2026-03-04 / Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading and Committee Stage 2026-03-04
Dr. Nandana Millagala spoke in support of the Bill during its Second Reading debate, dismissing Opposition criticisms as misrepresentations of the President's speech, particularly regarding a dispute over the term "hunduwa." He outlined the Government's fuel infrastructure development plan, which involves an allocation of Rs. 32 billion for the construction and refurbishment of storage tanks at Kolonnawa, Muthurajawela, and Trincomalee, as well as pipeline works, with a targeted completion date of 2027, noting that previous governments had neglected this area for over four decades. On the Bill itself, he stated that it is intended to address the hardships faced by over two million microfinance borrowers while simultaneously stabilising microfinance institutions through improved financial literacy and governance frameworks. He also briefly reaffirmed the Government's position that all parties to conflicts in the Middle East should cease hostilities and pursue peace.
Hon. Presiding Member, during this Second Reading debate the Opposition did not present substantial criticisms of the Bill. Instead, they tried to twist yesterday’s speech by the President—misrepresenting education reforms and dragging in a false “brawl over ‘hunduwa’,” to hide reality.
“Hunduwa” is a unit used to measure small quantities. The President spoke with clear understanding, explaining that for decades we expanded the vehicle and machinery fleet without enhancing fuel storage and distribution capacity. He set out a plan—allocating Rs. 32 billion to build six new tanks at Kolonnawa, expand tanks 30 and 31, build three tanks at Muthurajawela, refurbish 24 tanks at Trincomalee, lay pipelines from Kolonnawa to Colombo Port and to Kelanitissa, refurbish Muthurajawela tanks and improve filling facilities—targeting completion by 2027. He highlighted that earlier governments ignored this for over four decades. The Opposition views development with a “hunduwa mindset.”
On Iran–Israel and Middle East conflicts, the Government, the President and our Ministers have clearly stated that wherever war occurs, it destroys human life and material wealth; thus all parties must stop war and pursue peace. There is no issue with our stance.
As to this Bill, we have brought it looking from the people’s side—those oppressed by microfinance. Over two million people obtain services from microfinance institutions; many are affected. We aim to rescue them while placing institutions on a sound footing with good financial literacy and governance, so both sides—institutions and people—receive justice. With that, I conclude.
Thank you.