bank of Sri Lanka has paid attention to formulate a new draft bill.
Accordingly, approval has been granted on 11.08.2025 at the meeting of the Cabinet of Ministers to introduce the new Micro Finance and Credit Regulation Authority Act.
Clearance of the Attorney General has been received for the new draft bill prepared by the Legal Draftsman.
Approval of the Cabinet of Ministers has been granted to the resolution submitted by the President in his capacity as the Minister of Finance, Plan Implementation and Economic Development to publish the said Micro Finance and Credit Regulation Draft Bill in the government gazette notification and thereafter present the same to the Parliament for its concurrence.
