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Microfinance credit crisis, a reason behind rural women going to Middle East!

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The Sectoral Oversight Committee focused on mitigating the impact of the economic crisis on the affected parties due to the micro-finance crisis in Sri Lanka.

Attention was drawn to the aid when the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis met in Parliament recently (09) under the Chairmanship of MP – Gamini Waleboda.

Organizations in Sri Lanka representing people aggrieved by microfinance loans were called before this Committee. Accordingly, officials representing the Central Bank of Sri Lanka, Ministry of Finance, Economic Stabilization and National Policy, Department of Prosperity, Ministry of Women, Child Affairs and Social Empowerment, Department of Registrar of Companies were present at the Committee meeting held.

28,000,000 rural persons affected!

Addressing those present, Sri Lankan organizations representing persons aggrieved due to microfinance loans had pointed out that number of aggrieved rural civilians stand at 28,000,000, out of which 24,000,000 are women. It was also mentioned that these facts were identified in a survey conducted in 2018. 

One reason for rural women going to Middle East

Furthermore, the representatives pointed out that even though these loans were given for a small amount, the rural persons were unable to pay them, but 38%, 48% interest was collected and because of this, the lives of the rural women had become completely miserable. They also pointed out that the microfinance credit crisis has also caused more rural women to join domestic work in Middle Eastern countries.
And it was disclosed that this crisis in the microfinance sector was created in the largest group that obtained loans from six Major non-banking financial companies under the supervision of the Central Bank, and these institutions have provided 80% of the total microfinance loans of 84,000 million i.e. 67,000 million rupees. It was disclosed that the property of those who obtained loans has already been acquired.

Bill doesn’t address concerns of aggrieved parties

Furthermore, the representatives of the aggrieved parties pointed out that the problems of the aggrieved parties have not been addressed in the proposed Bill and thus they have to face more problems.

The Chair of the Sectoral Oversight Committee pointed out that there is a need to undergo a complete review of the proposed Bill and accordingly, without inconveniencing the government, the Central Bank and the Ministry of Finance should jointly review the Act and amend the Act to provide solutions to the real problems of the victims and not to protect the six major financial companies.  He further pointed out that if not the 30/40 hundred thousand microfinance customers in Sri Lanka will have to face problems. The Chair of the Sectoral Oversight Committee mentioned that the Parliament is waiting to be informed about this by the Sectoral Oversight Committee.

Dr.Sarath Weerasekera, Nimal Lanza, Mohomad Muzammil, Asanka Navaratne, Wasantha Yapabandara, Nimal Piyathissa, and Jayantha Samaraweera, were present in this committee.

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Let’s build a nation rooted in historical heritage (Pics)

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President Anura Kumara Dissanayake stated that a society cannot progress without a meaningful connection to its historic heritage and that the nation’s development path must be chosen accordingly.

The President made these remarks while addressing a ceremonial gathering yesterday (July 10) afternoon at the historic Ruhunu Kataragama sacred site.  

Earlier in the day, President Dissanayake visited the sacred grounds of Kataragama, participated in religious observances and later paid a courtesy call on the Venerable Kobawaka Dhamminda Nayaka Thera, the Chief Incumbent of the historic Kirivehera Rajamaha Viharaya, inquiring about his well-being and engaging in a brief discussion.

The President also attended the final Randoli Maha Perahera (Golden Chariot Grand Procession) of the annual Esala Festival at the Ruhunu Kataragama Maha Devalaya, where he witnessed the ceremonial placement of the sacred relic casket upon the relic bearing tusker.  

Addressing the gathering, President Dissanayake further emphasised that a nation can only move forward by maintaining continuity with its historic heritage. He noted that every developed country in the world has achieved progress by preserving its historical legacy and building upon it, stressing that Sri Lanka, too, must choose a development path anchored in its heritage.

The President highlighted that Buddhism played a pivotal role in transforming our society into a cultured civilisation and that cultural festivals like this help revive and strengthen the moral and social values of a society often preoccupied with material pursuits.  

He pointed out that the Ruhunu Kataragama Perahera has been held continuously for 2,186 years, spanning nearly a hundred generations and that its survival has been possible due to the deep connection between this cultural ceremony and the lives of the people. The President extended his gratitude to all those, including the Chief Incumbent, who contributed to the success of this year’s procession.  

Among those present at the occasion were Deputy Minister of Trade, Commerce, Food Security and Cooperative Development, R.M. Jayawardena, Governor of the Uva Province, Attorney-at-Law Kapila Jayasekara, Member of Parliament Ruwan Wijeweera, Chairman of the Kataragama Pradeshiya Sabha, Dharmapala Herath and Monaragala District Secretary Pasan Ratnayake.

(President’s Media Division)

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Charges against Keheliya & others postponed

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The Colombo Permanent High Court Trial-at-Bar has postponed the formal serving of charges against former Health Minister Keheliya Rambukwella and 12 others to Sep. 16, citing delays in the printing of annexures required to accompany the chargesheets.

Deputy Solicitor General Lakmini Girihagama, appearing for the prosecution, informed the court that while the chargesheets had already been filed, the annexures had not yet been submitted due to printing delays. She noted that it would cost approximately Rs. 866,565 to print the annexures for each accused and that the documents for all twelve defendants are yet to be prepared.

The Government Printer has indicated that it would take about 21 days to complete the printing. Therefore, the prosecution requested the court to reschedule the case accordingly. The court granted the request and fixed the next hearing for Sep. 16.

The Attorney General has filed 13 charges against the accused, including allegations of conspiring to fraudulently misappropriate Rs. 1.444 billion in public funds by supplying 6,195 vials of human immunoglobulin and non-pharmaceutical substances such as Ritopsimap to the Ministry of Health’s Medical Supplies Division.

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UK’s relaxed trade rules to boost SL exports

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The Government of the United Kingdom (UK) has unveiled a package of reforms to simplify imports from developing countries like Sri Lanka after upgrades to the Developing Countries Trading Scheme (DCTS).

The changes, announced as part of the UK’s wider Trade for Development offer, aim to support economic growth in partner countries, including Sri Lanka, while helping UK businesses and consumers access high-quality, affordable goods.

New measures include simplifying rules of origin, enabling more goods from countries such as Sri Lanka, Nigeria, and the Philippines can enter the UK tariff-free, even when using components from across Asia and Africa.

These changes are expected to be in place by early 2026.

This move strengthens Sri Lanka’s position in its second-largest apparel market, supporting exports, jobs, and economic growth.

The British High Commissioner to Sri Lanka, Andrew Patrick, said: “This is a win for the Sri Lankan garment sector, and for UK consumers. With the UK being the second largest export market and garments making up over 60% of that trade, we know manufacturers here will welcome this announcement.

“We want Sri Lanka to improve the utilisation of the UK’s Developing Countries Trading Scheme for a wider range of goods, not just garments. With the Sri Lankan government’s ambition to grow exports, and with the simplification of rules of origin for other sectors too, we strongly encourage more exporters to explore how they can benefit from the preferences offered by the DCTS. The UK remains committed to working towards creating shared prosperity for both our countries.”

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