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World Bank approves $100m for Sri Lanka’s economic reforms

Staff Writer | August 1, 2016
The World Bank Board has approved a $100 million credit from the International Development Association (IDA) to support Sri Lanka’s economic reform program.
Sri Lanka
Help for Sri Lanka   The Systematic Country Diagnostic
Sri Lanka has been making steady progress on economic reforms, with the government aiming to create one million new jobs through a reform package focused on improving the country’s competitiveness, transparency and macroeconomic stability.

A recent World Bank study, the Systematic Country Diagnostic, highlighted the need for Sri Lanka to move from a largely inward looking and public sector driven economy to one that is capable of unleashing the potential of the private sector – leading to post-conflict economic growth and creating more and better jobs for Sri Lankans.

The Sri Lanka Competitiveness, Transparency and Fiscal Sustainability Development Policy Financing (DPF), which is only the second DPF to Sri Lanka in a decade, aims to support the government’s reform agenda by reducing obstacles to private sector competitiveness, establishing transparent and well managed public institutions and improving fiscal sustainability.

The Ministry of National Policies and Economic Affairs will be responsible for overall implementation and coordination of the proposed operation.

Other agencies involved include the Ministry of Development Strategies and International Trade, the Ministry of Finance, the Ministry of Parliamentary Reforms and Mass Media, the Auditor General’s Department, the Board of Investment and the Central Bank of Sri Lanka.