Micro Law

Apr.20 (LBO) – Sri Lanka is drawing up a new law to regulate micro-credit organizations scattered around the county. The legislation will cover thrift units operated by co-operative societies, thrift associations in the Samurdhi income support program of the government and other non- governmental organizations in the sector.

"At present no one knows how many NGOs (non governmental organizations) are involved in micro-finance or their asset base," says H M Gunasekera, Additional Director of Development Finance, of the Finance & Planning Ministry.

"The Department of Census and Statistics is conducting a survey with the Central Bank to assess how many are involved and their asset base."

Several thousand micro-credit organization scattered around the country not only lend to the public but also raise money from them.