FEATURE_The Microfinance and Credit Authority Act: A Long-Awaited Reform for Sri Lanka’s Microfinance Sector
FEATURE_The Microfinance and Credit Authority Act: A Long-Awaited Reform for Sri Lanka’s Microfinance SectorNewsBy Imran NafeerIntroductionSri Lanka’s journey toward a comprehensive microfinance regulatory framework has been long, complex, and delayed. It was not until 2016 that Sri Lanka enacted its first sector-specific law, the Microfinance Act No. After years of policy debate, institutional failures, consumer protection concerns, and growing public demand for stronger oversight, the proposed Microfinance and Credit Authority Act is a timely and much-needed step. Challenges Microfinance Institutions May Face When Becoming Licensed Microfinance Providers Under the New ActThe Microfinance and Credit Regulatory Authority Act, 2025 marks a major shift in Sri Lanka’s microfinance landscape. ConclusionThe Microfinance and Credit Regulatory Authority Act, 2025 offers an opportunity to professionalize and stabilize Sri Lanka’s microfinance sector, protect customers and build long-term trust.
Source:Sunday Times
December 23, 2025 05:46 UTC
Feature-Challenges for the Government in Establishing the New Microfinance & Credit Regulatory Authority
Feature-Challenges for the Government in Establishing the New Microfinance & Credit Regulatory AuthorityNewsBy Imran NafeerThe Microfinance and Credit Regulatory Authority Act, 2025 creates a comprehensive and much-needed framework to regulate moneylending and microfinance activities in Sri Lanka. While the Act strengthens governance, enhances consumer protection, and formalizes the sector, the Government faces multiple challenges in establishing the new Authority and implementing the Act effectively. Building a New Regulatory Authority from ScratchThe Act introduces an entirely new institution with far-reaching powers—licensing, supervision, enforcement, investigations, consumer protection, and market conduct regulation. ConclusionThe Government’s intent to reform Sri Lanka’s microfinance and moneylending industry is bold and necessary. (Imran Nafeer is a respected microfinance professional with over 15 years of experience working with MFIs, development agencies, investors, and government bodies.
Source:Sunday Times
December 23, 2025 05:46 UTC
Festive Celebrations at Cinnamon Lakeside Colombo
Festive Celebrations at Cinnamon Lakeside ColomboBusinessCinnamon Lakeside Colombo invites guests to celebrate the most wonderful time of the year with a vibrant lineup of festive experiences throughout the month of December, bringing together seasonal flavours, live entertainment and the warmth of togetherness. Adding to the celebrations, Festive High Tea is served at the Lounge, with curated platters available on weekdays and a Festive High Tea Buffet offered on weekends from 3.00 pm to 6.00 pm. For those seeking an expansive culinary celebration, Cinnamon Lakeside presents The Longest Buffet, stretching across Dining Room, Royal Thai, Long Feng and Colombar from 8.00 pm to 2.00 am. Sharing his festive wishes, Dushyantha Tittawella, General Manager of Cinnamon Lakeside Colombo, said, ‘On behalf of the entire Cinnamon Lakeside family, I wish you and your loved ones peace, happiness, and prosperity in the year ahead. Guests are also encouraged to explore Cinnamon Lakeside Colombo’s festive offers and special room promotions, and to book their preferred dining experiences in advance to enjoy the celebrations this season.
Source:Sunday Times
December 23, 2025 05:09 UTC
Behind the Scenes at CodeGen: How AI Builds Better Software
Behind the Scenes at CodeGen: How AI Builds Better SoftwareBusinessWhen most of us think about Artificial Intelligence (AI), we imagine chatbots, futuristic robots or digital assistants that answer questions online. In short, Lumos delivers AI + Knowledge which something off-the-shelf AI tools simply cannot offer. Lumos is more than an AI assistant—it is the backbone of CodeGen’s software development journey, combining automation, expert knowledge and human judgement to deliver better software, faster. AI Efficiency Gains for CodeGen Software Developers from LumosLumos has significantly improved the efficiency of CodeGen’s Development teams. This efficiency gain allows CodeGen’s software development teams to take on more responsibilities, accelerating project delivery and ensuring faster, high-quality software releases.
