U.S. Supports Sri Lanka’s efforts for Economic Reform
October 16, Colombo (LNW): Sri Lanka is progressing towards significant economic reforms, despite facing numerous challenges, as part of the IMF-supported Extended Fund Facility program.
U.S. Ambassador to Sri Lanka, Julie J. Chung, emphasized the importance of economic and governmental reforms for good governance during her address at the USA Business Council Annual General Meeting.
She highlighted that Sri Lanka’s journey towards stability requires openness, transparency, and accountability from its leaders.
The United States has been actively supporting Sri Lanka’s efforts by collaborating with the Ministry of Finance to provide technical assistance in developing the National Trade Single Window.
This initiative aims to streamline trade processes, enhancing efficiency and transparency. Additionally, U.S. efforts include support for the AccelerateHER program, which empowers women entrepreneurs, and the SPARK competitions that nurture the next generation of innovative entrepreneurs.
These initiatives underline the U.S.’s commitment to fostering a thriving business environment in Sri Lanka.
In the area of trade, the U.S. has also played a crucial role in boosting cybersecurity resilience at Sri Lankan ports and supporting sustainable port planning.
One of the significant contributions has been the investment of half a billion dollars in Colombo’s West Container Terminal port by the U.S. Development Finance Corporation, aimed at stimulating innovation through private sector funding rather than increasing government debt. This partnership signifies a robust commitment to helping Sri Lanka’s business community thrive.
Ambassador Chung highlighted the recent electoral changes in Sri Lanka, noting that the people’s call for change through the ballot box reflects their desire for a better future.
She stressed that the responsibility for realizing this vision rests not only with the government but also with business leaders, academia, civil society, and the press. These groups are instrumental in ensuring that anti-corruption measures and governance practices are effectively implemented for sustainable economic development.
Business leaders were called upon to take an active role in shaping the country’s future by promoting good governance and transparency in trade and investment processes. Ambassador Chung emphasized that a predictable and stable governance system is essential for attracting foreign investment and driving economic growth. She also urged Sri Lankan businesses to embrace diversity and inclusion, particularly by empowering women and the next generation, which she believes will unlock the country’s full economic potential.The U.S. and Sri Lanka share a long-standing relationship based on mutual trust and shared values. For this partnership to flourish, the ambassador noted, Sri Lanka must continue to adhere to the IMF’s economic reforms, combat corruption, and create a stable business environment. By doing so, Sri Lanka can attract more investments, create jobs, and drive economic growth
