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SOC acts to prevent undermining of community-based financial institutions by proposed Microfinance and Credit Regulatory Authority Bill

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Sectoral Oversight Committee (SOC) on Economic Development and International Relations discussing the proposed Microfinance and Credit Regulatory Authority Bill (pic courtesy Parliament)

The Chairperson of the Sectoral Oversight Committee (SOC) on Economic Development and International Relations, Attorney-at-Law Lakmali Hemachandra, MP, has proposed that the term “community-based financial institutions” be properly defined in the Microfinance and Credit Regulatory Authority Bill. Declaring that the proposed new law should not undermine the community-based financial institution, lawmaker Hemachandra has stressed the need for necessary amendments to the Bill.

According to the Office of Director Legislative Services / Director Communication, this directive has been given after the relevant SOC recently obtained views of community-based financial society representatives on the Microfinance and Credit Regulatory Authority Bill

During the meeting, representatives of community-based financial societies explained the role played by their societies and highlighted how they differ from microfinance and credit-providing institutions. They emphasised that community-based financial societies play a unique role in uplifting rural areas of Sri Lanka, including empowering women.

The representatives pointed out that the proposed Microfinance and Credit Regulatory Authority Bill seeks to bring all microfinance and credit-providing institutions under a single regulatory authority, and that this could potentially impact the role and operations of community-based financial societies.

Commenting on this matter, the Chairperson of the Committee noted that the Bill does not contain a separate definition for community-based financial institutions. She pointed out that regulating such institutions under a common set of criteria through a central authority could hinder their fundamental objectives.

Representatives of the community-based financial societies stated that while there is a strong need to subject their societies to regulation, it is important that any amendments to the Bill should not obstruct their core objectives.

After considering these views, the Chairperson proposed that the term “community-based financial institutions” be properly defined in the Microfinance and Credit Regulatory Authority Bill, and that necessary amendments be made to ensure their fundamental objectives are not adversely affected.

Accordingly, subject to these amendments, the Committee granted its approval to the Microfinance and Credit Regulatory Authority Bill. As the Bill also contains matters falling within the purview of the Committee on Public Finance, the Committee further decided to refer the Bill to that Committee for consideration.

Members of the Committee, including Members of Parliament Lakshman Nipuna Arachchi, Attorney-at-Law Nilanthi Kottahachchi, Thilina Samarakoon, and Samanmali Gunasinghe.

Government officials were also present at the meeting.



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Heat Index at Caution Level in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district

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Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 31 March 2026, valid for 01 April 2026.

The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Western, Sabaragamuwa, Southern, Eastern, North-western, Northern and North-central provinces and in Monaragala district.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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Urea shortage threatens Yala harvest: Experts

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Prof. Marambe

Govt. rations stocks as imports falter

By Ifham Nizam

The government faces a looming fertiliser crisis ahead of the 2026 Yala season, with a sharp shortfall in urea threatening paddy yields and food security.

Experts have warned that the fertiliser shortage will take its toll on the yala harvest.

With just over 100,000 tonnes of fertiliser in stock by early March—barely enough for paddy cultivation alone—and more than half of expected imports either cancelled or delayed, the government has moved to ration supplies through Agrarian Service Centres, based on last year’s consumption.

Leading crop scientist Professor Buddhi Marambe has warned that while rationing is unavoidable, it will reduce productivity. “Even last season we applied below recommended levels. This year, the gap will be worse,” he said.

Authorities are prioritising paddy, followed by maize and tea, as limited stocks are stretched across crops.

However, experts estimate yields could fall by 15–20% if nutrient shortages persist—raising the risk of higher food prices in the months ahead.

The crisis has been worsened by global disruptions, including Gulf conflict affecting fertiliser shipments and precautionary export restrictions by key suppliers, such as China.

Although the Government is pursuing deals with countries like Russia, supplies remain uncertain.

With global urea prices surging and production costs rising, smallholder farmers are expected to be the hardest hit.

“This is a wake-up call,” Prof. Marambe said, urging urgent steps to build buffer stocks and strengthen Sri Lanka’s long-term food security strategy.

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2025 property grab: Court orders JVP to hand back Yakkala office to FSP

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FSP's Nuwan Bopage addressing the media

By Shamindra Ferdinando

Frontline Socialist Party (FSP) spokesman Pubudu Jayagoda says the Gampaha Magistrate’s Court order that the ruling JVP hand back the FSP’s Kirindiwela office, grabbed by a group of JVP politicians on 02 September, 2025, has shown that the government cannot undermine the law.

Jayagoda said that the FSP had been compelled to move the court against the JVP as the Gampaha police refused to intervene due to political pressure. “They probably thought we were going to give up that office. Perhaps, the ruling party felt they could forcibly occupy other FSP offices,” Jayagoda said.

FSP’s Administrative Secretary Chamira Koswatta and trade unions, which operated from the Salmal Garden office, sought the court intervention to confirm the ownership of that building in the FSP. The court initially transferred the building to the police and issued a directive to law enforcement authorities to remove the JVP/NPP from that building.

Among the 20 respondents was Tilvin Silva, General Secretary of the JVP. Those now identified themselves as FSP quit the JVP in 2011 and later formed their own party.

Gampaha Additional Magistrate Shilani Perera on Monday ruled that the legitimate owner was the FSP. The Magistrate ruled that the FSPers had been forced out of that office, illegally.

Jayagoda said that the FSP considered the court ruling a victory for democracy and a devastating blow to the increasingly authoritarian JVP/NPP rule.

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