World Bank lauds Sri Lanka’s economic programme
The Morning: Sri Lanka President Anura Kumara Dissanayake met World Bank Group (WBG) South Asia Region Vice President Johannes Zutt and a delegation of its representatives visiting Sri Lanka on 15 September at the Presidential Secretariat.
During the discussion, the World Bank has commended Sri Lanka’s current economic programme, according to the President’s Media Division.
Attention was drawn to key sectors that could yield short-term benefits such as digitalisation, tourism, agriculture and infrastructure development, while discussions also focused on the development of the Northern and Eastern Provinces, the PMD stated.
Highlighting the government’s dedication to preserving the current economic stability of the country while progressing towards growth, Dissanayake has requested the World Bank’s support in sharing Sri Lanka’s political, social and economic progress with the wider world.
The visit built on World Bank Group President Ajay Banga’s visit in May, when the bank pledged over $ 1 billion in financing for the country over the next three years.
Since then, the WBG and Sri Lanka have partnered on two programmes- a renewable energy program targeting 1 GW with private investment ($ 150 million) and an agriculture project ($ 100 million).
Additional operations are planned over the next 12 months in tourism, regional development with a focus on the Northern and Eastern provinces, digital development, and ports and logistics.
“It was a privilege to visit Sri Lanka and meet with President Dissanayake to learn about his government’s vision for growth,” Zutt said. “The groundwork for recovery has been laid. Now is the time to focus on jobs, investment, and inclusive development. The World Bank Group is ready to support Sri Lanka in this journey, prioritising mobilisation of private capital and attracting foreign direct investment to expand services and create jobs.”
With nearly one million young people expected to enter Sri Lanka’s workforce over the next decade but only 300,000 new jobs projected, Zutt stressed that unlocking private sector growth for job creation will be essential.
The WBG will continue working in partnership with the government to attract private capital, strengthen competitiveness, and expand service delivery and job opportunities across the country.
OSL take:
The commendation by the World Bank of Sri Lanka’s ongoing economic programme indicates that the country is on track to achieving the anticipated growth rates. The quick turn around recorded by the country’s economy following an unprecedented economic crisis in 2022 has boosted confidence among foreign businesses/investors to explore the expanding business/investment opportunities in Sri Lanka. The confidence shown by the World Bank Group in Sri Lanka also indicates the increasing funding for the country’s development programme. Sri Lanka’s ongoing economic activities and the development programme have also opened a host of business/investment opportunities for foreign businesses/investors. The availability of funding for some development projects further indicates the lucrative nature in engaging in Sri Lanka’s development work. With Sri Lanka targeting on becoming a regional hub supported by the country’s strategic positioning in the Indian Ocean, the many trade agreements as well as trade concessions with many foreign countries and the ease of doing business environment in the country, Sri Lanka’s business/investment opportunities will continue to expand guaranteeing revolving profits and lucrative ventures for foreign businesses/investors who enter the Sri Lankan economy.
| Article Code : | VBS/AT/20250923/Z_2 |