The Sectoral Oversight Committee on Economic Development and International Relations has approved the proposed Microfinance and Credit Regulatory Authority Bill, subject to amendments. 

The committee said the recommended amendments were to safeguard the role of community-based financial societies.

Meeting in Parliament recently (07 Jan) under the chairmanship of MP Lakmali Hemachandra, the Committee emphasized the need to include a clear definition of “community-based financial institutions” in the Bill, noting that regulating them under a common framework could hinder their fundamental objectives.

The directives were given when the Sectoral Oversight Committee on Economic Development and International Relations sought the views of representatives of community-based financial societies regarding the proposed Microfinance and Credit Regulatory Authority Bill.

During the meeting, representatives of community-based financial societies explained the role played by their societies and highlighted how they differ from microfinance and credit-providing institutions. 

They emphasized that community-based financial societies play a unique role in uplifting communities in rural areas of Sri Lanka, including empowering women.

The representatives pointed out that the proposed Microfinance and Credit Regulatory Authority Bill seeks to bring all microfinance and credit-providing institutions under a single regulatory authority, and that this could potentially impact the role and operations of community-based financial societies.

Commenting on this matter, the Chairperson of the Committee noted that the Bill does not contain a separate definition for community-based financial institutions. She pointed out that regulating such institutions under a common set of criteria through a central authority could hinder their fundamental objectives.

Representatives of the community-based financial societies stated that while there is a strong need to subject their societies to regulation, it is important that any amendments to the Bill should not obstruct their core objectives.

After considering these views, the Chairperson proposed that the term “community-based financial institutions” be properly defined in the Microfinance and Credit Regulatory Authority Bill, and that necessary amendments be made to ensure their fundamental objectives are not adversely affected.

Accordingly, subject to these amendments, the Committee granted its approval to the Microfinance and Credit Regulatory Authority Bill. As the Bill also contains matters falling within the purview of the Committee on Public Finance, the Committee further decided to refer the Bill to that Committee for consideration. (Newswire)

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The Parliamentary sub-committee of the Ministerial Consultative Committee on Transport, Highways, Ports and Civil Aviation has held discussions on strengthening the existing legal framework to ensure the safety of passengers using public transport.

Discussions were held regarding proposals to strengthen the existing legal framework to ensure the safety of public transport, with special attention focused on the safety of bus passengers.

This sub-committee on “Strengthening the legal framework related to the transport sector and steering the transport sector in a positive direction” met recently (09 Apr) under the chairpersonship of MP Lakmali Hemachandra.

Accordingly, officials representing the Ministry of Transport, Highways, Ports and Civil Aviation and several institutions under its purview participated in the sub-committee meeting. 

The need to regulate the procedure for issuing fitness certificates for public transport buses was emphasized during the meeting. Officials stated that under Section 29 of the Motor Traffic Act, these fitness certificates are issued for buses, lorries, and ambulances by garages registered under the Provincial Councils, without regulation from the Department of Motor Traffic. Due to issues concerning the standards and reliability of these garages, the Chairperson of the Sub-Committee stressed the need to establish a formal procedure for this purpose.

The necessity of enforcing “construction regulations” under Section 19 of the Motor Traffic Act was also discussed. Accordingly, detailed discussions were held regarding aspects such as the required spacing between seats, removal of unnecessary equipment, and installation of seat belts in both newly imported and existing buses for passenger safety.

Based on the relevant data and information, the Ministry of Transport was instructed to prepare a report with proposals on the measures to be implemented concerning passenger safety in public transportation and submit it to the Ministerial Consultative Committee on Transport within two months.

Furthermore, attention was drawn to the necessary steps to enhance the professionalism of public transport drivers. Accordingly, the Chairperson of the Sub-Committee directed the National Transport Commission to submit proposals for the standardization of the driving profession within one month.

It was also instructed that data related to road accidents that occurred during the past three months be promptly submitted to the Sub-Committee. The Chairperson of the Sub-Committee emphasized the importance of preparing future recommendations based on this data.

Attention was also drawn to strengthening the necessary legal provisions for enforcing the law against the use of drugs by bus drivers. Officials mentioned that regulations relevant to this matter under the Motor Traffic Act are currently in the final stage of preparation. The need to promptly implement these regulations and to properly establish the technological mechanisms required to detect drug substances in the bodies of drivers was highlighted.

This Sub-Committee primarily examines possible short-term and long-term changes to laws and regulations related to the transport sector, following which a report containing the necessary recommendations is to be prepared. (Newswire)

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A heated verbal exchange took place between Samagi Jana Balawegaya (SJB) MP Ajith P. Perera and National People’s Power (NPP) MP Lakmali Hemachandra over the private-sector salary increment proposed in the government’s 2025 Budget. 

Speaking during a televised debate, NPP MP Lakmali Hemachandra said that the government has received the consensus of private-sector stakeholders for a salary increment.

She further said that a nearly Rs. 9000 increment has been agreed to by the relevant private-sector stakeholders, which would be implemented in due time. 

Raising questions on the statement, MP Ajith P. Perera queried when the consensus had been reached and with whom, seeking clarification over the private-sector stakeholders mentioned by the government. 

“If there was no consensus, the private sector stakeholders have time to address this. We won’t tell you the date we reached the agreement. The salaries will be increased, that is all. Why would we tell you the date the agreement was reached?” Hemachandra responded. 

On being repeatedly questioned when the agreement had been reached with private-sector stakeholders, MP Lakmali Hemachandra said the details have been mentioned in the NPP government’s 2025 Budget.

NPP MP Lakmali Hemachandra further refused to respond stating that the government was not inclined to inform MP Perera of the specific details.

“We won’t tell you the date. This is such a strange question, and we won’t answer your question,” Hemachandra added. (Newswire)

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