January 22, Colombo (LNW): The Micro-Finance and Loan Regulation Act has been presented to Parliament to establish a robust regulatory framework under government auspices, Finance State Minister Shehan Semasinghe announced.
Speaking at the “FLi Diri Abhimani 2024” awards ceremony, which recognises women entrepreneurs in the Micro-Financial Sector, Semasinghe expressed expectations for the act’s approval in the coming months.
He underscored the significance of the legislation in safeguarding consumers and micro-finance entities. Semasinghe noted that the benefits of economic development would take several months to materialise for the public, urging adherence to the existing economic management plan regardless of the government in power.
He outlined plans to implement proper regulation within the first quarter of the year, highlighting the positive turn in the economy from the second quarter of 2023 after six consecutive negative quarters.
However, he acknowledged that the positive economic outlook has yet to alleviate the challenges faced by the public.
While the economic restructuring process is set to yield benefits, Semasinghe cautioned against deviation from the established economic management system, warning that such a move could lead to a more severe economic crisis than experienced in 2022.