Source:Sunday Times
December 23, 2025 04:54 UTC
Wedagedara launches free online medical consultation service for Ayurvedic product users
Wedagedara launches free online medical consultation service for Ayurvedic product usersBusinessWedagedara Producers Pvt. Ltd., a trusted Ayurvedic manufacturer in Sri Lanka, has launched a programme to provide free medical advice to customers purchasing its range of Ayurvedic and herbal products. If a physical consultation is needed, customers can visit the company’s medical team by appointment for a reasonable fee. These are available at Cargills, Arpico, Western and Ayurvedic pharmacies, Osusala, and online through the company’s website and social media. “Many people want to try herbal or natural products but are unsure how they interact with other medicines.
Source:Sunday Times
December 22, 2025 17:02 UTC
Melwa conducts specialized workshop for masons and welders in Jaffna
Melwa conducts specialized workshop for masons and welders in JaffnaBusinessMelwa, the leading manufacturer of steel reinforcement bars in Sri Lanka, successfully conducted a specialized training workshop for masons and welding professionals in the Jaffna District. Participants received comprehensive guidance on the proper use of steel reinforcement bars and GI pipes, along with the correct technologies and best practices required for construction activities. At the conclusion of the program, Melwa awarded valuable certificates to all attendees in recognition of their participation. Furthermore, every mason and welder who took part in the workshop received a valuable tool kit provided by the company. Through this islandwide training initiative, Melwa aims to uplift Sri Lankan construction-sector workers by equipping.
Source:Sunday Times
December 22, 2025 17:02 UTC
Cyclone Ditwah damage in Sri Lanka estimated at $4.1 bn, World Bank says
Cyclone Ditwah damage in Sri Lanka estimated at $4.1 bn, World Bank saysNewsCyclone Ditwah, which struck Sri Lanka in late November, has caused an estimated US$4.1 billion in direct physical damage to buildings and contents, agriculture and critical infrastructure, according to a World Bank Group Global Rapid Post-Disaster Damage Estimation (GRADE) report released on Monday. The Sri Lanka GRADE report provides timely and critical insights to guide the emergency response, recovery planning, and longer-term disaster risk reduction efforts. “As we look closely at the hardest-hit districts, we see that deep-rooted vulnerabilities have left communities especially vulnerable,” said Gevorg Sargsyan, World Bank Group Country Manager for Sri Lanka and Maldives. While the GRADE report provides a rapid estimate of direct physical damage, recovery and reconstruction needs are expected to significantly exceed these figures. “The World Bank acknowledges the Government of Sri Lanka’s leadership in completing this assessment.
Source:Sunday Times
December 22, 2025 14:55 UTC
Chinese delegation in Sri Lanka on Tuesday
Chinese delegation in Sri Lanka on TuesdayNewsMr. Wang Junzheng, Member of the 20th Central Committee of the Communist Party of China (CPC) and Secretary of the CPC Committee of Xizang Autonomous Region will lead a CPC delegation to visit Sri Lanka from 23rd to 25th December 2025, the Chinese Embassy confirmed today. The Embassy said the purpose of the visit is to promote China-Sri Lanka friendship, deepen mutual understanding and enhance practical cooperation. The delegation will meet President Anura Kumara Dissanayake among others. You can share this post!
Source:Sunday Times
December 22, 2025 05:47 UTC
Degree by degree, NPP true colours are showing
Degree by degree, NPP true colours are showing View(s):My dear Ranwala sahodaraya,I am writing to you after you gave us a timely reminder of your presence in public life, causing much embarrassment to the ‘maalimaawa’ chaps almost exactly a year after you first did so. There is a sense of déjà vu, Ranwala sahodaraya, similar to last year: doing your best to evade the issue and giving in to scrutiny only when it is inevitable. Would any other driver be allowed to go from hospital to hospital and delay his tests for many, many hours? Likewise, you going from hospital to hospital and not submitting to testing at the earliest opportunity, makes you look culpable. Ranwala sahodaraya, accidents involving politicians always haunt them.
