Press briefing of Cabinet Decision taken on 2023-10-09

Enactment of the Microfinance and Credit Regulatory Authority Act

- Approval of the Cabinet has been granted at the meeting held on 2021‑03‑23 to instruct the Legal Draftsman to draft a Bill to repeal the Microfinance Act, No.6 of 2016 and enact the Microfinance and Credit Regulatory Authority. Accordingly, the clearance of the Attorney General has been received for the Bill prepared by the Legal Draftsman. Therefore, the proposal made by the Hon. President, in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish the said Bill in the Government Gazette and thereafter, present the same in Parliament for approval, was approved by the Cabinet.