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CoPF commends decision to redraft Micro-Finance Bill

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The Committee on Public Finance (CoPF), chaired by Dr. Harsha de Silva, played a key role in advancing inclusive policymaking for the Microfinance and Credit Regulatory Authority Bill.

Following extensive consultations with a diverse range of stakeholders, including community-based organizations, transparency advocates, think tanks, and fintech companies, the CoPF’s engagement yielded a significant development.

The Ministry of Finance initially presented the Bill. However, after careful consideration of stakeholder feedback received during the CoPF meeting and recordings reviewed, the Ministry recognized that the Bill, in its current form, did not effectively address their original objectives.  Fears existed that the Bill might inadvertently stifle microfinance activities in Sri Lanka.

This decision by the Ministry of Finance to withdraw the Bill for redrafting reflects a commitment to transparent and inclusive policymaking.  By actively engaging various stakeholders, the CoPF identified potential issues and fostered a collaborative environment for achieving a positive outcome.

This episode also highlights the vital role Parliament plays within a democratic system. The CoPF, through its diligent work, demonstrates how legislative oversight can ensure proposed policies are well-rounded and serve the best interests of the public.

The Ministry of Finance has expressed its commitment to redrafting the Bill in consultation with stakeholders, ensuring that it fosters a healthy environment for both microfinance and Small and Medium Enterprises (SMEs).

State Ministers Dr. Suren Raghavan, and Members of Parliament Rauff Hakeem, Nimal Lanza, Mayantha Dissanayake, Chandima Weerakkody, Duminda Dissanayake, Dr. Major Pradeep Undugoda, Madhura Withanage were present at the Committee meeting held.

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Sri Lanka Mirror wishes everyone a happy Sinhala and Tamil New Year!

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The 2024 Sinhala and Tamil New Year dawned at 09.05 pm last night (April 13).

‘Sri Lanka Mirror’ extends heartfelt New Year greetings to all our readers. May this upcoming year be filled with boundless happiness, prosperity, and success for each and everyone of you.

–  Sri Lanka Mirror team

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Derailed train causes delays on coastal line

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A train has derailed at the Kalutara South railway station on Saturday morning (13).

Trains operating on the Coastal Line are thus experiencing delays, Sri Lanka Railways said.

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Kristalina Georgieva to head IMF for a 2nd term

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The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.

The appointment comes ahead of the start of the fund’s spring meetings in Washington next week.

Georgieva, who has been in the role since the autumn of 2019, was the sole candidate for the position. However, it was only after European leaders signalled that they would endorse her last month that her candidacy was assured.

In a statement, the coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah has said, “Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership. It recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director.”

“I am deeply grateful for the trust and support of the Fund’s Executive Board, representing our 190 members, and honored to continue to lead the IMF as Managing Director for a second five-year term,” Ms. Georgieva has said.

The Bulgarian national has served as Managing Director since October 1, 2019. The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.

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