Source:Sunday Times
December 21, 2025 12:42 UTC
Battered upcountry railway track on its way to former scenic splendour
Battered upcountry railway track on its way to former scenic splendour View(s):By Rekha Tharangani FonsekaThe Railway Department was able to restore a 68-kilometre stretch of track between Badulla and Ambewela within 23 days after Cyclone Ditwah caused damage to the upcountry railway track in 26 places. The track was restored with the support of the Railway workforce, officers of the National Building Research Organisation, the tri-forces, and a volunteer nongovernmental organisation. As a result of the track between the two stations being restored, the Class S14 power set was deployed yesterday. As the upcountry railway line is a major tourist attraction, measures are being taken to restore other affected parts of the track as well. This decision came after the Transport Minister, Bimal Ratnayake, and Railway General Manager Ravindra Pathmapriya with a team of Railway officials went on an observation tour to identify the damage done to the upcountry railway track.
Source:Sunday Times
December 21, 2025 10:28 UTC
Pyramid Wilmar donates Rs. 50 m for emergency relief
Pyramid Wilmar donates Rs. 50 m for emergency relief View(s):Pyramid Wilmar has donated Rs. 50 million to the Presidential Secretariat to aid the government’s relief effort towards the victims of the recent ‘Ditwah’ cyclone. In a media release, Group Managing Director of Pyramid Wilmar (Pvt) Ltd M. Sajjad Mawzoon said, “In light of all affected individuals and families, we stand with the people of Sri Lanka as the country begins to recover and rebuild from this existential challenge.”Share This Post FacebookTwitterEmail × Send Email to FriendSend Please enter valid email WhatsappDeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspaceRSS
Source:Sunday Times
December 21, 2025 08:26 UTC
Jaishankar here tomorrow; Zhao follows on Tuesday
Jaishankar here tomorrow; Zhao follows on Tuesday View(s):Talks with President centre on disaster recovery and strengthening bilateral relationsBy Damith WickremasekaraPresident Anura Kumara Dissanayake will host India’s External Affairs Minister S. Jaishankar and China’s National People’s Congress Standing Committee Chairman Zhao Leji separately next week as the country begins to rebound from the devastation caused by Cyclone Ditwah. Mr Jaishankar will arrive tomorrow, accompanied by a high-profile delegation. He will meet with President Dissanayake the following day. The President will also extend the appreciation of the government and the people for India’s assistance during this difficult time,” the source said. Meanwhile, senior Chinese official Zhao Leji and his delegation will arrive in the country on Tuesday and meet President Dissanayake later the same day.
Source:Sunday Times
December 21, 2025 08:22 UTC
NMRA decision to ‘withhold’ antibiotic jabs under fire
Manufactured by the Indian company, MAAN Pharmaceuticals Ltd., Ondansetron is imported in ampoules to Sri Lanka. This was followed by a subsequent decision to withhold all stocks after “continuous adverse drug reaction reports (including fatal reactions),” at the National Institute of Infectious Diseases (NIID), Angoda. This was followed by a decision on December 16th (Tuesday) to withhold all products from MAAN Pharmaceuticals until further investigations, citing continuous adverse drug reaction reports including fatal reactions. An NMRA pre-requirement was WHO-GMP standards, which MAAN Pharmaceuticals had, in addition to the audit certification by the Indian authorities,” he said. Antibiotic or antibiotic combination injections are administered in the treatment of bacterial infections.
Source:Sunday Times
December 21, 2025 07:57 UTC
Mahamaya Kandy closed indefinitely
Mahamaya Kandy closed indefinitely View(s):Mahamaya Girls’ College in Kandy has been closed indefinitely until the area is more stabilised from landslides. In 2021, there was a protest against a high-rising building above Mahamaya Girls’ College, but the UDA had given the permission for its construction. Residents had protested to the authorities, but little heed was taken and allowed the building to go even higher. This week the school had to be closed due to landslides. Share This Post FacebookTwitterEmail × Send Email to FriendSend Please enter valid email WhatsappDeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspaceRSS
Source:Sunday Times
December 21, 2025 04:10 UTC
Bahrain National Day celebration – 2025
Bahrain National Day celebration – 2025 View(s):Ex and some current Bahrain residents met at the Sofia Hotel Colombo 3 on December 16 to salute Bahrain on its National Day. The event was held for the fourth consecutive year and was organised by the Sri Lanka Club Bahrain alumni group. The informal event was graced by 26 participants and commenced at 12 noon. The memorable and enjoyable day ended around 3 pm. We invite all our overseas friends to plan their next holiday to coincide with the event next year to make it a grand event on December 16, 2026.
Source:Sunday Times
December 20, 2025 23:11 UTC