New Microfinance and Loan Regulation Law gets policy approval

The Cabinet has granted policy approval to introduce the Micro Finance and Loan Regulation Authority Act, repealing the Micro Finance Act No. 6 of 2016.

A draft bill was previously prepared by the Legal Draftsman and published in the government gazette in 2023, but was challenged in the Supreme Court. 

Following the court order, the bill was reviewed by the Parliamentary Sector Supervisory Committee on the Appeasement of the Impact of the Economic Crisis, the government said. 

A policy and monitoring committee studied stakeholder feedback and proposed revisions, which have now been incorporated into the updated draft. 

The proposal was presented by the President in his capacity as Minister of Finance, Plan Implementation, and Economic Development, with instructions to the Legal Draftsman to prepare the revised bill. (Islandnews)