Sri Lanka, Aug. 13 -- The Cabinet of Ministers granted approval at their meeting held on October 9, 2023 to publish the draft Bill prepared by the Legal Draftsman to introduce the Micro Finance and Loan Regulation Authority Act repealing the Micro Finance Act No. 6 of 2016, in the government gazette, and subsequently, to submit the same to Parliament for its concurrence.

However, this draft Bill was challenged before the Supreme Court by several parties and, the Supreme Court has issued an order. Furthermore, this draft Bill has been directed to the Parliamentary Sector Supervisory Committee on the Appeasement of the Impact of the Economic Crisis. The Committee has informed to appoint a committee to provide recommendations after studying...