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World Bank re-affirms continued support to Sri Lanka’s growth and development

World Bank re-affirms continued support to Sri Lanka’s growth and development

World Bank Vice President for South Asia Hartwig Schafer has reportedly re-affirmed the Bank’s continued support to Sri Lanka’s growth and development for the benefit of its people.
Schafer has made this observation after concluding a four-day visit to Sri Lanka.
During his visit, Schafer has reportedly gained a better understanding of the country’s development priorities under the new Government, and how the World Bank’s financial and knowledge resources can be deployed for maximum impact.
“Technology and innovations will drive Sri Lanka’s future growth,” Schafer has been quoted as saying. “During my visit to Kandy and Kegalle districts, I observed how some innovative solutions in transport and water can improve the delivery of public services, and harness the private sector to boost the economy, create jobs, and lift people out of poverty.”
Schafer has congratulated Sri Lanka’s President Gotabaya Rajapaksa on the recent elections victory, and has assured the World Bank’s continued support to realise Sri Lanka’s growth and development aspirations.
He has also met Sri Lanka’s Prime Minister and Minister of Finance Mahinda Rajapaksa, and senior government officials including the newly appointed Governor of the Central Bank of Sri Lanka Prof. W.D. Lakshman, and the Secretary to the Ministry of Finance Sajith Attygalle.
“Sri Lanka is today an upper-middle-income country with some of the best human development indicators in South Asia. These are tremendous achievements that the World Bank is proud to have helped achieve as a trusted partner of over 60 years,” Schafer has said. “We look forward to working closely with the government in the preparation of our new country strategy and our collaboration as development partners.”
During his visit, Schafer had discussed some of the Government’s key priorities, such as investments in human and physical capital, public sector reforms, creating skilled jobs for youth, and responding to the health needs of a rapidly ageing population and has also commended the Government’s focus on tourism as an engine of sustained growth.
Promoting innovation in agriculture to adapt to climate change while developing systems of value addition to promote growth were also discussed.

OSL take:

The commitment by World Bank to continue its support to Sri Lanka is reflected by many bilateral and multilateral donor agencies. Sri Lanka’s economy is on a growth path with many economic sectors in the country also on a growth path. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. Therefore, foreign businesses/investors could confidentlyexplore business/investment opportunities in Sri Lanka.

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Article Code : VBS/AT/06022020/Z_8

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