The Cabinet-approved Microfinance and Credit Regulatory Authority Bill will be presented to Parliament as per the regulatory requirement, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando confirmed.

However, Cabinet Spokesperson and Minister of Health and Mass Media Dr. Nalinda Jayatissa noted that while he was aware that the revised bill had been cleared by Cabinet, he was not aware of a decision to table the bill or debate it in Parliament.

Meanwhile, a senior official attached to Parliament stated that the matter had not been taken up by the Committee on Parliamentary Business and therefore there was no fixed date yet on the submission.

The new legislation aims to replace the existing Microfinance Act No.6 of 2016 with a more comprehensive regulatory framework.