Hon. Lakshman Nipuna Arachchi

Hon. Lakshman Nipuna Arachchi presented a petition to Parliament on behalf of Mr. W.G.N. Priyankara Karunadasa, a resident of Hangamuwa Road, Pitadeniya, Udakarawita, Ratnapura. No further details of the petition's subject matter were included in the speech.

Hon. Lakshman Nipuna Arachchi raised a series of questions concerning the continued expenditure on Provincial Council Chairmen despite the lapse of those Councils' terms. He questioned the legal basis for Chairmen remaining in office after dissolution or term expiry, and requested detailed financial information on expenditure per Chairman over the past five years, broken down by year and category. He further asked about the duties of Chairmen in such circumstances, whether any Councils currently lack a Chairman, and whether any absence of a Chairman has impaired Council functioning. The Member argued that maintaining salaries, allowances, facilities, and staff for officeholders of effectively inactive bodies constitutes a misuse of public funds and called for a formal policy response to address the matter.

In a brief concluding remark, Hon. Lakshman Nipuna Arachchi expressed support for the Bill under debate, asserting that it would serve as a mechanism to alleviate poverty for a significant portion of the population.

## Summary Hon. Lakshman Nipuna Arachchi spoke in support of a Microfinance Regulation Bill, arguing it is a necessary and carefully developed measure rather than an oppressive law, citing the tragic deaths of approximately 200 women in Sri Lanka linked to unregulated microfinance as evidence of the urgent need for proper oversight. He emphasized that the Bill was developed through extensive consultation with the Central Bank, the Ministry of Finance, and community-based organization (CBO) representatives, and that it establishes a Sri Lanka Microfinance and Credit Regulatory Authority with a formal coordination mechanism with the Central Bank. The speaker addressed concerns raised by CBOs, acknowledging the Bill may not cover all circumstances, and committed that the Government would work to remove any obstacles to CBO operations and support their legal registration within the regulatory framework. He also called for greater female representation in the Authority's governance given that women constitute the majority of microfinance borrowers, and highlighted the need for financial literacy programmes and guidance on loan management, particularly for borrowers seeking poverty alleviation rather than business investment.