2026-03-04 / Debate: Microfinance and Credit Regulatory Authority Bill - Second Reading and Committee Stage 2026-03-04
## Summary
Hon. Sunil Rathnasiri delivered a broad defence of the Government during the microfinance regulation debate, criticising the Opposition for failing to introduce similar legislation during their time in power and attributing that failure to a lack of political integrity. On the coal procurement controversy raised by the Opposition Leader, he provided detailed procurement figures, stating that penalty deductions of USD 34.75/MT were applied to an off-spec cargo of 59,831 MT, resulting in an effective paid price of USD 50.42/MT and total additional penalties of USD 2,277,451 across subsequent vessels, and challenged the Opposition to demonstrate what action they took in comparable past instances. He refuted Hon. S.M. Marikkar's allegations regarding funds credited to a People's Bank account, demanding that the specific account details be disclosed in Parliament rather than conveyed through threats to journalists. He also highlighted the Government's increase of estate workers' daily wages to Rs. 1,750 as a concrete measure to address debt burdens, contrasting this with Opposition inaction on the issue.
Hon. Presiding Member, the Hon. Chamara Sampath said this Bill should have come 15 years ago; an Opposition MP said it is good if done honestly. If so, why didn’t they bring it then? Because they lacked honesty. We have it; therefore we can do it.
They cry about “war heroes,” but they manipulated rules overnight to enlist a sibling and sent him on foreign trips, then claimed that glory. We will not bow our heads to such “heroes.”
They tried to ride on protests—development officers, doctors, railway workers—and failed. Now they cling to the Iran–Israel–U.S. war to attack the Government. We will not allow that.
Today’s debate is on microfinance regulation, yet the Opposition Leader again talked about coal. Let me explain: coal payments are in two stages—an initial payment on the load port lab report and a final payment based on discharge port analysis. Of eight coal vessels received, for the first cargo of 59,831 MT, the load port price (FOB) was USD 85.17/MT. As parameters were outside spec, we imposed a double penalty—USD 34.75/MT—reducing the effective paid price to USD 50.42/MT. Accordingly, the actual payment was about USD 3.01 million, with USD 2.07 million deducted. Additional penalties on the 2nd to 6th vessels totalled USD 2,277,451. If the Opposition claims there was only one off‑spec cargo in history, let them show action taken then.
Hon. S.M. Marikkar claimed money was credited to an account at People’s Bank, Homagama. Let him state the account number and owner here in Parliament, not threaten journalists. We 159 MPs have not robbed public funds.
They say microfinance commercialisation has crushed small people; were they crushed only after 2024? You were in Parliament for years—why didn’t you bring this Bill? On estate workers, while you wept opposing raises, we increased the daily wage to Rs. 1,750 to ease their debt burden.
Yes, our Government is only one year old—call us Montessori if you like—but we have not snatched chains or cut bracelets. Those who stirred ethnic flames and burned the Jaffna library now lecture our President on what to say. He clearly called all towards peace.
Finally, to the Opposition Leader: stop spreading falsehoods that the sky is falling. I conclude.
Thank you.