Microfinance Institutions Act soon in Parliament

Sunday, May 13, 2007

The micro financing sector in Sri Lanka is to be streamlined under a regulatory framework to prevent aid wastage, duplication of funds and corruption in the implementation of projects aimed at alleviation of poverty which is one of the prime objectives of the government.

No government could solve this national issue on their own, according to microfinance experts, adding that it?s a collective responsibility of all sectors, including private, non-government and the civil society.

The Microfinance Institutions Act intended to be implemented by the Non-Banking Supervision Department of the Central Bank of Sri Lanka will be presented to parliament next month making it compulsory for all microfinance institutions to obtain a license to operate which is compulsory.

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Source: The Sunday Times Online, Sri Lanka (link opens in a new window)