2026-03-04 / Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading and Committee Stage 2026-03-04
Hon. Namal Rajapaksa raised several distinct concerns during his speech. On microfinance regulation, he cited over 200 reported suicides in 2021 linked to informal debt, calling for fair regulatory mechanisms that clearly separate microfinance from pyramid schemes and digital currency, and reminded the government of commitments made to affected communities in Polonnaruwa while in opposition. He sought clarification from the Deputy Minister of Defence regarding an Iranian vessel reportedly attacked within Sri Lanka's Exclusive Economic Zone, questioning how the vessel entered those waters, whether it was linked to any undisclosed agreement with the government, and what obligations Sri Lanka bears to provide maritime security within its EEZ. He also criticised what he characterised as politically motivated detentions under the guise of Easter Sunday attack investigations, attributing weakened intelligence capacity to the previous Yahapalana administration. Finally, he pressed the government on its preparedness for economic spillover effects from the Middle East conflict, including impacts on remittances, Gulf airspace tourism routes, and tea exports, urging long-term strategic planning rather than a short-term or politically driven approach.
Hon. Presiding Member, regulating microfinance lending is good—if done honestly. In 2021 alone, over 200 people reportedly took their own lives due to debts outside the banking system—six of them from Polonnaruwa, the village of our Hon. Speaker. When in Opposition, you went to Polonnaruwa, signed undertakings and agreed to help those people. Do this fairly, without mixing microfinance with pyramid schemes and “digital currency”—set up a mechanism and deliver justice.
Another report today says an Iranian vessel was attacked within Sri Lanka’s Exclusive Economic Zone. Our Navy has brought the injured to the Galle Hospital, while about 10–12 are missing. How did that vessel come into our EEZ—was it returning from an international military exercise near Visakhapatnam to the Arabian Sea, or did it sail from the Gulf into our waters? The country must be informed. Our southern fishermen go to sea daily; although international, this happened within our EEZ, where we must provide maritime security. Also, is this incident connected to any “secret agreement” you have signed? The Deputy Minister of Defence is here—please clarify.
Your intelligence operations are weak. The Yahapalana Government dismantled the intelligence apparatus. Now you detain officers, claiming it is about the Easter Sunday attacks, but in reality it seems to serve political ends rather than justice for victims.
Geopolitically, we face a war in the Middle East—Israel and the U.S. on one side, Iran on the other. What is the impact on Sri Lanka—remittances, tourism routes over the Gulf airspace, exports like tea to the region? What alternative air and sea routes, and what plans, do you have? Every major country is readying for spillover crises—what is our preparedness in the short, medium and long term?
Do not view this through a political lens or with a “pawnshop mindset.” Nations do not call themselves a “hunduwa.” Leaders must have pride in their nation, faith and people, and act with long‑term planning. I urge you to set aside that mindset and act according to a durable plan. Thank you.