Cabinet nod to Gazette Bill on Microfinance and Loan Regulation Authority

The Cabinet of Ministers approved publishing the new draft Bill on the Microfinance and Loan Regulation Authority in the Government Gazette and subsequently tabling it in the Parliament for its approval.

“On 23 March 2021 the Cabinet approved to empower the Microfinance and Loan Regulation Authority  by repealing the Microfinance Act No. 6 of 2016,” a statement comprising weekly Cabinet Decisions issued by the Government Information Department noted.

The draft Bill, prepared by the Legal Draftsman, later received the Attorney General’s clearance. 

The proposal to this effect tabled by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policy Minister was approved by the Cabinet of Ministers at its meeting on Monday.