report in The Island, Nov 7, 2023The government would establish an independent authority to regulate microfinance institutions, State Minister of Finance, Ranjith Siyambalapitiya told journalists yesterday (06). The draft laws on the agency, i.e., Microfinance and Credit Regulatory Authority, had been approved by the Cabinet of Ministers, he said. Siyambalapitiya said about 11,000 microfinance institutions were operating in the country, but only five of them had been registered with the government. About three million Sri…